Creativity & Identifying Business Ideas

1. Creativity & Identifying Business Ideas Identify ways to recognize business opportunities Explain how to use creative thinking to generate ideas

2. Opportunity Recognition & Innovation • The ideas of Opportunity Recognition & Innovation are closely related in the business plan creation process • Teaching students how to better recognize business opportunities drives more innovative business solutions • Encouraging innovative creative and critical thinking skills help students better recognize and evaluate opportunities Business Opportunity

3. Thinking Creatively Creative thinking is a thought process that involves looking at a situation or object in new ways. “There is no reason for any individual to have a computer in their home.” - Digital Equipment Corporation, 1977 In 1977, the Apple introduced the first highly successful mass-produced personal computer. In 2006, 227 million units were shipped, with a shipment value of $231.9bn.

4. The Business Planning Process… Creativity Creativity Creativity Creativity

5. What is Creativity? Creativity is the process of having original ideas that have value Involves putting your imagination to work to make something new, to come up with new solutions to problems, even to think of new problems or questions

6. Why be Creative? Need for novel, varied, and complex stimulation Need to communicate ideas and values Need to solve problems

7. What stands in its way? Social Constructs Educational Environment • Not one “right” answer Fear • Looking silly • Failure Expert Syndrome • Reliance on past knowledge Lack of Inspiration

8. Creative Thinking and our Students Encourages self-affirmation Taps into natural curiosity Instigates an embrace of Change Sharpens Critical Thinking Skills Hones Persistence

9. Thinking Creatively Encouraging creative (lateral) thinking in students challenges them to look at a situation or object in a new way to find potential solutions or innovations from the sources of opportunity • Techniques to Help Students Think Creatively • Challenge the Usual • Think Backward • Be Flexible • Judge Later • Draw Idea Maps • Brain Teasers

10. Brain Teaser Could you connect the 9 dots with 4 connecting lines ? Don’t lift your writing instrument off the paper! 10

11. Brain Teaser People often assume that you must stay within the “box” created by the dots. Think outside the box…literally. 11

12. What’s the Question: Activity

13. Challenge Assumptions • State your challenge. • List your assumptions. • Challenge your fundamental assumptions. • Write down the opposite of each one. • Record the differing viewpoints that might prove useful to you. • Ask yourself how to accomplish each reversal. List as many useful points and ideas as you can.

14. Challenge Assumptions: Example • State your challenge (a Restaurant) • List your assumptions. • Challenge your fundamental assumptions. • Write down the opposite of each one. • Record the differing viewpoints that might prove useful to you. • Ask yourself how to accomplish each reversal. List as many useful points and ideas as you can.

15. Challenge Assumptions: Example • State your challenge (a Restaurant) • List your assumptions. • Restaurants have menus • Restaurants charge money for food • Restaurants serve food • Challenge your fundamental assumptions. • Write down the opposite of each one. • Record the differing viewpoints that might prove useful to you. • Ask yourself how to accomplish each reversal. List as many useful points and ideas as you can.

16. Challenge Assumptions: Example • State your challenge (a Restaurant) • List your assumptions. • Restaurants have menus • Restaurants charge money for food • Restaurants serve food • Challenge your fundamental assumptions. • Write down the opposite of each one. • Record the differing viewpoints that might prove useful to you. • Ask yourself how to accomplish each reversal. List as many useful points and ideas as you can.

17. Challenge Assumptions: Example • State your challenge. (a Restaurant) • List your assumptions. • Restaurants have menus • Restaurants charge money for food • Restaurants serve food • Challenge your fundamental assumptions. • Write down the opposite of each one. • Restaurants don’t have menus. • Restaurants don’t charge money for food. • Restaurants don’t serve food. • Ask yourself how to accomplish each reversal. List as many useful points and ideas as you can.

18. Challenge Assumptions: Example • State your challenge. • List your assumptions. • Restaurants have menus • Restaurants charge money for food • Restaurants serve food • Challenge your fundamental assumptions. • Write down the opposite of each one. • Restaurants don’t have menus. • Restaurants don’t charge money for food. • Restaurants don’t serve food. • Ask yourself how to accomplish each reversal. • List as many useful points and ideas as you can

19. Recognizing Opportunities • Internal Entrepreneur Turns hobbies, skills, interests into business opportunities Brainstorming Methods • Hobbies/business ideas t-chart • Opportunity wheel • External Entrepreneur Looks for problems outside of personal skills or hobbies to start businesses Brainstorming Methods • Sources of Opportunity

20. Opportunity Recognition 20 • The Internal Entrepreneur • Turns hobbies, skills, interests into business opportunities • Ex: Ben Cohen & Jerry Greenfield, Ben & Jerry’s Homemade, Inc.

