bookmark_borderDigital Era vs Industrial Era

Wish you could just run to the beach and relax under the sun, picturing yourself with your loved one and taking a sip of an exotic drink, enjoying each other’s company with smiles filled with happiness and joy… and with a blink of an eyelid you get back to reality again and stare at your computer screen filled with numbers, spending hours calculating those boring financial statements for some executive in that little cubicle of yours and you got another 5 hours to sit in there and work on more numbers!!!

There are millions of so called ‘office slaves’ who are married to their 9 to 5 jobs wishing they had something better, but don’t think they have any other option than to suck it up and stay in those jobs for the fear of becoming jobless and not having money in the bank and becoming broke and also the thought of going through ALL the education, spending ALL that money and time to finally get that JOB and still not be happy with it.

In a nutshell, no matter what degree you hold or years of experience you have, everybody is in the same cycle of working 9 to 5 or 9 to 7 shifts or even longer for some folks and just have two short days called the WEEKEND which feels like it just passes too quickly. Our minds take one day to recover from the hard working week and then as soon as Sunday hits, the dreaded thought of another exhausting week begins to creep up in your mind which leaves you with an unhappy feeling all over again!!

We all like saying TGIF! with a smiley face at the end you see on social networks and people tweeting it by the end of every week and I’m sure most would agree that Sundays are the worst and it should be called ONIS! (OH NO It’s Sunday!… with a frown face attached to it!) and we continue living in this cycle over and over again but inside of us wanting to be free and just wishing that it would change one day, but don’t get me wrong, the money is good if you are earning a six figure income, but you just can’t enjoy it the way you want to because of the lack of time and that leaves a lot of frustrated folks wanting better in life.

It doesn’t really have to be that way if you know what I mean. The rat race of the Industrial Era is slowly dwindling to a new growing trend which we now call the ‘Digital Era’ or the Information Age. The internet boom and the online industry has taken a new route in the world of business and has been generating trillions of dollars in revenue over the past 20 years or so. According to eMarketer, a market research firm, projects consumers worldwide will spend $1.672 trillion online this year and the global market is growing in an alarming rate and not to mention, hundreds of thousands of Dot com earners who are reaping the benefits from this new and emerging industry.

bookmark_borderForm The Culture Of Business Startup

Being proactive at the beginning of your business startups foundation can work to develop a culture that employees take pride in being a part of and also help to express your vision into the long term. Waiting until you are a more established business with a team of employees to worry about your corporate culture can have a negative impact on your business as you forget about the very ideals that make your business startup who it is. With a little bit of management and foresight now, you can craft a corporate culture that follows your business startup’s vision, values, mission, and expected behaviors.

Find Your Purpose

Start by thinking about what the vision for your business really is. You need to think about where you are headed and where you want to go. Having some direction early on with your business startup will give you, as well as your employees, something to work towards and aim for. The decisions and choices you make should directly support your vision and allow you to drive your company well into the future.

Along with your vision, you need to create the values that your business startup stands for. This is an important step as this will carve out the ideals of your brand and the expectations of your employees. Your employees are just as much a reflection of your business as you are and having values that they can live up to can bring a strong reputation and recognition to your company.

Spread the Message

Once you have developed a vision strategy for your business startup, you need to be vocal about it. You can’t expect your team to catch on if they are unaware of its evolution. Spread the message and allow yourself to be transparent about its meaning to you. Allowing yourself to be open and communicative about how your vision and values align with the success of your business startup can create the buzz your company needs to take it to the next level.

Hire According to Your Values

As you add to your team, you need to find the right fit when it comes to your company culture. You want to hire employees that display your brand values as it will be an easier transition into your corporate culture to respect and stand behind what your business stands for.

As you work to select employees to work at your business startup find out what your values mean to them. Look for ways that they already integrate these values into their daily life. A prospective employee that possesses experience, as well as your core values, can be a valuable addition to your business startup as they can bring that positivity to your corporate culture needs. You can count on them to spread your vision message to others as well as be contagious to other employees that may have not fully on board with your company’s purpose.

Reward and Appreciate

It’s always nice to offer your employees perks, but as a business startup, the funding may not be there to give a lot. Recognition of your team goes a long way especially for those that display your company values in the work that they do. Develop an employee reward system to appreciate those that are incorporating the vision of your business startup with customers or in their work responsibilities and choices they make on a day-to-day basis. This small act can boost your corporate culture and make your business startup a company that employee value and cherish.

