There is a famous saying, “An Idea can change your life.” The saying is fully true. A good idea coupled with thorough analysis and timely implementation can ensure success for the idea generator. A person can generate unlimited ideas in his / her lifetime. Any point of time, an idea pops up in our mind. “What If” questions juggles everyone’s minds at some point of time. We may think, “What if I use a few pen’s outer cover to make a mini raft which can be decorated and sold in the market”? This is one such example. Many more crosses through our brain every day. We just don’t know that some of them might work wonder for us (Ashkanasy, 2013). It can help us fulfill our dream to become an Entrepreneur. Entrepreneurship is nothing but selection of a good idea which innovates a way of doing thing and make is a business proposal which can earn revenue for the company and at the same time can help at least a few people to get jobs.
Success of any idea comes on the cost of great dedication towards the same. The ideas generated can be applied to business innovation. A good idea will help the business to achieve new heights and make a name for itself in the industry. There are three steps for an Idea to achieve success. First, a good idea should be generated. The ways and techniques which can help in idea generation will be discussed in the coming sections. An idea so generated should be analyzed with an aim to find out alternative ideas in line with the main idea (Anderson, 2014). This will help in selection of the best idea. Once the idea is selected, it should be carefully and timely implemented so that the situations favors our idea. Proper workflows need to be defined to execute the idea properly. The management of Human Resource is a critical thing during implementation of any idea. It is People who will do the groundwork and bring the idea from our dream into the reality. So, they should be dealt with nicely.
Businesses, after a period becomes stagnant. The managers of the business need to bring in new advancement which can bring in more revenues flow towards the company. This needs the managers to innovate new things. Creativity is an essential skill that managers should have. It is not mandatory that a person should born with this skill. It can be acquired through practice. The focus should be towards out of box thinking (Christensen, 2016). Thinking something which can be needed by people if provided a choice can give rise to that holy idea which we were searching. The need of the hour for the business which are more than 5 years old and still generating similar revenues year after year, is to hold open discussion with its employees to generate a new idea for the company. The company should give the flexibility to the employees to come forward with their ideas and discuss on the same. The best idea which has the potential to drive the business towards new heights can be selected. This way, employees will feel that they are being heard and the company will also get good path to walk forward. This will be a win-win solution (Yee, 2015).
As discussed in the previous section, idea generation is very important for business innovation. The business managers have lot of deliverables which they complete within stiff deadlines that they do not get time to think about new things (Grimm, 2016). However, it is the need of the hour to have small breaks for discussion of new ideas which can help the business to innovate new things. Any business operates in an industry. May it be a Restaurant which is in Hospitality Industry or a Car Manufacturer which is in Automobile Industry. Sometimes, taking cue from other business of the same industry in any geographic region can also help in business innovation. This will not exactly be an innovation wince we are taking cues from similar ideas generated by some other business. However, it will still help in the development of business (Rasidi, 2016).
There are many companies which were far behind other companies. But, they zoomed past their competitors just with the implementation of new idea. A restaurant which is selling best food will always get good business. But, the revenue will become stagnant after some time. Another restaurant, with at par food quality opens newly but don’t get a very good response since, people are already acquainted with other old restaurants. Now, the new restaurant implements a new idea and starts free home delivery of food. It started to get good responses and within a period, its sales went past the old restaurants. Thus, implementation of a good idea can help in gaining competitive advantage over the customers (Kandampully, 2016).
The business try to strengthen their core competency so that they can focus more towards the main portfolio which they are handling. This helps in remaining in track and not to deviate towards newer things (Ramalingam, 2015). An idea can also be to diverge the activities which are not a business’ core competency but they need to do it. This divergence can be done in a way by outsourcing the activities to a 3rd party vendor. This will provide ample time to focus on main business of the company and generate more ideas to increase the revenue and market share of the company. Many of the manufacturing as well FMCG firms realized this and outsourced their IT department to third party companies and got more time to push their own business towards new heights (Nasiopoulos, 2015).
I have generated an idea of exporting Hand Made Products into various markets. The factory-made products, may it be small show pieces, children’s toys, wooden products etc. are not of good quality until they are purchased from a branded store. Branded store will charge you more for the same thing just because of their name on the product. By being a victim of these products, my mind struck with an idea to find some sources where these hand-made products are made and take them to the big market. The idea generation was just primary step towards the actual implementation. The idea, in the beginning, had a lot of flaws. Then, I started using Idea generation and fine tuning techniques which helped me in generating the above written idea.
