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Chapter 3 Creativity and generating new business ideas Week 17 Facilitated by Wesley Clarence

Chapter 3 Creativity and generating new business ideas Week 17 Facilitated by Wesley Clarence. Learning Outcomes . On completion if this chapter you will be able to: Understand and describe creativity and how it manifests itself

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Chapter 3 Creativity and generating new business ideas Week 17 Facilitated by Wesley Clarence

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  1. Chapter 3Creativity and generating new business ideasWeek 17Facilitated by Wesley Clarence

  2. Learning Outcomes On completion if this chapter you will be able to: • Understand and describe creativity and how it manifests itself • Identify the barriers to creativity and how it can be overcome • Understand the myths surrounding creativity as well as the reality about these myths • Understand the creativity process, its development and describe the entrepreneurial creativity process • Identify the sources that can be utilised when identifying new product or service ideas • Develop and practise methods that can be used in generating new ideas • Identify the characteristics of successful products and services • Do initial screening of business ideas and opportunities

  3. Creativity Defined A process of being sensitive to problems, deficiencies, gaps in knowledge, missing elements, disharmonies, and so on; identifying the difficulties, searching for solutions, making guesses, or formulating hypotheses about the deficiencies; testing and retesting them; and finally communicating the results.

  4. Gap in the market Marketing opportunity exist when: • A problem that has arisen • Unsatisfied customer needs • Shortcomings or weaknesses of possible competitors or suppliers to those competitors • Changes in the environment that might create needs.

  5. Techniques to address market gaps • Defining or identifying the need using analytical methods • transforming problems into opportunities • Breaking down any prior assumptions and making new connections for new ideas • Strategic assessment where possible future outcomes must be predicted

  6. Barriers to creativity • Fear of failure • Negative beliefs and habits • Making assumptions • Following rules • Environment not willing to risk • Lack of financial support • Cultural barriers

  7. Creativity Myths • Creativity limited to small number of people • Only creative people have good ideas • Money is a creativity motivator • Time pressure fuels creativity • Competitive situations foster creativity better than cooperative situations • There are plenty of ideas around • Fear forces breakthrough

  8. Entrepreneurial Creativity • Preparation • Information gathering • Idea generation • Evaluation of ideas • Implementation • Experimentation

  9. Opportunity Recognition • An Idea: great product, untapped market and good timing • An opportunity: spot, create and exploit • The next frontiers: where do they lie? • The process of evaluation: include various methods

  10. Sources of product ideas • Libraries • People • Organisations • Exhibitions, forums, workshops and seminars • Internet

  11. Libraries Can obtain product ideas from: • Newspapers • Popular magazines • Subject related magazines • Research reports • Post-graduate research dissertations • Local and international magazines

  12. People Can find ideas from: • Close relatives and friends • Needs not satisfied • Complaints about existing products/service • Needs – a necessity • Wants – a desire

  13. People Steps to attach products/services to needs or wants: • Identify basic or generic needs. • How can they be satisfied? • Break one need down into specific needs – how can it be satisfied? • Peruse list again and identify two or more needs – how can they be satisfied?

  14. Organisations Internal sources • Changes within organisation • External suppliers of parts of existing/new products • Changes in organisational structure • Outsourcing by organisations

  15. Organisations External Sources • Changes in external environment • Technological changes • Political and social changes • Export and import markets • Urban and rural markets

  16. Exhibitions, forums, workshops and seminars • Product and service awareness • Business opportunities • Foreign markets • Government • Organized business

  17. Generating product/service ideas • Accumulation of knowledge • Observation • Brainstorming • Nominal group technique • Delphi technique • Incubation of ideas

  18. Initial screening – categorising Perception of desirability • Economic consequences • Type of venture • Personal preferences • Level of support Perception of feasibility • Resources needed • Experience Propensity to act • Difference between entrepreneur and team • Low propensity • High propensity

  19. Initial screening - classification Worthwhile following • Profitable • Resources available and easy to acquire • Entrepreneur and team agree Reject offhand • Not profitable • Resources not available and difficult to acquire • Entrepreneur and team disagree

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