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Generating a New Business Idea Rachel Hancock

Generating a New Business Idea Rachel Hancock. E&I Club Presentation September 11, 2008. A Creative Process. “I am looking, but I won’t know what I am looking for until I have found it.” – Edward de Bono, Lateral Thinking. Entrepreneurial Model.

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Generating a New Business Idea Rachel Hancock

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  1. Generating a New Business IdeaRachel Hancock E&I Club Presentation September 11, 2008

  2. A Creative Process “I am looking, but I won’t know what I am looking for until I have found it.” – Edward de Bono, Lateral Thinking

  3. Entrepreneurial Model • Based on RH’s past entrepreneurial experience… Start: Phase 1 Context Macro Trends Challenges Experience Opportunity Market Business Idea Innovation Next Steps Business Launch End of Phase 1…

  4. Entrepreneurial Model (cont’d) Refine Strategy Refine Product / Service Beginning of Phase 2… Refine Financial Management Refine Repeatable Sales Model Business Launch Refine Marketing Refine Efficient Operations Exit

  5. Tonight’s Activity

  6. 1– Set the Context • Broadly…For Example (tonight): Born Global - Competing in the Global Economy

  7. 2– Trends & Challenges,Experience • Research ~5 macro trends in each of 3 areas of interest. For example (tonight): Technology, Social, Environmental • Keeping in mind the context… Competing in the Global Economy Technology Social Environmental

  8. 2– Trends & Challenges,Experience • Research ~5 macro trends/challenges in each of 3 areas. For example (tonight): Technology, Social, Environmental • Keeping in mind the context… Competing in the Global Economy Technology Tech trend 1 Social Social trend 1 Environmental Environmental trend 1 Tech trend 2 Social trend 2 Environmental trend 2 Tech trend 3 Social trend 3 Environmental trend 3 Tech trend 4 Social trend 4 Environmental trend 4 Tech trend 5 Social trend 5 Environmental trend 5

  9. 2– Trends & Challenges,Experience • Example of the process… Environmental trend 1 • Challenge in one area that Experience says may be addressable by a Trend in another area… Tech trend 2 Technology Social Environmental Tech trend 3 Environmental trend 2 • Identify from two different areas, Trends that Experience says may be related in some way… Social trend 1 Social trend 3 • Continue apply creative and critical thinking, research and analysis… Environmental trend 3 Tech trend 4 Social trend 4 • Result = • New Business Idea or Opportunity? Tech trend 5

  10. What Next? 1- Market research, analysis, more innovative thinking…

  11. What Next (cont’d)? 2- Development of business concept : vision, product/market focus, value proposition, core activities…

  12. What Next (cont’d)? 3- Elevator pitch, business model, business plan, funding, etc.

  13. Let’s try it!

  14. Research: Sample websites Google the following: • Environmental: OECD, global environmental trends 2008 (download executive summary) • Technology: Rand global technology trends 2020 (download executive summary) • Social: http://www.sirc.org/publik/publik.html

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