Think About The Past

With a focus on the future it can be easy to forget about your past, but how you started and where you came from is the very foundation that shaped your business today. Think about your history and the hard work that took to get where your business startup is today. Allow your employees to also understand the story behind your company and what it took to get it to its beginning stages.

Your past is a significant part of the strength of your business and most likely is what you drew your values from. Your employees need to understand the motivation and drive that propelled your business startup forward. Be upfront about your history and embrace it with a furry as it is the sole reason you are in the position you are today. When your employees see your roots, this will impact how they feel about the company and the vision that you have created to take it into the future.

bookmark_borderEntreprenurial or Workaholic

We are creative by our very nature, it’s in our genes. Applied intelligence equals creativity. Intelligence takes on many forms. So this creates a new question:

Where is your definition of a workaholic more likely? One living in passion or one living in isolation and fear?

The True Entrepreneur is one that I witness their values, passion, and whole way of being aligned with what they do. In this way, the entrepreneur is just being. The business, the vocation, the passion, the purpose, the values, interests, etc. are all a part of who the individual is.

Externally, I don’t think anyone could casually observe a difference between a workaholic and this entrepreneur. However, the individual knows. Deep down inside, the answer is known and typically the individual will turn away from acknowledging that truth and rationalize sticking to their tried and true behavior. The tried and true is comfortable. To admit the truth requires change and change is uncomfortable.

Many people welcome change in their external environment and consider themselves capable and open to change. Unfortunately, for most the relationship to the inner self is one of fear; there’s a whole can of worms that gets opened when we start doing the inner work. Knowing this, on a gut level, our subconscious quickly reverts to the tried and true. It’s hard work to change.

The good news though, is that many entrepreneurs have the ability to see what is happening around them. This ability is what makes entrepreneurs visionary go-getters. However, this does not exempt entrepreneurs from getting caught-up in their business to the detriment of a well-balanced life.

A well-balanced life is more powerful than the hard work that you put into a business. A well-balanced life feeds the brain, the spirit, the emotions, and the body. In creating the space for relationship, recreation, and rest, the benefits experienced will offer stronger focus, greater creativity (beneficial for problem-solving and decision-making), greater self-esteem, and mental/emotional/physical health. Knowing this, choices are made.

If incorporating a well-balanced life would allow you to achieve the same amount of output in 60 hours versus the 80 hours of perseverance, which would you choose?

The other thing entrepreneurs have difficulty with is learning when to say, “No.” and when to say, “That’s enough.” Always after a new conquest, a new experience, a new peak, and new challenges, an entrepreneur can get all that energy too caught up in the business arena. This will lead to the very thing you fear. Instead, split this energy to have a well-balanced life. Achievement will be far richer in the relationship arena and the personal growth arena.

bookmark_borderChallenges in Business Intelligence

Executive sponsorship is critical but so is employee buy-in

Ever heard the term, “you can’t push a rope”? Leadership can have the greatest plans for moving the business forward but unless each and every contributor to the processes that affect the outcome have bought into the mission and actively participate, the movement won’t get very far. Yes you can use the hammer and tie incentives to performance immediately instead of over time for which you will receive immediate backlash as a result. Or better yet positive reinforcement by making progress and goals at a high level visible and celebrated for all to see and introduce some cross department competition on conformed measures. A good leader inspires the best in people, not the worst.

Pro tip: Leadership should make every effort to communicate not just on the metrics but also adoption and accuracy.

Drive vertical then go horizontal

Lofty enterprise goals are very hard to implement across an organization, it requires massive amounts of cooperation amongst departments to define measures, setup architecture and extract from complicated source systems which can be expensive. Instead start with one process that, for example, drives one channel of your sales funnel and then drive that vertical to the individual contributor level in the form or actionable reporting, “Here are the clients that need to be called today for satisfaction feedback”. In this way you can start to see immediate results and use it as a template to implement in your organization for other processes and departments.

Pro tip: Setup a regular BI governance and education roundtable meeting to foster communication and iterative improvement among the BI stewards at all levels.

