Business Applications of Concept Paper

Concept paper is increasingly sought after in business and industry as a document serving multi purposes. What is more, concept paper is used by decision makers in different phases of the business life cycle. Definition of concept paper as well as elements in crafting it together with business applications for which it is intended are matters of keen interest.

Concept paper is defined as “a summary of information relating to a subject matter under discussion, presented in logical sequence explaining the underlying concepts and how these are inter-linked”. As an all-purpose document concept paper can be brief and precise or elaborate and in-depth, depending on the subject matter contained therein. Hence, ordinarily it runs 6 to 15 pages in length.

Unless, stipulated by the requesting party, elements in a concept paper are woven in a logical sequence. These are: Title, Background, Purpose, Objectives, Expectations, Core activities, Indicators of performance, Conceptual framework, Timeline and Finance & logistical support required in achieving the purpose.

Business Applications

The following list though non-exhaustive displays the wide variety of business applications for which concept is prepared and presented:

1. Planning a new business venture

2. Planning expansion of present business

3. Searching for a joint-venture

4. Looking for collaboration in a specific area

5. Seeking grants from Government or non-governmental organizations

6. Requesting loans or funding

7. Proposing business research

8. Substituting as a business plan

9. Seeking approvals and licences from authorities

10. Profiling a project

11. Standing as instruction manuals

12. Explaining theory or method

13. Introducing a new business concept

14. Amending the present business model

15. Clarifying strategy in functional departments such as marketing

16. Benchmarking standards, performance measurement or anticipated results

17. Comparing several alternatives before zeroing on the apt course of action

18. Designing organization structure

19. Launching a new product

20. Changing business terms in selected markets such as overseas

21. Setting a new marketing or PR campaign

22. Troubleshooting organization-wide conflicts.

Muthu Ashraff

Business Adviser

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E-mail : cosmicgems@gmail.com

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Making Concept Note for Business Research

Originally introduced as a solicitation for funding, concept note has now morphed into a memo to be submitted for approval before undertaking research in business. The role of concept note has two dimensions. Research organizations call for a concept note as a preliminary document to be appraised before considering a detailed research proposal. Business management however, requires a concept note to consider granting approval to undertake business research straight away. In this blog post, I am concerned with the latter process.

A concept note is defined as “a brief outline of a proposed research matter, submitted to management for their approval”. It is an un-biased, objective note, clearly laying out the canvass of the subject matter in concise and logical manner such that the management is able to make up their mind without calling for further elaboration and explanation. Every concept note is prepared in a unique manner appropriate to the matter examined within, thereby leading the reader to understand the gist of the argument presented and the germane gravamen assembled within it. As regards to length, concept note ranges 3 to 6 pages excluding cover pages and/or annexures. Preparing concept note definitely requires high degree of conceptual thinking and mastery of skills in presentation. Creativity and logic must be put on even keel when making a concept note. Here are the contents that are included in a typical concept note:

1. Title: Give a suitable title that is self-explanatory. Later on, the rubric can be amended in light of the findings

2. Problem Statement: A brief explanation of the problem/issue/question must be given touching on the current situation and how it impedes the progress of the business

3. Background: In this section, you must focus on matters such as what is currently practised in terms of solution, whether it is successful within the business or outside. List any drawbacks or blowbacks that have occurred implementing the current solution and underline the need for fresh inquiry

4. Purpose: Reinforce the need for fresh inquiry by stating what to find, how to find, what to do with the findings, how finally the findings can help business grow. Preferably you must write about general objective of the research and thereafter taper it into specific aims and goals

5. Research Method: Choosing a method that is a suitable for the study of a problem remains the most daunting task. Nevertheless, it is necessary to beam light on this matter before undertaking research. Though, there are several limbs in research methodology, two of these namely models and approaches must be broached in a concept note. You can choose either quantitative or qualitative model or a mixture of both. Likewise, you can select deductive or inductive approach or a blend of both

6. Research Design: Collection and analysis of data is covered in this segment. Any existing data base in a business along with available historical and statistical data in the public domain could form the primary data collection. Secondary data from un-published research or information gleaned from industry sources could add more meat to your study. Moreover, the type of data collection methods such as questionnaire, interview or survey has a bearing on your research. Once the data is collected and collated it must be subjected to impartial scrutiny and analysis

7. Output: How to present your findings to the management is dealt with, in this section. The report format, highlights of findings, generalizations, comments & opinions along with interpretations are included; summary recommendations are pinpointed

8. Researcher Profile: Names and qualifications of researcher or researchers in the case of a ream work are mentioned together with experience and exposure of each resource person. Courtesy dictates that the chief of party be named and celebrated

9. Time Span: Duration of the research in weeks or months must be written

10. Funds & Logistics: Break-down of cost with a cash out-lay statement is prepared and related summary brought in the body and details given as annexure. The type of physical resources required and duration must be given in a logistics statement.

