entrepreneurial opportunities built by stambaugh/2009 jeff stambaugh dillard college of business/rm...
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Entrepreneurial Opportunities
Built by Stambaugh/2009
Jeff StambaughDillard College of Business/Rm 257A
[email protected]://faculty.mwsu.edu/business/jeff.stambaugh
It Starts With An Idea
Built by Stambaugh/2009
■ Idea: a thought of a new combination for a product of service
Ideas to Opportunities
Built by Stambaugh/2009
■ 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 Opening Window of Opportunity: 15 minutes ahead of market … not 15 yearsminutes ahead of market … not 15 years
Why do Windows of Opportunity Open?
Built by Stambaugh/2009
■ Technological changes■ Societal changes (demographics / culture)■ Economic changes (boom / bust)■ Political / Legal changes■ Global changes■ Market imperfections (gaps)
Where do ideas come from?
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Problems Experience
Where do ideas come from? (cont)
Built by Stambaugh/2009
Thin Air Family / Friends
How to Develop ENT Opportunities
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■ Opportunity Recognition: search and capture■ Entrepreneurial Alertness: notice, identify, and
motivation
How can I develop the skill of “opportunity recognition?”
Built by Stambaugh/2009
■ How your brain works: prototypes and schemas■ Fill the “library”■ Ability to process (motivation)■ Expertise: pattern recognition
Why Don’t We See More Opportunities?
Built by Stambaugh/2009
■ Rigid organizations■ Very low personnel mobility■ Punish failures■ Judging ideas too quickly■ “We tried that before” mindset
So what stimulates creativity?So what stimulates creativity?Come back after the break!Come back after the break!
What Are We Talking About?
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■ Logical Thinking: one,one, (or a few) rightright answer■ Lateral Thinking: many, possiblemany, possible answers■ Why is lateral thinking so “hard” for many of us?
Goal of Lateral Thinking
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■ Get out of “rut” of established patterns■ Any “restructuring” technique useful
■ Create new patterns■ Challenge old patterns
Remember Goal: Many, Possible Many, Possible Answers
Some Principles
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■ How many ways can you divide a square into 4 equally sized/shaped pieces?
Set a Quota!
Some Principles
Built by Stambaugh/2009
■ How many ways can you divide a square into 4 equally sized/shaped pieces?
■ Story of the bear and electric lines
Suspend and Bridge
Some Techniques
Built by Stambaugh/2008
■ Substitute
■ Combine
■ Adapt
■ Magnify / Modify
■ Put to other uses
■ Eliminate
■ Rearrange
Some More Novel Techniques
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Arrange blocks so that:1) Each block is touching 2 others2) 1 block is touching 1 other, 1 is touching 2, 1 is touching 33) Each is touching 1 other4) Each is touching 3 others
Challenge / Reverse Assumptions!
Some Techniques
Built by Stambaugh/2009
■ 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
Some Techniques
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Task: How to sell more popcorn at a movie theater
Random Thought—Forced Combination
Spurring Lateral Thinking: A Lifestyle not an Event
Built by Stambaugh/2009
■ Best done in diverse groups■ Write it down and revisit■ Practice■ Exposure
Class Takeaways
Built by Stambaugh/2009
■ You CAN be more creative!■ Consistent application of various techniques■ Commitment is key (entrepreneurship as a passion)!