21. Opportunity Recognition Business Opportunity 1. 2. Hobbies, Skills, Interests 1. 2.

22. Opportunity Recognition Business Opportunity 1. 2. Hobbies, Skills, Interests 1. Hair 2. Reading

23. Familiar Class Business Ideas • Web design • Web Design • Hair Braiding • Hair Accessories • Hair Accessories • Fashion • Fashion • Fashion • Lawn Mowing • Lawn Mowing • Candy Business • Candy Business • Candy Business • Record Label • Record Label • Gift Baskets • Gift Baskets • Gift Baskets • School Supplies

24. Sources of Opportunity A business opportunity is a consumer need or want that can potentially be met by a new business. Sources of opportunities include: • Problems. Many well-known companies were started because an entrepreneur wanted to solve a problem. • Changes. Our world is continually changing. Change often produces needs or wants that no one is currently meeting. • New Discoveries. The creation of totally new products and services can happen by accident. • Existing Products and Services. You can get ideas for opportunities from businesses that already exist by looking for ways to improve a product significantly. • Unique Knowledge. Entrepreneurs sometimes turn one-of-a-kind experiences or uncommon knowledge into a product or service that benefits others. 24

25. Sources of Opportunity A business opportunity is a consumer need or want that can potentially be met by a new business. Sources of opportunities include: • Problems. Many well-known companies were started because an entrepreneur wanted to solve a problem. • Changes. Our world is continually changing. Change often produces needs or wants that no one is currently meeting. • New Discoveries. The creation of totally new products and services can happen by accident. • Existing Products and Services. You can get ideas for opportunities from businesses that already exist by looking for ways to improve a product significantly. • Unique Knowledge. Entrepreneurs sometimes turn one-of-a-kind experiences or uncommon knowledge into a product or service that benefits others. 25

26. Sources of Opportunity A business opportunity is a consumer need or want that can potentially be met by a new business. Sources of opportunities include: • Problems. Many well-known companies were started because an entrepreneur wanted to solve a problem. • Changes. Our world is continually changing. Change often produces needs or wants that no one is currently meeting. • New Discoveries. The creation of totally new products and services can happen by accident. • Existing Products and Services. You can get ideas for opportunities from businesses that already exist by looking for ways to improve a product significantly. • Unique Knowledge. Entrepreneurs sometimes turn one-of-a-kind experiences or uncommon knowledge into a product or service that benefits others. 26

27. Sources of Opportunity A business opportunity is a consumer need or want that can potentially be met by a new business. Sources of opportunities include: • Problems. Many well-known companies were started because an entrepreneur wanted to solve a problem. • Changes. Our world is continually changing. Change often produces needs or wants that no one is currently meeting. • New Discoveries. The creation of totally new products and services can happen by accident. • Existing Products and Services. You can get ideas for opportunities from businesses that already exist by looking for ways to improve a product significantly. • Unique Knowledge. Entrepreneurs sometimes turn one-of-a-kind experiences or uncommon knowledge into a product or service that benefits others. 27

28. Sources of Opportunity A business opportunity is a consumer need or want that can potentially be met by a new business. Sources of opportunities include: • Problems. Many well-known companies were started because an entrepreneur wanted to solve a problem. • Changes. Our world is continually changing. Change often produces needs or wants that no one is currently meeting. • New Discoveries. The creation of totally new products and services can happen by accident. • Existing Products and Services. You can get ideas for opportunities from businesses that already exist by looking for ways to improve a product significantly. • Unique Knowledge. Entrepreneurs sometimes turn one-of-a-kind experiences or uncommon knowledge into a product or service that benefits others.

29. External Opportunity Recognition Example: 29

30. Opportunity Recognition Activity In your groups you each have an external opportunity board in front of you. You have 5 cut outs of business ideas in a bag/envelope Take out the cut outs and place the correct business idea in the right external opportunity box You’ll have two minutes. First group to finish, call out NFTE!

31. Opportunity Recognition Activity Debrief 31 • What did you think about the activity? As a Student? As a Teacher? • What was the purpose/objective? • How would this work in your classroom? Any Modifications?

32. Opportunity Recognition Activity Objectives 32 • NFTE’s Objectives: Reinforce sources of opportunity Learn how to differentiate between external opportunities Help students identify problems they see in the community

33. Recognizing Opportunities • Sources of Opportunity • Problems • Changes • New Discoveries • Existing Products or Services • Unique Knowledge • Where to Look for Opportunities • Newspapers • Magazines • Business/Government Agencies • Trade Resources • Internet • Surrounding Community

34. Visual Aid

35. Brainstorm Use both the internal and external entrepreneur methods Brainstorm at least 4-5 business ideas Work in small groups to discuss your ideas Keep in mind these should be businesses you can use as models with your students.