Muthu Ashraff

Business Adviser

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E-mail : cosmicgems@gmail.com

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Writing Concept Statement in Business

As a quick glance report, concept statement has been proved as a useful document in business management. It is defined as a brief verbal and/or graphical presentation made by one party to another in order to obtain approval or decision over the matter raised in such statement. Generally it is submitted in response to request made by the party that approves or decides. Salient points in writing a concept statement are explained below:

In keeping with brevity, a concept statement must not ordinarily exceed three pages. It can be intended to several types of receivers. Higher management requires concept statement to decide on a course of action; customers seek a statement that affords him best business terms; collaborators look for a statement that alludes on the advantages of doing business; service providers such as advertisement agencies need clarification of the purpose; finally someone else might look forward solve his own problem. Chief characteristics of concept statement includes: conciseness, to the point, of essence, unique in design and with lot of usefulness for all parties concerned.

Nobody can produce a concept statement by a magic wand or by the sleight of hands as card players do. A lot of handwork and conceptual thinking goes in, before writing a concept statement. Thereafter, it is reduced to black and white over and over to get the right copy in your hand. Here are the contents that must be included in a typical concept statement:

1. Introduction: Give background including reference to the person who requested concept statement; purpose intended to serve

2. Description: Summarize description in eye-catching words and paint a broad brush stroke of the uniqueness of the concepts contained in the statement

3. Benefits & Usefulness: Identify key benefits to the business; how it will play out in the near term and long terms, as regards to your own business, as against competitors and as a bulwark for the industry you are in. Point form of summary of usefulness functional departments must be given

4. Constraints & Limitations: Do not feel down-beaten about admitting any constraints envisaged as per the concept statement; inadequacies of the concept must be underlined along with any limitations that are imposed within or without in putting the concept into practice

5. Response: After ascertaining potential objections to the concept from inside the business, you must air your thoughts to alleviate doubts and fears emanating from the objecting quarters

6. Consequences: After examining potential uneasiness outside the business, you must say how you can neutralize it; you have to list the type of risks you have to face and how you will marginalize these; summarize the pot-holes and land-mines that lay in your path in implementing the concept statement

7. Probability of Success: Never live in a dream world and wish troubles, snags and failures fly away; never turn blind–eye to reality. Stay attuned to the fact that business is all about taking and managing risks and uncertainty. So tell the receiver of the statement what is the probability of success associated with this concept without going hyperbole or putting positive spin about it. Say frankly what you envisage as critical elements in putting concept statement into practice

8. Resources & Cost: List the human and physical resources you require in translating the concept statement into action steps. You also have to give a cost break-down in terms of finance

9. Time Span: The proposed implementation of the concept must be date-marked; you can do this in phases to facilitate identification of tasks and time duration

10. Responsibility: The person or persons in the case of team work, who are responsible, must be named

11. Reporting to: The person to whom the responsibility holders report to must be clearly stated and frequency and form of such report output must be underscored

12. Approval Sought: As the last point you must state the approval needed in clear and concise English.

Muthu Ashraff

Business Adviser

Mobile : +94 777 265677

E-mail : cosmicgems@gmail.com

Web : http://www.cosmicgemslanka.com

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How Conceptual Thinking Improves Business?

Behind every successful business stands a concept introduced and implemented by a person who employed conceptual thinking. In highly competitive business environment, it is conceptual thinking that provides much desired edge. Proof comes from social network media where Facebook, Twitter, Linkedin and so on are soaring in sales and revenue because each brought out a new concept that became instantly popular. Whether it is an existing business or a new one conceptual thinking can improve its prospects and performance.

