BUS B328F Autumn 2015 Lecture 01
Transcript of BUS B328F Autumn 2015 Lecture 01
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US 328F
Investigating
Entrepreneurial
Opportunit ies
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US 328F
Investigating
Entrepreneurial
Opportunit ies
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BUS B328F
InvestigatingEntrepreneurialOpportunities
Lecture 1 :Innovative Ideas
Welcometo
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Lecture contents
Study Mode and Aims
Course Outline
Assessment & Assignments
nno!ati!e deas and ty"es o# inno!ation
Common $arriers to new ideas and
%anges
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Purposes
ntrodu%ing $usiness %on%e"ts and analysistat are use#ul #or de!elo"ing and
sustaining a su%%ess#ul $usiness !enture.
(n%ourage te initiations o# !enture ideastat stands a strong %an%e o# su%%ess.
Sar"en te $usiness idea wit %learer
#o%us) targeted mar*et and de#inedstrategies) o# wi% te $usiness "lan
sould $e attra%ti!e to in!estors.
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Learning outcomes
Initiate innovative business ideas #or !enturede!elo"ment , troug e##e%ti!e de"loyment o#
resour%es in#ormation as well as networ*ing troug
identi#i%ations o# "ro#ita$le ga" and %onsumer needs
Create a competitive venture and a sound
business plan$y demonstrating a""ro"riate
a""li%ations o# management #ramewor*s and
resear% te%niues. Foster entrepreneurial decision-making skills, in
$uilding enter"rising %a"a$ilities wit a #o%us and
%om"etiti!e strategy.
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Study Mode: 0KO0 Materials
wo wor*$oo*s 4 Ca"ters5
Sel#-diagnosti% tests A%ti!ities5 , we$site
Case-studies , 0KO0 we$site
Assignmentsfor creating a business plan
A lots o# $rainstorming) #antasi6e $e%oming an
entre"reneur5) simulated e7er%ise) role "lay)
dis%ussions and most im"ortant o# all 8 sel#-
dis%i"lined in learning and %ondu%ting resear%
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Syllabus Outline Course
Contents Sour%es o# inno!ati!e ideas and ty"es o# inno!ation Attri$utes and %ara%ters o# (ntre"reneurial !entures ,
re!iew o# resour%es) networ* and $usiness "otential
denti#y %om"etiti!e issues o# a start u",%riti%alsu%%ess #a%tors) !alue %ain analysis) :&C models
Alignment o# %om"etiti!e #a%tors and internal
strengt.
0nderstanding mar*eting mi7 and mar*ing resear%
S%o"ing te mar*et and %ustomer needs
;usiness "lan and #inan%ing issues
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Assessment 10 Credits
CourseContinuous Assessment 4
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Assignments (y !roups"
#1: Your Entrepreneurial Venture
propose your product or service, the
target market, customers and your
strengths
#2: Your resources and capabilities to
support the venture
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Assignments by
groups#$ % final "ritten report and &resentation '
incorporating all the feedbacks in the class
(applying concepts)* presentation focuses
a. (7"lain wy te !enture is inno!ati!e$. e target mar*et) segments) $ene#its and
%om"etitors
%. e internal resour%es and e7ternal networ*and sta*eolders needed #or laun%ing
d. 0ltimate o$?e%ti!es and measure o# su%%ess
o!er time.
I ti ti E t i l O t iti
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Idea Entrepreneur Capital
Team/Firm
ar!et
Attra%t See*s
(na$les
Com"ete
+ession nnovative deas
$ig 11 &usiness 'om(etition 'hain
I ti ti E t i l O t iti
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Where to start?
