Entrepreneurship: Generating Ideas PDF

ENTREPRENEURSHIP  2 WHAT IF? Don't be afraid to let your mind wander and dream. What do you really wish were possible? What two products could be brought together for the first time to create a new one? Don't be afraid to get unconventio...

ENTREPRENEURSHIP  2 WHAT IF? Don't be afraid to let your mind wander and dream. What do you really wish were possible? What two products could be brought together for the first time to create a new one? Don't be afraid to get unconventional. CHAPTER 2 GENERATING IDEAS Presentation title 4 SOURCE OF IDEAS FOR ENTREPRENEURIAL VENTURES A number of practicing entrepreneurs and business coaches have identified a host of sources from which we can find business ideas from the product, from the process, from the person and from the relationships. Presentation title 5 SOURCE OF IDEAS FOR ENTREPRENEURIAL VENTURES From Existing Products or Services Many entrepreneurs are introducing new products and services by differentiating them from those currently in the market. Presentation title 6 SOURCE OF IDEAS FOR ENTREPRENEURIAL VENTURES From Existing Products or Services  Presentation title 7 SOURCE OF IDEAS FOR ENTREPRENEURIAL VENTURES From Existing Products or Services Annoyance-driven Innovation - More than just changing the features of a product, successful entrepreneurs introduced new products because of their d i s satisfaction with those available in the market Presentation title 8 SOURCE OF IDEAS FOR ENTREPRENEURIAL VENTURES From the Process Reviving combining or formulating another process of creating or selling products. Presentation title 9 SOURCE OF IDEAS FOR ENTREPRENEURIAL VENTURES From the Process Presentation title 10 SOURCE OF IDEAS FOR ENTREPRENEURIAL VENTURES From the Person The individual examines his/her interest hobbies skills dreams and even his/her travel and use it to form business ideas. Presentation title 11 SOURCE OF IDEAS FOR ENTREPRENEURIAL VENTURES From the Person Presentation title 12 SOURCE OF IDEAS FOR ENTREPRENEURIAL VENTURES From relations Individuals source their entrepreneurial ideas from families, relatives and friends Presentation title 13 SOURCE OF IDEAS FOR ENTREPRENEURIAL VENTURES From Relations Presentation title 14 METHODS FOR GENERATING OR TESTING NEW IDEAS There are several methods of generating business ideas. These are these are classified into logical thinking and creative thinking. Presentation title 15 GENERATING BUSINESS IDEAS THROUGH LOGICAL THINKING Logical Thinking Refers to the systematic and rational way of providing an answer to a question. Presentation title 15 GENERATING BUSINESS IDEAS THROUGH LOGICAL THINKING Logical Thinking: Statistical analysis Market analysis SWOT analysis Delphi Technique Presentation title 15 GENERATING BUSINESS IDEAS THROUGH LOGICAL THINKING Statistical Analysis Refers to a systematic analysis of data generated from a survey of individuals. Presentation title 16 GENERATING BUSINESS IDEAS THROUGH LOGICAL THINKING Market Analysis Is related to statistical analysis which is undertaken to know the various factors that affect the demand for a particular product or service. Presentation title 16 GENERATING BUSINESS IDEAS THROUGH LOGICAL THINKING SWOT Analysis Is usually undertaken to describe the state of competition within an industry. Presentation title 17 GENERATING BUSINESS IDEAS THROUGH LOGICAL THINKING Delphi Technique Is the systematic way of generating ideas from a selected group of individuals using various rounds of consultations or sessions. Presentation title 18 GENERATING BUSINESS IDEAS THROUGH CREATIVE THINKING New business ideas can also be generated through various methods of exploring creativity. This kind thinking does not follow systematic or analytical procedures but looks at things from different perspectives.  Presentation title 19 EXAMPLES OF METHODS THAT USES CREATIVE THINKING IN IDENTIFYING BUSINESS IDEAS Brainstorming Problem Inventory Analysis Refers to an unstructured Similar to brainstorming but is directed discussion of a group to elicit to identifying all possible problems ideas. It entertains even ideas that encountered with a specific product or are illogical and “out of this world”. service.  Presentation title 20 EXAMPLES OF METHODS THAT USES CREATIVE THINKING IN IDENTIFYING BUSINESS IDEAS Free Association Method Checklist Method Draws ideas from participants that Obtains business ideas from target are associated or linked with a participants by listing all possibilities given idea or a word. that ideas can be connected to reprocessed and associated with. Presentation title 21 FACTORS THAT INFLUENCE CREATIVITY There are factors affecting creativity, which can be grouped into four categories: problem solving factors, motivational factors, situational factors and organizational factors.  22 FACTORS Problem Solving Factors THAT An individual who is not satisfied with existing products and services may think of INFLUENCE creative ideas to improve them or simply CREATIVITY differentiate these products and services. Motivational Factors A creative individual is usually a highly motivated person. A motivated individual is willing to do something to address dissatisfactions from existing products.  23 Situational Factors The creativity of a person is manifested when they are confronted with concrete situations creativity surfaces FACTORS when the eagerness to implement a plan is tempered THAT by ability of an individual to convince others to INFLUENCE cooperate with him in implementing the plan CREATIVITY Organizational Factors An organization with foresight and that is forward looking can attract creative individuals since it has an appetite for risks than a company that emphasizes short term profits. Presentation title 24 CONFLUENCE APPROACH TO CREATIVITY The need to balance the interactions of all factors into a complex system so that they all converge toward creativity. Presentation title 25 CREATIVE PROBLEM SOLVING A procedure of answering a problem with mechanisms and techniques incorporating creativity. Presentation title 26 OSBORN-PARNES CREATIVE PROBLEM SOLVING MODEL Requires divergent and convergent thinking in solving a problem. Presentation title 27 SIX STEPS OF CREATIVE PROBLEM SOLVING METHOD FOLLOWING OSBORN-PARNES MODEL The following six steps are followed in the Osborn- Parnes model. They look very simple and easy to do, but each stage requires various creative processes. Presentation title 28 SIX STEPS OF CREATIVE PROBLEM SOLVING METHOD FOLLOWING OSBORN- PARNES MODEL Setting the Revisiting the Identifying the Objective Objective Problem This involves the This stage involves Based on the objective set the search for studies, and the review of related identification of an studies, the individual has objective that an reports, analyses, and a clearer view on what individual wishes to papers related to the problem to pursue. achieve. objective set.  Presentation title 29 SIX STEPS OF CREATIVE PROBLEM SOLVING METHOD FOLLOWING OSBORN- PARNES MODEL Looking for a Selecting a Accepting the Solution Solution Solution Once the problem has Once enough options are given The process of selecting been identified, another from the divergent thinking the solution among all process, a convergent series of divergent remaining options. evaluation process of weighing thinking of generating the significance, relevance, and ideas for the solution of feasibility of these options is the problem is needed. undertaken. THANK YOU