1. It is all question of perception in the first place. When you are presented with a situation, conceptual thinking trains you to spot the missing link or information that is needed to solve a puzzle. You are not looking at facts and figures but for a hidden concept, a big picture, and a skill that marks you from others. You quickly read in-between lines and focus on a single aspect that can ultimately solve the issue and make your business a success

2. Flexibility is proven boon from conceptual thinking; your mind traverses from one point to another searching for a breakthrough. You think vertically and in the next moment laterally; use critical or reflective method of analysis; adopt structured or un-structured mode of approach; decide on the basis of deductive or inductive method of reasoning. The entire range of thinking and analytical styles is within easy range of a conceptual thinker

3. Configuration is a key benefit conceptual thinking affords to a business. A conceptual thinker can use abstract notion to be morphed into a concrete idea; likewise he can wade through in concrete measures to form an abstract principle. Aviation is the result of this combination; from Icarus who flew on wax wings to Wright Brothers who invented a flying machine, configuration has contributed to what we see as cosy planes today

4. Integrate and disintegrate is not only a mantra of the mathematicians but actively used for results by a conceptual thinker who has the ability to break a complex problem into small workable pieces. He goes on to understand the cause and effect and what must be done to get a sense of insight. This is referred to as mapping of concepts. By the same token, conceptual thinking can integrate parts into whole. Professor Gunapala Nanayakkara considers this as: “Holistic Thinking” where many un-related issues can be brought into a single all-embracing concept. A good example is framing a mission statement for a business entity

5. Delving into underlying relationship is a key measure in conceptual thinking. Searching for new and existing elements, surveying individual elements, setting how these elements go for backward or forward integration, set patterns and trends in order to understand connection and relationship are some of the processes performed by a consummate conceptual thinker. More often than not, a conceptual thinker lands on a connection between the factors that was never perceived to exist previously. The evolution of various packing materials for milk, liquor, and drinks is a vivid example

6. Issue recognition is yet another feature of conceptual thinking that contributes immensely to a business. A conceptual thinker moves in tandem by listing all variables even checking on for un-fathomed ones, identifying important or critical variables and go deeper into find out how these could be examined to bring about resolution of a matter. Recent actions by air travel industry in solving unrest among air pilots is a good example

7. Solution is the final embodiment of success in a given business. Achieving solution requires finding out the common concept that is woven around different alternatives. For example, employee compensation can take various types of incentives hygienic to self-actualization. But the fact remains that attractive take-home salary is the common factor in any such alternatives. Framing a compensation package taking into considerations of competing and conciliatory challenges from management and employee unions would finally depend on a single conceptual anchor: corporate well-being. This concept acts as an over-awning arch and eggs on the employees, management, owners and other stakeholders of a business to select a compensation package that magnifies this concept and without any divisions, really.

Muthu Ashraff

Business Adviser

Mobile : +94 777 265677

E-mail : cosmicgems@gmail.com

Web : http://www.cosmicgemslanka.com

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Your MBA is as Good as your Dissertation

No mistake about it. You can do MBA anywhere in any school. If you have not done a dissertation as part of your study, there is no point flaunting your MBA to professionals in the field of business. Even if you have done one that cannot stand the rigorous test of academic standards, you would better keep your MBA out of sight from professionals in the field of business and academe.

Today, a plethora of MBA programmes are advertised globally. There is on-line MBA for a fraction of the fee levied by reputed universities. Some institutions offer MBA as a distance learning with or without requirement of a dissertation. Executive MBA is a programme offered for busy executives with duration of 6 to 9 months; such programmes at best require the candidate to file an executive report of some sort. We also spot programmes that award MBA degree after a lapse of 12, 15 or 18 months without insisting on any research paper. More than that, there are printing presses that can give you MBA certificate for a small fee. Such is the status of MBA programme today, it behoves parents and potential candidates do lot of search and thinking before embarking on a MBA programme.

Bet that as it may, having entered an acceptable MBA programme you should tally up the core subjects and electives/optional subjects and then zoom in on the type of dissertation the university or school requires. Some universities allocate 3 course credits or certain number of credit hours for a dissertation. If there are say 15 total course credits required then a dissertation is about 20 % of the entire study duration. As an easy way out, few schools land a single course credit on a dissertation and bring the total course credits to 12 or less. Normally, candidates tend to think about dissertation as an easy go where they can write some muck to pass the hurdle. They would be sorely disappointed. Every university or school applies strict evaluation yard stick in whetting such dissertations. Moreover, when a candidate who has handled dissertation with a kid glove goes out in the market in search of new job, elevation in present employment or placement elsewhere, he gets a slap on his face as he is often asked to furnish an abstract of the research done for his MBA.

