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Generating Ideas & Sourcing Opportunities

1.     Successful intelligence – the key asset of the entrepreneur 1)       

Practical Intelligence

2)       

Analytic Intelligence

3)       

Creative Intelligence

All three factors above contribute to the successful intelligence, while successful intelligence would lead to success.

2.     Enhancing personal creativity

1)        read widely

2)        join and attend professional groups and associations

3)        travel widely

4)        talk to anyone and everyone

5)        scan newspapers, magazines and journals

6)        develop a ‘reference’ library / file

7)        record useful information and ideas in a notebook

8)        spend time following natural curiosities

3.     Creating a corporate capacity for innovation

(From David A. Kirby “Entrepreneurship” P136)

1)       

Key strategy

l          Use multi-function teams for all development activities.

l          Encourage pilots

l          Practice ‘creative swiping’: copy from the best, with unique adaptation/  enhancement as far as possible

l          Make word-of-mouth marketing systematic

2)       

Principal management tactics

l          Support committed champions

l          Model innovation (practice purposeful impatience)

l          Support fast failures

l          Measure innovation: Since what gets measure gets done, it is necessary to set quantifiable innovation targets.

4.     Enhancing organizational creativity

l          Expecting creativity

l          Expecting and tolerating failure

l          Encouraging curiosity: asking ‘what if’ questions and taking a ‘maybe we could…’ failure

l          Viewing problems as challenges

l          Providing creativity training

l          Providing support

l          Rewarding creativity

l          Modeling creativity – setting an example by taking chances and challenging the status quo

5.     The creative (entrepreneurial) process

(From David A. Kirby “Entrepreneurship” P136)

1)        Step1: Preparation

. Getting the mind ready for creative thinking. It might include:

l         Realizing that education is a never-ending process that every situation is an opportunity to learn.

l         Reading on a variety of subjects / topics

l         Creating a file of interesting articles

l         Taking time to discuss idea with others, including those who know little about the subject

l         Attending professional / trade association meeting, both to brainstorm with others having a similar interest and to learn how others have solved a particular problem.

l         Investing time in studying other counties to identify global opportunities.

l         Developing a ability to listen to and learn from others.

2)        Step2: Investigation & opportunity spotted.

Studying the problem and understanding its components. Some ways to help to study environment:

l         Research the internet

l         Survey / Questionnaire

l         Interview / chatting

l         Book work

3)        Step3: Verification / Entrepreneurial decision – go / no-go

l         Inspiration – where can we look to find new / better product, service, etc?

l         Identifying and acquiring resources;

l         Technology and Market assessment

l         Building prototype

4)        Step4: Transformation & Product / Process / Service design.

l         Convergent thinking: to see similarities and connections

l         Divergent thinking: to see the differences

5)        Step5: Business plan / build team / Raise finance & resource 6)        Step6: Implementation (start-up)

l         Launch the business plan

l         Access the market

l         Attracting or Raising and managing the resource

6.     Source of idea

(From handout ‘Generating Ideas & Sourcing Opportunities’)

1)        Trend following

2)        Mental inventions

3)        Need spotting

4)        Market research

5)        Solution spotting

6)        Random events

7)        Previous employment

8)        Systematic search

7.     Technique for getting lots of ideas in group

1)        Thought shower (Brainstorm) – wild ideas / anything goes

1)    Get team together

2)    Define the problem area to tackle

3)    Note down all ideas

4)    No criticism allowed

5)    Discuss all ideas

6)    Re-combine bits of ideas to make new ones.

2)        Matrix

3)        Analogy

4)        Worst / Best idea

8.     Source of opportunities

(From handout ‘Generating Ideas & Sourcing Opportunities’)

1)        Replicating work activity

2)        Improving an existing product

3)        Identify a unfilled niche

4)        Opportunity from information: Different information leads to different decisions; Superior information leads to better decisions.

5)        Opportunity from Change: Technology change; Political and regulatory change; social and demographic change;

6)        Exploit trend

7)        Others source: extend a brand; imitate an existing product; franchise or license; become an agent or distributor; sell your services as a consultant; ideas from overseas; …

9.     The best idea is not always the best opportunity!! But there is always a good idea at the heart of a successful opportunity. WHY?

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