Successful Entrepreneurs Passion for the business Vision and endless ideas Product/customer focus: Must satisfy customer needs Persevere through setbacks and failures Executional excellence: Translate creativity into action & generate measurable returns

The Power of Entrepreneurial Thinking What makes a successful entrepreneur? Seeing opportunity where others don’t Innovation: better, faster, cheaper, easier “Fire in the Belly” Willingness to take risks Extreme work ethic

Three Key Processes Increasing Relevance to Founding Venture Idea Generation Opportunity Recognition Creativity Increasing Relevance to Founding Venture

Kinds of Intelligence Analytic intelligence - The ability to analyze and evaluate ideas, solve problems and make decisions Creative intelligence - Going beyond what is given to generate novel and interesting ideas. Practical intelligence - The ability that individuals use to find the best fit between themselves and the demands of the environment Social intelligence - The ability to understand and manage all types of people and to act wisely in human relations Successful intelligence - The acquisition and use of what you need to know to be successful in a particular environment.

Successful Intelligence Practical Intelligence Analytic Intelligence Successful Intelligence Success Creative Intelligence

Confluence Approach Creativity emerges from a confluence of Intellectual abilities Broad, rich knowledge base Appropriate style of thinking Personality attributes Intrinsic, task-focused motivation Environment supportive of creative ideas

Entrepreneurial alertness Additional Aspects Active search Entrepreneurial alertness Prior knowledge Social networks Opportunity recognition

Pattern Recognition Seeing links between seemingly unconnected trends, changes, events Connections form an identifiable pattern

Entrepreneurial Opportunity Situation in which a person can develop a new business idea that has potential to generate profit

Opportunities from Change Truly valuable entrepreneurial opportunities come from an external change that Makes it possible to do things that had not been done before Makes it possible to do something in a more valuable way.

Change Leads to Potential New technology Political and regulatory changes Social and demographic change Potential

Forms of Opportunity Entrepreneurs develop business ideas by: Developing new products and services Tapping new markets Formulating new methods of production Identifying new raw materials Developing new ways of organizing processes

Generating Business Ideas Idea is thought, impression, notion Opportunity: favorable set of circumstances that create need for product or service e.g. DTH, GPS Opportunity has four essential qualities Attractive Durable Timely Creates/adds value for buyer/user

Recognizing Opportunities & Generating Ideas Observing/ Study Trends Economic factors Social factors Technological Advances Political Action and regulatory statutes

Recognizing Opportunities & Generating Ideas Economic Forces Consumers level of disposable income Interest rate changes More women in workforce Currently: global recession Social Forces Both parents working: fast food Life stress: spas, wellness clinics , yoga, spiritualism

Recognizing Opportunities & Generating Ideas Family & work patterns Age of the population Increasing diversity in the workplace Globalization of industries Increased focus in health care & fitness Proliferation of computers & Internet Increase in numbers of cell phone users New forms of music & entertainment

Recognizing Opportunities & Generating Ideas Technological Advances Cell phones: allows people to be mobile E-commerce: accommodates busy schedules and working from home/remote locations Political Action New laws: Terrorism: Products & services to protect

Recognizing Opportunities & Generating Ideas Solving a Problem Observe people’s challenges Look for problems Listen to people’s complaints Think of your own challenges

Recognizing Opportunities & Generating Ideas Personal characteristics for opportunity recognition Entrepreneurial alertness/6th sense Social networks Creativity: preparation, insight, evaluation Prior experience in an industry

Techniques in Generating Ideas Brainstorming: generate ideas quickly, no analysis or decision making Enthusiasm, originality, lots of ideas Freewheeling, lively No criticism allowed Session moves quickly Leapfrogging encouraged

Techniques in Generating Ideas Focus groups People selected are familiar with issues What’s on customers mind Conducted by trained moderator Success depends on moderator’s ability to ask questions and keep on track

Techniques in Generating Ideas Surveys: gathering info from sample of individuals By phone, mail, online, in person Random portions of population Customer Advisory Boards