THE CONCEPT OF BUSINESS IDEA GENERATION

Business idea generation and opportunity analysis are the foundation building block for launching a new business or venture. The origin of a business idea and the analysis of the opportunity needed to build and grow such idea into a business structure is one necessary marriage in entrepreneurship.

The process of generating business idea could be learn and developed. This is a unique quality that an entrepreneur need to develop if he wants to generate business ideas that would later become a business structure.

In this section, we will discuss the concept of business idea generation, available methods for generating new business ideas, creative problem-solving techniques, innovation, types of innovation, difference between innovation and creativity. The purpose of is to provide fresh impetus for the prospective entrepreneur to see the idea of becoming a business owner in the Nigerian environment as a possibility.

Existing entrepreneurs will find this section very helpful in assisting them to generate new business ideas or concepts that will grow their business in term of product or services they rendered.

Idea generation (ideation) is an emerging buzzword representing the creative process of generating, developing, and communicating new ideas, while an idea is understood as a basic element of thought that can be visual, concrete, or abstract. Ideation can be contrasted with brainstorming in that brainstorming is a specific instance of ideation. Brainstorming employs specific rules (such as disallowing any contributor to negate any idea offered during a brainstorming session), while ideation encompasses all techniques that can be used to generate ideas.

Ideation is also critical to the design and marketing of new products, marketing strategy, and to the creation of effective advertising copy. In new product development, for example, idea generation is a key component of the front end of the process, often called the “fuzzy front end” and recognized as one of the highest leverage points for a company.

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