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the Business
Idea
TRENDS
A Trend provides great opportunities for starting
a new venture
Seven trends that provide opportunities are:
1. Green Trend 2. Clean Energy
3. Organic Orientation 4. Economic
5. Social 6. Health
7. Web Trend
SOURCES OF NEW IDEAS
Consumers
Existing Products and Services
Distribution Channels
Federal Government
Research & Development
METHODS OF GENERATING
IDEAS
Focus Groups: Groups of individuals providing
information in a structured format.
Brainstorming: A group method for obtaining
new ideas and solutions without criticizing
anyone.
Brainwriting: Writing Brainstorming; a silent,
written generation of ideas by a group of
people. The participants write their ideas on
special forms or cards that circulate within the
group normally writing three ideas each.
Problem Inventory Analysis: A method for
obtaining new ideas and solution by
focusing on problems
CREATIVE PROBLEM SOLVING
TECHNIQUES
These are methods for obtaining new ideas
focusing on the parameters
1. Brainstorming: In creative problem
solving(obtaining ideas focusing on
parameters), brainstorming can generate
ideas about a problem within a limited
timeframe through the spontaneous
contribution of participants. A good
brainstorming starts with a problem statement
that is neither too broad nor too narrow. Than
6-12 selective individuals participate. No
member is a recognized member. All ideas
must be recorded. Avoid criticism
CREATIVE PROBLEM SOLVING
TECHNIQUES
Reverse Brainstorming: Here group obtain
new ideas focusing on the negative
Gordon Method: Method for developing
new ideas when the individuals are
unaware of the problem.
Checklist Method: Developing a new idea
through a list of related issues:
CREATIVE PROBLEM SOLVING
TECHNIQUES
Free Association: Developing a new idea
through a chain of word association
Forced Relationship: Developing a new idea by
looking at product combinations. It is five
steps process:
(i) Isolate the elements of the problem
(ii) Find the relationships between these elements (iii)
Record the Relationships between these elements
(iv) Analyze the resulting relationships to find ideas or
patterns
(v) Develop new ideas from these patterns
CREATIVE PROBLEM SOLVING
TECHNIQUES
Collective Notebook Method: Developing
new idea by group members regularly
recording ideas
Attribute Listing: Developing a new idea by
looking at the positives and negatives
Big-dream Approach: Developing a new
idea by thinking without constraints
Parameter Analysis: Developing a new idea
by focusing on parameter identification
and creative synthesis
INNOVATION
Types of Innovation
1. Breakthrough Innovation
2. Technological Innovation
3. Ordinary Innovation
Classification of New Product
Form a Consumer’s Viewpoint
Form a Firm’s Viewpoint
Continuous Innovation – with least disrupting influence on
established consumption patterns (automobiles style
changes, fashion style changes, product size or color
changes)
Dynamically Continuous Some disrupting influence on
established consumption patterns (CDs, iPod, Sony
Walkman)
Discontinuous Innovations : Involves the establishment of
new consumption patterns and the creation of previously
unknown products. These are rare and require a great deal
of new learning by the consumer because these products
perform either a previously unfulfilled function or an existing
function in a new way. Example Internet
New Product Classification System
The
major distinction between new
product and new markets is:
New Products are defined in terms of the
amount of improved technology, whereas
market development is based on the
degree of new segmentation
Product Planning and
Development Process
The product planning and Development
is divided into five major stages
1. Idea Stage
2. Concept Stage
3. Product Development Stage
4. Test Marketing Stage
5. Commercialization Stage
Opportunity Identification
Gap Analysis – a relatively simple
process of systematically examining
the difference between what is
expected and what occurs
Language
Culture Norms
&
Value System
Economics &
Economic Philosophy
Nonequity Arrangements
Indirect Exporting
Nonequity Arrangements
Licensing
Turn-Key Projects
Management Contracts
Direct Foreign Investment
Minority Interests
Joint Ventures
Majority Interest
Mergers
Horizontal
Vertical
Product extension
Market extension
Diversified activity
Entrepreneurial Partnering
Amongst best methods for entering International
Market
Foreign entrepreneurs know country and culture
Finding good partner can be beneficial for the
entrepreneur
Entrepreneurial Partnering
How to find Good Partner?
Information needed on industry and potential
partners
Appropriate trade shows should be attended
Should Check References for the partner
Meet with the potential partner several times
before commitment
Barriers to International Trade
General Agreement on Tariffs and Trade
Increasing Protectionist attitudes
Trade Blocs and Free Trade Areas
Entrepreneur’s Strategy and Trade Barriers
Implications for
the global
entrepreneur
Agency theory suggests that individuals act to
maximize their own individual benefit.
Ex. You are applying for a cashier job, and you have
had prior experience because you have worked as a
cashier before in another store, so you know how
things work
Community
Thereare also some formal community supports
that can lower the overall risk for a new business in
the community.