New Application in

Generating business idea

What is Generating Idea/ idea generation?

The process of Creating,

developing, and communicating
ideas which are Abstract, Concrete,
or Visual. The process includes the
process of constructing through the
idea, innovating the concept,
developing the process and
bringing the concept to reality.
 7 Ways to Apply in
Generating a Business Ideas
 Meet new people
Go out and meet new people to get
out of your idea rut. Talking to new
people who not only don’t think
like you but who don’t know how
you think can help freshen up your
brainstorming process. Go to
networking and learning events
talk to people outside your industry
and/or strike up a conversation
with your existing customers.
 Keep a “pain point” journal.
Companies like Google, Netflix and
Uber solved specific pain points in their
marketplace and went on to achieve
great things.
·I wish I could find information on a
specific topic from various sources
quickly.
·I wish I could rent movies and
television shows directly from my
television at a low cost.
·I wish there was a cheaper way to get
a ride.
Ask yourself: What bugs me? Keep a
journal where you write down your
everyday frustrations. Review the
journal regularly and run it by others
to see if it’s a pain point for them.
What product or service could you
create that would solve that
problem?
 Tap into your interests

Take an inventory of your hobbies

and interests. What are the business
opportunities you could create from
something you love to do anyway?
Searching for a new business idea?
Try tapping into your interests to
see how to make a business out of
something you love.
Get a little help from your friends
You are severely limiting yourself if
you rely solely on your own ideas
especially when your creative juices
run dry. "This is reason enough to
listen to ideas others may have," he
says. "If you have 15 or 20 friends,
chances are a couple of them have
some incredible business ideas.
 Travel
There’s a whole big world out there of great
ideas that aren’t yet in your market. If you see
an idea you love in your travels, you can take
it back home and give it a new spin that
specifically addresses the needs of your
market or community. Even if you don’t find
inspiration, traveling will help take you out of
your surroundings and refresh your system.
There’s also places around the world that
have ideas waiting to be commercialized, such
as in universities that have technology
transfer offices. Take an existing idea and
launch it to market.
 Go online
Don’t waste your time looking at cat
videos online. Fine, don’t waste all of
your time looking at cat videos
online. Look up entrepreneurship
and industry related communities.
Go on Twitter and search relevant
hashtags to see what people are
talking about.
 For example, if you’re interested in social
finance and social innovation, consider
hashtags such as #impinv (impact
investing), #socfin (social finance), #socinn
(social innovation), #susty (sustainability),
#socent (social entrepreneur or social
enterprise) and #csr (corporate social
responsibility). You might learn about new
niche fields, networking opportunities or
other topics that might spark something.
Become a student of your industry and
entrepreneurship.
 Do your market research
You have a potential thinking of an
idea but aren’t sure if it really has
any potential. Research the market
to see what’s out there and where
your idea could fit in. Besides your
standard online search and library
stop, there’s tons of resources out
there to help you along.
 For example, MaRS Market
Intelligence provides Ontario
entrepreneurs with access to
current, relevant and timely
information about your industries,
competitors, markets, potential
investors and partners, intellectual
property and best business practices
at no cost.
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