- Explain the role of idea generation in business innovation
- Discuss the importance of new ideas in gaining competitive advantage
- Apply idea generation techniques to business scenarios
Within the context of Effective Idea Generation, write a reflective essay about how you generated a specific idea for a business / product / innovation either in the past or at the present time.
Include reference to relevant academic models / theories from the entrepreneurship / creativity literature and from classroom discussion.
Provide insight into the process / steps you followed to generate an idea and turn it into reality.
Analyse why you think your idea is worthwhile / feasible / valid and who your key stakeholders are.
Academic Models and Theories - Economic Theory, Resource-based Theory, Psychological Theory, Sociological Theory, Opportunity-based Theory
In today’s world, the business framework is based on creativity. It is an important facet and feature for the development of the business growth (Eickhoff 2014). Creativity is an outcome of innovative ideas. Idea generation is an important term that is frequently used in today’s business world (Hooshangi and Loewenstein 2016). The procedure of creating, communicating and developing ideas that are abstract or visual are the basic pillars of generating a new idea. There must be a plenty of creativity present in an entrepreneur that can lead to an effective business module (Bassell, Fischer and Friedman 2015). In this report, I made a try to generate idea regarding the promotion of my company. There are certain techniques that are important to generate an effective idea. In this competitive market, effective ideas are playing as an important key role regarding the serial growth of business.
In my opinion, an entrepreneur must consider certain points before generating business ideas (Kuratko 2016). An entrepreneur should utilize his or her skills relating to the technical and professional base for the promotion of business ideas. By an effective idea, it is possible to utilize the raw materials that are available locally. There is always a demand for the product that is not freely available in the market. As FARHER is a transportation company, it is important to meet new people regarding the promotion of its business and there should be the provision regarding the customer satisfaction.
There are certain approaches to explore the sources of business ideas that are quite helpful to an entrepreneur. I have pointed out some important points. The most popular approach is the brainstorming (Kuratko, Morris and Schindehutte 2015). Brainstorming is a technique that includes certain criteria like mind mapping, free association and sketching. Brainstorming allows generating a large number of effective ideas. While making the business venture I have considered certain brainstorming methods. As a matter of fact, it has been a matter of certain understanding depending on the entire course of the basic concept. I have followed the structural methods of brainstorming to ensure effective strategy making process of business venture.
Another approach is of renewing the old formula in another way (Weiss 2014). I strongly believe that it is a good option regarding the growth of business to mix the traditional idea with the modern techniques. In order to bring improvisation in my business I have structurally eliminated the old business formulae so as to upgrade my service method in to existence. By an entrepreneurship, we understand the ability to create something by manifesting effective ideas. There is always a demand for that brilliant mind, which is able to promote ideas. Effective ideas lead to generate solutions. There are five stages that promote creative process, such as business development, preparation, business evolution, brilliance and verification (Mayesky 2014).
Process of Idea Generation - Brainstorming, Renewing Old Formula
There is a constant research on the process of idea generation takes place that lead to a way to know about the procedure regarding the business development. In this challenging economy, it is very important to gain advantage as entrepreneur. There are certain theories that reflect the entrepreneurial activities. In my opinion the theories can be divided as economic theory, resource-based theory, psychological theory, sociological theory and opportunity-based theory.
The economic theories are first introduced in the early seventies by Richard Cantillon (Mundell 2016). Richard Cantillon was the person who introduced the notion of risk taking idea for an entrepreneur. This theory emphasizes the economic conditions and opportunities by following the Austrian market process. However, this theory was criticized for its failure to ignore the nature of entrepreneurial activities where from the conception of entrepreneurship is arise.
Resource-based theories are stressed on the resources to achieve the entrepreneurial milestones. One of the common resources is the capital that is inevitable for a business. Other resources can be social networks, information about the stocks and that is included the resources that is mainly education. In certain circumstances, the leadership-based elements can be used as a resource in a business arena.
Psychological theories have focused on the mental elements of an individual (Siemens 2014). This theory was coined by David McClelland who offered that an entrepreneur must possess a need for achieve the target that makes a difference between the entrepreneurs and the other person. According to the theory, it is the personality that reforms the creativity that helps to create the entrepreneur behavior.
Sociological theories is based on its epidemic and explain the entrepreneurship based on social context, which enables businessman to achieve ultimate. It was stated by Paul D. Reynolds that a research professor of George Washington University singles out four contexts such as social networks, desire for a meaningful life, ethnic identification and socio-political environment factors for the essentials of the theory reached the highest score based on that..
Opportunity-based theory was coined by Peter Drucker for the first time (Drucker 2014). Drucker stated that businessmen excel at seeing and taking advantage of possibilities are created by technological and cultural changes. For an instance, where a business that provides to senior citizens might view a sudden invasion of younger residents to a neighborhood as a potential death stroke, a capitalist might take it as a chance to open a new club.
