Always Dream Big, Fly High and

reach the top!!!

Opportunity
Recognition
& Idea
Generation

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Three Ways To Start A New Venture

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 Why some
students are more
creative than
others?
 Entrepreneurial DNA
(Characteristics)

Special characteristics
Passion
Proactive & self motivated
Persistence
Common characteristics
Creativity and Innovation Need for independence
Opportunist
Need for achievement
Self Confident
Risk taker
Emotional Intelligence
Leadership Wisdom (Change
Drive and determination
Agent Business knowledge
Honesty and integrity
05/21/2024
 Opportunit
Idea y

Creativity Innovation

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 Creativity
Creativity is the process of generating unique and useful ideas.
Or
Creativity is an act of coming up with new Ideas.

New ways of Re-Invent

doing things Yourself

Novel
Competitive
Solutions to
Advantage
the Problems
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 Facts

30:70
30% 70%
Creativity Creativity
Inheritance Learned
5 Major Barriers to creativity

Pattern Thinking 1
Tendency to follow current
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practices.

Tendency to think too narrowly 3

Fear of failure 4

Lack of belief 5
Tips for enhancing creativity

Memories Imagination +
Connections

Ordinary
Ideas Special Ideas
 Tips for enhancing creativity

• Permanent solution Temporary solution

 Regular creativity challenge  Changing your routine
Start performing new going for lunch on different
place
connection
Making a sandwich in a new
 Training to control your rational way
brain (cortex)
 Changing your surroundings
 Gathering new knowledge and
 Relax, walk and exercise
experiences
Innovation
 Innovation
The ability to apply creative solutions to problems and opportunities.
In short
Doing things differently in some ways

Introduction of a
Introduction of
new or improved
new processes
goods or services.

Identification of
Opening up of new new sources of
markets. supply of raw
material.
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 Examples - innovation

NikeiD is a service
A revolutionary, new,
provided by NIKE
interactive touch screen Walmart is taking
allowing customers to
fountain capable of innovation into the
personalize and design
creating more than 100 services system by
their own Nike
beverage options at your introduction self-service
Merchandise. They offer
fingertips available in a checkout into retail outlets.
online services as well as
matter of seconds
physical NikeiD studios
 Examples - innovation

Using the device’s “Share a Coke”

camera, it snaps a picture Coke managed to make
of the user and then It is a coke vending each person who picked
machine located in many up a can feel special and Gillette sells premium razors
reflects her movements,
creating a real-time, grocery stores. You can unique by printing at a loss, but makes money
digital way for her to test directly use it to buy your individual names on cans on repeat sales of blades
out cosmetics — favorite drink. and bottles and suddenly
anywhere everyone was identifying
with the product
 Where do innovative ideas
come from?
• Ability to connect seemingly unrelated ideas and put them together
in new ways
 What is an Idea?
An idea is a thought, impression, or notion
Generating an idea is an iterative process
You always come up with a fresh perspective because a journey of thousand miles
must begin with a first step

Simplicity
Vision

Core Elements

Need Uniqueness

Opportunity
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Source of New Ideas
What is a good
Business Idea?

Where should the

entrepreneur look for
the new business
idea?

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 Rules for Idea Generation
 Judicial Judgment is ruled out
 No Criticism of ideas
 Wildness is welcomed.! “the crazier the idea, the better”
 Avoid pattern thinking, Do something differently. “Think
Out of Box”

No Evaluation With Generation…!

No Evaluation With Generation…!
No Evaluation With Generation…!
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 Generating Creative Ideas
(Core Strategies)

Recycle a business
idea from another
Tapping into your community
vast experience
Doing what you
love

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 Generating Creative Ideas
(Techniques and Strategies)

Research Sketching

Brainstorming SCAMPER

Observing Trends
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 Activity 1
(Observing Trends)

Guidelines
– Make a group of 5
– Identify products that have been established in last 10 years
– Assess that how these products created convenience for its
customers
– Chalk out your list of products on chart paper and post it on wall

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 SCAMPER Technique
• The SCAMPER technique is a checklist that will assist in thinking of
changes that can be made to an existing product to create a new one.
• ‘SCAMPER’ stands for the following seven kinds of potential product
changes:
S – Substitute – components, materials, people;
C – Combine – mix, combine with other assemblies or services, integrate;
A – Adapt – alter, change function, use part of another element;
M– Modify – increase or reduce in scale, change shape, modify attributes;
P – Put to another use;
E – Eliminate – remove elements, simplify, reduce to core functionality;
R – Reverse – turn inside out or upside down.
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 Activity 2
SCAMPER Technique
Objectives:
• To create as many ideas as possible
• Different ways of looking at things/problems
• Think of innovation
Guidelines:
• Students are organized into teams (5 students per team).
• Every team has to select the product of their own choice.
• SCAMPER worksheet will be given to each team to prompt and structure their
brainstorming.
• Each team has 20 minutes for this activity.

