COMM 320 Chapter 4: Creating & Recognizing New Opportunities PDF

COMM 320-Chapter 4: Creating & Recognizing New Opportunities Study online at https://quizlet.com/_fnl1f5 -any conception existing in the mind as a result of mental under- standing, awareness, or activity...

COMM 320-Chapter 4: Creating & Recognizing New Opportunities Study online at https://quizlet.com/_fnl1f5 -any conception existing in the mind as a result of mental under- standing, awareness, or activity idea -an idea can be either: an innovation, invention, improvement, or irrelevant (Idea classification matrix) -different dimensions based on novelty and value/usefulness -High in novelty: innovations, and inventions idea classification matrix -Low in novelty: improvements, and irrelevant ideas -High in value & usefulness: innovations, and improvements -Low in value & usefulness: inventions, and irrelevant ideas something new; new to the world, industry or market, to a partic- novelty ular company, or something new added to an existing product a product/service considered useful and valuable if it meets ex- useful & valuable pectations, satisfies customers' wants or needs, and inspires peo- ple to pay for it inventions- totally new product that are based on a creative idea innovations- modifications to an invention to take the inventors initial concept even further Inventions vs Innovations -difference between them lies in demand. Inventions score high on novelty, but if an invention does not reach the market or appeal to customers, then it will be rendered useless. Inventions that succeed in finding a market become innovations. High in novelty Invention Low in value and usefulness High in novelty Innovation High in value and usefulness Low in novelty Improvement High in value and usefulness Low in novelty Irrelevant Low in value and usefulness 1) Scanning 2) Observing 3) Connecting 6 strategies to practice generating ideas 4) Collaborating 5) Imagining 6) Lateral thinking scan environment for new opportunities by being alert and using prior knowledge -alertness: the state of being ready to think, notice, understand, scanning and act in a particular situation -prior knowledge: info gained from a combination of education, life, and work experience. observing the world in an outward view; contrast to an inward focus/view where we interpret what we see based on how it affects us. Observing the world outwardly means viewing it in a way where we interpret how it may affect others instead. (EX: you are on observing a plane and a baby starts crying; inward focus: that baby is so annoying , outward focus: the mother might be stressed => this way of thinking may lead to ideas for new products or services that help parents with their children on planes) -making links between two seemingly unrelated concepts to create new concepts -can be done through bisociation or pattern recognition 1/3 COMM 320-Chapter 4: Creating & Recognizing New Opportunities Study online at https://quizlet.com/_fnl1f5 (EX of bisociation: random word generator on google; try connect- ing these words to generate something new) connecting (EX of pattern recognition: connecting the dots-ex: wheeled lug- gage) interacting as a group to generate and build on each others' ideas. -2 collaborating techniques: Brainstorming and nominal group technique (NGT) -NGT: 4 steps: collaborating 1-identify the question that is being brainstormed 2-each member silently writes their own ideas on stick note 3-as a group, ideas are reported, clustered with similar ideas and labeled 4-group members vote on which idea they want to use and work on in greater depth communicating a creative idea imagining => imagination-based strategies: involve letting go of disbelief and dropping constraints in order to create unrealistic states or fantasies. thinking outside of the box; solving stuff using less obvious solu- lateral thinking tions 1. find 2. search => 4 pathways to opportunity identification 3. effectuate 4. design finding a solution to a clear problem; opportunity found through find pathway seeing a problem and acting on a potential solution used when entrepreneurs are not quite sure what type of venture search pathway they want to start, so they engage in an active search to discover new opportunities A pathway that involves using what you have (skills, knowledge, effectuate pathway abilities) to uncover an opportunity that uniquely fits you. the entrepreneur is focusing on unmet needs of customers, specif- ically latent needs (needs we have but don't know we have). design pathway considered most difficult yet the most-value creating pathway be- cause this needs practice and creative thinking before discovering real unsatisfied needs a method that helps you generates ideas to find good business opportunities. -utilizes all pathways mentioned above to generate ideas, and IDEATE method helps you weed out the ideas not likely to evolve into business opportunities - Identify Discover Enhance IDEATE Method Anticipate Target Evaluate -the identify phase of the IDEATE method is about identifying Identify significant problems (MHPs aka Migraine headache problems) that customers are willing to pay solutions for look for problems in you own everyday life; and also in areas where Discover you have passions, curiosities, or in any other things you enjoy 2/3  COMM 320-Chapter 4: Creating & Recognizing New Opportunities Study online at https://quizlet.com/_fnl1f5 improve existing products/services/processes/business models -can be done through the SCAMPER technique: Substitute: substitute something in a product with something else-what can be replaced (substitute glass parts in kids dollhouses with plastic instead for safety) Combine: Combine 2 or more parts of a product to achieve a different, enhanced one (ex: adding cameras to cell phones) Adapt: add touchscreens to computers Modify/Magnify: modification to improve. Ex: enlarging Enhance handles on childrens' toothbrushes to improve grip Put to other uses: ex: using coffee filters as an extra layer in masks during the COVID-19 pandemic Eliminate/reduce: What can remove or put less emphasis on from my product? Ex: removing combustible engines from cars and replacing them with batteries to create electric cars Reverse/rearrange: reverse or rearrange something in product or service (ex: rearrange operations in grocery stores by introducing self-checkout) anticipate beforehand any changes or trends that may occur and Anticipate impact current or future markets Target a specific market and identify its unmet needs, problems, Target etc., to create a solution for them specifically. Evaluate all your ideas to narrow it down to the best ones that could provide for a good business opportunity -consists of 3 steps: 1-determine your top 10 ideas using the Gut Check Formula Evaluate 2-search google to see if idea already exists - may need to eliminate idea if exists, or may determine ways to enhance what is already on market to make a better product/service 3-Narrow down to top 3 ideas using Value Marker Analysis consists of 8 value markers First person opportunities: affects self; possible opportunities for me - limited to our own environment and own life => Types of opportunities Third-person opportunities: opportunities for others; focuses on significant problems to solve for consumers) Some entrepreneurs are in a better starting position than others. Race, socioeconomic status, national identity, disabilities, gender, => Challenges faced by entrepreneurs sexual orientation, age, religion, or political affiliation can be ob- stacles for aspiring entrepreneurs -different dimensions based on novelty and value/usefulness -55%55+5-5'55,5,: the state of being ready to think, notice, understand, and act in -55"5 innovations, 5! 5"5' 5'5(5/55%5-52: and inventions a particular situation -55(50 improvements, 5"5' 5'5(5/55%5-52:: and irrelevant ideas -5)5+5"5(5+ info gained5$5'5(505%555 from a combination 5: of education, life, and work -55"5 innovations, 5! 5"5' 5/55%5.5 and improvements & 5.5,555.5%5'55,5,: experience. -55(50inventions, 5"5' 5/55%5.5 and irrelevant & 5.5,555.5%5'55,5,: ideas 3/3