Internal sources of idea development - Personal experience, solving own frustrations. Brainstorming / staff innovation. Suggestion boxes, encouraging intrapreneurship. Dedicated R&D departments. Identifying problems to solve (design thinking). , External sources of idea development - Monitoring and copying successful products/competitors. Market trends and consumer data analytics. Import substitution (Irish business producing a product to compete against an imported good). , Factors that impact on the development of business ideas. - Organisational Culture, Availability of Resources, Market Trends & Consumer Behaviour, Technological Advancements, Legal Requirements. , Organisational Culture (factors that impact the development of business ideas)  - Workplace values and leadership will impact – charismatic leaders will inspire and encourage innovation, autocratic style leadership will limit idea development., Availability of Resources (factors that impact the development of business ideas)  - Staff may time, resources, training and/or finance to research and develop ideas e.g. Google 20% time for staff to use for innovation., Market Trends & Consumer Behaviour (factors that impact the development of business ideas) - Changing and disrupted markets encourage more solutions and innovation e.g. environmental awareness has encouraged innovation in plastic alternatives., Technological Advancements (factors that impact the development of business ideas) - New tech creates new opportunities – apps and software have allowed new educational businesses to set up in Ireland over recent years., Legal Requirements (factors that impact the development of business ideas)  - There may be legal limitations to certain ideas limiting ideas., Design Thinking (definition) - Person-centred, Solution-centred, Iterative, Person-centred (Design Thinking) - A business tries to understand user problems and empathise with them, Solution-centred (Design Thinking) - A business defines the problem and tries to imagine ways to solve them, Iterative (Design Thinking)  - Using trial and error to create, test, improve, and re-test again until they are happy, Design Thinking Process (steps) - 1. Clarify, 2.Ideate, 3.Develop, 4.Implement , 1. Clarify (Design Thinking Process)  - Gain an understanding of the user’s problems using observation, market research, interviews…, 2. Ideate (Design Thinking Process) - Teams brainstorm a wide range of creative solutions, thinking outside the box without judgment., 3. Develop (Design Thinking Process) - Promising ideas are turned into prototypes so teams can explore how solutions might function in reality., 4. Implement (Design Thinking Process) - Prototypes are tested with real users to gain feedback and revisit steps to further refine the idea until they are happy to move forward., The importance of a feasibility study to evaluate a business idea - Market Feasibility, Production Feasibility, Financial Feasibility, Environmental Feasibility, Legal Feasibility., Market Feasibility - Researching level of demand, identifying target market, and analysing competitors. Reduces Risk – prevents launching product with low demand, saving time / investment., Production Feasibility - Necessary staff, equipment, or suppliers needed to make the product? Saves Resources – ensures business doesn’t commit to an idea it can’t deliver., Financial Feasibility - Is it affordable/profitable – assesses costs, funding, cashflow, and potential profits. Increases Profits – prevents producing an idea that isn’t profitable or affordable to make., Environmental Feasibility - Assesses environmental impact - emissions, waste, compliance with environmental laws. Ensures sustainability – avoids fines and reputational damage, supports ethical business practices., Legal Feasibility - Compliant with laws, copyright, intellectual property, and employee legislation… Prevents fines – avoids legal issues and delays due to non-compliance.,

Chapter 7 Key Takeaways

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