Foundations of Entrepreneurial Leadership

Class 2 – Opportunity Iden. & Value Creation Foundations of Entrepreneurial Leadership Mining Opportunities to Create Value MGT 190/290 Prof Frey: Frey@gwu.edu

AGENDA: Class 2 – Opportunity Iden. & Value Creation 1. How are opportunities identified? 2. Fundamentals of creative thinking, & myths. 3. Try it on: Mind Mapping and Idea Pitching Suggestion for semester: Opportunity Journals

Good ideas, bad ideas, and where they come from: Class 2 – Opportunity Iden. & Value Creation Opportunity Recognition Office Space Pet Rock scene (some bad language, not for kids) http://www.youtube.com/watch?v=Fcv5e6xX25I

Opportunity Recognition Class 2 – Opportunity Iden. & Value Creation • SEARCH: • Opportunity is “out there” waiting to be found • Active: Scans, C/I, Planning • Passive: Heightened alertness • Fortuitous: Surprise! Serendipity • CREATE: • Envisioning something that doesn’t exist • Created through imagination • Archived in there somewhere - emerges through action

Mental Locks The right answer That’s not logical Follow the Rules Be practical Play is frivolous That’s not my area Don’t be foolish Avoid ambiguity To err is wrong I’m not creative Class 2 – Opportunity Iden. & Value Creation

Techniques Class 2 – Opportunity Iden. & Value Creation • Brainstorming • Metaphor • Mental Maps Real example: www.ContentNow.com

Discussion Class 2 – Opportunity Iden. & Value Creation • Laura Lee Williams-Murphy case • Ted Leonsis case • How did they arrive at their ideas? • What were the critical NEXT steps? Assignment reference link

MIND MAPPINGLet’s try itFIRST: Find 1-2 teammates& get their contact info Class 2 – Opportunity Iden. & Value Creation

Class 2 – Opportunity Iden. & Value Creation Hey. There’s some good stuff in here. Your brain on Mind Mapping.

MindMapping Class 2 – Opportunity Iden. & Value Creation • Brainstorm around area of interest • Cluster words, pick favorite • Develop service or product idea • Develop elevator pitch

For this exercise you will need: Class 2 – Opportunity Iden. & Value Creation • Your workbook (printed out). • Different colored pens or pencils. • Your brain. • A hobby or area of interest.

Step1: Brainstorm Class 2 – Opportunity Iden. & Value Creation Area of interest: Write in circle DOGS / PETS

Step 1:Brainstorm Class 2 – Opportunity Iden. & Value Creation Walk Information implant chips Animal Planet Fleas Grooming Spots DOGS / PETS Medication Small Brown Exercise Collar Animal Shelter Leash Barking Large Dog Whisperer Veterinarian Black Clean up Celebrity dogs

Step 1: BrainstormConnect Words Class 2 – Opportunity Iden. & Value Creation Walk Information implant chips Animal Planet Fleas Grooming Spots DOGS / PETS Medication Small Brown Exercise Collar Animal Shelter Leash Barking Large Dog Whisperer Veterinarian Black Clean up Celebrity dogs

Step 2: Idea CreationPick Favorite Cluster Class 2 – Opportunity Iden. & Value Creation Leash Exercise Walk Clean Up Celebrity Dog

Step 2: Idea CreationDevelop Product/Service Ideas Class 2 – Opportunity Iden. & Value Creation Pedometer for dogs which clips on their dog leash or collar. Exercise club that walks dogs. Leash Exercise Walk Clean Up Celebrity Dog Walking shoe with a doggie clean up bag Velcro attachment. iPod exercise case insert which includes doggie clean up bags.

Step 2: Idea CreationPick Favorite Class 2 – Opportunity Iden. & Value Creation Pedometer for dogs which clips on their dog leash or collar. Leash Exercise Walk Clean Up Celebrity Dog

Step 3: Elevator Pitch Class 2 – Opportunity Iden. & Value Creation • Description & target audience • Need met through product / service • Competitive advantage

PITCH TIPS Class 2 – Opportunity Iden. & Value Creation We take a break from our regularly scheduled programming for some skill building • Brand your idea • Associate with known idea • Pimp My Pitch • Have a pulse • Know your facts PMP www.GWUPitchGeorge.com

Step 3: Elevator Pitch Class 2 – Opportunity Iden. & Value Creation • Description & target audience • Need met through product / service • Competitive advantage

Step 3: Elevator Pitch Description Class 2 – Opportunity Iden. & Value Creation Product/Service description & target audience • EX: My product idea is a: Pedometer for dogs which clips on their dog’s collar. • EX: My product is targeted toward: Vets who encourage exercise among their clientele.

Step 3: Elevator Pitch Need Met Class 2 – Opportunity Iden. & Value Creation What need is met through this product / service? • 78% of US pets overweight. • Helps vets monitor physical activity, especially of dogs with health conditions. • Allows people to love and care for their pets. PMP Remember this? Class 1 discussion on market context

Step 3: Elevator Pitch Competitive Advantage Class 2 – Opportunity Iden. & Value Creation Competitive advantage: • Endorsed by World Veterinary Association. PMP

PITCH !!! Class 2 – Opportunity Iden. & Value Creation Pair up and practice your pitch Your pitch should be 30 seconds to 1 minute

Opportunity Journal (option – extra credit) • Use active search to scan for ideas • Journal Entry: concept and its value • Be prepared to pitch your idea to the class • What, why, for what market? • Avoid product development-Think: venture • Class determines most feasibility ideas • Goal: Train your Brain to see opportunities

NEXT TIME • Online Discussion #1 • Skill Building: Mentors & Networks • READ: Posted documents about Mentoring and Networking. • DUE: Networking simulation assmt. • DUE: Your Personal Bio online - Two paragraphs maximum. • Graduate Students Only: Book Club Project. • Reading: Essentials Chap 3 & 4 • Provide online feedback: Peer forum • QUIZ on lectures and readings - Sessions 1 & 2

Foundations of Entrepreneurial Leadership

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