Stay focused on the business drivers, not the technical hurdles

There is an odd dichotomy to business intelligence depending on your business or technical background. If you are a business person maybe you’ve heard of the Kimball methodology for data warehouse design. If you haven’t that’s okay but that’s what your IT professionals are using to build out your backend data repository and this may not always provide the data in the form that you need from a business perspective. It is an object oriented approach to data that, depending on the complexity of the data sources, can take months or years to develop and deploy. If your organization needs to be nimble shouldn’t you be able to make decisions faster than that? To overcome this as a business user, start with a coherent set of sample data and then prototype what you want in your role-based reports and dashboards, including objectives and goals. You should define the calculations, granularity, security, availability and as much agreement from business leadership as you can before approaching IT. Your month long sprints should include visible deliverables back to the business even if they are very small iterative improvements.

Pro tip: Your business intelligence architect is the best translator between business and IT, they will make this communication much easier.

Organizational change and data visibility is unsettling

When you first begin your BI initiative you will probably begin with interviews to better understand your processes from the different subject matter experts and data stewards. Through these interviews it will be pretty easy to spot who is not on board with your project. Everyone is busy and it’s not easy to squeeze out more time for yet another “pet” project of the higher-ups. Not to mention it may require change to already overburdened workers who are trying to do the best they can with less budget and time. But there can be other reasons as well, data visibility can expose weaknesses or mitigate control over a certain functional area. On the positive side, data visibility can also expose strengths and opportunities which may be leveraged in other areas. Once again, focusing on the ultimate objectives, clear an honest communication and support from the executive team is essential to moving through road blocks. The challenge is to make the change process as positive as possible for all involved. Rapid and successful improvements in processes leading to better metrics will help show value and increase confidence in the initiative.

Pro tip: During requirements be sure to measure the current state process in terms of hours or cost or opportunity and then the improved state so later you can show your BI on BI in the form of ROI.

bookmark_borderDig Deep for Small Business Ideas

Finding the right idea to bring you that success takes a willingness to be patient, good timing, and a lot of research.

And there’s nothing wrong with taking your time, being careful trying to figure out which small business ideas are best.

If you rush this process, you’re bound to come up with a business that doesn’t excite you at all.

You’ll be bored.

You won’t reach goals and it will become more like a job … maybe even harder!

You’ll feel like you would working for someone else. (You don’t want that again, do you?)

First, Figure Out What You Really Want

Starting off, you really have to force yourself to relax. I know what it’s like being very, very unhappy at a job. And I can tell you from first-hand experience that walking away from a well-paying job and jumping into your own business is stressful.

But if you carefully plan your “escape,” it will make it that much better!

Set Your Short-Term Goals

Maybe you want to make a ton of money and drive around in a BMW.

Or maybe you just want the freedom to enjoy your family or friends. Or perhaps it’s just a matter of being in control of your life — being able to do whatever you want, whenever you want.

Whatever your long-term goals are, first you have to concentrate on the shorter term goals before you can begin to see that “big picture.”

It’s up to you.

But understand that the type of business you start will play a roll in whether or not you meet your goals — both short and long-term.

If you’re trying to startup a part-time venture while working full-time for someone else, you’re going to have to set daily goals to try and squeeze in a few hours of work every day, often before and after work! (I used to get up at 4:30 in the morning, go to my full-time job at 8:30, come home at 5 or 6 and get right back to work on my new business … and I loved it!)

But if it’s a small business idea you came up with on the ride home and it doesn’t really “drive” you, it’ll make reaching your short term goals — often the hard part — a heck of a lot more difficult.

What are Your Long-Term Plans?

That big picture includes, more than anything, something you can see yourself doing every day. Something that — even on weekends — you love to do.

And even though it is something you love to do, make sure it will feed your long-term plan. And you won’t know that until you know what your long term plan actually is!

For instance, if your plan is indeed to make a lot of money and retire at a young age, you’ll obviously have to look at small business ideas that are highly profitable.

This would include mostly business-to-business models. There is typically more profit selling to businesses (a product or service) unless you make it big in the consumer market.

Why would the business-to-business market be more profitable? Because a business would be more willing to invest in a product or service (that may even be a write-off) versus the consumer market which is more “luxury” driven. Meaning, consumers base a lot of their buying decisions on want instead of needs.

It’s also a financial issue.

