KSU ENTR 27056 - Chapter 3: Recognizing and Creating Opportunity

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Introduction to EntrepreneurshipLaunching New Ventures (Allen 5th Edition)Chapter 3: Recognizing and Creating OpportunityEntrepreneurship is a creative processCREATIVITY is the basis of invention and innovation, fundamental to problem solving, and enables entrepreneurs to differentiate their business from competitorsToday- rapidly changing environment due to speed of changing technology is resulting in uncertainty and new opportunities- How to survive in the 21st century: PRACTICE CREATIVITY AND INNOVATION1) Idea2) Business opportunity3) Opportunity recognition4) Opportunity creation BUSINESS OPPORTUNITY- idea that involves product/service/method with commercial potential; must create value for customer and attached be attached to a viable business modelFEASABILITY ANALYSIS- developing a business concept and testing it in the market with potential customersOPPORTNITY RECOGNITION- innovation based on product/service/method already in existenceOPPORTUNITY CREATION- starting from scratch; invention of technologies, products, methods, that render those in existence obsoleteCreativity Perspectives1) FUNCTIONALIST PERSPECTIVE - creativity is the production of novel and useful ideas2) OUTCOME BASED PERSPECTIVE - applied approach; creativity is the generation of valuable useful products and services, procedures and processesInventors must recognize invention process is not formulaic or linear, but the creative process has certain patterns- Connection (2 ideas brought together)- Discovery(connection is explored in depth)- Invention(product of effort once discovery is made; discovery cannot benefit society unless made a product)- Application for invention to be successful, must address specific need and apply to a marketCHALLENGES to Creativity1) Time constraints2) Lack of confidence3) Lack of creative skillsConfidence=accountability + collaboration + initiative *set manageable goals that create small winsRemoving Roadblocks to Creativity- Design an environment to stimulate creativity- Keep track of ideas- Start with the familiar- Take advantage of a personal network- Return to childhood- Think in oppositesRemoving Roadblocks to Problem Solving- Restate the problem to uncover the real issue- Identify the pros/cons for potential solutions- Develop a decision tree that reflects all possible choices to solve the problemSources of Innovation (future technologies)1) Human Genome Project2) Nanotechnology 3) Mobile


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KSU ENTR 27056 - Chapter 3: Recognizing and Creating Opportunity

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