This document discusses opportunity recognition and screening new business ideas. It provides sources of ideas such as everyday problems, personal experiences, and changes in the external environment. The document outlines Drucker's 7 sources of innovative opportunities and describes evaluating ideas based on market need, economic viability, competitive advantage, and management capability. It concludes with a screening checklist to assess market factors, competitive advantage, resources, and other considerations to determine if an idea warrants further pursuit.
To appreciate the role of entrepreneurship in challenging and urgent times
To classify the types of climate change effects on entrepreneurs as well as the opportunities hat arise within the Asia–Pacific context
To review important concepts in climate change economics that impact entrepreneurial activity
To appreciate the various emerging frameworks in entrepreneurial ecology
Innovation is the glue between invention and investment, and transforms ideas into businesses. The process of innovation shapes your idea into something people will value and ultimately purchase.
The innovation process cycles through 4 key steps:
1) Ideas and Solutions
2) Business propositions
3) Business feasibility
4) Business planning
OPPORTUNITY IDENTIFICATION AND SELECTION
Opportunity to Start a Business
Steps in Arriving at Business Opportunity
Generating Ideas
Ways of Scanning the Environment
Collecting Information
Means of Collecting Information
Screening Process
Formulating the Concept of the Business
To appreciate the role of entrepreneurship in challenging and urgent times
To classify the types of climate change effects on entrepreneurs as well as the opportunities hat arise within the Asia–Pacific context
To review important concepts in climate change economics that impact entrepreneurial activity
To appreciate the various emerging frameworks in entrepreneurial ecology
Innovation is the glue between invention and investment, and transforms ideas into businesses. The process of innovation shapes your idea into something people will value and ultimately purchase.
The innovation process cycles through 4 key steps:
1) Ideas and Solutions
2) Business propositions
3) Business feasibility
4) Business planning
OPPORTUNITY IDENTIFICATION AND SELECTION
Opportunity to Start a Business
Steps in Arriving at Business Opportunity
Generating Ideas
Ways of Scanning the Environment
Collecting Information
Means of Collecting Information
Screening Process
Formulating the Concept of the Business
Se presenta la concepción sistémica del hombre en su entorno, una ecósfera dinámica dentro del universo con sus atributos y relaciones de energía, materia, espacio, tiempo y movimiento, inexplicables en su origen y sostenibilidad por la razón e inteligencia humana
The funding of the organization generally comes from the public and individual donations. Sometimes countries and governments allocate some funds to the organization so that it can advance its welfare programs
Innovation is something new, something original out of the existing resources. It may span over : product, process, services, business model, delivery model or thought process or organisational structure
Teachers play a vital role in society by educating and shaping the minds of students. If you're considering a career as a teacher, here are some key aspects to consider:
Passion for Education: Teaching requires a genuine passion for education and a desire to make a positive impact on students' lives. Ask yourself if you enjoy working with young people, if you find joy in helping others learn, and if you have a genuine interest in the subjects you would like to teach.
Communication and Interpersonal Skills: Effective teachers possess strong communication and interpersonal skills. They can convey information clearly, engage students in discussions, and build positive relationships with their students, parents, and colleagues.
Patience and Adaptability: Teaching can be challenging, so it's important to be patient and adaptable. Students come from diverse backgrounds and have different learning styles and abilities. As a teacher, you need to be patient, understanding, and willing to adapt your teaching methods to meet the needs of individual students.
Continuous Learning: Education is a lifelong journey, and teachers are lifelong learners. To be effective, teachers must stay up-to-date with the latest teaching techniques, curriculum changes, and educational trends. Continuing professional development is crucial to provide the best learning experience for students.
Impact and Influence: Teaching offers the opportunity to make a lasting impact on students' lives. As a teacher, you have the power to inspire, motivate, and empower students. The ability to shape young minds and help students reach their full potential can be incredibly rewarding.
Challenges and Rewards: Teaching can be both challenging and rewarding. It requires dedication, resilience, and the ability to handle various responsibilities such as lesson planning, grading, classroom management, and addressing individual student needs. However, the joy of seeing students grow, learn, and succeed can make it all worthwhile.