A larger business can pay a $300 invoice without thinking about it whereas a consumer getting a $300 bill may sweat a little more.

This is just an example of understanding your long-term goals so you can look closer at a finite number of business ideas to get you closer to where you want to be.

And if you go ahead and hang your “open for business” sign and then realize, “Oh, I can’t make that much money doing this!”, you’ll only be taking one step forward and two steps back.

Grab a Pad … Ideas Will Come and Go

Because — like all entrepreneurs — you’re a thinker, you’ve always got ideas popping into your head. Probably more than you can handle (the brain only has so much room, right?).

That’s why you should always keep a notebook by your side.

Sure, some of the best ideas get written on a cocktail napkin. But you’re better off trying to give these ideas more permanence. And having a notebook dedicated to your small business ideas will give you a growing and buildable “diary” to use when you’re good and ready to go for it!

And once you start putting your ideas in writing, you’ll find yourself getting into the habit of using your notebook more and more. It’s like anything else that takes practice.

The more you do it, the better you get at finding the best small business ideas. And each idea will help you grow more specific or “niche” ideas.

Become a Private Investigator!

What you want to do is really learn how to research. You’ve got to dig — and dig deep — to determine what business really could work best for your success.

Not only do you have to know who you are and what’s going to drive your personality the most, but you also need to think about what sells.

What type of business can be profitable?

Too many people make the mistake of looking at only one aspect of starting a small business. If you love parakeets and you’re passionate about them, it doesn’t mean you’ll be able to open up a store in your town without knowing if anyone else likes them!

As a side note, starting an internet business allows you a greater opportunity to build a business around something you’re passionate about. If it’s parakeets you love, you’ll find more people on the internet with your same passion than you would in your own backyard. For some great information about finding your passion on the internet, click here

You research should include looking at what other businesses are doing (successfully and not so successfully) in your city or town.

Look at small businesses and even what the “big guys” are doing.

Maybe you could create a smaller business with a personal touch that the “big guys” are typically missing out on (no matter how hard they try.)

Figure out more about what makes you tick …

What kind of hobbies do you have, if any?

What kind of magazines do you enjoy?

What do you like to do most in your “free” time?

What was the best job you ever held? Even if it’s one you had when you were a kid, you may find a business in something you know and love — but don’t even realize it yet!

Business Ideas Are Everywhere

Start to think about needs in your town or city. Is there something missing? Is there a need or a product or some type of service people would use that they “want?”

What is the majority age population in your city or town? Is it mostly seniors? (a huge market because they are more active and living longer than ever.) Or is your community made up of younger families?

Check out the local sections in your paper. Read the Lifestyle and Arts section. (I always find articles about local business people who have started businesses.)

Look at local and state businesses. Look at consumer trends and what people “want.”

Is there something other businesses in your area need? Don’t be afraid to go around and ask!

Think about concerns we all have in the world today.

There are so many opportunities out there, waiting for like you to step up and get started with a new business!

Don’t be afraid to ask!

This is where your friends, family and neighbors come in. Ask them to give you their number-one need. A product or service that’s “hard-to-find.” A complaint about what’s missing from their lives.

How many times have you looked for something — a product or service — and had to travel a long distance to get it?

Answering questions will give you plenty to think about and some good material for your notebook.

And if you’re interested in the business-to-business market, you could always put together a survey and mail it out to local businesses. Give them an incentive (a low-cost, high value gift) and find out what they really need to help them improve their business.

You may find that all of the local businesses in your area need someone to take care of local deliveries. Or someone to help them type or use their computer more effectively..

bookmark_borderHR Role in Startups

Startups, of necessity, are lean with a flat structure. Mostly, a startup consists of a founder(s) and their core team. With no boundaries between roles and blending being a common phenomenon, the concept of structures, functions and policies may not exist.

Take for example, yourself, who is on the way to establishing your own startup. You will need the right people to be able to accomplish your extensive business plans and your remarkable growth projections. James C Collins once mentioned; A company should limit its growth based on its ability to attract enough of the right people. Either your growth will define the type of people you should have or the people you have will limit your growth. Top talent, you will find, is available only in the traditional brick and mortar businesses and quite expensive for someone playing with a restricted budget.

