Generating Entrepreneurial Ideas for Business Development

Abstract

Economic development and market changes have led to the need to generate entrepreneurial ideas in order to meet changing customer demands. However, these changes are not seen as opportunities for generating entrepreneurial ideas. Therefore, the purpose of this study is to identify and determine the most important elements in the process of forming entrepreneurial ideas. Mixed-method research that involved the modified Delphi technique, nominal group technique and interpretive structural modelling was used in this study. At first, a questionnaire was set up for the modified Delphi technique, followed by the nominal group technique and, finally, the interpretive structural modeling was used to determine the most important entrepreneurial ideas and model design. The experts involved in this study were 12 entrepreneurial lecturers from higher institutions. The findings show that evaluating and improving existing ideas is the most important element and should be given priority. Therefore, the findings of this study contribute a piece of valuable information for educators’ practice and for policymakers involved in shaping a more effective entrepreneurship education.