CHAPTER

1 3
Business Opportunities
Through Creative and
Innovative Ideas
 Learning Outcomes

At the end of this chapter, you should be able to:

•Identify, evaluate and select business opportunities

•Identify the types of risk
•Define and describe creativity
•Discuss the characteristics of a creative individual
•Differentiate between forms of innovation and types of
innovation

TECHNOPRENEURSHIP Second Edition All Rights Reserved

© Oxford Fajar Sdn. Bhd. (008974-T), 2016 1– 3
 When Is An Idea An
Opportunity
• What it is
– Can it be converted into a product or service
– Novelty, disruptive technology
• Not just any idea, not just any product
– New invention?
– Replacement product?
– Substitute product? [better mouse trap?]
– Solving a problem vs. good to have
– Disruptive – does it change the way you live, work?
• Can it sell
– Market?
– Will people buy?
– How do I reach them?
TECHNOPRENEURSHIP Second Edition All Rights Reserved
© Oxford Fajar Sdn. Bhd. (008974-T), 2016 1– 4
 Identifying, Evaluating and
Selecting a Business Opportunity
• Step 1: Identifying Customers’ Needs and Wants
• Step 2: Environmental Scanning, Self-Evaluation and
Community Values/Norms
• Step 3: Screening of Business Opportunities
• Step 4: Selecting the Best Business Opportunity

TECHNOPRENEURSHIP Second Edition All Rights Reserved

© Oxford Fajar Sdn. Bhd. (008974-T), 2016 1– 5
 Creativity

TECHNOPRENEURSHIP Second Edition All Rights Reserved

© Oxford Fajar Sdn. Bhd. (008974-T), 2016 1– 6
 Creativity (cont.)

Creativity behaviour

Age Group Highly Creative

(%)
5 or younger 90
6 and 7 10
8 and older 2

•(Logical, realistic, should, right/wrong, bad, no)

TECHNOPRENEURSHIP Second Edition All Rights Reserved
© Oxford Fajar Sdn. Bhd. (008974-T), 2016 1– 7
 Creativity (cont.)

How to Generate Creative Ideas

TECHNOPRENEURSHIP Second Edition All Rights Reserved

© Oxford Fajar Sdn. Bhd. (008974-T), 2016 1– 8
 Creativity (cont.)

• IKEA
– Stylish, quality furniture
– Knockdown format
– Unique and fun buying experience
– Affordable
• DELL
– Uses leading-edge supply chain management
– Real-time inventory
– Provides clients with customization
– Passes efficiency and costs reduction to clients
• Apple
– Innovative User Experience
– Stylish look and feel
– Image
– Radical technology applications
TECHNOPRENEURSHIP Second Edition All Rights Reserved
© Oxford Fajar Sdn. Bhd. (008974-T), 2016 1– 9
 Creativity (cont.)

Why Is Creativity Important?

(1)To ensure an organization’s survival

(2)To explore new markets
(3)To exploit natural resources

TECHNOPRENEURSHIP Second Edition All Rights Reserved

© Oxford Fajar Sdn. Bhd. (008974-T), 2016 1– 10
 Innovation

CREATIVITY INNOVATION

TECHNOPRENEURSHIP Second Edition All Rights Reserved

© Oxford Fajar Sdn. Bhd. (008974-T), 2016 1– 11
 Innovation (cont.)

What is innovation?

“Innovation is finding ways to deliver new or better goods

or services.”
Kinicki and Williams 2003

“Innovation is also deemed as the creation of something

new in the marketplace that alters the supply-demand
equation.”
(Chell, 2001)

TECHNOPRENEURSHIP Second Edition All Rights Reserved

© Oxford Fajar Sdn. Bhd. (008974-T), 2016 1– 12
 Innovation (cont.)

• Comes from the ability to see what others are seeing,

but thinking what no one else is thinking.
(Successful exploitation of new ideas)

TECHNOPRENEURSHIP Second Edition All Rights Reserved

© Oxford Fajar Sdn. Bhd. (008974-T), 2016 1– 13
 Innovation (cont.)

TECHNOPRENEURSHIP Second Edition All Rights Reserved

© Oxford Fajar Sdn. Bhd. (008974-T), 2016 1– 14
 Innovation (cont.)

Strategies
Recognize your own Change your perception
ability

Change your Dare to Fail

organizational culture

TECHNOPRENEURSHIP Second Edition All Rights Reserved

© Oxford Fajar Sdn. Bhd. (008974-T), 2016 1– 15