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Tom Kalchik

Ideas and Innovation: Creating ideas you can profit from. Tom Kalchik. Tom Kalchik, Assoc. Dir. Michigan State University Product Center. Ideas and Innovation: Creating ideas you can profit from. MSU Product Center. What it is Structure Strategic Marketing Institute Client Services

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Tom Kalchik

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  1. Ideas and Innovation: Creating ideas you can profit from Tom Kalchik

  2. Tom Kalchik, Assoc. Dir. Michigan State University Product Center Ideas and Innovation: Creating ideas you can profit from

  3. MSU Product Center • What it is • Structure • Strategic Marketing Institute • Client Services • Innovation Academy • Process • Three phase model

  4. The Intuition about Process • First, can you tell a plausible “fairy tale” about the idea of the venture? • Market/customer driven • Internally consistent and appealing • Then, can you reasonably make a profit from the venture if everything goes well? • Finally, can you “prove” to yourself and to others the venture’s potential to work (feasibility)?

  5. What Is Needed to Launch a New Venture? • What is a New Venture? • A New Business or a New Product/Service • The Key Elements • An Innovative Idea • The Entrepreneurial Drive • The Resources to Go to Market • The Prerequisite for Success: A Business Plan that Puts the Key Elements Together!

  6. Entrepreneurship • is a way of thinking, reasoning, and acting that is opportunity obsessed, holistic in approach, and leadership balanced. • Habitual entrepreneurs – make a career out of starting businesses, some working within existing businesses and some in independent startups. All have in common finely honed skills in forging opportunity from uncertainty. (“The Entrepreneurial Mindset : Strategies for Continuously Creating Opportunity in an Age of Uncertainty,” Rita McGrath and Ian MacMillan, Harvard Business School Press, 2000)

  7. Month of March • 6 workshops throughout the State

  8. Agenda • What makes an idea unique, marketable and profitable? • Does the idea match what consumers want today? • What does it take to be an innovative entrepreneur? • How do you take a new and unique idea to market? • Are you ready to take the first step?

  9. What makes an idea unique, marketable and profitable? • Differentiation • Customer segmentation • Supply chain issues • Creating differentiated products • Sources of differentiation • Means of creating differentiation

  10. Creating Differentiation Means Source X X X X X X X X X

  11. Does the idea match what consumers want today? • The Drivers – key functionalities • Wellness • Indulgence • Convenience • Value • Ethnicity • Demographics

  12. What does it take to be an innovative entrepreneur? • Definition • Inventory of ideas • Paradoxes • Myths and Realities • Entrepreneurial test-self assessment

  13. Who can be an entrepreneur? • Anyone who wants to experience the deep, dark canyons of uncertainty and ambiguity; and who wants to walk the breathtaking highlands of success. But caution, do not plan to walk the latter until you have experienced the former. Quote from an entrepreneur

  14. Create your own inventory of ideas NOW

  15. Paradoxes • An opportunity with no or very low potential can be an enormously big opportunity • To make money you have to first lose money • To create and build wealth one must relinquish wealth

  16. Source: Wall Street Journal

  17. Myths and Realities • Anyone can start a business • Must recognize difference between an idea and an opportunity • Luck requires preparation • Easy to start • Hard to survive, sustain and build a venture

  18. Myths and Realities • Entrepreneurs are gamblers • Successful entrepreneurs take careful, calculated risks • Get other to share risks with them • Entrepreneurs want to run the whole show • High potential entrepreneurs build a team, an organization, a company

  19. How do you take a new and unique idea to market? • You’ve got the unique, marketable, innovative idea! • You’ve got the entrepreneurial drive! • Now, how do you get the idea to market • Gather the resources • Put them into action • The Prerequisite: A Business Plan • A three-phase process!!!

  20. Are you ready to take the first step? • The Challenge • Will the idea work? • How do I get started? • Working time with counselor

  21. The Challenge You Face • To systematically turn a business or product idea into a real start-up or launch. • Desire often overwhelms reason. • The glory of the idea • “Build it and they will come.” • “Everyone will want it.” • “It’s the greatest thing since sliced bread.” • Missing the logical flow of development • Operational detail before concept/strategy development • Production before marketing • No consideration of the real return potential

  22. Results • 336 participants • Average of 23 years of business experience • Average of 14 years in current business • Average of 62 miles traveled to attend • Usefulness of program – 4.15 out to 5 • Met expectations – 4.28 out of 5 • Improved understanding – 4.13 out of 5 • 70 new projects started

  23. Future Program • More details on idea generation • More information on business planning

  24. Thank you Questions?

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