A dissertation is defined as a “treatise written by a candidate in partial fulfilment of the requirements for a Master’s Degree in Business Administration, where an argument is presented, described and explained based on the findings of such candidate”. A well written MBA dissertation speaks of the excellence of the MBA programme one followed. Like proof of the pudding in the eating, a dissertation evidences that the author has done his homework well and deserves the degree of MBA. If you are signing up for a MBA programme be determined to do a well-researched dissertation. When you pass out as an MBA the professional and academic community would be in awe of you.

Muthu Ashraff

Business Adviser

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E-mail : cosmicgems@gmail.com

Web : http://www.cosmicgemslanka.com

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Two Views on Business Development

There are two views of business development floating around in the market place. One relates business development as the functional view and as a sub-set of the marketing; other view speaks of it as the organizational growth process. Here are few points in support of both views:

Business Development as Function of Marketing

You come across number of high flyers who don visiting cards broadcasting as business development managers. The trend began with the boom in the IT industry and with dotcom revolution. Even today IT companies have specialised people handling marketing under the job name of business developer. Academic and professional organizations which are forbidden to use the word and title of marketing as a matter of courtesy and ethics open up business development divisions ostensibly to handle the same mundane function of sales and marketing. Hardly have we seen a new venture without a business developer prominent in their HR profile. So we have a situation where business development has been placed under marketing with a stated goal of bringing more business, customers and relationships. A new vocabulary consisting of such jargons and phrases as business pipeline, capture management, competitive intelligence, business leads and probability of winning bedazzles us more than ever.

Business Development as Organizational Growth Process

A macro view of identifying business development with as much new business as organizational wide growth process is slowly gaining currency in business and management literature. This view incorporates the following step-up approach, in defining business development:

1. Business Development brings in new relationship along with added sales growth

2. Existing relationships are milked more in order to improve business prospects

3. Building of strategic alliances is the cornerstone of any business development activity

4. Creating more opportunities for sales must reflect back on the organization whereby new products and processes are introduced to optimize such opportunities

5. Every growth opportunity is identified and analysed so that the optimum one yielding commensurate return for all functions in an organization is selected. Thereafter, proper strategies are formulated with a view to ensure seamless implementation

6. Business Development must aim for incremental rise in market activity that sustains the growth momentum in corporate management, marketing, HR, production/operation as well as in finance

7. Finally, business development must garner long term value by employing internal strengths to capitalize on external opportunities.

Muthu Ashraff

Business Adviser

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E-mail : cosmicgems@gmail.com

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Seven Styles of Thinking in Business

In a business there are several functions. Likewise those who man the functions have different style of thinking. There are seven such styles of thinking. Let me explain you each of these styles and to which function it relates:

1. Normal Thinking: This style refers to ordinary mental process encompassing, reasoning, visualizing, analysing, forecasting, journeying, jumping from one frame to another, shifting positions & focus and other activities to arrive at a conclusion. Most office workers, operatives and junior level employees possess normal thinking

2. Logical Thinking: Anchored on reasoning and driven by sense of focus on solving a problem at hand, logical thinking consciously seeks a solution or decision at a given moment. Every variable is subjected to scrutiny in logical thinking. At the same time their thoughts flow in an orderly fashion. There are two strands under this style:

2.1 Critical Thinking: This process involves high degree of analysis and evaluation to prove a point currently under examination. Criminal lawyers tend to display critical thinking strand

2.2 Reflective Thinking: On the other hand, reflective thinking seeks answers for phenomena that happened in the past, while adopting the same methodology of analysis and evaluation to arrive at conclusion. Once a conclusion emerges reflective thinkers apply that to the issue at hand. Civil lawyers tend to display reflective thinking strand

3. Vertical Thinking: This style of thinking moves on a vertical plane, sequentially analysing only known matters that too are selected beforehand. Vertical thinkers are also referred to as direct thinkers as they tend to focus on a matter directly without any sub-routing. More than that, they adjust their position only marginally as they proceed. Compliance, conformity and aversion to flexibility are their hallmarks. This style befits accountants, auditors and officers in finance department

