In our quest to be successful, we need to be careful not to generate ideas that are isolated and out of touch with the reality of the markets. A lot of ideas that many people say they have are actually based on assumptions on what they think might be suitable. Because of this lack of established fact about what informs ideas, whether it be product development or any activity that one wishes to undertake. There are a few things that should inform idea generation and conversion of that idea into reality.
- In any environment, ideas must be generated to address certain gaps in the market or community. So for that to take place thorough research must be done to identify such gaps.
- From the sourcing of information about the market needs, one should then work on a process of converting that information into product or service idea. The conversion process may in some cases require the engagement of a mastermind group to work on the best suitable concept that will respond to the needs of the market.
- Product ideas that do not have an action plan to see them through the process of development normally do not become commercialised. An activity plan is vital for progress in any process of development.