Creativity and the Business Idea

1. Hisrich
Peters
Shepherd
Creativity
and
the Business Idea
Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin

2. 4-2
The Entrepreneurial Process
 The entrepreneurial process is the process
through which a new venture is created by
an entrepreneur (See Table 2.1 next page).

3. 4-3
Aspects of the Entrepreneurial
Process

4. 4-4
Sources of New Ideas
 Consumers
 Informally monitor potential ideas and needs.
 Formally arrange for consumers to express their
opinions.
 Existing Products and Services
 Analysis uncovers ways to improve offerings
that may result in a new product or service.
 Distribution Channels
 Channel members can help suggest and market
new products.

5. 4-5
 Federal Government
 Files of the Patent Office can suggest new
product possibilities.
 New product ideas can come in response to
government regulations.
 Research and Development
 A formal endeavor connected with one’s current
employment.
 An informal lab in a basement or garage.
Sources of New Ideas (cont.)

6. 4-6
Methods of Generating New Ideas
1. Focus Groups
 A moderator leads a group of 8 to 14
participants through an open, in-depth
discussion in a directive or nondirective manner.
 An excellent method for generating and
screening ideas and concepts.

7. 4-7
2. Brainstorming
 Allows people to be stimulated to greater
creativity.
 Good ideas emerge when the brainstorming
effort focuses on a specific product or market
area.
 Rules of brainstorming:
 No criticism.
 Freewheeling is encouraged.
 Quantity of ideas is desired.
 Combinations and improvements of ideas are
encouraged.
Methods of Generating New Ideas
(cont.)

8. 4-8
Focus group and brainstorming is different in
the sense that FG is structured and
moderated...while BS is not a debate or
discussion like that....its people giving lots of
ideas without criticism allowed.
Methods of Generating New Ideas
(cont.)

9. 4-9
3. Brainwriting
 A form of written brainstorming.
 Participants write their ideas on special forms or
cards that circulate within the group.
4. Problem Inventory Analysis
 Consumers are provided with a list of problems
and are asked to identify products that have
those problems.
 Results must be carefully evaluated as they may
not actually reflect a new business opportunity.
Methods of Generating New Ideas
(cont.)

10. 4-10
Story of the week.......“Shahid Khan”
Occupation Owner:
Jacksonville Jaguars
(NFL)
Fulham F.C. (Football
League
Championship)
Flex-N-Gate
Net worth US$ 3.8 billion
Shahid Khan, Journey from Middle Class to Billionaire Class.mp4