Entrepreneurship, Creativity, Innovation Chapter 2 PDF

ENTREPRENEURSHIP, CREATIVITY, INNOVATION CHAPTER 2 EDITED BY: M.AL-FARSY 11/10/2024  IDEAS AND OPPORTUNITIES Idea Opportunity This is a thought. Something that creates a need for a product or...

ENTREPRENEURSHIP, CREATIVITY, INNOVATION CHAPTER 2 EDITED BY: M.AL-FARSY 11/10/2024  IDEAS AND OPPORTUNITIES Idea Opportunity This is a thought. Something that creates a need for a product or service. Note: 📝 Ideas may be good, but you need a good OPPORTUNITY Opportunities should be: 1) Attractive 3) Timely (same generation) 2) Durable (can be used) 4) Adds value BUSINESS OPPORTUNITY 1) Opportunity gap: an idea that is needed in the market. 2) Window of Opportunity: the time taken to start the opportunity CHAPTER 2 2  Note 📝: Window of opportunity must be small. THREE WAYS TO IDENTIFY OPPORTUNITIES 1)Observing trends 2)solving a problem 3)Finding gaps in the market 1) OBSERVING TRENDS See what is changing in your environment. WAYS TO OBSERVE TRENDS. a) Economic Forces💰 Checking the economy around you and seeing how much money people have. Example: If there is a strong economy, people will spend more money b) Social forces🫂 Seeing what people want Example: People like fast food not because it's tasty but because they have no time. CHAPTER 2 3  Examples of social trends - Increase in population -People focus on health and wellness -Many nationalities come -Using mobile phones Wanting clean energy (solar....) - People coming from small towns - People wanting their own choice c) Technological advances 👾 Technology creates more opportunities. Example: People are using electronic devices to check their health easily. Note : Most people will advance the technologies that are already there. d) Political Action & Regulatory Changes🤝 checking if it is easy to start a business in your country. 2) SOLVING A PROBLEM Seeing a problem people have and making a business out of it. Example: USA people have problems using Fossil fuels. So, entrepreneurs will make windmills to generate energy. CHAPTER 2 4  3) FINDING GAPS IN THE MARKET See what people don't have in a certain place and start that thing. Example: There is no barber shop in IBRA town, so you will start the barber shop there, and you will get customers. PERSONAL CHARACTERISTICS OF ENTREPRENEURS Prior Having experience from before will experience help you to see opportunities Cognitive Your skills or also called alertness Factors ability to notice things Social Building social contacts and Network knowing more people. The process of generating a good Creativity idea 📝 Fun fact: 40%-50% of ideas are through social contacts 5 STEPS OF GETTING AN IDEA 1)Preparation- Have skill or background on the idea CHAPTER 2 5 2)Incubation- see the idea: think of a problem 3)Insight - bring solution to problem 4)Evaluation - think well and check if the idea is good for business. 5)Elaboration - make the idea into the final form TECHNIQUES OF GETTING IDEAS 1)BRAINSTORMING 💡 -generate several ideas from a specific topic. -No analyzing here just ideas and it should be quick. 2) FOCUS GROUPS 👥️ 5 -10 people - People having a background about the product ONLY will discuss. 3) LIBRARY OR INTERNET RESEARCH 🧐 Check ideas from Google or the library. 4)CUSTOMER ADVISORY BOND Asking people what they want and making a product 5) DAY IN LIFE RESEARCH 📲 Available companies will ask people about products so that they can improve. CHAPTER 2 6