4. Lateral Thinking: Founded by Edward De Bono, lateral thinking is just opposite of vertical thinking; it is alternately known as horizontal thinking or indirect thinking. Flexibility, experimenting are the chief characteristics of lateral thinkers. Striking the right balance between reasoning and creativity, logic and innovativeness is their forte. Lateral thinking generates ideas in quick succession, one of which could be selected in solving issues. Sales and marketing departments are full of lateral thinkers who add value to the business

5. Creative Thinking: Under this style, thoughts are fairly un-organised. Reason and logic are thrown overboard. In its stead there is imagination often running wild. If not corralled creative thinkers can turn to be fantasizers. But we must admit, these guys can move mountain with their ideas; they and their ideas in turn are celebrated. Internet is a lively example of creative thinking. Ideas and pictures come in quick succession to a creative thinker who can fashion a new product or find a new way of using an existing product. Though creative thinking is often spontaneous, it can be egged on by direction and guidance. Brain storming is a good example of the latter method. Departments dealing in design, fashion, lay-out, PR, advertisement, corporate communication are manned by creative thinkers.

6. Structured Thinking: In business life, you bump into someone who uses step-by-step approach in handling matters. He goes through methodical system of study, listen, observe, collate, reflect and thereafter make his pronouncements known. Here is a structured thinker, who combines both vertical thinking and horizontal thinking in equal measure but move cautiously and sequentially from unknown to known realm. At a given moment their thinking process involves problem definition, listing of underlying causes, assessing impact, generating alternatives and finally choosing the ones that optimize the interest of a business. Engineers, operation managers and those work in research and development departments are possessed with this style of thinking

7. Conceptual Thinking: As the odd man out of the seven styles of thinking, conceptual thinker is not concerned with facts or pictures, but with concepts. He has the ability to break a complex problem into small workable pieces. He goes on to understand the cause and effect and what must be done to bring normalcy. Afterwards, he builds concepts around the problem quickly and with ease; maps the relationship that lie between each concept, makes useful assumptions, validates the assumptions; fuses the concepts into a framework; arrives at a solution or decision; finally makes his point known in concise and precise manner. A man in his elements, he is the quintessential business developer, corporate strategist and on elevation chairman of a board.

Muthu Ashraff

Business Adviser

Mobile : +94 777 265677

E-mail : cosmicgems@gmail.com

Web : http://www.cosmicgemslanka.com

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Eight Types of Business Research

Every business undertakes research so that it can take right decisions at the right time. No matter what kind of business you are in, you are expected to find out something out there that impacts running of your business. Here are eight types of business research you will have to do at some stage in your business career:

1. Exploratory: This type of research arises when you are entering into un-chartered area. A pretty good example is when you are asked to explore the possibility of opening a branch of your company abroad. At present you have no research findings with you. Neither you are familiar with the territory. So you begin to work from general point to a specific focus of your company. You have to marshal facts from many sources, collate these and familiarize with the situation there. Thorny issue must be identified and you need to find out every angle of opening a branch in terms of qualitative and quantitative data. Afterwards, you develop hypotheses that can be tested. Sometimes it so happens that you find opening such a branch is just no-go

2. Descriptive: Most business research harp on describing the facts as it is. A good example is to see how your present business location helps in developing your business. You identify variables and rank these in order of their importance in impacting your business growth. You cannot leave a single stone un-turned. After listing every conceivable variable you file up your report. At the risk of repetition, I must state that these variables are known and exist as it is. What differs is your ranking of the facts and/or level of their impact. Since there is no originality involved we often call this research as “Ex Post Facto”

3. Evaluative: This type of research is also known as “ analytical”, due to the fact that you are expected to do lot more analysis. In evaluative research you have full freedom to bring in variables that was not known previously. A doable example is to analyse the present office lay-out in overall efficiency. You still use existing data, but you can bring a new factor to evaluate it. In addition to factors already in use such as convenience, seamless integration, process flow, traffic flow, lighting & ventilation, natural setting, you can also bring in ergonomics and aesthetics to evaluate the office lay-out. In evaluative research you are expected to air constructive criticism of the subject matter so that the management can make considered judgement or informed decision on the basis of your findings

