Entrepreneurship Journey involves:
Idea Generation
Generating and evaluating business ideas is an important step in the entrepreneurial process. Generating ideas is a creative process.
Ways of Idea Generation
- Environmental Scanning – It involves screening of large amounts of information to detect emerging trends.
- Creativity and Problem Solving – It involves ability to combine ideas in a unique way or to make associations between the ideas.
- Brainstorming – Brainstorming is a creative problem-solving technique that encourages the generation of a large number of ideas within a group setting. It is typically used to foster innovation, idea generation, and problem-solving.
- Focus Groups – The purpose of a focus group is to delve deep into participants’ attitudes, perceptions, and experiences related to a particular product, service, or concept. The focus group method provides a deeper understanding of consumer preferences, opinions, and behaviors.
- Market Research – This method involves gathering information about existing products/services that already exist in the market. It helps to determine demand and supply position for a particular product or service and get ideas for new products and services.
