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Entrepreneurship

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Entrepreneurship ­ MGT602
VU
Lesson 16
CREATIVITY AND THE BUSINESS IDEA
LEARNING OBJECTIVES
1.
To identify various sources of ideas for new ventures.
2.
To discuss methods available for generating new venture ideas.
3.
To discuss creativity and the techniques for creative problem solving.
METHODS OF GENERATING NEW IDEAS
Even with the wide variety of sources available, coming up with an idea to serve as the basis for the new
venture can still be a difficult problem. The entrepreneur can use several methods to help generate and test
new ideas, including focus groups, brain storming and problem inventory analysis.
Focus groups
Group of individuals providing information in a structured format is called a focus group. The group of 8
to 14 participants is simulated by comments form other group members in creatively conceptualizing and
developing new product idea to fulfill a market need.
Brainstorming
A group method of obtaining new ideas and solutions is called brainstorming. The brainstorming method
for generating new ideas is based on the fact that people can be stimulated to greater creativity by meeting
with others an d participating with organized group experiences. Although most of the ideas generated
from the group have no basis for further development, often a good idea emerges.
Problem inventory analysis
Problem inventory analysis uses individuals in a manner that is analogous to focus groups to generate new
product ideas. However instead of generating new ideas themselves, consumers are provided with a list of
problems in a general product category. They are then asked to identify and discuss products in this
category that have the particular problem. This method is often effective since it is easier to relate known
products to suggested problems and arrive at a new product idea then to generate an entirely new idea by
itself.
CREATIVE PROBLEM SOLVING
Creative problem solving is a method for obtaining new ideas focusing on the parameters.
Brainstorming
The first technique, brainstorming, is probably the most well known and widely used for both creative
problem solving and idea generation. It is an unstructured process for generating all possible ideas about a
problem within a limited time frame through the spontaneous contribution of participants. All ideas, no
matter how illogical, must be recorded, with participants prohibited from criticizing or evaluating during
the brainstorming session.
Reverse brainstorming
Similar to brainstorming, but criticism is allowed and encouraged as a way to bring out possible problems
with the ideas.
Synectics
Synectics is a creative process that forces individuals to solve problems through one of four analogy
mechanisms: personal, direct, symbolic and fantasy. This forces participants to consciously apply
preconscious mechanisms through the use of analogies in order to solve problems.
Gordon method
Gordon method is a method of developing new ideas when the individuals are unaware of the problem. In
this method the entrepreneur starts by mentioning a general concept associated with the problem. The
group responds with expressing a number of ideas.
Checklist method
Developing a new idea through a list of related issues is checklist method of problem solving.
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Entrepreneurship ­ MGT602
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Free association method
Developing a new idea through a chain of word association is free association method of problem.
Forced relationship
Forced relationship is the process of forcing relationship among some product combination. It is technique
that asks questions about objects or ideas in an effort to develop a new idea.
Collective notebook method
It is method in which ideas are generated by group members regularly recording ideas.
Heuristics
It is method of developing a new idea through a thought process progression.
Scientific method
This is a more structured method of problem solving, including principles and rules for concept formation,
making observations and experiments, and finally validating the hypothesis.
Value analysis
Value analysis is developing a new idea by evaluating the worth of aspects of ideas.
Attribute listing
This is an idea finding technique that requires the entrepreneur to list the attributes of an item or problem
and then look at each from a variety of viewpoints.
Matrix charting
Matrix charting is a systematic method of searching for new opportunities by listing important elements for
the product area along two axis of chart and then asking questions regarding each of these elements.
Big dream approach
Developing a new idea by thinking about constraints is big-dream approach of problem solving.
Parameter analysis
Parameter analysis is developing a new idea by focusing on parameter identification and creative synthesis.
