Idea Generation

• Idea generation


  The creative process of generating new methods to solve problems and improve the product's or company's conditions
• Idea generation is based on factors like idea development, group discussions, choosing the best alternative, and implementing the idea in real-world scenarios
• David: 'The idea does not need to be practical but can also be a mere thought (David, 2022)'
• Identifying a good idea involves three (3) crucial stages

  1. Dreamer Stage

  2. Designer Stage

  3. Detailer Stage
• Core of Entrepreneurial Ideas

  • The entrepreneurial mind frame equips the entrepreneur to be optimistic during a crisis
  • The entrepreneurial heart flame shows the passion of an entrepreneur in fulfilling their vision and mission
  • The entrepreneurial gut game exhibits an entrepreneur's intuitive side
• Ideation


  Creation and development of ideas, critical element of the creative problem-solving approach
• Ways to Generate Ideas

  • Imitate the successful ideas of others
  • Address the existing problems and find practical solutions for them
  • Transform waste into valuable goods or solutions through recycling
  • Pay attention to what business professionals, prospective customers, rivals, and collaborators have to say
  • Indulge in daydreaming and allow imagination to take over
  • Improve a product or service by maximizing its advantages and overcoming its limitations
  • Transform a hobby into a profitable business venture
  • Make new connections and socialize outside the normal circle of friends
• Entrepreneurs are known for being curious and innovative, seeking new things or ideas and seeing whether they will work in the marketplace
• Methods to identify opportunities

  • Environmental changes
  • Technological progress
  • Government's initiatives and policies
• Environmental changes can significantly impact the rest of the world, occurring naturally or as a result of human activities such as climate change, deforestation, pollution, and biodiversity loss
• Elements of the physical environment

  • Climate
  • Natural resources
  • Wildlife
• Influential factors in the social environment

  • Political
  • Economic
  • Socio-cultural
  • Technological
• Stakeholders in the business industry environment

  • Competitors
  • Customers
  • Creditors
  • Employees
  • Government
  • Suppliers
• Technological progress allows exploration of countless business opportunities, groundbreaking discoveries, and taking advantage of cutting-edge technology
• Government's initiatives and policies can also present business opportunities for entrepreneurs
• Technological progress allows exploration of countless business opportunities, groundbreaking discoveries, and utilization of cutting-edge technology
• Government's initiatives and policies can provide valuable sources of inspiration
• Knowing a person's interests and hobbies can inspire potential entrepreneurial ideas and guide product or service development
• Experiences acquired in a specific field hold promise for facilitating the creation of integrated commercial enterprises
• Opportunity Screening


  Entrepreneurs must be cautious when selecting and analyzing potential opportunities within their reach to enhance their chances of success
• The 12 Rs of Opportunity Screening

  • Relevance
  • Resonance
  • Reinforcement of Entrepreneurial Interests
  • Revenues
  • Responsiveness
  • Reach
  • Range
  • Revolutionary Impact
  • Returns
  • Relative Ease of Implementation
  • Resources required
  • Risks
• Opportunity Seizing


  Seizing opportunities is the ultimate step in planning for a successful business venture. Entrepreneurs should learn from other businesses' successes and failures to identify key factors contributing to success
• External environment tools for successful seizing of opportunities

  • PESTEL Analysis
  • Competitor Analysis
• PESTEL Analysis


  Identifies external forces that can positively and negatively impact the business: Political, Economic, Social, Technological, Legal, Environmental
• Competitor Analysis


  Conducting a competitive analysis to understand the strengths and weaknesses of competitors
• Environmental factors


  • Climate
  • Recycling procedures
  • Carbon footprint
  • Waste disposal
  • Sustainability
• Competitor Analysis


  1. Crucial component of any successful business plan

  2. Classify competitors into direct and indirect groups

  3. Analyze products/services, profitability, growth pattern, marketing strategies
• Questions for analyzing competitors

  • Who are the competitors?
  • What products or services do they sell or offer?
  • What is each competitor’s market share?
  • What are their past strategies?
  • What are their current strategies?
  • What type of media is used for marketing their products or services?
  • How many hours per week must they advertise to capture the market?
  • What are the competitor’s strengths and weaknesses?
  • What potential threats do your competitors pose?
  • What potential opportunities do they make available for you?
• SWOT Analysis


  1. Performed before the enterprise is in operation

  2. Strengths and weaknesses are internal factors, while opportunities and threats are external
• SWOT Analysis


  • Strengths refer to internal factors that give competitive advantage
  • Weaknesses refer to internal factors that put at a disadvantage
  • Opportunities refer to external factors that positively impact
  • Threats refer to external factors or challenges that may impede success
• Main benefit of innovation is that it increases business income and enhances the bottom line
• Types of Products and Service Innovation

  1. Increasing income is the real meaning of business innovation

  2. All industries are being disrupted by technology, so companies must innovate to stay current

  3. An emphasis on design thinking, brainstorming, or creating an innovation lab may fuel business innovations
• Potential avenues for improvement in a company

  • Introducing updated goods or services
  • Amplifying sales and driving growth
  • Streamlining existing procedures to reduce costs and enhance operational efficiency
  • Addressing urgent company issues to save valuable time and resources
• Three major types of innovation

  • Process Innovation
  • Product Innovation
  • Business Model Innovation
• Checkout systems allow customers to scan and pay for their items independently without relying on assistance from cashiers in traditional lanes (Fast Company, 2022)
• Online booking services like Tripadvisor.com, Booking.com, and Agoda.com have made booking flights, accommodations, and other travel services much easier and more convenient. This technology enables travelers to compare prices, read reviews, and make reservations from the comfort of their own homes (Fast Company, 2022)
• Robotic automation has revolutionized the manufacturing industry, resulting in remarkable productivity gains, heightened precision, and reduced labor costs. Industry giants such as Tesla, Apple, Adidas, and General Electric have fully embraced this cutting-edge technology to its utmost potential. By leveraging robotic automation, companies are empowered to automate repetitive tasks, streamline operations, and elevate the overall quality of production (Fast Company, 2022)
• Product or Service Innovation involves creating and implementing new ideas, concepts, or technologies to enhance customer value and differentiate a company’s market offerings
• Product innovation


  • Apple's release of the iPhone in 2007
  • Plant-based meat alternatives
• Service innovation


  • Uber, Lyft, and Grab
  • Netflix's online streaming platform