All Rights Reserved to Kardan University 2014 Opportunity Recognition and Exploitation Kardan...

transcript

Opportunity Recognition and

Exploitation

Kardan University

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“Being an entrepreneur doesn’t mean jump off a ledge and make a parachute

on the way down.”

-Fred Smith, Founder of FedEX

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“Being an entrepreneur doesn’t mean jump off a ledge and make a parachute

on the way down.”

-Fred Smith, Founder of FedEX

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Agenda

- Researching the opportunity

- Evaluation of Business Opportunities

- Ideation and Pitching

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Researching the Opportunity

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Sources of new ideas• Consumers• Existing Products and

Services• Distribution Channels• Government• Research and Development

Methods of Generating New Ideas • Focus Groups• Brain Storming • Problem Inventory

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* Robert D Hisrich, Michael P. Peters and Dean A. Sheppard; The Entrepreneurship 7th edition; P140-143

Creative Problem Solving

Brainstorming• Obtaining new ideas focusing on the parameters

Reverse Brainstorming• Obtaining new ideas focusing on the negative

Brainwriting• Written brainstorming

Gordon Method• Developing new ideas when individuals are unaware of the problem

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Creative Problem Solving…

Checklist Method• Developing a new idea through a list of related issues

Free Association• Developing a new idea through a chain or word associations

Forced Relationship• Developing a new idea by looking at product combinations

Collective Notebook Method• Developing a new idea by group members regularly recording ideas

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Creative Problem Solving…

Attribute Listing• Developing a new idea by looking at 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

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Ideas…

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Where Does Good Ideas Come From

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By Steven Johnson

https://www.youtube.com/watch?v=NugRZGDbPFU

Case: Kate Spade

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How did Kate Spade determine if her idea was in fact a good business opportunity?

What criteria do you think Kate andAndy Spade use to decide whether or not to expand their accessories into other product lines and markets?

Why do you think Kate Spade has been so successful and distinctive in the extremely competitive fashion industry?

Researching the Opportunity

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Evaluation of Business Opportunities

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Primary Areas for Assessment

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• Idea• Industry• Market

• Cost• Return• Value creation

• Capital • Debt• Technology

• Background• Experience• Talents

People Resources

KnowledgeRevenue Generation

Business Evaluation Scoring Technique (BEST)

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Is the business really differentiated from other similar businesses?

Does the business have growth potential?

Will the business require capital? (Lower capital requirement receives a higher score.)

Can financing be secured?

Does the business suit the individual’s entrepreneurial profile (e.g., mind-set, experience)?

Business Evaluation Scoring Technique (BEST)…

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Assessing New Venture Feasibility

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Value Proposition

Target Market

Revenue Model USP

Barriers Competitive Analysis Market Size Market

Growth

Market Share

Company Type & Style

Start-up Costs

Investments Needs

Exit Strategy ROI

Idea Infatuation

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Trend Mapping

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By Mike Stemple

http://www.youtube.com/watch?v=p0FyjLUz1Ag&feature=youtu.be

Evaluation of Business Opportunities

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Ideation and Pitching

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10:20:30 Pitch Rule

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By Guy Kawasaki

https://www.youtube.com/watch?v=0iqIBDVMOyw

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Ideation and Pitching

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Thank you

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All Rights Reserved to Kardan University 2014 Opportunity Recognition and Exploitation Kardan...

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