Methods of Generating New Ideas for Entrepreneurs

Summary: Even with a wide variety of sources available,
coming up with an idea as the basis for a new venture can
still be a difficult problem. The entrepreneur can use
several methods to help generate and test new ideas
including focus groups, brainstorming and problem inventory analysis.

The following are some of the key methods to help generate
end test new ideas:

1. Focus Groups – these are the groups of individuals
providing information in a structural format. A moderator
leads a group of people through an open, in-depth
discussion rather than simply asking questions to solicit participant response. Such groups form comments in open-end in-depth discussions for a new product area that can result in market success. In addition to generating new ideas, the focus group is an excellent source for initially screening ideas and concept.

2. Brainstorming – it is a group method for obtaining new
ideas and solutions. It is based on the fact that people
can be stimulated to greater creativity by meeting with
others and participating in organized group experiences.
The characteristics of this method are keeping criticism
away; free wheeling of idea, high quantity of ideas, combinations and improvements of ideas. Such type of session should be fun with no scope for domination and inhibition. Brainstorming has a greater probability of success when the effort focuses on specific product or market area.

3. Problem inventory analysis– it is a method for obtaining
new ideas and solutions by focusing on problems. This
analysis uses individuals in a manner that is analogous to focus groups to generate new product areas. However, instead of generating new ideas, the consumers are provided with list of problems and then asked to have discussion over it and it ultimately results in an entirely new product idea.

The entrepreneur is not limited by only the three methods presented in this article. There are other creative problem solving methods and techniques that are also available.

Source: Articlealley,  Stephen Pierce