03 entrepren ch4
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Entrepreneurship 8th Edition
Author:
Robert D Hisrich,
Micheal P. Peters
Dean a Shepherd
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Creativity & InnovationCreativity is the ability to develop new
ideas and to discover new ways of lookingat problems & opportunities
Innovatio
n is the ability to apply creativesolutions to those problems & opportunities
to enhance or to enrich peoples livesInnovator
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Creativity = Ideas
Creativity involves generating something from
nothing
Creative ideas springs up from the most
unexpected places
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Edwin Land, one of Americas mostprolific inventors, credits his three year
old daughter with the idea of the Polaroid
instant camera
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What an idea!!!!
But not valued in Business until implemented!!!
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Innovation = Ideas + Action
Entrepreneurship is the result of adisciplined, systematic process of applyingcreativity & innovation to needs &opportunities in the marketplace
Millions of people come up with creativeideas for new or different products &services; most of them, however, never doanything with them
Entrepreneurs are those who connect theircreative ideas with the purposeful action &structure of a business
Thus successful entrepreneurship is aconstant process that relies on creativity,
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3000 new product ideas,
4 make it to development stage,2 are actually launched& only ONE becomes a success in the market
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Creativity should be accompanied with Innovation!!
Entrepreneurs succeed by thinking anddoing new things or old things in new way
Having a great new idea is not enough;transforming the idea into a tangibleproduct, service or business venture is the
essential next step
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Trends
Green Trend
Clean-Energy Trend
Organic-Orientation Trend
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Social Trend
Health Trend
Web Trend
Trends (continued)
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Sources of New Ideas (1 of 2)
Consumers.
Existing Companies
Distribution channels
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Sources of New Ideas (2 of 2)
Federal government
Research and development
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Methods of Generating New Ideas
Focus groupsnumber of group members from 6-12Moderator focuses discussion of the group in a
directive or nondirective manner.
Co. womens slipper-concept of warm &comfortable slipper thats fits and old shoe 12women focus group
An excellent method for initially
screening ideas and concepts.
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Brainstorming A Group method for obtaining new ideas &
solutions
4 Rules should be followed
1.No criticism is allowed by anyone in the group
2.Freewheeling is encouraged-wilder the ideathe better
3.Quantity of ideas is desired- greater the no. of
ideas the greater the likelihood of theemergence of useful ideas
4.Combinations and improvements of ideas areencouraged- ideas of others can be used to
produce still another new idea
Brainwriting is similar to Brainstorming
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Focus group and brainstorming isdifferent in the sense that FG isstructured or moderated...while
BS is not a debate or discussionlike that....its people giving lots ofideas without criticism allowed
(2 of
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(2 of2)
Problem inventory analysis
Consumers associates particular problemswith specific products & then develop a new
product that do not contain the identifiedfault
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Problem inventory analysis (continued)Instead of generating new ideas themselves
consumers provided with list of problems in generalproduct category
Then asked to identify & discuss products in thiscategory that have particular problem
Effective method since its easier to relate knownproducts to suggested problems & arrive at a newproduct idea than to generate an entirely newproduct idea by itself
Results must be carefully evaluated as they may
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Creative Problem Solving
Creativity: an important attribute of a successfulentrepreneur.
Creativity tends to decline with:
Age, education, lack of use, and bureaucracy.
rea ve ro em o v ng
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rea ve ro em- o v ngTechniques
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Creative Problem-Solving Techniques(1 of 3)
Brainstorming Used in creative problem solving and ideageneration.
Creative problem solving: amethod for
obtaining new ideas Spontaneous contribution of participants Problem statement-neither too broad nortoo narrow
Avoid inhibiting responses NO group member should be expert in fieldof problem
Ideas even if illogical, must be recorded
Prohibit criticizing OR evaluating during BS
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Reverse brainstorming
A group method for obtaining new
ideas focusing on the negative.Finding fault by asking questions inhow many possible ways can the
idea flopMaintain group morale
Stimulate innovative thinking
Often involves identification ofeverything wrong with an idea-followed by discussion how to
overcome these problems
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Brainwriting Form of written brainstorming.
It is a silent, written generation of
ideas by a group of people.This sheet can b passed aroundon e-mail as well
Pass the sheet around reach itsowner
The only thing wrong with it is
that there is no excitement of
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Creative Problem-Solving Techniques(2 of 3)
Gordon methodMethod for developing new ideas when theindividuals are unaware of the problem.
u dont give away too much detail aboutthe problem
headline would be i wish there wassomething v cud do about the bad colors in
my TV screen Or Latest trends in fashionworld
Checklist method
Developing a new idea through a list of related issues.
Product Planning & Development
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Product Planning & DevelopmentProcess
Establishing Evaluation Criteria Criteria for evaluation need to be established at
each stage of the product planning anddevelopment process.
