IDEA GENERATION AND SCREENING for Entreprenuers.ppt

This describes the process of idea generation as an entrepreneur for a successful business plan.

1. IDEA GENERATION AND
SCREENING
MEE 523

2. Brainteaser
Plot sold to take care of ailing
father
The remaining portion to be
shared equally between the 4
surviving children equally and
of the same shape.
The remaining portion to be
shared equally between the 4
surviving children equally and
of the same shape.
The remaining portion to be
shared equally between the 4
surviving children equally and
of the same shape.

3. IDEA GENERATION
•Brainstorming as a tool:
•The Goal  generate a big quantity of ideas.
• The ideas are be evaluated yet,
•Crazy ideas often turn out to have good
potential.
•Evaluation mechanism is related to doubts,
critical analysis, and traditional thinking. These
are KILLERS of creativity needed for brainstorm.
• 

4. The DOs of brainstorming
DO’s:
•create stimulating environment
•record all ideas
•all ideas are welcomed
•quantity is needed
•state ideas quickly
•combine and improve on others
•try hardest
•break old rules

5. The DON’Ts of brainstorming
DON’Ts:
•do not yet evaluate
•don’t give up
•don’t be ashamed
•don’t repeat ideas already mentioned
•no criticism

7. Mechanical Engineering Related Biz
Ideas
•Welding and Metal Work.
•Woodwork and carpentry.
•Building Services.
•Machine Design and Fabrication.
•Auto workshop and associated trade.
•Air-conditioning and refrigeration.
• Computer Aided Design and Manufacturing.
Note that Mechanical Engineering covers wide areas of design,
manufacturing, operation, repairs, maintenance, sales, training in
mechanical devices, appliances and system

8. Class Work
•Following the rule of brainstorming, Generate
mechanical engineering related biz ideas.
•Generate biz ideas (unrestricted)

9. Idea Screening
•Macroscreening : Pick five biz ideas from the
multitude generated. (Be at liberty to use any
criteria such as capital requirement, interest,
potential for generating desired profit etc.)
•Microscreening:
–provide a simple tool for selection
–prioritises best ideas
–visualises main differences between alternative
ideas, important for later focus in planning.

10. Sequence
define parameter or criteria to be evaluated for
each alternative
define mathematical signs of parameters
establish a weight for each parameter.
score the parameters in each alternative
multiply with the weight
calculate the total and discuss the result.

11. Parameters
ALTERNATIVE IDEAS
Solvent
demand
Availability of
qualified
personnel
Availability of
technology /
equipment
Availability of
raw materialCompetitors
TOTAL
( + ) ( + ) ( + ) ( + ) ( - ) ( = )
weight
Micro screening Table

12. Brainstorming 100 – 500 ideas
Suggested Idea
Further Processing:
•risk analysis
•SWOT
•business plan
loops back to Micro-Screen if needed
Macro Screen 5 ideas
Micro Screen 1 idea
Funnel model