Steps to Generate a Business Idea:
Importance of Business Idea to found an enterprise:
- Identify a problem
- Idea Generation
- Idea selection
Method to generate a Business Idea:
- Focus Groups
- Brainstorming method
- Check-list to obtain a Business Idea
- Problem inventory analysis
- Using the mix of the above methods
This method is generally helpful in deciding strategies of marketing, packaging and advertising of the product.
The rules of conducting brainstorming method are given below.
- The group should be consists of people having experience and knowledge of different field.
- Because a new business idea is generated by the suggestion of each people from a different department like sales and marketing, research and development, production, taxation etc.
- The group should contain different level of staff i.e. top to bottom level of employee.
- The brainstorm sessions are organised in a free environment where nobody can dominate other members. It is assumed that nobody is senior or junior and no bossism culture is being entertained in this method.
- Every thought whether it is hypothetical or unpractical or beyond imagination or logical will be encouraged.
List of Questions that may give a Business Idea:
- Who is the ultimate user of the product? We must have clear, targeted and focused monitoring on the consumers before launching any products.
- Why will the consumer use our product? Ask this question by yourself, the answer will give an idea about new marketing strategies.
- What may be the problem while the customer is using our product? This will give an idea about the improvement of the product or reason for low sales or precautions before planning any product.
- Can we resolve these issues for better value to the customers? By resolving these issues we can make a unique and superior product.
- Why the customer is buying the competitor product? There must always a reason behind every buying of the product. One should identify or discover that reason first before planning any product.
- Can a clone product be launched with some improvement? Sometimes in some territory, there is a shortage of running products because of the weak distribution network, in those territory clone product with some improvement can be planned.
- What are the challenges in the availability of the product? Availability of products is a major issue when we start a new business or launch a new product. We must plan the distribution network and potential area in advance to minimize this problem
- What can be the next improved product in the same category? Even we are not thinking of new value-added product but competitors can do, so be prepared and plan for the improved product.
- We can also generate a business idea by analyzing the product or services which are being used in different countries.
Use Problem Inventory Analysis to resolve problems:
The process of conducting this method is very simple. The group may contain the people who are facing these problems by his own for example dealer, stockiest, C&F, retailers and managers and executives. Each member will discuss his problem in the group and the right solution is obtained from the suggestion of every member.