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Entrepreneurial Opportunities

Entrepreneurial Opportunities. Jeff Stambaugh Dillard College of Business/Rm 257A jeff.stambaugh@mwsu.edu http://faculty.mwsu.edu/business/jeff.stambaugh. Built by Stambaugh/2009. It Starts With An Idea. Idea: a thought of a new combination for a product of service.

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Entrepreneurial Opportunities

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  1. Entrepreneurial Opportunities Jeff Stambaugh Dillard College of Business/Rm 257A jeff.stambaugh@mwsu.edu http://faculty.mwsu.edu/business/jeff.stambaugh Built by Stambaugh/2009

  2. It Starts With An Idea • Idea: a thought of a new combination for a product of service Built by Stambaugh/2009

  3. Ideas to Opportunities • Create value such that someone will pay for your product/service (“Reason to believe”) • Viable market (margins / size) • Fit with ENT team Opening Window of Opportunity: 15 minutes ahead of market … not 15 years Built by Stambaugh/2009

  4. Why do Windows of Opportunity Open? • Technological changes • Societal changes (demographics / culture) • Economic changes (boom / bust) • Political / Legal changes • Global changes • Market imperfections (gaps) Built by Stambaugh/2009

  5. Where do ideas come from? Problems Experience Built by Stambaugh/2009

  6. Where do ideas come from? (cont) Family / Friends Thin Air Built by Stambaugh/2009

  7. How to Develop ENT Opportunities • Opportunity Recognition: search and capture • Entrepreneurial Alertness: notice, identify, and motivation Built by Stambaugh/2009

  8. How can I develop the skill of “opportunity recognition?” • How your brain works: prototypes and schemas • Fill the “library” • Ability to process (motivation) • Expertise: pattern recognition Built by Stambaugh/2009

  9. Why Don’t We See More Opportunities? • Rigid organizations • Very low personnel mobility • Punish failures • Judging ideas too quickly • “We tried that before” mindset So what stimulates creativity? Come back after the break! Built by Stambaugh/2009

  10. What Are We Talking About? • Logical Thinking: one, (or a few) right answer • Lateral Thinking: many, possible answers • Why is lateral thinking so “hard” for many of us? Built by Stambaugh/2009

  11. Goal of Lateral Thinking • Get out of “rut” of established patterns • Any “restructuring” technique useful • Create new patterns • Challenge old patterns Remember Goal: Many, Possible Answers Built by Stambaugh/2009

  12. Some Principles • How many ways can you divide a square into 4 equally sized/shaped pieces? Set a Quota! Built by Stambaugh/2009

  13. Some Principles • How many ways can you divide a square into 4 equally sized/shaped pieces? • Story of the bear and electric lines Suspend and Bridge Built by Stambaugh/2009

  14. Some Techniques • Substitute • Combine • Adapt • Magnify / Modify • Put to other uses • Eliminate • Rearrange Built by Stambaugh/2008

  15. Some More Novel Techniques Arrange blocks so that: • Each block is touching 2 others • 1 block is touching 1 other, 1 is touching 2, 1 is touching 3 • Each is touching 1 other • Each is touching 3 others Challenge / Reverse Assumptions! Built by Stambaugh/2009

  16. Some Techniques • Let’s plan a party • Major elements of a party (4) • Generate 6 options for each element • Mix ‘n Match (1,296 possible parties here!) Deconstruct and Reconstruct Built by Stambaugh/2009

  17. Some Techniques Task: How to sell more popcorn at a movie theater • Weed • Rust • Poor • Foam • Hole • Vacuum • Tribe • Puppet • Nose • Drift • Coal • Gold Random Thought—Forced Combination Built by Stambaugh/2009

  18. Spurring Lateral Thinking: A Lifestyle not an Event • Best done in diverse groups • Write it down and revisit • Practice • Exposure Built by Stambaugh/2009

  19. Class Takeaways • You CAN be more creative! • Consistent application of various techniques • Commitment is key (entrepreneurship as a passion)! Built by Stambaugh/2009

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