Look at the recruitment experiences of other startups. Movers in big businesses have been bought over by relatively unknown startups. Among the reasons that most startups shared for going after these top guns is the process expertise and the credibility they bring with them. Enticing leaders from other organizations is nothing new. However, you should not make the mistake of getting together a group of well-known names with no means for them to add value to your startup. The talent being brought in should be able to perform and contribute in the startup environment. Getting top-level managers is a critical success factor for you and the biggest challenge you will face.

The impression of a new recruit about your organisation is shaped in the onboarding and induction stage. When you are paying big sums to entice people into your startup you may want to ensure that the new recruit is accurately sensitized about the company’s culture. What better person than yourself or one of your co-founders to take up this responsibility? This is the practice adopted by Anand Jain, Founder of Clever Tap; We don’t have a traditional HR person. I double up as the HR manager, among other things.While you are still lean and like a family, it would be a good idea to personally introduce the new recruit to all the other members and show her/him the ropes. Make onboarding a grand event.

Simplilearn recognizes that it takes a crucial thirty days for most new employees to fit into the ecosystem. With their “free look” policy, hires in all levels have thirty days to understand and get familiar with the company. In this crucial period they get a view of the work culture of the company and the demands of a startup. You must ensure that the onboarding strategy is one of the differentiators in your recruitment and retention process.

An often neglected but very significant factor in the HR brief to enhance retention is employee relations. As an entrepreneur, you cannot afford to lose human resources after investing in that person. You need to work out strategies to stop attrition and pass on the responsibility to supervisors and ensure that adequate steps are taken to keep the people happy and content. Effective measures must be taken to address grievances and erase discontent. Can you think of one exceptional scheme that you would like to implement? Well, you will have to think within as well as outside the box, like some of the startups have done.

Bengaluru-based InMobi started a bridge assessment programme, which provides employees with opportunities to try out alternate functions in some projects thereby gaining new skills. When openings in these functions come up they are given preference along with necessary mentoring support. Big Basket introduced insight sessions every Fridays, where external experts are invited to talk on topics important to business. Their policies include facilities like housing and transport for backend staff such as delivery boys and warehouse employees. Amenities like work from home and flexible timings also exist. Many startups are increasing the number of women employees and building policies around maternity, sexual harassment and day care facilities. More such initiatives are shared in the article 6 offbeat HR initiatives that worked wonders for my startup.

bookmark_borderMake Import Easier

  1. Find a supplier and stick to them:. What kind of goods are you going to import? What kind of supplier do you need? Ask these two basic questions to yourself and you will get the proper answer. A good supplier will not only help you with documentation but help you build relations too. Trust the supplier and do not change them. Stick to one. You can talk to the supplier on phone to make better terms and understand the conditions better.
  2. The License:. The benefit of gaining trust and building terms with the supplier is that the shipper is required to comply with the government rules and regulations. You need to ask him about the shipper’s permit or any kind of license you might be needing for an import. If he asks you to make one then learn the details from him and how can his company help you on this. Usually, these suppliers have contact with the licensing department and so their contacts can help you good.
  3. Weights and measurements:. Whichever product you wish to import, there should be certain rules for them to import. A certain weight is decided which you need to follow in order to make a hassle free import. Compute the weights and measurements by referring the official website of the country. Mention the weights on your carton.
  4. Custom clearance:. Apart from supplier, find a trusted transport company which can help you with custom clearance, prepare the documents, collect payments on your behalf for an affordable fee. Make sure to ask for receipts. Do not overlook the expenses. The key lies in building strong relations with them.
  5. Calculate the cost:. Right from the supplier to transportation cost. Work out everything on a paper and check the receipts before making any payment. Choose a payment method which suits you. Work out on a payment getaway which works best for your cash flow. You can even contact your bank for the same.

bookmark_borderCreating a Power Plan

You want to make sure you target the correct person once the decision is made. These contacts will often have an inside edge on up-and-coming projects where you might be of use. They may even get additional funds in order to buy from you. I had a client that was limited to $10,000 on any purchase order, and my services for the quarter were to be $32,000. Instead of having to fill out the paper work and get additional approvals, he simply made four separate contracts for me, each with their own start dates, milestones, and project completion time. It worked well for him as he did not need additional approval to continue the project, and it also worked for me as I was paid in a shorter time frame than otherwise.