Professional Support: Look into the support available for teachers, such as mentoring programs, professional development opportunities, and a supportive school community. Having a supportive network can help you thrive and overcome challenges in your teaching career.
Remember, teaching is a profession that requires commitment and a genuine interest in nurturing the minds of future generations. It's important to thoroughly research the education requirements and licensing processes in your country or region to ensure you meet the necessary qualifications. Consider shadowing or volunteering in classrooms to gain firsthand experience and a better understanding of the teaching profession before making a final decision.
To understand that assessing an opportunity requires various techniques including both analysis and active learning
To distinguish Internet opportunities from other opportunities
To recognise common pitfalls in taking new venture ideas to the marketplace
To identify critical factors involved in new venture development
To examine the opportunity landscape and the factors that underlie and promote entrepreneurial opportunities
To assess industry value chains and ecosystems from an opportunity perspective
To examine Porter’s five forces model of competitive market analysis
To compare opportunity profile analysis methods: critical questions analysis, feasibility criteria approach and comprehensive feasibility method
To be alert to how an entrepreneurial ecosystem contributes to the opportunity landscape
You never get a second chance at a first impression. Early-stage ventures seeking investment need to know how to target, locate, approach, and close with venture capitalists, angels, and strategic investors. Hear first-hand a successful pitch from an entrepreneur who has closed a funding round (or two) and how the company’s pitch evolved over time.
So you have built an amazing early stage life science company. Now you need to explain it. This panel will cover how to concisely communicate a company’s value proposition to investors in a variety of formats including the elevator pitch, an angel presentation and a VC meeting.
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Opportunities dont always knock at your door. So when they do grab them with both the hands. Have a business Idea in your mind and waiting for the opportunity! Then have a look at the presentation on IDEA AND OPPORTUNITY MAPPING.
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2. Today’s Objectives
• Understand where business ideas
come from
• Understand how to perform an initial
high level screening / evaluation of
business opportunities
• Understand the influence of the
external environment
• Take away action – screening
checklist
3. Business Creation & Start-up Process
Adapted from Deakins (2006)
Idea formulation
Opportunity Recognition
Pre-start Planning and
Preparation
Entry and Launch
Post-entry Development
5. Sources of Ideas
• Every day problems / needs / complaints
– E.g. Sports Division / Cisco / Netflix
• Personal experience
– Work, home, education, skills and talents
• Hobbies and interests
– Lifestyle entrepreneurs
• Newspapers, magazines, media
• Other countries
• Deliberate Search
– Business Opportunity Profiles
– On-line databases
– Patents and licensing
• Factors of Change
6. Pizza Express Case Study
• Founded Peter Boizot – 1965
• Influenced by Italian and German
experiences - pizzaiolos
• Formed an exclusive alliance with
London’s only mozzarella maker
• By 2003 over 300 outlets in UK, Ireland,
Spain and France
7. External Environment Drives Change
• Political/Legal - legislation, taxation policy, employment
law, health and safety, foreign trade, terrorism, war
• Economic - local, national, global, industry – inflation,
interest rates, employment rates, exchange rates, money
supply, energy costs
• Socio-cultural – population demographics, income
distribution, lifestyle changes, education levels, social
mobility, values, attitudes
• Technological - new products, new processes, new and
emerging discoveries, internet, etc
• Ecological/Environmental – Climate change, pollution,
waste products, recycled technology, energy efficiency
8. USA – Some Hot Recent
Business Ideas (www.entrepreneur.com)
• Consulting services
• Financial planning
• Personal Trainer
• Pet Products
• Mobile computer training
• Household cleaning
• Doula service
• Gardening
• Health services
• Tech Education
– For Kids
– For Seniors
• Maternity Clothes
• Online Learning
• Life Coach
• Security
• Senior Care Market
• Senior Clothes
• Art services
9. Drucker’s 7 Sources of Innovative
Opportunities
Organisational /
Sectoral
• The unexpected (event
or success or failure)
• The incongruity –
between what actually
happens and plan
• The inadequacy in
underlying processes
• The changes in
industry or market
External
• Demographic changes
• Changes in perception,
mood and meaning
• New knowledge (both
scientific and non
scientific)