4. Diagnostic: Though sounds more of clinical nature, diagnostic research is often undertaken in business areas to solve chronic issues that remain unsolved for quite some time. One example is employee absenteeism. In this type of research, you are both an insider and outsider. You have to be passionate in solving the issue and at the same time display a sense of neutrality. This is because you are handling sensitive matter of employees and even more discreet matter such as absenteeism. You approach this assignment with open mind and seek to get in-depth knowledge by identifying symptoms, causes and effect. You will distinguish between chaff and grain, symptoms and causes, under-lying reasons and obvious explanations. Your data gathering must be discreet and borders on confidentiality. In most cases you will select a sample from a large group or work on selected employees of a critical department

5. Investigative: A minuscule version of a diagnostic research, this type narrows down the field of inquiry to a specific factor or phenomenon. An apt example is carelessness of an employee that caused a fire in the factory. You are expected to survey the factory, understand the cause, identify the party involved, and file evidence against such an employee. You will assess the cost of damage, obtain explanation from the party concerned, and ascertain the extent of contributory negligence on the part of management. You will conclude with what action to be taken against the party concerned and what steps to be taken to avoid such accidents in future

6. Normative: This is completely different research from the previous ones. Here you study and analyse issues to set norms, standards or parameters. Often these are expressed in quantitative forms. Where qualitative form is selected norms would tend to be general requirements or maxims. Norms can range from broader aspects such as values and characteristics to narrow aspects of eligibility. Setting accounting and auditing standards in a business is a perfect example of a normative research

7. Predictive: This research type is also known as causal research as it sets out to trace the cause and effect of a phenomenon. In business, predictive research can take the form of “If----When “scenarios. Basically a predictive research indicates the set of results when a particular cause takes place. Predicting such results have nothing to do with soothsaying but anchored on the scientific method of testing a hypothesis. Loosening credit control leading to pile of bad debts is a tested example of predictive research

8. Prescriptive: A prescriptive research is based on designing a specific solution to a known issue. Generally such a known issue emanates from the gap between what is desired and what is currently available. A business researcher embarks on doing this, after examining the relevant data and variables that impact and influence the situation; after critically evaluating the business as a whole; after exhausting all other possibilities of solutions that are found in available literature. Hence, a prescriptive research is the most original in terms of outcome. Designing an organizational system is a fitting example of a prescriptive research.

Muthu Ashraff

Business Adviser

Mobile : +94 777 265677

E-mail : cosmicgems@gmail.com

Web : http://www.cosmicgemslanka.com

Blog : http://cosmicgemslanka.com/blog/

 

How to generate Business Ideas?

Enthusiasm has no limits when it comes to talk about ideas. Oftentimes, you bump across the guy who says to you “Listen, I have an idea”. Depending on the circumstances you are in generating ideas can be quick or time consuming. During an emergency everybody starts thinking and an excellent workable idea pops out. But in the case of family, business, educational pursuits, sports, military ventures and political manoeuvring, creating the right idea is time consuming. There are seven ways in which you can generate successful ideas that work in most of the fields. As a business adviser I give pride of place to generating business ideas:

1. Reflective Thinking: This is the fountain that springs most successful ideas in business, technology and activities that border on the profit motive. In reflective thinking you regurgitate like a cow in the gate, of what you have learned, what you have heard and what you have felt. You marshal these facts of wisdom; re-visit these and make connections between you and the facts gathered. Thereafter, you examine the facts, correct the errors tie the loose-ends and embark on the journey of re-learning. You fuse many limbs of the idea into a cohesive whole and arrive at a business idea that has the potential to be turned into a practical and successful one

2. Studied imagination: I rate this process as the second most important way to generate good business ideas. In this process you enmesh both subjectivity and objective analysis. What you have studied in college, business and family relationship is your objective part which you will weld with imagination that flies out to realm of un-fathomed areas. Icarus saw how birds fly and fitted him with wings made of wax he soared over the sky. For his bad time he came close to the Sun which resulted in the melting of the wings. Consequently, he started to fall. You are not going to repeat this. Instead, you will steer your imagination backed by your objective facts could easily land in a workable business idea

3. Bright Sparks: Unlike studied imagination bright sparks give you an idea all of a sudden. It may be related to the circumstance you are in or something un-related but connected to your circumstance. Archimedes found his theory of floating body after immersing in the water tub. His theory ran thus: any object, wholly or partially immersed in a fluid, is buoyed up by a force equal to the weight of the fluid displaced by the object. This theory has worked wonders in business applications

