Ideation and generating business ideas involves coming up with new ideas through various logical and intuitive methods. The document discusses innovation as implementing ideas to create change. It outlines sources of new ideas such as users, improvements, trends, and technology. Both logical and intuitive ideation methods are presented, including brainstorming, role playing, analogies, and different worlds. The key is to generate many ideas initially without criticism before selecting the most promising "key ideas" to evaluate and potentially implement.