From the above model, we came to know that an effective method of idea helps the entrepreneurs to increase the business prospects. Prof. O’Neill had given a model that was described the generic notion of idea. His theory based on a model attempts to reach a uniform consensus. It has three wings that are interred related to each others. The wings are problem preparation, idea generation and idea evolution. While these models have been largely adopted and used in the creation of creativity support tools, there is some skepticism regarding the simplicity of current creativity models. Most of these models note that they are not intended to be followed in a discrete linear fashion.
Effect of Techniques on Business Module
Focusing on the idea generation phase, we discovered that the idea generation models describe the fluid cycle that is utilized by the designers during the stage of conceptualism. Within these models, the entrepreneur designs and refines the ideas and sometimes implementing the next cycle for the betterment of the design. The model is based on R3 process. These three Rs are research, represent and refine respectively. In this competitive world, effective business ideas are necessary. Once initial concepts are formed in the research phase, the ideas are represented physically in an externalized form.
The techniques related to idea generation shall have following effects on the business module. It is very important to enlist the existing formulae that can forms into parts and combine into parts of a new ideology that give birth of a new era of products . Collaboration with two people working together to achieve a common goal often helps to lighten the pressure of work. An entrepreneur should follow up the rules regarding this and should has to apply the same in the practical sense. The theories that are explained to redefine the effective generic models of ideas are useful to gain the business related growth.
It is important to reposition the business and prepare it for the best achievement (Masoumik 2014). There are certain instances in our hand regarding the same. Disney can be a good example of these kinds of theories. It starts with amusement parks and it becomes a company where the dreams of an individual come true. Another example can be Subway, which started its business as a fast-food chain that was initially a quite weight loss program where an entrepreneur determines to do something bigger than anyone else, is able to attract talent. One can easily think about himself to achieve some paths that can lead him towards the ultimate goal. Gary Vaynerchuk said that a person who get lesson from her or his mistake, those world-class entrepreneurs took lesson from other people's mistakes with a view to minimize their learning arc and not to fritter away much time. Group work is most learning curve relating to the business growth. A person not only need a team around one, however it is necessary to know how to develop and lead that team, the specifics of the team, when to watch the exercise instruction and should have a single focus and that is winning. The same applies for business and life. A business is the process of vows and if one can sporadically deliver and exceed the promises for all patrons, one is ahead of the game. It’s much expensive to get a new client than it is to take care of the ones you have.
Key Stakeholders in Business
The word stake can better be understood as support. The stakeholders hold an important position in a business. The main point is that the action of the stakeholders determines the business-based decisions. No doubt it is very important to determine the key stakeholders of I to reach the goal properly. Instances of key stakeholders can be the directors, employees, shareholders or the unions. I has to chalk out plan regarding the stakeholders. I must look at the customer benefit program as customers are one of the stakeholders of I.
Therefore, from the discussion we came to know that it is important to adopt suitable methods regarding to meet the proper purpose of the business. I must create a culture that makes the people passionate about meeting their needs. It is very important in these cases to generate an effective idea that can lead towards a systematic growth in business (Yerrabati and Hawkes 2015). The innovative creativity, relevant academic models, entrepreneurial theories and various competitive advantages and a strong key stakeholder’s could lead to a firm platform, where they can prove themselves as a future leader.
Bassell, M., Fischer, D. and Friedman, H.H., 2015. The Importance of Business Ethics and Corporate Social Responsibility: A Course Module.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Eickhoff, M., Trigo, V., Turnbull, A. and Dyczkowski, T., 2014. COEUR: developing business creativity and Europreneurship in European University networks.
Hooshangi, S. and Loewenstein, G., 2016. The Impact of Idea Generation and Potential Appropriation on Entrepreneurship: An Experimental Study. Management Science.
Kuratko, D.F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning, pp 286.
Kuratko, D.F., Morris, M.H. and Schindehutte, M., 2015. Understanding the dynamics of entrepreneurship through framework approaches. Small Business Economics, 45(1), pp.1-13.
Masoumik, S.M., Abdul-Rashid, S.H. and Udoncy Olugu, E., 2014. Gaining competitive advantage through strategic green supply chain management: From a literature review towards a conceptual model. International Journal of Supply Chain Management, 3(3).
Mayesky, M., 2014. Creative activities and curriculum for young children. Cengage Learning.
Mundell, R., 2016. General Equilibrium: The Seventeenth Approach to the Balance of Payments. International Economic Interdependence, Patterns of Trade Balances and Economic Policy Coordination, p.9.
Siemens, G., 2014. Connectivism: A learning theory for the digital age.
Weiss, J.W., 2014. Business ethics: A stakeholder and issues management approach. Berrett-Koehler Publishers.
Yerrabati, S. and Hawkes, D., 2015. Economic governance and economic growth in south and East Asia & Pacific Region: evidence from systematic literature reviews and meta-analysis. Advances in Economics and Business, 3(1), pp.1-21.
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