What are methods of generating ideas also explain Innovation, creativity and Entrepreneurship?

What are methods of generating ideas also explain Innovation,                         creativity and Entrepreneurship?

Answer:

            The following are some of the key methods to help generate end test new ideas:

1.                  Focus Groups:

                        These are the groups of individuals providing information in a structural format.    Moderator leads a group of people through an open, in-depth discussion rather than    simply asking questions to solicit participant response. Such groups form comments in            open-end in-depth discussions for a new product area that can result in market success. In       addition to generating new ideas, the focus group is an excellent source for initially       screening ideas and concept.

2.                  Brainstorming:

                 It is a group method for obtaining new ideas and solutions. It is based on the fact that people can be stimulated to greater creativity by meeting with others and participating in organized group experiences. The characteristics of this method are keeping criticism away; free wheeling of idea, high quantity of ideas, combinations and improvements of ideas. Such type of session should be fun with no scope for domination and inhibition. Brainstorming has a greater probability of success when the effort focuses on specific product or market area.

3.                  Problem inventory analysis:

     It is a method for obtaining new ideas and solutions by focusing on problems. This analysis uses individuals in a manner that is analogous to focus groups to generate new product areas. However, instead of generating new ideas, the consumers are provided with list of problems and then asked to have discussion over it and it ultimately results in an entirely new product idea.

Innovation:

            The process of translating an idea or invention into a good or service that creates value or for Innovation involves deliberate application of information, imagination and initiative in deriving greater or different values from resources, and includes all processes by which new ideas are generated and converted into useful products, Which customers will pay to be called an innovation, an idea must be replicable at an economical cost and must satisfy a specific need.

Creativity:

            Creativity is the act of turning new and imaginative ideas into reality. Creativity is characterized by the ability to perceive the world in new ways, to find hidden patterns, to make connections between seemingly unrelated phenomena, and to generate solutions. Creativity involves two processes: thinking, then producing. If you have ideas, but don’t act on them, you are imaginative but not creative.

Entrepreneurship:

            The capacity and willingness to develop organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses.

In economics, entrepreneurship combined with land, labor, natural resources and capital can produce profit. Entrepreneurial spirit is characterized by innovation and risk-taking, and is an essential part of a nation's ability to succeed in an ever changing and increasingly competitive global marketplace.