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 3 Simple Question to evaluate your ideas

(The Market)
• What is the • How your product or service
compelling need that • Who is the target market who is better or unique? (The
is not currently being has this need? Value Proposition)
met?
(The Need) The Value Proposition

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Activity 3: Idea Evaluation

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 An opportunity is a favorable
set of circumstances that
Opportunity? creates the need for a new
product, service, or business
idea

Timely

4 Essential
Qualities
Durable Opportunity Attractive
of Opportunity

Create
Value

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 How to Identify an Opportunity?

1. Observing
2. Solving a Pro 3. Finding Gap i
Trends blem n the Market Pl
ace

Economic Social Political & Technological

Regulatory

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 1. Observing Trends
a) Economic forces
– Economic forces affect consumers’ level of disposable income.
Individual sectors of the economy have a direct impact on
consumer buying Patterns.
– For example, a drop in interest rates typically leads to an increase
in new home construction and furniture sales; large firms source
out etc.

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 Cont…
b) Social forces
– An understanding of the impact of social forces on trends and how
they affect new product, service, and business ideas is a
fundamental piece of the opportunity recognition puzzle.
– Example: The persistent proliferation of fast ‐food restaurants
isn’t due primarily to people’s love for fast food but rather to the
fact that people are busy: the number of households with both
parents working remains high.
– Example: Similarly, the Sony Walkman was developed not
because consumers wanted smaller radios but because people
wanted to listen to music while on the go.
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 Cont…

c) Political action and regulatory changes

– Political action and regulatory changes also provide the basis for
opportunities
– Example: new laws create opportunities for entrepreneurs to start
firms to help companies comply with these laws

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 Cont…

d) Technological Advances
– Given the rapid pace of technological change, it is vital for
entrepreneurs to remain on top of how new technologies affect
current and future opportunities.
– Advances in technology frequently fit together with economic and
social changes to create opportunities.
• Example: creation of cell phone is a technological achievement,
but was motivated by an increasingly mobile population

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 2. Solving a Problem

Solving a Problem
 Sometimes identifying opportunities simply involves
noticing a problem and finding a way to solve it.
 These problems can be pinpointed through observing
trends and through more simple means, such as intuition,
serendipity, or change.

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 3. Finding Gap in Market Place

Gaps in the Marketplace

 A third approach to identifying opportunities is to find a gap in the
marketplace
 A gap in the marketplace is often created when a product or service
is needed by a specific group of people but doesn’t represent a large
enough market to be of interest to mainstream retailers or
manufacturers.

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 Home task 2

1. Students are required to read the handouts, slides, and activities provided in the class for the detailed
understanding of session 2.
You are also required to read the 5th chapter from the reference book “Entrepreneurship & Small Businesses
(Paul Burns)” and Chapter number 2 from the reference book of Entrepreneurship : successfully launching
new ventures / Bruce R. Barringer.

2. You will have a quiz in the next class from the above-mentioned reading material.

3. You are advised to watch the TV reality shows like Dragon’s Den, Idea Croro Ka, and Shark Tank. After
watching videos, identify the best business pitch/Idea from each program.

4. Idea evaluation forms will be provided to you. Please evaluate your respective ideas on the basis of that
template.

05/21/2024
 How to Quickly Evaluate Ideas?
Idea 1 Idea 2 Idea 3 Idea 4 Idea 5
Key Standards to evaluate the idea. Idea Name Idea Name Idea Name Idea Name Idea Name

a) What is the compelling need that is not currently

being met?

b) What solution you are providing them to fulfill

that need?
c) What is unique and different in your product, so
that the customer can buy your product?

d) Who is the target market who has this need

(demographics, characteristics, etc.)?

e) Does this idea sound interesting and exciting to

me, if so, why?

Total Score:
37
Thanks
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