The document discusses strategies for identifying opportunities through creativity and entrepreneurship. It explores how entrepreneurs generate new ideas, find markets, and identify problems in need of solutions. The document also examines different types of innovation strategies for new ventures, including imitative, evolutionary, and revolutionary strategies. Additionally, it provides tools and methods that entrepreneurs can use to transform ideas into opportunities, such as searching the environment, expanding on ideas, and adapting ideas to different circumstances.

1. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
Entrepreneurship
Strategy
Strategies for Opportunity
Identification:
The Creative Process
Chapter 2

2. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
“Some people only see
what is. They never see
what can be.”
—Albert Einstein

3. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
Entrepreneurship and Creativity
Generating ideas for new products and services
Finding an identifiable market
Identifying a problem that calls for innovative
solutions
Determining how to implement opportunities
Persuading others of the value of idea
Retaining the entrepreneurial spirit as the firm
grows

4. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
Innovation Strategies for New
Ventures
Imitative Strategies
Evolutionary Strategies
Revolutionary Strategies
(Dundon, 2002; Gaglio & Katz, 2001)

5. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
Ideas Into Opportunities

6. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
“The greatest threat to any
organization is not the lack of
ability or resources, but the failure
of imagination.”
—David Meier

7. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
Cultivates New Ideas for Improvements
•Leadership and Vision
•Continuous Improvement
New Cost-Cutting
Approaches Can Be
Developed
Strategic
Problem Solving
Encourages
Long-Term Thinking
Strategic Problem Solving

8. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
“Creativity Involves Thinking Out of the Box,
Looking at Things in a Different Way and Doing
The Unexpected!”
What new markets and
market segments might
there be?
How can we provide
added value?
How can we effectively
market our programs
and offerings?
What new techniques can we use
to motivate our employees?
How can we effectively
“exceed”
our customers’
expectations?
How can we enhance
our name recognition
and image?

9. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.

10. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
Where Do Entrepreneurial
Ideas Originate?
Which came first:
the idea or the
decision to start
a business?
Which came first
Idea/opp/des ire
Desire to start a bu
Business idea or opp
Percent
50
40
30
20
10
22
43
35
Data from the Panel Studies of Entrepreneurial Dynamics, n = 480
(Hills & Singh, 2004)

11. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
Where Do Entrepreneurs Get Their
Ideas?
Prior experience
Business associates (social networking)
Saw a similar business
Friends or relatives
Hobby/personal interest
Market research
It just came to mind

12. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
From Idea to Opportunity
Initial Idea Potential New
Opportunity
Decision to
Start a New
Venture
……………...

13. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
Substituted
something
Sold it cheaper
Added more features
Recycled
Maximized
Reduced it
Shifted it
Naturalized it
Shrunk it
Accelerated it
Rotated it
Simplified it
Speeded it up
Made it more
convenient
Rearranged it
Networked it
Eliminated
Moved something
Transplanted
Charged more
Stayed open longer
Changed colors
Adjusted the size
Borrowed
Transformative Thinking: “What if we . . . ?”

14. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
Sources of Ideas
It developed from another idea I was considering 24%
My experience in a particular industry or market 57%
Thinking about solving a particular problem 30%
Discussions with my family and friends 45%
Discussions with potential or existing customers 28%
Discussions with existing suppliers or distributors 13%
Discussions with potential or existing investors/lenders 8%
Knowledge or expertise with technology 28%
Data from the Panel Studies of Entrepreneurial Dynamics, n = 480.
(Hills & Singh, 2004)

15. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
THE OPPORTUNITY SEARCH:
A Creative Approach to New Venture Idea
Generation
S = Scan the Environment
E = Expand on the idea
A = Adapt the idea to the circumstances
R = Revise and reconnect the idea’s components
C = Create the opportunity
H = Harvest the idea and develop the vision

16. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
Just Ask!
What frustrates customers or users of this industry?
What should businesses be making, providing, selling
in this industry that many are not yet doing?
 What do you believe customers will want three to six months
from now? One year from now?
What have you experienced as a consumer of this
industry, or as an employee in this industry?
 How would you do business differently? What would you
change based on what you experienced?
What does everybody think “won’t work” in this
industry, or in a previous organization for which you
have worked?

17. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
Expand on the Idea
What need or problem can this idea
resolve?
What attributes would make this idea very
attractive to the market?
Are there any new market segments to
which this idea might appeal?
What experience can this idea create for
customers? What is its potential value?

18. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
Completing the Search Process
What is the problem or need this opportunity
intends to resolve or fill?
What still needs improvement?
What obstacles does the entrepreneur
anticipate?
What does the entrepreneur want to become
known for?
If the opportunity is harvested, what difference
can the new venture make for its intended
market?

19. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
The People Behind the Team: The
Entrepreneurial Orientation
Risk Taking
InnovativenessProactiveness

20. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
Entrepreneurial Orientation
About our current
organization, what
we value, and our
role as entrepreneurs

21. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
Proactiveness
“We must get in front of our
clients in both technology
and the way in which we
leverage that technology.
You need to know your
customer and his needs
better than he knows them
himself!”

22. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
Innovativeness
“. . . the need to shift from services to
products and services, launching new
product lines that have never been done
before.”
“This is a business that changes daily, it
cannot be structured.”
“We are always dealing with moving
targets. The challenge is to adapt quickly.”

23. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
Climate for Risk Taking
“Our arrangements permit a literal network of
top level, talented and proven services and
professionals to ‘morph’ to suit the problematic
demands of new clients. The organization is
truly a team, with me as ‘leader’ but without
any hierarchical structure. Only via affiliate
resourcing can this be accomplished in the
information sector where ‘trust is paramount’
and ‘content is everything’ in terms of both
branding and perceived reliability.”

24. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.
(Kickul & Gundry, 2002)

25. ©Gundry & Kickul (2007). Entrepreneurship Strategy. SAGE Publications.