Entrepreneurial Opportunities Built by Stambaugh/2009 Jeff Stambaugh Dillard College of Business/Rm 257A

It Starts With An Idea Built by Stambaugh/2009 ■ Idea: a thought of a new combination for a product of service

Ideas to Opportunities Built by Stambaugh/2009 ■ Create value such that someone will pay for your product/service (“Reason to believe”) ■ Viable market (margins / size) ■ Fit with ENT team Opening Window of Opportunity: 15 minutes ahead of market … not 15 years

Why do Windows of Opportunity Open? Built by Stambaugh/2009 ■ Technological changes ■ Societal changes (demographics / culture) ■ Economic changes (boom / bust) ■ Political / Legal changes ■ Global changes ■ Market imperfections (gaps)

Where do ideas come from? Built by Stambaugh/2009 ProblemsExperience

Where do ideas come from? (cont) Built by Stambaugh/2009 Thin Air Family / Friends

How to Develop ENT Opportunities Built by Stambaugh/2009 ■ Opportunity Recognition: search and capture ■ Entrepreneurial Alertness: notice, identify, and motivation

How can I develop the skill of “opportunity recognition?” Built by Stambaugh/2009 ■ How your brain works: prototypes and schemas ■ Fill the “library” ■ Ability to process (motivation) ■ Expertise: pattern recognition

Why Don’t We See More Opportunities? Built by Stambaugh/2009 ■ Rigid organizations ■ Very low personnel mobility ■ Punish failures ■ Judging ideas too quickly ■ “We tried that before” mindset So what stimulates creativity? Come back after the break!

What Are We Talking About? Built by Stambaugh/2009 one,right ■ Logical Thinking: one, (or a few) right answer many, possible ■ Lateral Thinking: many, possible answers ■ Why is lateral thinking so “hard” for many of us?

Goal of Lateral Thinking Built by Stambaugh/2009 ■ Get out of “rut” of established patterns ■ Any “restructuring” technique useful ■ Create new patterns ■ Challenge old patterns Many, Possible Remember Goal: Many, Possible Answers

Some Principles Built by Stambaugh/2009 ■ How many ways can you divide a square into 4 equally sized/shaped pieces? Set a Quota!

Some Principles Built by Stambaugh/2009 ■ How many ways can you divide a square into 4 equally sized/shaped pieces? ■ Story of the bear and electric lines Suspend and Bridge

Some Techniques Built by Stambaugh/2008 ■ S ubstitute ■ C ombine ■ A dapt ■ M agnify / Modify ■ P ut to other uses ■ E liminate ■ R earrange

Some More Novel Techniques Built by Stambaugh/2009 Arrange blocks so that: 1) Each block is touching 2 others 2) 1 block is touching 1 other, 1 is touching 2, 1 is touching 3 3) Each is touching 1 other 4) Each is touching 3 others Challenge / Reverse Assumptions!

Some Techniques Built by Stambaugh/2009 ■ Let’s plan a party ■ Major elements of a party (4) ■ Generate 6 options for each element ■ Mix ‘n Match (1,296 possible parties here!) Deconstruct and Reconstruct

Some Techniques Built by Stambaugh/2009 Task: How to sell more popcorn at a movie theater Random Thought—Forced Combination ■ Weed ■ Rust ■ Poor ■ Foam ■ Hole ■ Vacuum ■ Tribe ■ Puppet ■ Nose ■ Drift ■ Coal ■ Gold

Spurring Lateral Thinking: A Lifestyle not an Event Built by Stambaugh/2009 ■ Best done in diverse groups ■ Write it down and revisit ■ Practice ■ Exposure

Class Takeaways Built by Stambaugh/2009 ■ You CAN be more creative! ■ Consistent application of various techniques ■ Commitment is key (entrepreneurship as a passion)!