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Idea Generation Opportunity Assessment

Temple Entrepreneurship. Princeton Review and Entrepreneur Magazine (Nov.'06 issue) ranked Temple as 4th in the nation for its undergraduate entrepreneurship program and 7th for its graduate programFortune Small Business Magazine (Sept.'07) issue ranked Temple among top 25 entrepreneurial colleges in the nation.

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Idea Generation Opportunity Assessment

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    1. Idea Generation & Opportunity Assessment 2007-8 Business Plan Workshop Series Presented by: Chris Pavlides Executive Director Innovation & Entrepreneurship Institute 9/6/07

    2. Temple Entrepreneurship Princeton Review and Entrepreneur Magazine (Nov.’06 issue) ranked Temple as 4th in the nation for its undergraduate entrepreneurship program and 7th for its graduate program Fortune Small Business Magazine (Sept.’07) issue ranked Temple among top 25 entrepreneurial colleges in the nation

    3. The Power of Entrepreneurial Thinking What makes an entrepreneur? Seeing opportunity where others don’t Innovation: Better, Faster, Cheaper, Easier “Fire in the Belly” Willingness to take risks Why think like an entrepreneur? Changing economy – new career options Corporate Intrapreneurship

    4. Why become an Entrepreneur? Be my own boss Pursue my own ideas Make lots of money Control my own career/destiny Develop a unique product or service Help people Become famous

    5. Characteristics of Successful Entrepreneurs Passion for the Business: change people’s lives. Critical for investors. Product/Customer Focus: Must satisfy customer needs Persevere through setbacks and failures Execution Intelligence: Translate creativity into action & measurable returns

    6. Common Traits & Characteristics of Entrepreneurs Achievement driven Alert to opportunities Creative Decisive Energetic Strong work ethic Moderate risk taker Networker Lengthy attention span Optimistic Persuasive Promoter Resource assembler/lever Self-confident Self-starter Tenacious Tolerant of ambiguity Visionary

    7. Recognizing Opportunities & Generating Ideas Idea is thought, impression, notion Opportunity: favorable set of circumstances that create need for product or service Externally stimulated: e.g. Jeff Bezos/Amazon Internally stimulated: e.g. BrainReactions Opportunity has 4 essential qualities Attractive Durable Timely Creates/adds value for buyer/user

    8. Recognizing Opportunities & Generating Ideas Observing/Study Trends Economic factors Social factors Technological Advances Political Action/Regulatory statutes

    9. Recognizing Opportunities & Generating Ideas Economic Forces Consumers level of disposable income Interest rate changes More women in workforce Social Forces Both parents working: fast food People too busy: Sony Walkman Life stress: spas, wellness clinics

    10. Recognizing Opportunities & Generating Ideas Family & work patterns Aging of the population Increasing diversity in the workplace Globalization of industries Increased focus in health care & fitness Proliferation of computers & Internet Increase in numbers of cell phone users New forms of music & entertainment

    11. Recognizing Opportunities & Generating Ideas Technological Advances Cell phones: people very mobile E-commerce: people very busy Political Action New laws: help companies comply Terrorism: Products & services to protect

    12. Recognizing Opportunities & Generating Ideas Solving a Problem Observe people challenges Look for problems Listen to people complains Think of your own problems

    13. Recognizing Opportunities & Generating Ideas Personal characteristics for opportunity recognition Prior experience in an industry Entrepreneurial alertness/6th sense Social networks Creativity: preparation, incubation, insight, evaluation, elaboration

    14. Small Group Exercise: What Opportunities Exist? Group should choose a market and identify a BIG PERVASIVE PROBLEM customers face. Brainstorm some products or services to solve those problems Share ideas with larger group

    15. Techniques in Generating Ideas Brainstorming: generate ideas quickly, no analysis or decision making. Enthusiasm, originality, lots of ideas Freewheeling, lively No criticism allowed Session moves quickly Leapfrogging encouraged

    16. Techniques in Generating Ideas Focus groups People selected are familiar with issues What’s on customers mind Conducted by trained moderator Success depends on moderator’s ability to ask questions and keep on track

    17. Techniques in Generating Ideas Surveys: gathering info from sample of individuals By phone, mail, online, in person Random portions of population Customer Advisory Boards

    18. Feasibility Analysis The process to determine if a business idea is viable worth pursuing Product/service feasibility analysis Industry/market feasibility Organizational feasibility Financial feasibility

    19. Product/Service Feasibility Analysis Concept testing: validate customer interest, desirability & purchase intent Validate underlying premise Help develop the idea Try to estimate sales

    20. Product/Service Feasibility Analysis New Business Concept Paper - Description of product/service offered - Intended target market - benefits of product/service - description of how the product will be positioned versus similar ones in market - Description how the product would be sold or distributed.

    21. Product/Service Feasibility Analysis Usability Testing: measures product’s ease of use and the user’s perception of the experience using model/prototype

    22. Industry/Market Feasibility Analysis Industry attractiveness Market timeliness Identification of niche market

    23. Industry/Market Feasibility Analysis Industry Attractiveness Large and growing Important to the customer Fairly young rather than older/mature High rather low operating margins Not being crowded Primary and secondary research is needed

    24. Industry/Market Feasibility Analysis Market Timeliness - Improved product= market exists - Breakthrough product: - first mover advantage - second mover advantage Identifying a niche market

    25. Organizational Feasibility Analysis Sufficient management expertise, organizational competence & resources to successfully launch a business - Management ability - Resource sufficiency

    26. Financial Feasibility Analysis Total start-up cash needed Financial performance of similar businesses Overall Financial Attractiveness of the proposed venture

    27. Evaluating Opportunities: Quick Screen Looks at: Markets and Margins Competitive Advantages Value Realization Overall Potential Exercise: Evaluate your group’s idea using the first two screens

    28. Markets and Margins

    29. Competitive Advantages

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