Entrepreneurship Theory and Ideation Techniques

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Table of Contents

Introduction
Creative, Innovation, and Ideation Tools
Business Idea: Hydroponic Vertical Farming
Creativity Score
Professional Development
Summary
References

Introduction

An entrepreneur must understand the market’s requirements and then reintroduce the same notion uniquely and creatively to attract consumers’ attention in an established market. Conversely, if a crowded market with prominent established firms battling global and local market share, obtaining shares in a neglected or otherwise untapped sector demands a wholly fresh, unique, and inventive concept. An idea is a fundamental notion explored but not executed, while ideation concretizes such abstract ideas into concepts (Laverty & Littel, 2020). Thus, to be successful as an entrepreneur involves developing visionary ideas artistically by adding aesthetic appeal and sufficiently inventing them into a product.

Inventing and creating new products involves researching upcoming news and ideas that can be used to develop an innovative product to grasp customers’ attention. An entrepreneur can utilize surveys, interviews, observation, and market research, as an innovative systematic methodology to ascertain the newest trends and patterns within a market (Pittaway, 2021). Additionally, the entrepreneur can creatively use “passion” and “bug-me-list” ideation processes to produce ideas based on personal expertise and experience to land a lucrative business opportunity (Pittaway, 2021). For instance, “passion” and “bug-me-list” ideations represent an individual’s interest and excitement for specific themes or hobbies linked to current initiatives or market gaps via repeated brainstorming.

Creative, Innovation, and Ideation Tools

The cognitive capabilities of humans have well-recognized limits. These well-recognized limits might result in market instability owing to the uneven distribution of the same information across the population (Alvarez et al., 2020). This disequilibrium creates a market gap that an entrepreneur might benefit from due to a rapid shift in the supply and demand of various items. However, since it is dangerous to take such a risk without proper expertise, ideation strategies increase vigilance when identifying the patterns and gaps caused by the disequilibrium within the market on what innovative products to use to fill such gaps (da Silva Lopes et al., 2019). For example, pattern identification, brainstorming, and word association increase awareness of potential possibilities by spotting market gaps or disequilibrium.

An entrepreneur must innovatively use these tools; pattern identification, brainstorming, and word association to gain a competitive advantage in a competitive market. For instance, by asking straightforward questions, brainstorming approaches such as SCAMPER may help solve issues or uncover possibilities that the entrepreneur can employ to gain a competitive advantage (Serrat, 2017). Similarly, the Six Thinking Hats approach allows for an investigation of a problem from several viewpoints but in a non-conflicting manner. In contrast, the tried-and-true mind mapping technique connects essential ideas through pictures, lines, and linkages. Word association is a strategy that introduces terms associated with the supplied word (Serrat, 2017). Similarly, imitation is a strategy that assumes a successful product will lead to a successful, enhanced version of the same product (Schnell, 2015). In addition to coming up with fresh ideas, it is essential to consider how to react creatively to critical feedback.

Reacting creatively and innovatively to solve critical problems is a skill that entrepreneurs must employ when conducting their business. Individuals’ levels of creativity vary according to past knowledge and perception of a subject, which assists in developing ideas via their imagination (Hisrich & Soltanifar, 2021). For example, Uber is a transportation firm that combines the internet with a person’s demand for transportation.

Customers can now go to their destinations quickly and easily thanks to this arrangement, which eliminates the need to hunt for a suitable mode of transportation. Additionally, one can access thousands of movies through Netflix’s DVD-to-streaming service for a low monthly fee (Hisrich & Soltanifar, 2021). The internet’s availability has posed several hurdles to an individual’s creativity. Due to the availability of many online platforms that replicate creation via online audiences’ interactions, digitalization has altered everyone’s view of creativity by opening new potential paths (Hisrich & Soltanifar, 2021; Pedersen et al., 2019). This contact and the availability of several platforms transform innovative ideas to create new products.

Despite all the positive strengths and advantages that society has innovatively developed over the years, some disadvantages have risen, which yielded new innovative and creative solutions. For instance, due to the COVID-19 pandemic’s shutdowns and self-isolation, several businesses throughout the globe have been affected and damaged (Velavan & Meyer, 2020). Individuals have resorted to social media to alleviate boredom and maintain in touch with family and friends to keep themselves active and entertained (Zhongming et al., 2020). However, apart from entertainment, there were many platforms for learning, commerce, and other areas such as health.

These platforms during the pandemic, like social media applications, made people’s lives easier and effectively accessible to regular day services at the comfort of their homes. For instance, youngsters unable to attend school had an online platform for offering a high-quality education (Alfonso et al., 2021). At the same time, online shopping platforms for everyday goods like groceries have risen in popularity. Farmers may now sell directly to wholesalers without going through go-betweens, maximizing financial advantage, and minimizing waste (Galhotra & Dewan, 2020). However, as demand soared, supply declined, and various commodities became unavailable (Bonadio et al., 2021). Despite vaccination, and the pandemic continues, there might be reinstations of lockdowns in the event of the detection of a new variant (Din et al., 2021). Since the virus has already disrupted the supply chain, the availability of labor, commodity scarcities, and other variables like climate change might cause food prices to skyrocket.

Business Idea: Hydroponic Vertical Farming

There is a need for more arable land to grow crops to fulfill the rising demand for food. Due to climate change, costs associated with insecticides and fertilizers will also rise due to reduced water supplies and more severe weather patterns. As a result, there will be a need to use aeroponics, hydroponics, or drip irrigation in farming to address these problems and supply world demand (Farooqi et al., 2021). Hydroponics is a technology that utilizes a liquid medium to provide nutrients to plants, obviating the need for soil (Sharma et al., 2018). Two distinct systematic approaches are available for hydroponic culture: circulating or closed-system cultivation and non-circulating or open-system cultivation (Sharma et al., 2018). The circulating or open system allows cultivating a range of high-yielding crops such as beetroot, tomato, rice, wheat, lettuce, and potato (Ghorbel et al., 2021).