4. Observing Nature: Newton found his theory of gravity after observing the fall of apple from the tree. Natural phenomenon has objective lessons for you. Scriptures talk about this as a measure of reward or punishment from the God. Naturalists think otherwise. They opine that these phenomena are result of cause and effect which were later tested in science and arts. By observing nature, business persons have fashioned ventures from food to outer space-physics

5. Your Experience: As you agree with me, experience is a better teacher. Your track experience in a chosen career can give you plenty of ideas whose success rate is much higher than the ones your green horn colleague boasts about. A seasoned person with plenty of experience and insight generates quick and workable ideas than MBA graduates because he prefers to err on the side of caution rather than jump head along into a hole of fire

6. Brainstorming: It is not necessary that you should do a brainstorm session in a class room setting to get brilliant ideas. When you meet up with friends, colleagues and family members make it a point to talk about new idea for a business. Allow them to speak their heart out. Never interrupt. Garner points and trends. Now you do your own calculus picking one point here one trend there and bring together to get a raw idea. After refinement and faceting you will end up having a remarkable one. Call it gold mine

7. Recycling Ideas: For want of better expression, I am using the phrase recycling ideas. in fact you are borrowing it lock, stock and barrel. Lest you are accused of plagiarism or indicted for copyright violations you calibrate the idea; tweaking and tinkering. The result can be anything: Improvement, Adaptation or Re-make. Sadly, 90 % of the ideas that float in the market are just re-cycling stuff.

Muthu Ashraff

Business Adviser

Mobile : +94 777 265677

E-mail : cosmicgems@gmail.com

Web : http://www.cosmicgemslanka.com

Blog : http://cosmicgemslanka.com/blog/

 

Six Situations where Ideas are generated

In business and in family life you generate ideas as a response to the situations where you are in. There are six situations that compel you to do something. More often than not you come up with an idea to extricate yourself from a situation. Many a successful business idea came to sunlight as response to such situations. Here are the six situations:

1. Need: A need is defined as un-fulfilled part or whole of a desire. If you look for a fat salary and get only a portion your need is un-fulfilled partly. If you do not get a salary at all your whole desire is gone barren. There is slight distinction between need and want. Whereas a need is not fully supported by the means to achieve it, a want has every means that support in getting it over. Yet another point is that need ranges between what is voluntary and what is necessity. A person needs a TV for entertainment and can do without it though. When it comes to food it is vital necessity as he cannot do without it

2. Requirement: Definition of requirement is thus: something expected, demanded or imposed upon as an obligation. On personal basis a requirement can be voluntary and does not speak of strict obligation. When it passes to the realm of inter-personal relationship requirement becomes much stricter and denotes authority, necessity and perhaps norms & standards. For example one can be nude in his room, whereas when he walks on the street he is expected to be decently dressed

3. Problem: A problem is a situation that is harmful or unwelcome implying an impediment to the progress of anything; as a corollary problem mandates that corrective action must be taken. On the same token a problem conveys a gap between what it is and what it should be; what is desired and what you have finally got; for example a city hall meeting is expected to be peaceful; when fracas occurs in between tow antagonists inside the hall it is a definite problem. Insufficiency is something that woven around a problem occurring in every conceivable areas including data, norms, budget, performance and degree of satisfaction

4. Issue: An issue can be a minor one forming a part of the problem or major one engulfing the entire problem. A salutary point is an issue can be sorted out by discussion, explanation, exploration or by consensual talk. Centrality of an issue can impact the problem at hand. For example sending troops abroad is a military manoeuvre where willingness of the uniformed corps to serve elsewhere could turn out to be an issue

5. Question: A matter that demands information, answer confirmation or clarification. Alternatively question means deficiency in terms of knowledge, connectivity, personal conduct etc.

6. Query: A query is a question that is addressed to someone who holds public or private office. It denotes legal or moral compulsion on the part of the receiver of the query and authority and standard on the part of the issuer.

When you are faced with any of the six situations, you have no alternative other than developing an idea to counter it. In doing so you may land with brilliant idea, really.

Muthu Ashraff

Business Adviser

Mobile : +94 777 265677

E-mail : cosmicgems@gmail.com

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