Generating Ideas
The Importance of Ideas Every successful venture starts with an idea- but where does that idea come from? Entrepreneurs are always on alert. Whenever they meet someone new, open a newspaper or magazine, watch television, or surf the Internet, their minds store information that might help them get closer to starting a venture.
What’s A Good Idea For a Venture Good ideas come in many forms, but they have two common features: They are innovative-often offering something that no one has though of before ( THINK: The Blue Ocean Strategy from earlier in the semester), or that has never been made to work before. They suggest a way to satisfy a need.
Observation Being aware of your surroundings and observe your daily life is a good way to come up with a great venture idea. There is so much going on around you that you may not even be aware of. Try this little exercise…
Take this test with a partner and discuss the results Take this test with a partner and discuss the results. What kinds of things are you good at observing? A) What colour are the walls outside the classroom? B) How many cupboards are there in your kitchen? C) Describe what your teacher was wearing yesterday. D) How many places are there to buy food within 1KM of the school? E) Name 10 things you can see from your locker. F) When you enter the main office does the door swing in or out? G) Look carefully around the classroom, what is one feature you have never noticed before?
Newspapers Newspaper articles contain information about local and global business trends. Classified advertising can indicate local needs and wants, and list available jobs. Business opportunities ads describe businesses for sale, including their locations and prices. Business services ads can tell you what services are in need in your community.
Magazines Consumer magazines predict and report changes in consumer buying. Trade magazines describes trends in specific industries and report new products and services. Specialty magazines offer advertisements and articles about goods and services that appeal to their target markets.
Trade Shows At trade shows, manufacturers and distributors display their newest products and services for others in similar businesses or for potential customers. At craft or hobby shows, individuals or small businesses can sell products or services to interested customers, often at low prices.