Hydroponic systems use 70% less water for plant development than soil-based systems (Ghorbel et al., 2021). The two most common options are root mist and fog feed, neither of which is beneficial for farming despite the significant benefit of reduced water use (Tunio et al., 2021). However, despite the root mist and fog feed lack of benefits to farming, they are helpful for water-scarce cities.

Due to low rent, there is preferential for vertical farming in abandoned industrial sites outside the city core. However, there is the planning of new structures built with vertical farming in mind. Due to the emerging and transitional economies, individuals have blamed traditional agriculture for losing rainforests due to deforestation and environmental deterioration, resulting in desertification and groundwater depletion (Banerjee & Adenaeuer, 2014). Providing the crop is inside a closed system, there is a given increase in the cost of growing organic foods depletion (Banerjee & Adenaeuer, 2014). However, even though vertical farming is similar to greenhouse agriculture, the price of the growth medium necessary for the plant’s development will rise, increasing the total expense.

Having discovered the strengths and weaknesses of the target market, it is essential to generate ideas through creativity to address the general critique of spending to transform it into an entrepreneurial success. First, there is a need to prefer an open system to a closed system to meet business objectives (Sher et al., 2021). To reduce production costs, traditional methods such as stacking trays with nutrient soil and aligning them vertically with small porous holes in the center for water collection to irrigate the lower trays may be useful (Sher et al., 2021). These traditional techniques will lower the cost of the growth medium while also conserving water for future use (Nasrollahi et al., 2021). Additionally, greenhouse conditions must be maintained throughout the year in the manufacturing facility or warehouse to ensure optimal productivity.

On the contrary, the total cost varies according to the manufacturing plant’s size. Compared to growing in separate rooms, a warehouse is better because of its vast size and ease of upkeep (Rabaia et al., 2021). This is because maintaining and powering a single big open area inside a warehouse is less expensive than powering several growing rooms and, at the same time, utilizing electricity to provide light and maintain a constant temperature and humidity level, lowering the marginal cost by using renewable energy sources such as solar (Plaščak et al., 2021). Additionally, while using vertical farming employing, an appropriate water management system is necessary to irrigate the seeds or developed crops, thus decreasing waste and increasing cost and time savings via time-based automated irrigation (Plaščak et al., 2021). It is also economical since a single person will be responsible for inspecting and maintaining the facility in maintenance and ensuring that the is no plant attack or contamination by insects.

Creativity Score

By answering all 40 questions in the Paradox and Boldness area, I was able to get a high score in this category. Boldness and paradox are two characteristics that enable me to cope with and accept things that are different from the norm, no matter how difficult the situation may be.

Every action is preceded by careful consideration of the objective of the action. However, I will only utilize the methods I have been using throughout my life. I am the kind of person that tends to overthink things and will spend an excessive amount of time pondering over any given situation. In difficult situations, I have learned how to become accustomed to them. When things get rough, I do not panic but instead, apply my mind to finding a solution. I like to keep things simple, clear, and well-organized; this is a strength that I can credit to my character. I am always terrified of a new uncomfortable situation; after some time, I recall what my father told me: that everything in life has a solution, and you can learn from every experience in life or run thus, I do not feel forced to seek out more thorough explanations. As a result, earning a high score in paradox and boldness is because I have learned to accept some circumstances in life and make the most of them. I have become stronger and have no qualms about pushing things in new directions.

Professional Development

Because of poor communication, I have lost clients in the past. As a result, I am not making as much money as I want to. Secondly, since I previously failed to manage a project, innovative leadership skills are essential when managing and monitoring initiatives. I need to hone my leadership skills since I have not always taken a proactive approach to managing my team. I also need to know and understand who my target market is to communicate well with them and show them the benefits of my products.

For professional development purposes, I am honing my creative communication abilities to better my company since individual communication skills are critical in both the corporate world and personal life. Communication abilities are necessary for my company. As a result of this progress, it is essential to connect with customers and consumers daily to achieve the organization’s goal and achievement. Effective communication benefits the individual eventually and the personal and professional environment.

The second aspect of professional growth is creative leadership. To foster a culture of lifelong learning, a person must consider developing strong and effective leadership abilities. My outstanding leadership talents enable me to lead and steer the organization on the appropriate path. A clear grasp of my objectives and a thorough examination of my performance aid me in attaining lifelong learning and the necessary talents to manage my career.

Summary

A business opportunity is determined by systematic research and pattern detection in the present market using social media platforms. According to the data, the ongoing epidemic of COVID-19, global climate change, which has disrupted the global supply chain, and rising inflation have increased the cost of every commodity. Prices have grown even more due to a combination of increasing global demand and tight supply, as almost all products have sold out in US stores. This imbalance indicates that there is a market for food-related items. Food insecurity has long been a concern, even before the epidemic. Climate change has also played a significant influence in pushing up food costs further due to rising temperature conditions, water scarcity, and unpredictable weather patterns that have wreaked havoc on crops in many parts of the globe.

Consequently, several initiatives have been launched to solve this issue, including vertical farming. The SCAMPER and Six Thinking Hat techniques were used to resolve constructive criticism about vertical agriculture to start a small agribusiness to meet local consumption through creative innovation of established vertical processes with greenhouse agriculture techniques and begin production on a micro-level by reducing expenditure as often as possible during the process of brainstorming for entrepreneurial success in vertical farming.

References

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