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OPPORTUNITY AND IDEA GENERATION<br />: Role of creativity and innovation in business<br />

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‘Business is not about the idea of power, but the power of ideas’<br />The starting point of any business organisation is a powerful idea. An idea worth thinking about, an idea worth enhancing and developing , an idea worth converting into a business.<br />

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BUSINESS OPPORTUNITY<br />BUSINESS OPPORTUNITY is possibility for new profit<br /><ul><li>HOW?</li></ul>Either through (a) the founding and formation of anew venture, or <br />(b) the significant improvement of an existing venture”.<br /><ul><li>Opportunity recognition can be considered as an activity that can occur both prior to establishment of a firm, and also post founding of a firm (throughout the life of the firm, and throughout the life of the entrepreneur).</li></li></ul><li>IDEA GENERATION<br /><ul><li>IDEA GENERATIONis the creative process of generating, developing, and communicating new ideas.</li></li></ul><li>CREATIVITY AND INNOVATION<br />Creativity is the ability to bring something new into existence. <br />Innovation is the translation of an idea into application, which has a commercial value.<br />

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APPROACHES TO GENERATING IDEAS<br />Brainstorming:Under this approach all the members of the group attempt to make suggestions. This helps in generating a large number of product ideas. <br />Improvement of an existing product:a business idea may be related to removing shortcomings in an existing product by means of technology. E.g. color TV was an improvement over black and white TV.<br />

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BRAINSTORMING<br />Brainstorming is a method of generating ideas and sharing knowledge to solve a particular commercial or technical problem, in which participants are encouraged to think without interruption. Brainstorming is a group activity where each participant shares their ideas as soon as they come to mind. At the conclusion of the session, ideas are categorised and ranked for follow-on action.<br /> During brainstorming sessions there should be no criticism of ideas: You are trying to open up possibilities and break down wrong assumptions about the limits of the problem. <br />Ideas should only be evaluated at the end of the brainstorming session – this is the time to explore solutions further using conventional approaches.<br />

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TECHNIQUES OF BRAINSTORMING<br />Group Ideation<br />Nominal Group<br />Group Passing<br />Mind Map<br />SWOT Analysis<br />Role Storming<br />Brainwriting<br />Edge Storming<br />Think of the Solution<br />

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ENTREPRENEURSHIP<br />

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INNOVATIONis at the core of entrepreneurship, an entrepreneur does something new, key to entrepreneurial success is coming up with a new product, a new technology, new location, new market and so on..<br />IDEA GENERATION from entrepreneurship point of view clearly refers to either the discovery of a business idea or the development of an idea into a more feasible business concept over time. The IDEA could be a plan, proposal, suggestion, opinion or belief. A better informed entrepreneur would have bigger chances at recognizing emerging opportunities. <br />

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INVENTION AND INNOVATION :Primary function of entrepreneurship<br />

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ENTREPRENEURSHIP VIEWS<br />

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INNOVATION IN ADVERTISING<br /> Innovation or creativity is, without doubt, the most important element of advertising as new ideas and ways of presenting a product are crucial in enhancing its appeal to customers. <br /> The Bleeding Edge of Innovation focuses on 3 trends which are nowadays essential for effective advertising:<br />Platform thinking <br />Brand utility <br />Participatory culture<br />

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PRODUCT DEVELOPMENT<br />The creation of products with new or different characteristics that offer new or additional benefits to the customer<br />Product development may involve modification of an existing product or its presentation, or formulation of an entirely new product that satisfies a newly defined customer want or market niche<br />Product Development works on Idea generation, product designing and it follows another path which works on the market research and market analysis.<br />

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PROCESS OF IDEA GENERATION IN PRODUCT DEVELOPMENT<br /><ul><li>Opportunity Identification

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Opportunity Analysis

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Idea Genesis

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Idea Selection

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Concept Development</li></li></ul><li>Story of lijjatpapad<br />Incredible 'rags to riches' story where a small idea and initiative from a few people became a huge and successful business venture. <br />ShriMahilaGrihaUdyogLijjatPapad started in the year 1959 with a modest loan of Rs 80, , the cooperative now has annual sales exceeding Rs 301 crore (Rs 3.1 billion). <br />ShriMahilaGrihaUdyogLijjatPapad, popularly known as Lijjat, is an Indian women’s cooperative involved in manufacturing of various fast moving consumer goods. <br />

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In this way a small idea and initiative by few women became a huge business entity, expanded all over India and even abroad, it provided employment opportunities to a number of people and livelihood to its employees with a sense of belonging and respect and standing in the society.<br />

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ORGANISATIONS DEDICATED TO IDEA GENERATION<br />The Idea Generation<br /> Conducts seminars with client company’s employees to enhance creativity<br />Power Decisions Group<br />Consulting in Product Concept, Brand, and Advertising Theme Concept Idea Generation<br />Idea Heroes<br /> An idea generation company which focuses<br /> on new ways of advertising products <br />

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BIBLIOGRAPHY <br />www.google.com<br />www.wikipedia.com<br />ideageneration.com<br />lijjat.com<br />slideshare.com<br />businessdictionary.com<br />powerdecisions.com<br />ideaheroes.com <br />Modern business organisation by Gauri, Shankar<br />Modern Business Organisation by CB Gupta<br />