Idea generation The process of creating, developing, and communicating ideas which are abstract, concrete, or visual.

The process includes the process of constructing through the idea, innovating the concept, developing the process, and bringing the concept to reality. OPPORTUNITY AND IDEA GENERATION: Role of creativity and innovation in business 2. Business is not about the idea of power, but the power of ideas The starting point of any business organisation is a powerful idea. An idea worth thinking about, an idea worth enhancing and developing , an idea worth converting into a business. 3. BUSINESS OPPORTUNITYBUSINESS OPPORTUNITY is possibility for new profit HOW? Either through (a) the founding and formation of anew venture, or (b) the significant improvement of an existing venture. Opportunity recognition can be considered as an activity that can occur both prior to establishment of a firm, and also post founding of a firm (throughout the life of the firm, and throughout the life of the entrepreneur). 4. IDEA GENERATIONIDEA GENERATION is the creative process of generating, developing, and communicating new ideas. Thought cycle 1. Innovation 2. Development 3. actualization

5. CREATIVITY AND INNOVATION Creativity is the ability to bring something new into existence. Innovation is the translation of an idea into application, which has a commercial value. 1. Innovation: doing different things 2. Creativity 3. Creativity: doing things differently(draw in circle) 6. APPROACHES TO GENERATING IDEAS Brainstorming: Under this approach all the members of the group attempt to make suggestions. This helps in generating a large number of product ideas. Improvement of an existing product: a business idea may be related to removing shortcomings in an existing product by means of technology. E.g. color TV was an improvement over black and white TV.

7. BRAINSTORMING Brainstorming is a method of generating ideas and sharing knowledge to solve a particular commercial or technical problem, in which participants are encouraged to think without interruption. Brainstorming is a group activity where each participant shares their ideas as soon as they come to mind. At the conclusion of the session, ideas are categorised and ranked for follow-on action. During brainstorming sessions there should be no criticism of ideas: You are trying to open up possibilities and break down wrong assumptions about the limits of the problem. Ideas should only be evaluated at the end of the brainstorming session this is the time to explore solutions further using conventional approaches. 8. TECHNIQUES OF BRAINSTORMING Group Ideation,Nominal Group ,Group Passing ,Mind Map ,SWOT Analysis, Role Storming, Brainwriting, Edge Storming ,Think of the Solution 9. ENTREPRENEURSHIP The act an entrepreneur can be defined as initiating innovation into business situations to transform them into economic benefits. 1. Initiative 2. Entrepreneur 3. Innovation 10. INNOVATION is at the core of entrepreneurship, an entrepreneur does something new, key to entrepreneurial success is coming up with a new product, a new technology, new location, new market and so on.. IDEA GENERATION from entrepreneurship point of view clearly refers to either the discovery of a business idea or the development of an idea into a more feasible business concept over time. The IDEA could be a plan, proposal, suggestion, opinion or belief. A better informed entrepreneur would have bigger chances at recognizing emerging opportunities. 11. INVENTION AND INNOVATION : Primary function of entrepreneurship Invention creation of something new results in new knowledge results in new

Innovation transformation of an idea or resource into useful applications product or service or process

12. ENTREPRENEURSHIP VIEWS

Basis

Recognized

Discovered

Enacted

Supply/Demand

Supply and demand are only demand know know complete available Efficient resources

Both supply and demand unknown information

Information assumption Opportuinty

information information imperfectly Negligible distributed available use

of Creating new ways to Creating new means and ends achieve ends Outliving failures Mutually consensus negotiated

Success

Statistical achievement

Risk management

Through diversification

Through experimentation

Through effectuation

13. INNOVATION IN ADVERTISING Innovation or creativity is, without doubt, the most important element of advertising as new ideas and ways of presenting a product are crucial in enhancing its appeal to customers. The Bleeding Edge of Innovation focuses on 3 trends which are nowadays essential for effective advertising: Platform thinking Brand utility Participatory culture 15. PRODUCT DEVELOPMENT The creation of products with new or different characteristics that offer new or additional benefits to the customer Product development may involve modification of an existing product or its presentation, or formulation of an entirely new product that satisfies a newly defined customer want or market niche Product Development works on Idea generation, product designing and it follows another path which works on the market research and market analysis. 16. PROCESS OF IDEA GENERATION IN PRODUCT DEVELOPMENT Opportunity Identification ,Opportunity Analysis, Idea Genesis, Idea Selection, Concept Development

17. Story of lijjatpapad Incredible 'rags to riches' story where a small idea and initiative from a few people became a huge and successful business venture. Shri Mahila Griha Udyog Lijjat Papad started in the year 1959 with a modest loan of Rs 80, , the cooperative now has annual sales exceeding Rs 301 crore (Rs 3.1 billion). Shri Mahila Griha Udyog Lijjat Papad, popularly known as Lijjat, is an Indian womens cooperative involved in manufacturing of various fast moving consumer goods. 18. In this way a small idea and initiative by few women became a huge business entity, expanded all over India and even abroad, it provided employment opportunities to a number of people and livelihood to its employees with a sense of belonging and respect and standing in the society. 19. ORGANISATIONS DEDICATED TO IDEA GENERATION The Idea Generation Conducts seminars with client companys employees to enhance creativity Power Decisions Group Consulting in Product Concept, Brand, and Advertising Theme Concept Idea Generation Idea Heroes An idea generation company which focuses on new ways of advertising products