The Entrepreneurial Mind PDF

The Entrepreneurial Mind Presented by: Group 3 2 Introduction Introduction This report provides an overview of Design Thinking, its process, values, and strategies for idea generation. Additionally,...

The Entrepreneurial Mind Presented by: Group 3 2 Introduction Introduction This report provides an overview of Design Thinking, its process, values, and strategies for idea generation. Additionally, it explores the concept of innovation and its importance in developing a start-up, as well as the principles of recognizing opportunities and assessing entrepreneurial opportunities. 3 OBJECTIVES Topics Define what is Design Thinking, Design Thinking Process and Design Thinking Values Strategies for Idea Generation Types of Ideas That Develop a Start- Up Innovation: The Creative Pursuit of Ideas Develop a start up: Opportunity Recognition/Identification Mr. Henry Sy Sr. Principle: Recognize Opportunity Assessment of Entrepreneurial Opportunities RA 11337: Innovative Start Up Act The Intellectual Property Rights in the Philippines 4 DESIGN THINKING THINKING PROCESS A process for A process follows solving problems a systematic by prioritizing the process that consumer's needs consists of five above all else.p steps. 5 DESIGN THINKING PROCESS 6 Component 1. EMPATHIZE 2. DEFINE Gain a deep understanding of the Clearly articulate the problem you users and their needs through are trying to solve. observation and engagement. 7 Component 3. IDEATE 4. PROTOTYPE Generate a wide range of ideas and Build tangible representations for a solutions. subset of ideas. 8 Component 5. TYPES Test prototypes with users to gather feedback. 9 DESIGN THINKING VALUES It offers a defined process for innovation. 10 Benefit WE VALUE: The needs of the people we serve Building trust between government and the public Collaboration and community Growing the design competency of government Designing iteratively and learning continuously Showing progress Measuring our impact 11 IDEA GENERATION Idea generation is a creative process that involves actively making and developing innovative ideas to enhance business performance. 12 Importance of Idea Generation Improving Existing Products 1 Staying Ahead in the Market 2 and Services Creating New Products and Enhancing Problem-Solving 3 3 Servicest Abilities 13 IDEA GENERATION STRATEGIES AND TECHNIQUES 14 BRAINSTORMING a collaborative technique for generating new ideas and aims to foster creativity by leveraging the collective thinking power of a group. 15 BLUE SKY THINKING technique where participants imagine ideal scenarios without restrictions, encouraging unconventional and innovative ideas 16 S C A M P E R -a creative problem-solving technique used to modify existing ideas or processes. It involves seven actions: 1. Substitute 5.Put to another use 2. Combine 6.Eliminate 3. Adapt 7.Reverse 4. Modify 17 REVERSE THINKING technique that helps teams break free from stagnation by flipping conventional perspectives. Instead of focusing on achieving the goal, the team brainstorms how to accomplish the opposite. 18 MIND MAPPING visual tool for organizing complex information. You place the main idea, like a new product, at the center and branch out into categories such as marketing and design, with sub- branches for specific actions. 19 20 WHAT IS A START UP? A startup is a new company founded by at least one person. Startups usually sell either products+ or services to the public but must obtain funding from investors first. Startups often bring innovation to the marketplace in the way of new products or more efficient. 21 THE CHALLENGE OF NEW-VENTURE START-UPS 1. the need for approval 2. the need for independence 3. the need for personal development 4. welfare (philanthropic) considerations 5. perception of wealth 6. tax reduction and indirect benefits 7. following role models 22 PITFALLS IN SELECTING NEW VENTURES 1. Lack of Objective Evaluation 2. No Real Insight into the Market 3. Inadequate Understanding of Technical Requirements 4. Poor Financial Understanding 5. Lack of Venture Uniqueness 6. Ignorance of Legal Issues 23 CRITICAL FACTORS FOR NEW VENTURE DEVELOPMENT 1. Uniqueness 2. Investment 3. Growth of sales lifestyle ventures small profitable ventures high-growth ventures 4. Product Availability 5.Customer Availability 24 OPPORTUNITY RECOGNITION/IDENTIFICATION Entrepreneurs and businesses use this process to enhance or start their ventures 25 FACTORS THAT TEND TO MAKE ENTREPRENEURS BETTER AT RECOGNIZING OPPORTUNITIES: a. Prior industry experience b. Social Network c. Creativity 26 WAYS OR APPROACHES TO IDENTIFY OPPORTUNITIES: a. Observation of trends b. Solving a problem 27 MR. HENRY SY SR. PRINCIPLE: RECOGNIZE OPPORTUNITY 28 WHO IS HENRY SY? 29 WHO IS HENRY SY? Henry Sy Sr., known as the Father of Modern Philippine Retail, a Filipino-Chinese Businessman who founded SM Group, one of the largest conglomerates in the country. He started with a small shoe store and expanded into malls, real estate, banking, and retail. He became the richest man in the Philippines, leaving a significant legacy in the business world. 30 MR. HENRY SY SR. PRINCIPLES 1. Strive to be a leader in your chosen field. 2. Be a person of integrity. 3. Have a long term vision and strategy. 4. Focusing means concentrating and prioritizing. 5. Have great passion to achieve. 6. Work hard. 7. Be patient and persevere. 8. R e c o g n iizzee o oppp poorrttuunniittyy. 9. Be optimistic. 10. Be confident. 11. Be disciplined. 12. Build your organization. 13. Make it your mission to provide employment. 14. Social responsibility is important  31 RECOGNIZE OPPORTUNITY IS... It one thing to recognize an opportunity, but taking action on it is what truly matters. When an opportunity arises, you need to be prepared to seize it; otherwise, it will pass to someone else. Opportunity does not always come knocking. Keep an open eye on the future Innovation 32 RA 11337: INNOVATIVE START UP ACT THE INTELLECTUAL PROPERTY RIGHTS IN THE PHILIPPINES  There is a law that supports startup 33 companies and business in the Philippines. Legislated under Republic Act 11337, the aim of the Innovative Startup Act is to provide incentives and remove constraints aimed at encouraging the establishment and operation of innovative new businesses 34 The Innovative Startup Act creates a legal and practical framework for supporting startup enterprises and businesses which are covered within the act. 35 THE INNOVATIVE STARTUP ACT PROVIDES THE FOLLOWING BENEFITS TO STARTUPS: a. Registration of a startup as an enterprise and as a business entity, with the Department of Trade and Industry (DTI), 36 Thank You!!!