Idea Generation, Entrepreneurs and Busines Culture

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Idea Generation is defined as “the process of describing market or stock behaviour into actionable patterns and specific trade ideas. Idea generation also includes gathering information from a variety of trusted sources to produce useful conclusions.” (Tradeideas.com, 2013) Creativity is an extremely significant facet of life and is of many of the tasks we carry out every day. It can occur in a multitude of situations ranging from work to pleasure. “The innovation process, in the business context, is a structured action that is remarkably easy to implement. It begins with a problem and ends with profit. As such, it is the ideal business process. So it is remarkable that so few businesses have actually implemented this structured innovation process.” (Jpb.com, 2014) It is important that businesses must have a high tolerance for failure and encourage risk taking. The businesses culture must communicate clearly and how the business will support innovators who are willing to take risks. According to Robert’s Rules of Innovation, he believes if you do not encounter risks, no innovation will be carried out. (Robertsrulesofinnovation.com, 2014) Focus Groups Focus Groups are one of the main idea generating techniques that entrepreneurs use. Wilkinson (2004, page 271) states “a focus group is an informal discussion among a group of selected individuals about a particular topic.” The first focus group occurred due to Sociologist Robert Merton, in the years following World War II. It was not until the 1950's, that focus groups became more common. There are many types of Focus Groups. Two-Way Focus Groups is where one group watches another groups answer the focus group questions. This allows to open up to more discussions and may lead th... ... middle of paper ... ...ofinnovation.com. 2014. No Risk… No Innovation « Roberts Rules of Innovation. [online] Available at: http://www.robertsrulesofinnovation.com/no-risk-no-innovation [Accessed: 7 Apr 2014]. 14. The Economic Times. 2002. How focus groups are helping companies like HDFC Bank, Godrej Tyson Foods, Britannia. [online] Available at: http://articles.economictimes.indiatimes.com/2014-04-02/news/48801269_1_focus-groups-steve-jobs-new-products [Accessed: 7 Apr 2014]. 15. The Economic Times. 2011. HDFC Bank launches Solitaire, to add 4 mn customers in 2 years. [online] Available at: http://articles.economictimes.indiatimes.com/2011-11-30/news/30458766_1_credit-cards-premium-credit-pralay-mondal [Accessed: 7 Apr 2014]. 16. Trade-Ideas. 2013. Idea Generation - Trade-Ideas. [online] Available at: http://www.trade-ideas.com/glossary/idea-generation/ [Accessed: 7 Apr 2014].

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