Methods of Generation of 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 various 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 and test new ideas:

1. Focus Groups: These are the groups of people who provide information in a structured format. A moderator leads a group of people through an open and in-depth discussion rather than simply asking questions to solicit responses from the participants. Such groups form feedback into deep and open discussions for a new product area that may result in market success. In addition to generating new ideas, the focus group is an excellent source for initially testing ideas and concepts.

2. Brainstorming: It is a group method to obtain 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 keep critics away; free circulation of ideas, large number of ideas, combinations and improvements of ideas. This type of session should be fun with no room for dominance and inhibition. Brainstorming has a higher chance of success when the effort is focused on a specific product or market area.

3. Problem Stock Analysis: It is a method of obtaining new ideas and solutions by focusing on the problems. This analysis uses individuals in a manner analogous to focus groups to generate new product areas. However, instead of generating new ideas, consumers are provided with a list of problems and then asked to discuss it, ultimately resulting in a completely new product idea.

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

Copyright 2005 Stephen Pierce