Idea Generation
Process of creating new business concepts.
Real World
Sara Blakely identified a gap in the market when she cut the feet off her tights to wear under white trousers — a personal problem that became the billion-dollar Spanx idea.
Exam Focus
For 'explain' questions on idea generation, name a specific source (e.g. personal experience) and immediately link it to how it reduces market risk.
How well did you know this?