@ (7"erien%e
@ etwor* , #riends and relati!es5@ O$ser!ations Ma%roMi%ro5
@ Dream Bantasi6ing
I ti ti E t i l O t iti
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Sources of New Ideas
" C#n$umer$
" E%i$tin& 'r#du(t$ and Ser)i(e$
" *i$tri+uti#n C,annel$
" -#)ernment
" . *
See more Box 1.1 (p10, Workbook 1) for a list of
common sources of innovative business ideas1'
I ti ti E t i l O t iti
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Quality of business ideas
me t## (#n(ept (#pin& #r imitatin& appl #t,er pe#ple4$ +u$ine$$ m#del int# a
ne (#nte%t6 l#(alit #7 indu$tr
'r#du(t it, di$tin(ti)e uni9ue: 7eature$
'r#du(t it, pr#minent $uperi#r: 7eature$
'r#du(t 7ul7il a ne &ap
'artl;7#rmed #r 7ull 7led&ed idea Ser)i(e #77er $#luti#n$ t,at ir#n;#ut
in(#n&ru#u$ ,appenin&$
1+
In estigating Entreprene rial Opport nities
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#dea$generating tric%s (&o' "
;rainstorming witout %riti%ism) (la$orating ideas)
Bantasi6ing and de!elo"ing s%enarios)
Consider attri$ute) %riteria and %ara%teristi%s o#alternati!e a""roa%es) multi"le %onseuen%es
De!elo"ing analogies $etween %ir%umstan%es
:earranging) re!ersing) e7"anding) srin*ing%om$ining or altering ideas or imitating
Ad!i%es #rom e7"erts and te e7"erien%ed
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What is Creativity ( : =
Art,ur -#&at? and .eu+en #nde@ar 2005
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)e*nitions
Carrin& #ut #7 ne combinations #77irm #r&ani?ati#n new products, new services,
new market,
new sources of raw materials supplies,
new methods of production,
new forms of or!ani"ations
Schumpeter (1934)
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21
Year Firm Product Reasons for
Failure
15 C#met Airline$ Fir$t pa$$en&er airline Sa7et (#n7iden(ea7ter 7atal (ra$,e$
10$ atne$ .edBarrel
Beer Brein& D# ualit
10$ Ger#% 'er$#nal (#mputer6 la$erprinter and Et,ernet
C#mmer(ial 7ailure
15 S#n4$ Betama% ide#;tape $$tem Hi&, (#$t and ri)alHS
185 Cli)e Sin(lair Ele(tri( 3;,eel (ar Sa7et
15 Apple4$ e;#rld e+ 7#rum and p#rtal Clear de$i&n +ut n#tea$ na)i&ati#n
2000 B##=(#m E;(#mmer(e 7#r $p#rtand $treet ear mar!et
r#n& (u$t#mer7#(u$
Te(,n#l#& OK=
$aie! nnovations ;o7 1.2) P1+) or*$oo*5
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#ypes of innovation
Bi& +an& re)#luti#nar / di$(#ntinu#u$
In(remental/ &radual $mall;$tep
(,an&e$
a:Te(,n#l#&i(al (,an&e$ te(,n#l#&; pu$,
appr#a(,:
+:ar!et (,an&e$ (u$t#mer;pull appr#a(,:(:Stru(tured #r #pp#rtuni$ti(
d:Indi)idual #r S#(ial inn#)ati#n e77#rt$:
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Creative $inka!e % viable ?
ar!eta+ilit ali&nment #7 (u$t#mer$
it, pr#du(t$(&i!ht ' arket, )roduct and
#ime*
"arket #esearch $ %aps anal&sis
'ar%et market $ sie
aps in products
aps in competitive advanta%es
aps in access (or presence of
barriers)
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Clusters
*e7initi#n$ ; A $et #7 (#;l#(ated +u$ine$$a(ti)itie$ #r 7irm$
A (#mpetiti)e ad)anta&e 7#r (reati)it
and e77e(ti)e inn#)ati#n
2'
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Creative $inka!e % viable ?(* ne source of innovations+ ne methodsof %atherin% market information, financin%
and distributions) lusters e=&= Sili(#n alle
a)aila+ilit and $,arin& #7 $!ill$6 re$#ur(e$6
!n#led&e6 de)el#pment6 te(,n#l#&ie$6
partnerin&6 #ut$#ur(in& need$ et(= -etorks; T,e emer&en(e #7 ICT
$upp#rted +u$ine$$ net#r!
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nternal
(7
ternal
So%ial
ndi!idual
Clusters Planned
etwor*ero
nno!ator
nnovative -heories (.igure /0, p!, 1orkbook )
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+dvanta!es of bein! with Clusters
C#mpetiti)e .elati#n$ C##perati)e .elati#n$
O77erin& #7 !n#led&e de)el#pment
C#mplementar in re$#ur(e$ $,arin&
Stren&t,$ in net#r!in&6 in(u+atin&6
pr#li7erati#n
=B=J '#rter4$ Fi)e F#r(e$ Anal$i$ addre$$ mainl
(#mpetiti)e relati#n$=
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C,apter 1J Ke '#int$
T,e lin!$ +eteen entrepreneurial idea$and di77erent tpe$ #7 inn#)ati#n$
Ke in7luen(e$ #n t,e pr#(e$$ #7 inn#)ati#n
Identi7in& t,e inn#)ati#n p#tential$ #7 #uridea
Anal?in& t,e p#tential mar!et 7#r #ur
inn#)ati#n in term$ #7 (u$t#mer +ene7it$ Ke 7a(t#r$ in7luen(e $u((e$$ and 7ailure #7
t,e inn#)ati#n pr#(e$$
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ental lock to Creativity
'er(epti#n Bl#(!
Em#ti#nal Bl#(!
Cultural Bl#(! Ima&inati#n Bl#(!
En)ir#nmental Bl#(!
Intelle(tual Bl#(!
+ll these are obstacles to Creativity
Blind Sp#t