KEY TERMS
Brainstorming
A group method of obtaining new ideas and solutions
Synectics
Creative process that forces individuals to solve problems through the use of analogies
Gordon method
Method of developing new ideas when the individuals are unaware of nature of the problem
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Table of Contents:
  1. THE NATURE AND IMPORTANCE OF ENTREPRENEURSHIP:DEFINITION OF ENTREPRENEUR
  2. THE NATURE AND IMPORTANCE OF ENTREPRENEURSHIP:Possibility of New Venture Formation
  3. ENTREPRENEURIAL PROCESS/START UPS:GOVERNMENT AS AN INNOVATOR
  4. THE ENTREPRENEURIAL AND ENTREPRENEURIAL MIND:ENTREPRENEURIAL PROCESS
  5. THE ENTREPRENEURIAL AND ENTREPRENEURIAL MIND (continued…)
  6. THE ENTREPRENEURIAL AND ENTREPRENEURIAL MIND (continued…):CLIMATE FOR ENTREPRENEURSHIP
  7. THE ENTREPRENEURIAL AND ENTREPRENEURIAL MIND (continued…):PROBLEMS AND SUCCESSFUL EFFORTS
  8. THE INDIVIDUAL ENTREPRENEUR:ENTREPRENEURIAL BACKGROUND AND CHARACTERISTICS
  9. THE INDIVIDUAL ENTREPRENEUR (continued…):Personal Values, Work History, MOTIVATION
  10. THE INDIVIDUAL ENTREPRENEUR (continued…):ROLE MODELS AND SUPPORT SYSTEMS
  11. INTERNATIONAL ENTREPRENEURIAL OPPORTUNITIES:INTERNATIONAL ENTREPRENEURIAL OPPORTUNITIES, Minority interests
  12. INTERNATIONAL ENTREPRENEURIAL OPPORTUNITIES (continued…):DIRECT FOREIGN INVESTMENT
  13. INTERNATIONAL ENTREPRENEURIAL OPPORTUNITIES (continued…):BARRIERS TO INTERNATIONAL TRADE
  14. INTERNATIONAL ENTREPRENEURIAL OPPORTUNITIES (continued…):ENTREPRENEURIAL PARTNERING
  15. INTERNATIONAL ENTREPRENEURIAL OPPORTUNITIES (continued…):SOURCES OF NEW IDEAS
  16. CREATIVITY AND THE BUSINESS IDEA:METHODS OF GENERATING NEW IDEAS, CREATIVE PROBLEM SOLVING
  17. CREATIVITY AND THE BUSINESS IDEA:PRODUCT PLANNING AND DEVELOPMENT PROCESS
  18. LEGAL ISSUES FOR THE ENTREPRENEUR:NEED FOR A LAWYER, PATENTS
  19. LEGAL ISSUES FOR THE ENTREPRENEUR:TRADEMARKS, LICENSING
  20. LEGAL ISSUES FOR THE ENTREPRENEURS:PRODUCT SAFETY AND LIABILITY, INSURANCE
  21. CREATING AND STARTING THE VENTURE:WHAT IS THE BUSINESS PLAN, PRESENTING THE PLAN
  22. CREATING AND STARTING THE VENTURE (Continued….):WRITING THE BUSINESS PLAN
  23. CREATING AND STARTING THE VENTURE (Continued….):
  24. CREATING AND STARTING THE VENTURE (Continued….):WHY SOME BUSINESS PLANS FAIL, MARKETING PLAN
  25. THE MARKETING PLAN:MARKET RESEARCH FOR THE NEW VENTURE
  26. THE MARKETING MIX:STEPS IN PREPARING THE MARKETING PLAN
  27. THE ORGANIZATIONAL PLAN:DEVELOPING THE MANAGEMENT TEAM, LEGAL FORMS OF BUSINESS
  28. THE ORGANIZATIONAL PLAN (Continued….)
  29. THE ORGANIZATIONAL PLAN (Continued….):THE LIMITED LIABILITY COMPANY
  30. THE FINANCIAL PLAN:OPERATING AND CAPITAL BUDGETS
  31. THE FINANCIAL PLAN (Continued….):PRO FORMA INCOME STATEMENTS, PRO FORMA CASH FLOW
  32. PRO FORMA SOURCES AND USES OF FUNDS:PERSONAL FUNDS, FAMILY AND FRIENDS
  33. PRO FORMA SOURCES AND USES OF FUNDS:COMMERCIAL BANKS
  34. BANK LENDING DECISIONS:SMALL BUSINESS ADMINISTRATION LOANS
  35. SOURCES OF CAPITAL:GOVERNMENT GRANTS
  36. SOURCES OF CAPITAL:PRIVATE PLACEMENT, BOOTSTRAP FINANCING
  37. CAPITAL SOURCES IN PAKISTAN:PROVINCIAL LEVEL INSTITUTIONS, FINANCIAL INSTITUTIONS
  38. PREPARING FOR THE NEW VENTURE LAUNCH: EARLY MANAGEMENT DECISIONS (Continued….)
  39. PREPARING FOR THE NEW VENTURE LAUNCH: EARLY MANAGEMENT DECISIONS (Continued….)
  40. PREPARING FOR THE NEW VENTURE LAUNCH: EARLY MANAGEMENT DECISIONS (Continued….)
  41. PREPARING FOR THE NEW VENTURE LAUNCH: EARLY MANAGEMENT DECISIONS (Continued….)
  42. PREPARING FOR THE NEW VENTURE LAUNCH: EARLY MANAGEMENT DECISIONS (Continued….)
  43. NEW VENTURE EXPANSION STRATEGIES AND ISSUES:JOINT VENTURES, ACQUISITIONS
  44. NEW VENTURE EXPANSION STRATEGIES AND ISSUES (Continued….):DETERMINING THE PRICE FOR AN ACQUISITION
  45. ENTREPRENEURSHIP & PAKISTAN:GENDER DEVELOPMENT STATUS WOMAN AS AN ENTREPRENEUR IN PAKISTAN