Idea Generation | Methods of Generating New Ideas for Entrepreneurs (2023)

Idea generation Meaning

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Idea generation is the process of creating, developing, and communicating ideas that are abstract, concrete, or visual. Idea generation is a creative process businesses use to generate new ideas, whether they’re tangible or intangible. It involves gathering ideas, research, testing, editing, or revising and ultimately implementing the plan.

Even with the wide variety of sources available, coming up with an idea to serve as the basis for the new venture can still be a difficult problem. The entrepreneur can use several methods to help generate and test new ideas, including focus groups, brainstorming, and problem inventory analysis.

Idea Generation Methods / Methods of Generating New Ideas for Entrepreneurs

The following are the methods of generating ideas for entrepreneurs:

1) Focus groups

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A Focus group is an excellent method for generating and screening ideas and concepts. The Group of individuals providing information in a structured format is called a focus group. The group of 8 to 14 participants is simulated by comments from other group members in creatively conceptualizing and developing new product ideas to fulfill a market need.

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Focus groups are designed to gather insights and ideas from a variety of participants. For entrepreneurs looking to come up with new products and services or improve existing ones, this can be very useful. Entrepreneurs can make informed decisions about their business by gathering input from a variety of perspectives.

Focus groups are an effective tool for entrepreneurs to generate ideas. Firstly, focus groups offer an opportunity for a group of people to share insights, which can be particularly useful for identifying trends and patterns not readily apparent to individuals. As well as providing a controlled environment for testing and getting feedback on ideas, focus groups are useful for refining and improving products and services.

A focus group can provide entrepreneurs with the opportunity to identify potential problems or challenges that may arise when developing or implementing a new product or service, allowing them to address them before they escalate.

2) Idea Generation and Evaluation (Brainstorming)

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Brainstorming is a group creativity technique by which efforts are made to find a conclusion for a specific problem by gathering a list of ideas spontaneously contributed by its members. The brainstorming method for generating new ideas is based on the fact that people can be stimulated to greater creativity by meeting with others and participating with organized group experiences.

Although most of the ideas generated from the group have no basis for further development, often a good idea emerges. Here, no criticism is allowed by anyone in the group. Entrepreneurs can brainstorm ideas using many different methods, including:

  • During free writing, you are not concerned with structure or organization; whatever comes to mind, you write down without hesitation.
  • The purpose of mind mapping is to create a visual representation of ideas, illustrating their relationship through branches and connections.
  • Bringing a diverse group of people together for brainstorming involves sharing and building on their ideas.
  • By setting constraints on brainstorming, you force your brain to come up with creative solutions.
  • The use of prompts helps spark ideas and generate new thoughts by providing specific questions.
  • Taking a break from the usual working environment and brainstorming at a different location.
  • It involves brainstorming with a partner or colleague to bounce ideas off one another.

3) Problem inventory analysis

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(Video) Idea Generation For Entrepreneurs - How To Generate Business Ideas - Techniques For Idea Generation

Problem inventory analysis is a method for obtaining new ideas and solutions by focusing on problems. However, instead of generating new ideas themselves, consumers are provided with a list of problems in a general product category.

They are then asked to identify and discuss products in this category that have a particular problem. This method is often effective since it is easier to relate known products to suggested problems and arrive at a new product idea than to generate an entirely new idea by itself.

For entrepreneurs looking for opportunities for innovation and growth, problem inventory analysis can be a valuable tool. In order to succeed and be profitable in their business endeavors, entrepreneurs must conduct thorough research and brainstorm creative solutions.

4) Checklist Method

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In this method, a list of ideas is developed through a list of related issues or suggestions. It helps to generate ideas in a systematic way. In the beginning, when a problem is identified in the organization’s activity, a team is formed for suggestions to solve the problem. After that, team members develop a list of issues to solve problems and if required they develop questions as well.

In the final stage, team members prepare a report accumulating all the issues and solutions of a problem for submission to the management. This method is mostly used for developing new ideas on a specific area of the idea. Brainstorming ideas within different categories is the basis of this method. Entrepreneurs may identify potential markets, products and services, marketing strategies, and financial considerations before launching their venture. A range of options can be explored further by the entrepreneur by considering various options within each category.

When using the checklist method, an open mind is essential, regardless of how unconventional or unrealistic the ideas might appear. Consider feasibility, potential impact, any challenges or roadblocks that may exist, as well as the feasibility and feasibility of each idea.

For entrepreneurs looking to generate new business ideas and explore potential opportunities, the checklist method is a useful tool. Innovative and successful products can be developed by stimulating creativity and exploring different options.


5) Free Association

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It is one of the simplest and most effective methods to generate a new idea. In this method, first, a word or phrase related to the problem is written down and another with the new word is developed. It attempts to add something new to the ongoing thought process and creates a chain of ideas ending with a new product idea.

As many ideas as possible can be generated through free association by allowing the mind to wander freely. Ideas can be generated for new products, services, or business concepts using this technique. Besides solving problems, it can also be used to find solutions to business challenges. Individuals or teams can use free association to tap into each other’s creativity and innovation.

6) Forced Relationship

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This technique is the process of forcing relationships among some product combinations. In this technique, new ideas are developed by looking at production combinations that are not related to each other. It consists of comparing and contrasting a product with something completely different. This combination of contrast helps to generate new value to customers.

To use this method, you must think of two seemingly unrelated things and force them to be related. Combining the concept of a car dealership with a coffee shop could result in a dealership with a cafe where customers can enjoy a meal while their vehicle is being serviced.

By using this method, entrepreneurs can generate new and innovative ideas as it motivates them to think outside the box. New ideas may also be sparked for products or services that haven’t been considered before.

(Video) Business Idea Generation Techniques Part 1

The idea generated through forced relationships may not always be feasible or viable, so it is important to carefully consider the feasibility and potential market. Furthermore, entrepreneurs need to ensure that their ideas do not infringe on any patents or trademarks already in existence.

7) Collective Notebook Methods

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This is the method of developing a new idea by group members regularly recording ideas. In this method, a small notebook that easily fits in the pocket is distributed to the participants. then they consider the problem and its possible solutions., recording ideas at least once but preferably three times a day. This is the technique that can be used with a group of individuals who record their ideas and summarize them with the central coordinator.

Entrepreneurs benefit from collective notebooks since the approach allows for a diversity of perspectives and promotes creativity. The process also generates a lot of potential ideas, which can then be refined and developed.

Creating a relaxed and open environment in which everyone feels comfortable sharing ideas is crucial to the collective notebook method. Facilitators can also help guide discussions and make sure everyone is given an opportunity to participate.

8) Attribute Listing

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This method is an idea of finding the requirement of the entrepreneur to list the attributes of an item or problem and then look at each from a variety of viewpoints. This method develops a new idea by looking at the positive and negative viewpoints.

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It is possible to come up with innovative and new ideas by listing attributes, which can be a useful tool for entrepreneurs. Rather than coming up with broad, generic ideas, they can focus on specific areas of their product or service. Entrepreneurs can find solutions that meet the needs and preferences of their target markets in a unique and effective way by using attribute listing.

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