when an entrepreneur is think about setting up in business it is important to think carefully about what is needed to make the idea a success, how the business will compete against other firms and how much money is needed to run it, these items would usually be included in a business plan. * The nature of the business it history and its legal structure
* The product it offers, what make it different from anyone else, why customers would buy it and how it is protected from the competition.
* The nature of the market and the firm’s customer base .
* The objectives of the business( set-out target that entrepreneur would like to achieve )
* The strategy ( this set out how the objective is going to be achieved
* Approach to marketing
* The founder and employee
* The firm’s operations ( where it is based, the production facilities it requires, the capital it has)
* A forecast of sale over a period in the future.
Idea generation (ideation) is critical to the design and marketing of new products, to mar-keting strategy, and to the creation of effective advertising copy. In new product development, for example, idea generation is a key component of the front end of the process, often called the “fuzzy front end” and recognized as one of the highest leverage points for a firm (Dahan and Hauser 2001).
Ideation is the creative process of generating, developing, and communicating new ideas, where an idea is...