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Temple Entrepreneurship. Temple is:A national leader in entrepreneurship education and applied learningRanked 6th in the U.S. for undergraduate programs by Entrepreneur magazine and the Princeton ReviewCited for excellence in entrepreneurship by Fortune Small Business, forbes.com and U.S. News an
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1. Idea Generation & Opportunity Assessment
Presented by
Claudia Post, CEO
Claudia Post Advisors
2. Temple Entrepreneurship Temple is:
A national leader in entrepreneurship education and applied learning
Ranked 6th in the U.S. for undergraduate programs by Entrepreneur magazine and the Princeton Review
Cited for excellence in entrepreneurship by Fortune Small Business, forbes.com and U.S. News and World Report
3. Characteristics of Successful Entrepreneurs Passion for the business
Vision and endless ideas
Product/customer focus: Must satisfy customer needs
Persevere through setbacks and failures
Executional excellence: Translate creativity into action & generate measurable returns
4. The Power of Entrepreneurial Thinking What makes a successful entrepreneur?
Seeing opportunity where others don’t
Innovation: better, faster, cheaper, easier
“Fire in the Belly”
Willingness to take risks
Extreme work ethic
5. Three Key Processes
6. Kinds of Intelligence Analytic intelligence - The ability to analyze and evaluate ideas, solve problems and make decisions
Creative intelligence - Going beyond what is given to generate novel and interesting ideas.
Practical intelligence - The ability that individuals use to find the best fit between themselves and the demands of the environment
Social intelligence - The ability to understand and manage all types of people and to act wisely in human relations
Successful intelligence - The acquisition and use of what you need to know to be successful in a particular environment.
7. Successful Intelligence
8. Confluence Approach Creativity emerges from a confluence of
Intellectual abilities
Broad, rich knowledge base
Appropriate style of thinking
Personality attributes
Intrinsic, task-focused motivation
Environment supportive of creative ideas
9. Additional Aspects
10. Pattern Recognition Seeing links between seemingly unconnected trends, changes, events
Connections form an identifiable pattern
11. Entrepreneurial Opportunity Situation in which a person can develop a new business idea that has potential to generate profit
12. Opportunities from Change Truly valuable entrepreneurial opportunities come from an external change that either:
Makes it possible to do things that had not been done before
Makes it possible to do something in a more valuable way.
13. Change Leads to Potential New technology
Political and regulatory shifts
Social and demographic change
14. Forms of Opportunity Entrepreneurs develop business ideas by:
Developing new products and services
Tapping new markets
Formulating new methods of production
Identifying new raw materials
Developing new ways of organizing processes
15. Recognizing Opportunities & Generating Ideas Idea is thought, impression, notion
Opportunity: favorable set of circumstances that create need for product or service. Ex: Jeff Bezos/Amazon
Opportunity has four essential qualities
Attractive
Durable
Timely
Creates/adds value for buyer/user
16. Recognizing Opportunities & Generating Ideas Observing/Study Trends
Economic factors
Social factors
Technological Advances
Political Action and regulatory statutes
17. Recognizing Opportunities & Generating Ideas Economic Forces
Consumers level of disposable income
Interest rate changes
More women in workforce
Currently: global recession
Social Forces
Both parents working: fast food
People too busy: digital organizers
Life stress: spas, wellness clinics
18. 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
19. Recognizing Opportunities & Generating Ideas Technological Advances
Cell phones: allows people to be mobile
E-commerce: accommodates busy schedules and working from home/remote locations
Political Action
New laws: help companies comply; ex: SoX
Terrorism: Products & services to protect
20. Recognizing Opportunities & Generating Ideas Solving a Problem
Observe people’s challenges
Look for problems
Listen to people’s complaints
Think of your own challenges
21. 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
22. 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
23. 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
24. 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
25. Techniques in Generating Ideas Surveys: gathering info from sample of individuals
By phone, mail, online, in person
Random portions of population
Customer Advisory Boards
26. 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
27. Product/Service Feasibility Analysis Concept testing: validate customer interest, desirability & purchase intent
Validate underlying premise
Help develop the idea
Try to estimate sales
28. 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.
29. Product/Service Feasibility Analysis Usability Testing: measures product’s ease of use and the user’s perception of the experience using model/prototype
30. Industry/Market Feasibility Analysis Industry attractiveness
Market timeliness
Identification of niche market
31. 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
32. Industry/Market Feasibility Analysis Market Timeliness
- Improved product = market exists
- Breakthrough product:
- First mover advantage
- Second mover advantage
Identifying a niche market
33. Organizational Feasibility Analysis Sufficient management expertise, organizational competence & resources to successfully launch a business
- Management ability
- Resource sufficiency
34. Financial Feasibility Analysis Total start-up cash needed
Financial performance of similar businesses
Overall financial attractiveness of the proposed venture
35. 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
36. Markets and Margins
37. Competitive Advantages
38. I know quite certainly that I myself have no special talent; curiosity, obsession and dogged endurance, combined with self-criticism, have brought me to my ideas.- Albert Einstein
The air is full of ideas. They are knocking you in the head all the time. You only have to know what you want, then forget it, and go about your business. Suddenly, the idea will come through. It was there all the time.
- Henry Ford
A mediocre idea that generates enthusiasm will go further than a great idea that inspires no one.
- Mary Kay Ash