Business reviews

Methods of generating business ideas

New technologies, concepts, and projects require ideas to develop. Many entrepreneurs desire to start something or develop an existing business in some new direction but do not have a clear idea of how it should be.

The most common method of generating business ideas

A frequently used method is brainstorming. It can be realized by several employees of the same work team at once.

It takes place in several stages:

  1. A clear statement of the task or goal. This could be launching a new product, finding a way to optimise processes, or developing marketing strategies.
  2. Involvement of employees with different backgrounds, knowledge, and points of view in discussing plans and objectives to ensure a variety of approaches. These can be masters from different company departments, industry experts, or consultants.
  3. Defining the rules. It is necessary to ensure that all participants understand the goals of the brainstorming session and follow certain rules, such as no criticism during the generation phase.
  4. Generation. Participants should express their thoughts without restrictions or self-censorship. Try to come up with as many options as possible, even if they seem unusual or out of the box.
  5. Stimulation of associative thinking. It is important to apply various techniques for stimulating associative thinking, such as word associations, mental associations, analogies, and problem-solving. to broaden the range of ideas.
  6. Recording. Writing down all options without exception is necessary so that nothing gets lost.
  1. Discussion and refinement. Highlight the most promising solutions, clarify their details, and work out possible ways to realize them.
  1. Evaluation and selection. Evaluate ideas against their potential, resources, risks, and other factors. Select the most appropriate ones for further development and implementation.
  2. Implementation and tracking. Work through the selected options, develop an action plan, and start implementing them. Track the results and adjust the strategy as needed.
  3. Feedback and process improvement. Gather feedback from brainstorming participants and evaluate the effectiveness of the process.

Use these steps to maximize the effectiveness of the brainstorming process and gain valuable insights to solve your task or problem.

plan discussion
Plan discussion

Additional business idea generation methods

Equally effective are business idea generation methods such as:

  • reverse brainstorming;
  • six hats of thinking;
  • analogies;
  • Scamper;
  • mind maps;
  • opportunity matrix;
  • coup de grace;
  • walt Disney methodology.

The presented methods of business idea generation play an important role in the process of entrepreneurship development and help identify potentially successful business areas. They will stimulate creative thinking, helping entrepreneurs find innovative solutions and meet customer needs.

Businesses can look at a problem or market opportunity from different perspectives, leading to discovering new market niches and potential customers. Through such approaches, entrepreneurs can analyze the market, customer needs, and the competitive environment in greater depth, which helps to develop better and more informed solutions.

Improving competitiveness is another important benefit. Entrepreneurs will be able to identify and implement innovative techniques to improve competitiveness and long-term success in the market.