M2 - IDEA GENERATION

• Idea generation - creative process of generating new methods to solve problems and improve the products or companys condition.

  • to offer something new
  • lets u think outside the box
• Three crucial stages in generating business ideas

  • Dreamer stage (flow freely)
  • Designer stage (outline)
  • Detailer stage (potential problems)
• Dreamer stage - it is a stage where idea can flow freely without fear of criticism or judgement from other.
• Designer stage - this stage provides an Opportunity to analyze ideas and explore their feasibility.

  • Outline
  • pros n cons
• Detailer stage - in this stage, potential problems are throughly looked for and identified. This also ensures that all aspects are being considered and addressed before executing the plan.

  • budget
  • strength and weakness
• Core of entrepreneurial ideas

  • Entrepreneurial mind frame
  • Entrepreneurial heart frame
  • Entrepreneurial gut game
• Entrepreneurial mind fame - equips the entrepreneur to be optimistic during a crisis. They do not get discouraged easily

  • failure = bangon
• Entrepreneurial heart flame - shows passion of an entrepreneur in fulfilling their vision and mision.

  • devote, venture, decide to pursue
• Entrepreneurial gut game - exhibits an entrepreneurs intuitive side

  • good sence of wheter something will work
  • brings out confidence
  • courage of an entrepreneur
• 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 for them
  • 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.
• Opportunity Seeking, Screening, and Seizing


  Their mind always seeks to discover new things or ideas and see whether they will work in the marketplace. Entrepreneurs create value by introducing the latest market offerings or finding new solutions to existing daily problems of consumers.

  
• Environmental changes.- It can significantly impact the rest of the world. These changes can occur naturally or as a result of human activities (climate change, deforestation, pollution, and biodiversity loss)

  • physical environment
  • social environment
  • business industry environment
• • physical environment - elements such as the climate, natural resources, and wildlife.
  • social environment - various influential factors, such as the Political, Economic, Socio-cultural, and Technological environment. These forces drive progress and bring about new inventions and technological innovations.
  • business industry environment - a range of critical stakeholders, such as competitors, customers, creditors, employees, the government, and suppliers.
• Technological progress - A person with a keen interest in entrepreneurship can explore countless business opportunities, make groundbreaking discoveries, and take advantage of cutting-edge technology
• Government's initiatives and policies - The government's priorities, projects, programs, and policies can also provide valuable sources of inspiration
• People's interest - Knowing what interests and hobbies a person has can inspire potential entrepreneurial ideas. (market demand and service development)
• Experiences - The knowledge and abilities acquired by someone who has worked in a specific field.
• Opportunity Screening (12 R's)

  • Relevance
  • Resonance
  • Reinforcement of Entrepreneurial Interests
  • Revenues
  • Responsiveness
  • Reach
  • Range
  • Revolutionary Impact
  • Returns
  • Relative Ease of Implementation
  • Resources required
  • Risks
• Relevance - perfectly align w vision, mission, goals
• Resonance - Entreprener's -perfectly harmonious with the values and virtues
• Reinforcement of Entrepreneurial Interests - perfectly match their interests, talents, and skills.
• Revenues (substantial potential for  growth and sales.)
• Responsiveness ( effectively meet the needs and desires of customers)
• Reach ( creating branches,  franchises, distributors, and dealerships. )
• Range ( wide range of products and services to meet the  diverse needs of various markets )
• Revolutionary Impact ( revolutionary force of  the future)
• Returns (low initial investment - selling at a higher price)
• • Relative Ease of Implementation ( simple - few obstacles to overcome)
• • Resources required ( require fewer resources )
• Risks ( recognize high-risk opportunities with clarity and  confidence)
• Opportunity Seizing (PCS)

  • PESTEL Analysis
  • Competitor Analysis
  • SWOT Analysis
• PESTEL Analysis - This tool helps identify the external forces that can positively and negatively impact the business.

  • POLITICAL - influence of government and its policie
  • ECONOMIC - impact of the economy & profitability
  • SOCIAL - social environment and emerging trends
  • TECHNOLOGICAL - impact of technological innovation
  • ENVIRONMENTAL - influence of the surrounding environment and ecological aspects’
  • LEGAL - importance of understanding legal laws and procedures
• PESTEL examples

  • Political (taxation policies, fiscal, trade)
  • Economic (interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates)
  • Social (family demographics, education levels, cultural trends, attitudes, and lifestyle changes)
  • Technological (digital or mobile technology changes, automation, research, and development)
  • Legal (legislation, consumer law, health and safety, and international and trade regulations and restrictions)
  • Environmental (climate, recycling procedures, carbon footprint, waste disposal, and sustainability)
• Competitor Analysis - Conducting a competitive analysis is a crucial component of any successful business plan. By studying the competition, the entrepreneur can develop effective strategies to rival and secure a significant share of the competitors’ markets

  • entrepreneur uses who, what, how question for competitors
  • e.g - What type of media is used for marketing their products or services? , How many hours per week must they advertise to capture the market?
• SWOT Analysis - is usually performed before the enterprise is in operation

  • STRENGTHS - internal factors (competitive advantage or contribute to its success.)
  • WEAKNESSES - internal factors (disadvantage or undermine their overall performance)
  • OPPORTUNITIES - external factors (potential to positively impact an organization's performance or strategic objectives)
  • THREATS - external factors (may impede the success or progress of a business or project)

  
• Innovation - is often used to describe technology, the real meaning of business innovation is increasing income
• main benefit of innovation - it increases business income and enhances the bottom line.
• Potential avenues for improvement

  • introducing updated goods or services
  • amplifying sales and driving growth.
• Three (3) major types of innovation

  • Process Innovation
  • Product or Service Innovation
  • Disruptive Innovation
• Process Innovation - a change in how a product or service is manufactured, created, or distributed to achieve greater efficiency.

  • implemented self-checkout system
  • Online booking services
  • Robotic automation