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Creativity and the Business Idea

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Creativity and the Business Idea

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Creativity and the Business Idea

  1. 1. Hisrich Peters Shepherd Creativity and the Business Idea Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin
  2. 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. 3. 4-3 Aspects of the Entrepreneurial Process
  4. 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. 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. 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. 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. 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. 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. 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

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