The most important type of idea generation technique is Brain Storming. The more one thinks about a topic, the more the chances are to achieve success (Kudrowitz, 2013). Just that the thinking should be in positive manner. People tend to brainstorm whenever they get time. I also brain stormed a lot whether the idea can be successful or not. Is there any other person who is already working on the same concept? If at all, my idea is not new, can it help my business to grow by being a second mover in the market. These questions should be welcome because I was trying to criticize my own idea and at the same time I was defending it by finding the solution to the query. This open discussion with myself helped me eradicate many wrong steps.
Mind mapping is yet another technique to focus about the idea in our own mind. The key is to map all the workflow, point to point, so that a web of points can be made. These will help in further fine tuning of the ideas. It helped me in jotting down the steps which would be executed for successful implementation of the idea. Mind Mapping is a powerful inner tool. It also provides satisfaction that you are going in the right direction (Yee, 2015).
Open House discussion with few trusted individuals can help in knowing the viewpoints of others. They will put certain points against my idea. Either I can defend it by providing a solution for their issue or I must accept the loophole and works towards the fixing of the same. Sometimes, the discussion may yield in something new which can add on to my idea. This happened when I was told by one of my relative that I can also go online with my idea. Along with physical presence of exports goods sale, I thought of having a website which can help me to get orders from worldwide. These new small ideas helped me a lot in making my idea a reality. After all analysis, I chose a few vendors who can supply the products to me. I also chose a few supermarkets and brands who agreed to take the products from me and keep in their shops for sale. Also, my online business started with a website and a Smartphone based app. These all activities show that having a good idea and then working dedicatedly towards that idea can help in achieving success.
My idea is feasible and the investment for the starting up of the business is also not much. Approaching a few Angel Investors along with the Business Plan can also make the job easier. The Key Stakeholders in the idea will be all those folks who helped me in making my idea a success. My customers and suppliers will also be the stakeholders.
Thus, ideas which are generated and then implemented effectively can bring good fortune.
References:
Anderson, N., Poto?nik, K. and Zhou, J., 2014. Innovation and creativity in organizations: A state-of-the-science review, prospective commentary, and guiding framework. Journal of Management, 40(5), pp.1297-1333.
Ashkanasy, N.M., Erez, M. and Lee, C., 2013. Innovation and creativity in teams. In Symposium 73rd Annual Meeting of the Academy of Management.
Christensen, K., Nørskov, S., Frederiksen, L. and Scholderer, J., 2016. In search of new product ideas: Identifying ideas in online communities by machine learning and text mining. Creativity and Innovation Management.
Grimm, B.L. and Brandert, K., 2016. How Does an Individual’s Innate Preferences Impact Innovation and Creativity?. Journal of Leadership Studies, 10(1), pp.34-36.
Kandampully, J., Bilgihan, A. and Zhang, T.C., 2016. Developing a people-technology hybrids model to unleash innovation and creativity: The new hospitality frontier. Journal of Hospitality and Tourism Management, 29, pp.154-164.
Kudrowitz, B.M. and Wallace, D., 2013. Assessing the quality of ideas from prolific, early-stage product ideation. Journal of Engineering Design, 24(2), pp.120-139.
Miles, L.D., 2015. Techniques of value analysis and engineering. Miles Value Foundation.
Nasiopoulos, D.K., Sakas, D.P., Vlachos, D.S. and Mavrogianni, A., 2015, February. Simulation of generation of new ideas for new product development and IT services. In G. Giannakopoulos, D.P. Sakas and D. Kyriaki-Manessi eds.,, AIP conference proceedings (Vol. 1644, No. 1, pp. 60-68). AIP.
Ramalingam, T., Karim, J.A., Piaralal, S. and Singh, B., 2015. Creativity and innovation (organizational factor) influence on firm performance: An empirical study on Malaysian telecommunication mobile network operators. American Journal of Economics, 5(2), pp.194-199.
Rasidi, N.M.M., Abdullah, S., Wahab, D.A., Ramli, R., Mansor, M.R.A. and Yasin, R.M., 2016. Generation of idea for product innovation in design course. Man In India, 96(1-2), pp.411-418.
Yee, M.H., Md Yunos, J., Othman, W., Hassan, R., Tee, T.K. and Mohamad, M.M., 2015. The effectiveness of higher order thinking skills for generating idea among technical students. Recent Advances in Educational Technologies.
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