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Chapter4ClassLecture_D2L.pptx
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Section 2 From Idea to the Opportunity Chapter 4 Creativity and the Business Idea

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LEARNING OBJECTIVES Identify various sources of ideas for new ventures. Methods available for generating new venture ideas. Creativity and creative problem solving techniques. Importance of innovation. Develop an opportunity assessment plan. Product planning and development process. Aspects of e-commerce.

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Trends Trends provide opportunities for starting a new venture Seven trends providing opportunity: Wearable trend. Green trend. The payments industry. Maker trend. Mobile trend. Health trend. The Internet of Things – “smart” devices. Prof. Edward Papabathini

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Sources of New Ideas Some of the most fruitful sources of ideas include: Consumers. Existing products or services. Distribution channels. The Federal Government. Research and development.

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Methods of Generating Ideas A focus group Brainstorming allows greater creativity in a group exercise. No criticism allowed. Freewheeling in encouraged. Quantity of ideas is desired. Combinations and improvements of ideas is encouraged. Brainwriting Problem inventory analysis

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Creative Problem Solving Creative problem solving is important. Brainstorming Reverse brainstorming The Gordon method The checklist method Free association Forced relationships The collective notebook method Attribute listing The big-dream approach Parameter analysis

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Innovation Innovation is key to economic development Innovation is typed based on the uniqueness of the idea. Breakthrough innovations Technological innovations Ordinary innovations

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Product Uniqueness Entrepreneurs define a new product or uniqueness of a product. Uniqueness may be in the consumer concept. The change may be in the product itself. The product may be repackaged. The product may have only minor improvements. The product may simply be similar to a competitor’s product.

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New Product Classification New products may be classified from the viewpoint of the consumer of the firm. Consumers may look at how much behavioral change or new learning is required. Continuous innovations Dynamically continuous innovations Discontinuous innovations Firms may view newness by differences in the technology used or the market served. Changes in technology Changes in markets Complexity increases

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Opportunity Recognition Some entrepreneurs recognize a business opportunity – fundamental to the entrepreneurial process. The key lies in the knowledge and experience Alertness and networks An opportunity analysis plan This is not a business plan, but helps decide whether to pursue an idea.

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Product Planning and Development Process Ideas are refined through the production planning and development process , divided into five major stages. This process results in the start of the product life cycle. Evaluation criteria must be all inclusive and quantitative. A market opportunity and adequate market demand must exist. Evaluate current competing producers, prices, and policies for impact on market share. New products should have synergy with existing capabilities. New products should support and contribute to financial well-being. Evaluate compatibility with existing machinery and personnel. Evaluate an idea throughout its evolution.

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Five Major Stages of Product Development Stage 1: Idea Stage Identify promising new products and eliminate impractical ones. Determine the need for the product and its value to the company. Stage 2: Concept Stage The refined idea is tested to determine customer acceptance. Stage 3: Product Development Consumer reaction to the physical product is determined. Stage 4: Test Marketing Stage Provides actual sales results, which indicate customer acceptance level. Stage 5: Commercialization

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E-Commerce and Business Startup E-commerce needs assessed throughout the evaluation process. Use e-commerce creatively Front end activities Back end activities E-commerce channels include: Websites. Dedicated mobile optimized websites and apps. E-commerce is essential today.

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LEARNING OBJECTIVES REVIEW To identify various sources of ideas for new ventures. To discuss methods available for generating new venture ideas. To discuss creativity and creative problem solving techniques. To discuss the importance of innovation. To understand and be able to develop an opportunity assessment plan. To discuss the aspects of the product planning and development process. To discuss aspects of e-commerce.

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6/20/2020 Click to edit Master text styles Second level Third level Fourth level Fifth level ‹#›

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Click to edit Master title style Click to edit Master text styles Second level Third level Fourth level Fifth level ©McGraw-Hill Education. All rights reserved. Authorized only for instructor use in the classroom.  No reproduction or further distribution permitted without the prior written consent of McGraw-Hill Education. Prof. Edward Papabathini ICS: 394 Entrepreneurship Strategy

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Click to edit Unique Master title style Click to edit Master text styles Second level Third level Fourth level Fifth level 3- ‹#› Prof. Edward Papabathini

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Click to edit Unique Master title style Click to edit Master text styles Second level Third level Fourth level Fifth level 4- ‹#› Prof. Edward Papabathini

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Slide 1 Amy Papabathini, Edward 55 2019-06-06T19:59:41Z 2018-08-24T14:57:00Z 2020-06-20T18:44:40Z

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