Criteria should be: All inclusive and quantitative to screen the product
carefully.
Established to evaluate the new idea in terms of: Market opportunity
Competition
Marketing system
Financial factors
Production factors.
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Market opportunity
Competition
Marketing system
Financial factors
Production factors.
Characteristics & attitudes of consumersthat might buy the product, size & nature ofmarketShare of that market that product could
capture
competing producers, prices, & marketing policies
should be evaluatedProduct should be able to compete successfullywith products already on the market by havingfeatures that will meet or overcome current oranticipated competition
New product should be compatible withexisting management capabilities &
marketing strategiesFirm should be able to use its marketingexperience & other expertise in this newproduct effortExample: GE would have less difficult time
adding a new kitchen appliance to its line thanP&G
product should be able to be supported by &contribute to Co. financial structureBreak even point & Long term profit outlook forproduct need to be determined
if the new product idea cannot be integrated intoexisting manufacturing processes, not only is the new
idea is less positive- but new plan & production cost plant space need to be determined
P d t Pl i d D l t
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Product Planning and DevelopmentProcess
Divided into five major stages:
Idea stage.
Concept stage.
Product development stage.
Test marketing stage.
Commercialization.
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The Product Planning andDevelopment Process (1 of 3)
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The Product Planning andDevelopment Process (2 of 3)
Idea stage Promising new product/service ideas should
be identified.
Impractical ones eliminated.
Evaluation method systematic marketevaluation checklist.
Concept stage Refined idea is tested to determine consumer
acceptance. Consumer acceptance can be measured
through the conversational interviewmethod.
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The Product Planning andDevelopment Process (3 of 3)
Product development stage Determines consumer reaction to the physical
product/service. A tool frequently used consumer panel. Consumer preference is determined through: multiple brand comparisons, risk analysis, level of
repeat purchases, or intensity of preference analysis.
Test marketing stage
Increases certainty of successfulcommercialization. Provides actual sales results, which indicate the
acceptance level of consumers. Positive test results indicate probability of
successful product launch
d i
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E-commerce and BusinessStart-up
E-commerce offers entrepreneurs anopportunity to be creative and innovative.
Factors that facilitate a high-growth inelectronic commerce: Widespread use of personal computers.
Adoption of intranets in companies.
Acceptance of the Internet as a businesscommunications platform.
Faster and more secure systems.
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Using E-Commerce Creatively
Entrepreneurs starting an Internetcommerce venture need to address thesame strategic and tactical questions asany other entrepreneur.
Entrepreneurs have to decide to: Run Internet operations within the company,
or
Outsource these operations to Internetspecialists.
Another option is to use the packages for-
Internetoperations-
companyprimarybusinessAvailability ofresources web
professional
C t f I t t
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Components of InternetCommerce
Two major components of Internetcommerce are: Front-end operations.
Back-end operations.
Integration of front-end and back-endoperations represents the greatest challenge for doing
Internet business.
provides the opportunity for developing asustained competitive advantage.
The biggest mistake of many companieson the internet is believing that anattractive & interactive website will
secure success- leads to underestimating
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Web Sites- connection btw Co & itsCustomers
Keys to a good Web site: Ease of use ( info product /services )
Structure and organization of information
Visibility
Search capability
E-mail response system
Speed.
Technical aspects Should work properly in different browsers and
platforms.
Should appear in all marketing materials.
professional
designWeb
designer
Indicator of
legitim
acyShopping cart-creditcard
payments Secure
servershttps
Advertise-search
engines,banner ads,email
Secureservershttps
T ki C t
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Tracking CustomerInformation
Database: Tracks activity of the: Industry.
Segment.
Company.
Supports personal marketing targeted at individual
clients.
Should be able capture customer attention withcustomized one-to-one marketing.
D i E C E t i l
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Doing E-Commerce as an EntrepreneurialCompany
To do business through the Internet:
Products should be delivered economically and conveniently.
Products need to interest a wide market
Company must be ready to ship the product outside its owngeographical location.
Online operations have to bring significant cost reductions-as
compare to brick & mortar operation
Company must possess the ability to economically draw
customers to its Web site.
Freshfruits &
vegitable
s ?
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Summary
Starting point successful Co.-product/Service they offer
Sources of ideas ranges comments ofconsumers TO changes in Govt regulations
Monitoring comments of Consumers
Evaluating new products offered bycompetitors
Familiar with the ideas contained inpreviously granted patents
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AG S CO
Becoming actively involved in R&D
Specific techs entrepreneur use to generateideas
After idea generation the planning anddeveloping process begins
Large number ideas screened/ evaluated
Potential ideas moved- concept, productdevelopment, test marketing,
i li ti t
Focus group-Brainstorming-Problem inventory analysis
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