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Innovation Principle:-
Do’s
• Systematic Innovation begins with an analysis of opportunity
• To have effective innovation it should be simple and focused
• Innovation starts small
• A successful innovation aims at leadership
Donts
• Do not Diversify
• Innovate for present not for future
Activities of Entrepreneur
• Perceiving the need and analyzing own self in relation to ones life goal
• Scanning the environment for opportunities
• Identification of Product/Project
• Conducting Market Survey
• Identification of Technology, Plant and Equipment
• Determination of Source of Finance
• Preparation of Project Report business Plan
• Arranging finance, infrastructure and Utilities
• Project Implementation
• Marketing and Sales Management
• Management of Enterprise
Entry Barrier
• Industrial Specific Data
• Insufficient Market Information
• Limited Infrastructure
• Unorganised Capital Market
• Un Sympathetic and Cumbersome Government Attitude
• Holistic Environment
• Limited Access to Technology
Exit Barrier
• Emotional Commitment of the Person to Venture
• Specialised assets
• Increasing Demand for Managerial Skills
• Limited scope of Operation and limited funds outside Business
• Fear of Failure
Motivation refers to the way in which urges, drives,desire, aspiration, striving or needs
direct, control or explain the behavior of human being.
Windows of change:-
Corridor principle
Experience, expertise in segment to spot the window in that segment
Widow is that segmenet or opportunity evolved.. Being positioned in similar work or
having had experience with related venture so that when a window opens it is easy
got them to move quickly into New Venture.
Window is a time horizon during which an opportunity exist before something happens
to eliminate them
Classification of Entrepreneur
Use of
Type Of Business Technology According to Motivation According to Growth
Pure entrepreneur ( Psychological Growth ( Predictable, Linear
Business Technical , Economic Rewards) sustainable Growth)
Trading Non Technical Induced ( Due to Circumstance) Super Growth
Motivated ( Desire for Self
Industrial Professional Fulfillment)
Corporate High Tech spontaneous (Natural)
Agriculture Low Tech
Retail
Services
Power of Imagination
Which factors help you to create the power of Imagination?
• Intense Desire
• Relentless Focus
• Flawless Execution
What is an Opportunity?
The success of efforts provides us with an understanding of how to transform the
Problem of the poor to the opportunity of a Mass Market
Opportunity Martix:-
Project Identification:-
Concern with collection, compilation and analysis of economic data for the eventual
purpose of locating possible opportunities for investment and with the development of
characteristics of such opportunity.
Sources of Information
• Pure Observation
• Trade and Professional Magazine
• Latest development in his own field of specialization
• Horizontal or Vertically linked development
• Technical and Professional Literature
• Research Bulletin
Choosing an Idea
• Good For Market
• Good for Project
• Profitable, Viable and Socially Good
• Manageable without much dependence on others
Internal Sources refers to the Storehouse of Knowledge built by a person over the Years.
• Analysis of concepts in the light of existing problem and their solution
• Search from memory to identity similarities and elements related to the concept
• Recombining the available elements in new and better ways
• Personal interests an hobbies of the individual
• Thinking on Novel Use of Existing Product
• Conceiving improvement in existing Products
• Knowledge of the potential customer Needs
External Sources
• List of Items reserved by Government for exclusive production in small sector
• Professional Journals, Trade Journals
• Success Stories of Friends and Relatives
• Trade Fairs and Exhibitions Displaying new Products
• Government agencies like SIDO, NSIC etc
• Market Survey to now trends in fashion
• Technical and management Consultants
• Project Profile from Various Industries
Entrepreneurial Environment
UPCOMING Areas
• Healthcare
• Environment
• Education
• Communication
• Artificial Intelligence
Even with a wide variety of sources available, coming up with an idea as the basis for a
new venture can still be a difficult problem. The entrepreneur can use several methods to
help generate and test new ideas including focus groups, brainstorming and problem
inventory analysis
. The following are some of the key methods to help generate end test new ideas:
3. Problem inventory analysis– it is a method for obtaining new ideas and solutions by
focusing on problems. This analysis uses individuals in a manner that is analogous to
focus groups to generate new product areas. However, instead of generating new ideas,
the consumers are provided with list of problems and then asked to have discussion over
it and it ultimately results in an entirely new product idea. The entrepreneur is not limited
by only the three methods presented in this article.
There are other creative problem solving methods and techniques that are also available
• Questions (White) - considering purely what information is available, what are the
facts?
• Emotions (Red) - instinctive gut reaction or statements of emotional feeling (but
not any justification)
• Bad points judgment (Black) - logic applied to identifying flaws or barriers,
seeking mismatch
• Good points judgment (Yellow) - logic applied to identifying benefits, seeking
harmony
• Creativity (Green) - statements of provocation and investigation, seeing where a
thought goes
• Thinking (Blue) - thinking about thinking
Types of hat
Choosing between alternatives - Blue, White, (Green), Yellow, Black, Red, Blue
Process Improvement - Blue, White, White (Other peoples views), Yellow, Black, Green,
Red, Blue
Solving Problems - Blue, White, Green, Red, Yellow, Black, Green, Blue
Performance Review - Blue, Red, White, Yellow, Black, Green, Red, Blue