SME

BBA-B6
Semester 6
From Idea to
Opportunity
 IDEA
• In philosophy, ideas are usually construed as mental representational
 images of some object. Ideas can also be abstract concepts that do not
present as mental images.
• A new or original idea can often lead to innovation.
 SOURCES OF NEW IDEAS

1. Consumers
2. Existing Products and services
3. Distribution Channels
4. Government sources
5. Research and Development
6. Business Expos’
 METHODS OF GENERATING NEW
IDEAS
1. Focus Group:

• Group of individual providing information in a structured format

• Used for variety of purposes since 1950’s
• Comprises of in-depth discussion on a particular product
• Normally have 8 to 14 participants
• In addition to generating new ideas it also do the initial screening of ideas
2. BRAIN STORMING

• A group method for new ideas generation and solution findings

• Focus on specific market and product
• Rules for the Brainstorming are:
i. No negative criticism is allowed
ii. Freewheeling is encouraged
iii. New ideas are generated
iv. Combination and improvement of ideas are encouraged
3. PROBLEM INVENTORY ANALYSIS

• Method of obtaining new ideas and solution by focusing on a problem

• Consumers are given a list of problems with the product
• Then the results are produced and the discussion is done on how to solve the
problem
• This can also be used as the test for new product
• Careful evaluation of ideas are done as it is important to reflect the business
opportunity
 Creativity

The ability to develop new ideas and to

discover new ways of looking at problems
and opportunities.
 Innovation

The ability to apply

creative solutions to
problems and
opportunities to
enhance or to enrich
people’s lives
 Barriers to Creativity
 Searching for one right answer
 Focusing on ‘being logical’
 Blindly following the rules
 Consistently being practical
 Viewing play as frivolous
 Becoming overly specialized
 Fearing looking foolish
 Fearing mistakes and failure
 Believing ‘I’m not creative’
 Enhancing Individual Creativity
 Allow yourself to be creative.
 Observe the products and services of other
companies, especially those in other markets.
 Recognize the creative power of mistakes.
 Keep a journal handy to record your thoughts
and ideas.
 Listen to other people.
 Listen to customers.
 Talk to a child.
 Keep a toy box in your office.
 Read books on stimulating creativity or take a
class on creativity.
 Take some time off.
 The Creative Process
 Preparation
 Investigation
 Transformation
 Incubation
 Illumination
 Verification
 Implementation