02 Idea Generation

• Idea generation is the creative process of generating new methods to solve problems and improve the product's or company's conditions
• Generating Business Ideas (McCreanor, 2023) - These stages can improve an entrepreneur’s chances of generating and implementing a successful idea before investing significant time and resources in developing their desired products or services
• Generating Business Ideas (McCreanor, 2023):

  • Dreamer Stage
  • Designer Stage
  • Detailer Stage
• Dreamer Stage. In this stage, ideas can flow freely without fear of criticism or judgment from others. It encourages individuals to explore new possibilities, breaking free from the constraints of conventional thinking
• Designer Stage. It provides an opportunity to analyze ideas and explore their feasibility
• Detailer Stage. In this stage, potential problems are thoroughly looked for and identified. This step is crucial in ensuring that all aspects of the project have been considered and addressed before executing the plan
• Core of Entrepreneurial Ideas:

  • entrepreneurial mind frame
  • entrepreneurial heart flame
  • entrepreneurial gut game
• entrepreneurial mind frame equips the entrepreneur to be optimistic during a crisis
• entrepreneurial heart flame shows the passion of an entrepreneur in fulfilling their vision and mission
• Ideation is an essential process that involves the creation and development of ideas
• entrepreneurial gut game exhibits an entrepreneur's intuitive side. Entrepreneurs have a good sense of whether something will work without necessitating logical, systematic, and sequential thinking
• Opportunity Seeking, Screening, and Seizing

  • entrepreneurs are known for being curious and innovative. Their mind always seeks to discover new things or ideas and see whether they will work in the marketplace
• The entrepreneurial process of creating a new experience:

  • Opportunity Seeking
  • Opportunity Screening
  • Opportunity Seizing
• Opportunity Seeking:

  • Environmental changes
  • Technological progress
  • Government's initiatives and policies
  • People's interest
  • Experiences
• Environmental changes:

  • physical environment
  • social environment
  • business industry environment
• Environmental changes. It can significantly impact the rest of the world. These changes can occur naturally or as a result of human activities such as climate change, deforestation, pollution, and biodiversity loss, which can have wide-ranging and long-lasting effects on ecosystems, wildlife, and human health
• The physical environment encompasses elements such as the climate, natural resources, and wildlife
• The social environment has 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
• The business industry environment comprises 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. Understanding their preferences can help identify potential areas of market demand and guide product or service development
• Experiences. The knowledge and abilities acquired by someone who has worked in a specific field. This area holds immense promise for facilitating the creation of integrated commercial enterprises
• Opportunity Seeking - Some individuals can understand the bigger picture by studying emerging trends and patterns
• Opportunity Screening - Entrepreneurs must be cautious when selecting and analyzing potential opportunities within their reach if they want to significantly enhance their chances of success
• Opportunity Screening:

  • Relevance
  • Resonance
  • Reinforcement of Entrepreneurial Interests
  • Revenues
  • Responsiveness
  • Reach
  • Range
  • Revolutionary Impact
  • Returns
  • Relative Ease of Implementation
  • Resources required
  • Risks
• Relevance. Entrepreneurs should aim for an opportunity that aligns perfectly with their business's vision, mission, and goals, ensuring a solid foundation for success
• Resonance. The opportunity should be perfectly harmonious with the values and virtues that the entrepreneur desires for the business
• Reinforcement of Entrepreneurial Interests. Entrepreneurs should seize opportunities that perfectly match their interests, talents, and skills
• Revenues. Verify if the products or services possess a market with substantial potential for growth and sales
• Responsiveness. The opportunity should effectively meet the needs and desires of customers
• Reach. Entrepreneurs should use opportunities to grow their businesses by creating branches, franchises, distributors, and dealerships. This will help them achieve consistent and ongoing growth
• Range. Opportunities abound for creating a wide range of products and services to meet the diverse needs of various markets
• Revolutionary Impact. The entrepreneur must visualize the business as a revolutionary force of the future
• Returns. The opportunity should offer a low initial investment with the potential for substantial returns upon selling at a higher price
• Relative Ease of Implementation. Entrepreneurs should find it simple to seize this opportunity, as there are only a few obstacles to overcome
• Resources required. Entrepreneurs should choose opportunities that require fewer resources
• Risks. Entrepreneurs should be able to recognize high-risk opportunities with clarity and confidence
• Opportunity Seizing - is the ultimate step in planning for a successful business venture. Entrepreneurs should learn from other businesses' successes and failures to identify the key factors contributing to success
• external environment tools:

  • PESTEL Analysis
  • Competitor Analysis
  • SWOT Analysis