Having a person in the company at the right level for approving projects and purchases will make a difference between making the sale and knocking on the next door. You need to form a close relationship with that person and make sure they are completely satisfied with your work.

Bette Daoust, Ph.D. has been networking with others since leaving high school years ago. Realizing that no one really cared about what she did in life unless she had someone to tell and excite. She decided to find the best ways to get people’s attention, be creative in how she presented herself and products, getting people to know who she was, and being visible all the time. Her friends and colleagues have often dubbed her the “Networking Queen”

bookmark_borderEntrepreneurial Capitalism

A meta-analysis of extant academic literature suggests income inequality is persistent in both developed and developing nations in spite of demonstrable and significant economic growth. There are many theoretical, structural and empirical reasons for the widening gap between return to capital and labor on one hand, and compensation to management and workers on the other. For example, capital tends to be more productive, more mobile and receive very favorable tax treatment than labor in many jurisdictions.

Further, global competition, innovation, slower productivity growth, and marginal rate of technical substitution may be depressing wages even in developed nations. Moreover, the benefits of globalization continue to accrue more unevenly to highly skilled labor than to low skilled labor. Finally, periods of economic growth tend correlate with increasing income inequality because different economic sectors as well as individuals do not grow at the same pace.

As we have already explained in many publications on this topic, human capital analysis deals with acquired capabilities which are developed through formal and informal education at school and at home, and through on the job training, experience, and mobility and longevity in the labor market. Please note that nations as well as individuals are portfolios of distinctive competencies that derive from resources and capabilities. Many nations in the developing nations have plenty of resources but lack capabilities-the ability to put them to productive uses.

Clearly, mere possession of resources alone is a necessary but not a sufficient condition for economic development. Functional human capital that manifests in enhanced productivity and innovation is the critical and strategic link between resources and economic development. A preliminary analysis of macroeconomic data indicates that the problem of economic stagnation is not peculiar to developing nations nor confined there. Indeed, for many years in developing nations such as Nigeria, significant percentage of all graduates from institutions of higher learning are underemployed, have contract jobs with no employment benefits or no jobs at all even after the National Service and certification.

Many labor market experts and social observers are apt to point to the glaring lack of requisite knowledge and employable skills in high demand. While this may be true, lack of functional education that leads to employment is only part of the problem. There is significant and gathering empirical evidence suggesting that many of the employed university graduates in Nigeria go without pay or regular compensation for extended periods of time and still others are on contract employment with meager income and no employment benefits or guaranteed ongoing employment.

Before you postulate that skills acquisition is neither a panacea nor the fastest way to employment, please note that employable knowledge and skills are necessary but not sufficient condition for social mobility. This explains in part why many graduates from Colleges of Education and Technical Colleges in very high demand in tightening labor markets do not fare significantly better than those from Liberal Arts or even Business and Engineering Schools.

Therefore, the purpose of Skills Acquisition projects adopted by the Okwelle Skills Acquisition Center (OSAC) is to help graduates and entrepreneurs take effective steps toward functional education, knowledge and skills acquisition, self-employment, self-reliance and financial independence. As sure paths to the middle class and upward social mobility, any knowledge and skills acquisition project must focus on producing entrepreneurs-a crop of graduates with burning desire for self-employment, self-reliance and financial independence. The graduates must not only have requisite knowledge and skills of their specific trade but must be entrepreneurs who are business savvy with demonstrable grasp of business management knowledge and skills. Please note that all entrepreneurs are business owners but not all business owners are entrepreneurs.

Entrepreneurs are special breed of business owners that assume every risk in pursuit of profit and financial freedom. Without the entrepreneurial class other factors of production-land, labor and capital including technology remain dormant and are classified in our profession-financial engineering as non-performing assets. As some experts aptly put it, once you decide to work for yourself you never go back working for someone else. Generally, people do not plan to fail, they simply fail to plan. Additionally, freedom whether spiritual, economic or political is indivisible and must be pursued relentlessly. The passionate drive toward financial freedom is the critical difference that sets entrepreneurs apart.

bookmark_borderGenerating New Ideas for Entrepreneurs

  1. Focus Groups – these are the groups of individuals providing information in a structural format. A 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.

The entrepreneur is not limited by only the three methods presented in this article. There are other creative problem solving methods and techniques that are also available.