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Minor Entrepreneurship and Innovation in a Global Perspective Lecture 3 – Coloured hats, elevator pitch and research 15

Minor Entrepreneurship and Innovation in a Global Perspective Lecture 3 – Coloured hats, elevator pitch and research 15 February 2013. Today. 13:00 Introduction 13:10 Coloured hats 13:20 Elevator pitch (groups) 14:20 Break 14:30 Market research – theory 14:50 Market research – practice

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Minor Entrepreneurship and Innovation in a Global Perspective Lecture 3 – Coloured hats, elevator pitch and research 15

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  1. MinorEntrepreneurship and Innovation in a Global PerspectiveLecture 3 – Coloured hats, elevator pitch and research15 February 2013

  2. Today 13:00 Introduction 13:10 Coloured hats 13:20 Elevator pitch (groups) 14:20 Break 14:30 Market research – theory 14:50 Market research – practice 15:10 Carrousel 16:00 End

  3. Introduction

  4. Today, 449 years ago … 15 February 1564 • Galileo Galilei was born

  5. Lessons to be learned Think different Take (a) different angle(s)

  6. Six coloured hats Tool for group discussion and individual thinking

  7. Six Thinking Hats • Edward de Bono, The Six Thinking Hats, 1985 • Tool for group discussion and individual thinking • Human brain thinks in a number of distinct ways • Six distinct states are identified and assigned a colour

  8. Six Thinking Hats • White – Information • Considering purely what information is available, what are the facts? • Red – Emotions • Instinctive reaction or statements of emotional feeling (but no justification) • Black– Bad points judgment • Logic applied to identifying flaws or barriers, seeking mismatch • Yellow – Good points judgment • Logic applied to identifying benefits, seeking harmony • Green – Creativity • Statements of provocation and investigation, seeing where a thought goes • Blue – Thinking • Thinking about thinking

  9. Example: Starting Your Own …

  10. Elevator pitch

  11. Rules • Two minute pitch • Three minutes questions • Write down one positive (yellow hat) and one negative (black hat) thing about EACH pitch • Keep your notes until end of this afternoon

  12. Groups for pitches

  13. Market research Theory

  14. In a nutshell … Idea and Goals Final Product InternalandExternal Analysis SWOT Analysis and Marketing Design Operational Planning and Finance

  15. Internal Analysis • Identifies and evaluates resources, capabilities, and core competencies. • Strengths • Positive tangible and intangible attributes, internal to an organization. They are within the organization’s control. • Weaknesses • Factors that are within an organization’s control that detract from its ability to attain the core goal. In which areas might the organization improve?

  16. External Analysis • Analyzing the external environment by breaking a complex inter-related reality into sets of issues to make the analysis manageable. • Macro-environment • Competitor analysis • Stakeholder analysis (incl. customer analysis)

  17. The Macro-Environment • Difficult to influence • Changes can be far-reaching • The media: rich source of both information and speculation • Tool for analyzing the macro-environment • DESTEP framework (or PEST or PESTEL)

  18. DESTEP framework • DESTEP framework categorizes environmental influences into six main types: • Demographic • Economic • Socio-cultural • Technological • Environmental • Political / Legal • Identifies current and future developments

  19. Competitor Analysis Questions to ask about your competitors include: • who they are • what they offer • how they price their products • what the profile and numbers of their customers are compared with yours • what their competitive advantages and disadvantages are compared with yours • what their reaction to your entry into the market or any product or price changes might be

  20. Stakeholder Analysis • What do stakeholders believe about us as an organization? • What do stakeholders think of our product quality, service quality, customer service, price, overall value, convenience, and promotional messages in comparison to our competitors? • What is the relative importance of these issues as stakeholders see them? • Taking the stakeholders’ perspective is the cornerstone of a well done SWOT analysis.

  21. Outcome of external analysis • Opportunities • External attractive factors that represent the reason for an organization to exist and develop. What opportunities exist in the environment which will propel the organization? • Identify them by their “time frames”. • Threats • External factors, beyond an organization’s control, which could place the organization’s mission or operation at risk. The organization may benefit by having contingency plans to address them should they occur. • Classify them by their “seriousness” and “probability of occurrence”.

  22. SWOT matrix The internal analysis gives an insight into your • Strengths • Weaknesses The external analysis presents your • Opportunities • Threats

  23. Market research Practical example

  24. Carrousel

  25. Rules • Take the notes you made during the pitch • Indicate whether your comments are: • Internal (S or W) • External (O or T) • Give your notes to the pitcher and explain your comments

  26. What’s Next? Bring your (adjusted) mindmap(s) to class Arrange group meeting for more feedback and input from each other Discuss your work and progress

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