Last is most difficult, least
reliable and least predictable
10. Opportunity Recognition
• Converting an idea into a business
opportunity is the key element of the process
of business creation
• Entrepreneurs are attuned to opportunity
• Opportunity must take priority over
innovation
• Opportunities are generated by change
11. Opportunity has Four
Essential Qualities - Barringer and Ireland, 2006
• Attractive
• Durable
• Timely
• Anchored in product/service which adds value to buyer/end user
“I never perfected an invention that I did not think about in terms of
the service it might give others... I find out what the world needs,
then I proceed to invent” Thomas Edison
Wow products /services such as the Dyson vacuum cleaner and the
bar and massage service in Virgin Upper Class, Amazon
12. One Product is Not Enough!
• Dyson vacuum cleaner
took 5 years and 5,127
prototypes
• First product, G-Force,
sold for $2000 each in
Japan
• Vacuums, washing
machines, Airblade
hand dryer (sales $6
billion worldwide), Air
Multiplier
13. Window of Opportunity Varies
Internet Search Engines
• 1995 – Yahoo
• Quickly followed by Lycos, Excite,
AltaVista, etc
• 1998 – Google (advanced technology)
15. Evaluating Idea / Opportunity
• Must be a clearly defined market need
– Customer analysis, segments, motivations, unmet
needs, gaps in market
• Idea needs to be economically viable
– Market attractiveness e.g. size? growth? trends?
entry barriers?
– Profit potential?
– Resources needed / available?
• Technical feasibility
• Competitive advantage / USP
– Competitor analysis
• Fit with your personal / company objectives /
experiences / core competencies
• Timing must be right – window of opportunity
• Risks / threats – Environmental analysis
16. What to look for
• Limitations of what’s currently available
• Trends and changes (beware fads)
• Something new and different
• Unfilled niche
• Technological advances
• Speed to market
17. Conclusions
• Generating ideas and new products is easy -
but you need customers and markets
• The real challenge is converting ideas into a
business opportunity
• The better you understand your consumer
the better your chances of winning in the
market place
• Evaluation and assessment of markets is key
to developing business ideas and new
products and services
19. Screening Check List – Market Factors
Is the market large?
Yes No
Is the market highly competitive?
(Direct/indirect)
Is this an emerging / growth market?
Is there any pending legislation which might
impact market demand?
Are there any obvious barriers to entry?
Are there reachable / receptive customers close
by? (Think about distribution channels, etc)
20. Screening Check List – Competitive
Advantage?
Is there a well identified market need for the product/service?
Yes No
Can we establish a USP for our product / service? – Price?
Quality? Speed of response? Unique features?
Is our product / service a significant improvement on our
competitors?
Can we protect our product?
Can we establish first mover advantage?
21. Screening Check List – Management
Capability
Do we have personal knowledge / experience / the right skills /
experience?
Yes No
Do we have an interest in the service?
Do we know other people who have the rights skills /
experience?
Have we the right contacts and networks?
Is there specific training we can receive to improve our chances
of success?
22. Screening Check List – Resources /
Economics
Is this a low cost start up business model?
Yes No
Do we have access to the money necessary to
start this business?
Is this a sizeable / scaleable business
opportunity?
Is it worth doing?
23. Screening Check List – Other
Yes No
European dimension?
Personal / corporate values? e.g.
Environmental considerations
Cultural barriers and attitudes?
24. Summary
• Need to tailor checklist to individual idea
• Seeking
– Large and growing market
– Reachable customers
– An innovative product which adds value
– Right window of opportunity
• Assess whether to abandon, reform or
enhance the idea
Editor's Notes
The presentation gives a general survey about fundamental aspects of COEUR BCM, its origin, rationale and conceptual basis.
It does not cover organisational aspects as criteria and methods of teambuilding or evaluation criteria and material which are compiled separately.
Need to understand your customer
Get into the market place and feel the whole product experience yourself.
Entrepreneurial passion needs to be effectively channelled
Test the concept an real people
The presentation gives a general survey about fundamental aspects of COEUR BCM, its origin, rationale and conceptual basis.
It does not cover organisational aspects as criteria and methods of teambuilding or evaluation criteria and material which are compiled separately.
