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Subject BUSINESS ECONOMICS
Paper No and Title 16, Project Appraisal and Impact Analysis
Module No and Title 10, Generation of Ideas
Module Tag BSE_P16_M10
BUSINESS PAPER No. : 16, PROJECT APPRAISAL AND IMPACT ANALYSIS
ECONOMICS MODULE No. : 10, GENERATION OF IDEAS
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TABLE OF CONTENTS
1. Learning Outcomes
2. Introduction
3. Ideas from Current Trends
3.1 Green Trend
3.2 Clean Energy Trend
3.3 Organic Trend
3.4 Economic Trend
3.5 Social Trend
3.6 Health Trend
3.7 Web Trend
4. Sources of New Ideas
4.1 Consumers
4.2 Existing Products and Services
4.3 Distribution Channels
4.4 Government
4.5 Research and Development
5. Techniques of Generating New Ideas
5.1 Focus Groups
5.2 Brainstorming
5.3 Reverse Brainstorming
5.4 Brain writing
5.5 The Gordon Method
5.6. Synectics
5.7. Problem Inventory Analysis
5.8. Checklist method
5.9. Free Association
5.10. Forced Relationships
5.11Attribute Listing/Morphological Analysis
5.12. Collective Notebook Method
5.13. Big Dream Approach
5.14. Parameter Analysis
5.15. Delphi/Nominal Group Method
5.16. Scenario Analysis
5.17. Cause-Effect Analysis
5.18. Value Analysis
6. Summary
BUSINESS PAPER No. : 16, PROJECT APPRAISAL AND IMPACT ANALYSIS
ECONOMICS MODULE No. : 10, GENERATION OF IDEAS
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1. Learning Outcomes
After studying this module you shall be able to:
Understand the different types of trends that can provide ideas for a new venture
Identify various sources of ideas
Learn how to generate ideas through various methods
2. Introduction
According to Warren Buffet “Today’s successful companies live and die according to the quality
of their ideas”
Entrepreneurship is a business process that involves the identification and analysis of
opportunities, the decision to exploit them on your own or to sell them, developing the strategies
and organizing the new business (Eckhardt and Shane, 2003). Opportunities can be identified
once the entrepreneur has analyzed various ideas. The business man might be lucky enough to hit
upon one idea which can be built up, but generally he will have to come up with various ideas,
analyze them and decide which of them can be turned into an opportunity. It needs to be assured
that the idea is sound and economically viable.
This identification of new ideas and turning them into reality is also known as creativity.
Creativity is about having an unconventional approach, looking at things in a new manner,
solving problems in new ways. It is all about imaginative thinking. It involves discovery of new
ideas and innovation –which is a critical function for entrepreneurship.
However, creativity is not the same thing as intelligence. A highly intelligent person may not be
creative. According to various scientific studies creativity is influenced more by the environment
than by heredity. As a result, a child’s creativity can be encouraged and developed through a
proper nurturing environment.
The thinking process in humans can be convergent or divergent. Convergent thinking is a process
in which an individual comes up with the best and unique answer to a problem after considering
all the information available to him. This is the type of thinking that is generally encouraged in
schools. This type of thinking is appropriate when there is a single correct answer for a problem
and which requires the analysis of available information.
The other type of thinking is divergent thinking. It is a more creative process. In such a case,
there can be more than one possible solution for a given problem. As a result, a person can come
up with new and different ideas as solutions for the problem.
BUSINESS PAPER No. : 16, PROJECT APPRAISAL AND IMPACT ANALYSIS
ECONOMICS MODULE No. : 10, GENERATION OF IDEAS
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An effective thinking process is said to be one which combines both convergent and divergent
thinking, i.e. precise and creative thinking. Convergent thinking focuses on logic whereas
divergent thinking is often illogical and consists of outcomes which may or may not be. To come
up with new ideas one needs to start with creative or divergent thinking to come up with different
unusual solutions and then analyze these ideas to determine whether these are viable.
3. Ideas from Current Trends
A good way of identifying an idea that will work is to look at the current trends. An entrepreneur
can exploit any of the various trends as an opportunity for his new venture. Some of the trends
that can provide opportunities are:
3.1. Green Trend
Today’s consumers are environment conscious and are willing to buy products that are green
even at a premium. Water can provide opportunities such as smart irrigation systems and
consulting firms that help increase water-efficiency. Other trends could be eco-friendly printing
and recycling. An example is one entrepreneur who is turning waste into fertilizer using worms
and another using waster as a source of fuel.
3.2. Clean Energy Trend
With a rapid depletion of fossil fuels attention is now turning towards other sources of energy
such as solar, wind and geo-thermal sources. Cost efficiencies and tax breaks in the future are
likely to accelerate the use of these resources. Small business and homeowners can be an
opportunity for an entrepreneur.
3.3. Organic Trend
Consumers today are increasingly becoming conscious of using organic products. They are
gradually realizing the benefits of such products over non-organic products. This is especially so
in the food sector, where the prices of organic and non-organic are gradually becoming similar. In
some countries the sales growth from all organic foods including, fruits, vegetables, and dairy,
meat, bread and snack foods averages about 25 percent per annum. The market is also witnessing
the introduction of organic apparel.
3.4. Economic Trend
The economic crisis has made consumers much careful in spending. This can create opportunities
in various fields such as discount retailing, credit and debt management, outsourcing, virtual
conferencing and do-it-yourself products. However, on the other hand, it must be remembered
that luxury products also continue to grow in the market
BUSINESS PAPER No. : 16, PROJECT APPRAISAL AND IMPACT ANALYSIS
ECONOMICS MODULE No. : 10, GENERATION OF IDEAS
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