Enhancing personnel creativity- brain storming exercises Tutorial Class _ Week 2 &3 Enhancing personnel creativity- brain storming exercises

Tutorial class plan Weekly Schedule Assessment plan Product display and verbal explanation of the business idea ( Week 8) Presenting the business plan ( Week 14) Project ( Writing the business plan) ( Week 16) Next week we will have a guest speaker from Center of Consultancy Service and Innovation Transfer ( UoN)

Plan for today class Global Successful Entrepreneurs Overview about the role of Entrepreneurship in the economic growth and development Video about : The power of Entrepreneurship The Seven Stages in the Entrepreneurial Life Cycle Video about: Why innovation is important ? & others video shows Discussion group about your business idea

What will you do this semester? You will plan a new business. You will develop a business idea. You will make plans as if you were going to start a new company. By the end of the course you will have a complete business plan equal to the plans used by entrepreneurs all over the world.

Where do you find a business idea? Your hobbies (what you do for fun) Your needs Needs you see around you Opportunities created by change

Successful Entrepreneurs – for fun Steven Jobs Created Apple computer – 1977 Why? Fun. He liked playing with computers, and turned his fun into a company.

Successful Entrepreneurs – for fun Mark Zuckerberg Created Facebook Why? Fun. He wanted a way to easily communicate with his friends at college and to share pictures.

Successful Entrepreneurs – for fun Can you make a business from your fun? Games – create and sell a game (Oman Monopoly) Hobbies – create and sell artwork, photographs, cookbooks Equipment – design a new surfboard or motocross parts Services – you like to dive, so you start a business leading dive tours. You like camel racing, so you start a website on camel racing.

Successful Entrepreneurs - needs Dan Bricklin Inventor of the Spreadsheet Visicalc Visigraph Visidex Needed quick calculations for his school assignments We now all use Excel as our spreadsheet

Successful Entrepreneurs - needs Malcolm MacLean Needed good way to quickly put materials onto a ship, a railroad car, or a truck. Designed a box that could be picked up at the corners and stacked. It had standard sizes. We call them containers.

The role of entrepreneurship in Innovation and change New venture creation Job creation Business growth Regional development

1- Innovation and change Innovation in business sense can mean a lot Developing new product Developing new technology Developing any new way of doing something New way of delivering an existing product or services New way of informing the customer about the product Any new approach to manage the business and gain profit

Tools for BUSINESS MODEL INNOVATION

Digital Business Models

Creative thinking Creative thinking ; see this https://www.youtube.com/watch?v=h_zMmGV WKkw

Advertising Model

2- New venture creation Many people are forced to create new venture as alternative to unemployment Some companies or institutions allow for their employees to create business through share option the role of entrepreneur is to “discover” and “exploration” the innovative opportunities

Oman daily news: 26/9/2016 Al Raffd Fund finance 1689 projects. Job opportunities from financed projects were about 3000 job positions

The importance of entrepreneurship The power of Entrepreneurship https://www.youtube.com/watch?v=oELkpD7YB QQ

Advantages and disadvantages for Self-employment See this http://ktvo.com/news/local/advantages- and-disadvantages-of-self-employment

In US Small business can create 60 – 80 % of new jobs in some countries Small business are a major source for innovation in technology and product development Small business account around one half of all private sector business Small business provide an important pathway for social and economic development advancement especially for women, minorities, and immigrants. Increase the wealth of individual

The context of Oman Oman vision 2020 Omanization (localization) policy Main challenges for Oman economy: depending on oil and gas as the key’s sources for the economic growth and development, The high increase in the population rate, limited economic diversification, dependence more on foreign labor Oman economy will need to create 45,000 new positions each year (IMF, 2013)

Think !!! Why Oman government and policy makers need to enhance and support entrepreneurship in the economy?

Why Oman needs entrepreneurship? The public sector can’t offer jobs positions for the increasing growth of young population (1/3 of Omani population are in education institutions) Small business accounts for 16% of Omani GDP ( in future they could have the capacity to create jobs) Tool for job generation Economic diversification Tool for technology advancement and innovation

The Seven Stages in the Entrepreneurial Life Cycle Stage 1. Opportunity Recognition “pre-start” analysis research and understand the dimensions of the opportunity Stage 2. Opportunity Focusing Should I go or not for this opportunity Evaluate the opportunity/market Stage 3. Commitment of Resources – the Business Plan Preparing the business plan Resource allocated to the business plan

The Seven Stages in the Entrepreneurial Life Cycle Stage 4. Market Entry Evaluate the profitability and success of the entry Stage 5. Full Launch and Growth the entrepreneur needs to choose a particular high- growth strategy Stage 6. Maturity and Expansion implementing the venture’s growth strategy through global expansion, acquisitions, and mergers Stage 7. Liquidity Event Harvest stage

Why innovation is important? https://www.youtube.com/watch?v=uAyWyng gm4w

Creativity & Innovation What is the difference between creativity and innovation? https://www.youtube.com/watch?v=FXJUDyq obbM

difference between creativity and innovation? Entrepreneurship tools to change the opportunity for different business or different services, therefore entrepreneurship and innovation are inter-linked Original ideas Generating something from nothing Ex. Just Eat or Seameless New ideas to reduce the use of water in farms Process of change

What is your business idea? Have you think outside the book when you choose your business idea? Why your project is new? Is it innovative? What is the new in your business? Why you are different? Why you choose this idea? KEEP ASKING WHY & WHY & WHY …

Entrepreneurial mindset

WHAT IS A BUSINESS MODEL The business model must answer the key question related to your business WHAT IS A BUSINESS MODEL “…describes the rationale of how an organization creates, delivers and captures value” Behind that KEY question is a lineup of other questions: Who's your target customer? What customer problem do you solve? What value do you deliver? How will you reach, acquire, and keep customers? How will you define and differentiate your offering? " " they " " " " " ? How will you generate revenue? How will you generate profit? What's your cost structure? How will you scale? Sell tickets? % of service # of subscribers? Fixed fee? Time & materials +? IP License?