Foundations of Entrepreneurial Leadership Mining Opportunities to Create Value MGT 190/290 Prof Frey: Class 2 – Opportunity Iden. & Value Creation

AGENDA: 1. How are opportunities identified? 2. Fundamentals of creative thinking, & myths. 3. Try it on: Mind Mapping and Idea Pitching Suggestion for semester: Opportunity Journals Class 2 – Opportunity Iden. & Value Creation

Good ideas, bad ideas, and where they come from: Office Space Pet Rock scene (some bad language, not for kids) Class 2 – Opportunity Iden. & Value Creation Opportunity Recognition

SEARCH: –Opportunity is “out there” waiting to be found Active: Scans, C/I, Planning Passive: Heightened alertness Fortuitous: Surprise! Serendipity CREATE: –Envisioning something that doesn’t exist –Created through imagination –Archived in there somewhere - emerges through action Class 2 – Opportunity Iden. & Value Creation

Mental Locks 1.The right answer 2.That’s not logical 3.Follow the Rules 4.Be practical 5.Play is frivolous 6.That’s not my area 7.Don’t be foolish 8.Avoid ambiguity 9.To err is wrong 10.I’m not creative Class 2 – Opportunity Iden. & Value Creation

Brainstorming Metaphor Mental Maps Real example: Class 2 – Opportunity Iden. & Value Creation Techniques

Assignment reference link Laura Lee Williams-Murphy case Ted Leonsis case How did they arrive at their ideas? What were the critical NEXT steps? Class 2 – Opportunity Iden. & Value Creation Discussion

Class 2 – Opportunity Iden. & Value Creation MIND MAPPING Let’s try it FIRST: Find 1-2 teammates & get their contact info

Class 2 – Opportunity Iden. & Value Creation Hey. There’s some good stuff in here. Your brain on Mind Mapping.

Class 2 – Opportunity Iden. & Value Creation Mind Mapping 1.Brainstorm around area of interest 2.Cluster words, pick favorite 3.Develop service or product idea 4.Develop elevator pitch

Class 2 – Opportunity Iden. & Value Creation For this exercise you will need: Your workbook (printed out). Different colored pens or pencils. Your brain. A hobby or area of interest.

Class 2 – Opportunity Iden. & Value Creation Step 1: Brainstorm Area of interest: Write in circle DOGS / PETS

Class 2 – Opportunity Iden. & Value Creation Step 1: Brainstorm DOGS / PETS Collar Spots Animal Shelter Grooming Barking Large Exercise Fleas Information implant chips Medication VeterinarianDog Whisperer Animal Planet Clean up Small Black Brown Celebrity dogs Walk Leash

Class 2 – Opportunity Iden. & Value Creation Step 1: Brainstorm Connect Words DOGS / PETS Collar Spots Animal Shelter Grooming Barking Large Exercise Fleas Information implant chips Medication VeterinarianDog Whisperer Animal Planet Clean up Small Black Brown Celebrity dogs Walk Leash

Class 2 – Opportunity Iden. & Value Creation Step 2: Idea Creation Pick Favorite Cluster Leash Exercise Walk Clean Up Celebrity Dog

Class 2 – Opportunity Iden. & Value Creation Step 2: Idea Creation Develop Product/Service Ideas Leash Exercise Walk Clean Up Celebrity Dog Pedometer for dogs which clips on their dog leash or collar. iPod exercise case insert which includes doggie clean up bags. Exercise club that walks dogs. Walking shoe with a doggie clean up bag Velcro attachment.

Class 2 – Opportunity Iden. & Value Creation Step 2: Idea Creation Pick Favorite Leash Exercise Walk Clean Up Celebrity Dog Pedometer for dogs which clips on their dog leash or collar.

Class 2 – Opportunity Iden. & Value Creation Step 3: Elevator Pitch Description & target audience Need met through product / service Competitive advantage

Class 2 – Opportunity Iden. & Value Creation PITCH TIPS Brand your idea Associate with known idea Pimp My Pitch Have a pulse Know your facts We take a break from our regularly scheduled programming for some skill building

Class 2 – Opportunity Iden. & Value Creation Step 3: Elevator Pitch Description & target audience Need met through product / service Competitive advantage

Class 2 – Opportunity Iden. & Value Creation Step 3: Elevator Pitch Description Product/Service description & target audience EX: My product idea is a: Pedometer for dogs which clips on their dog’s collar. EX: My product is targeted toward: Vets who encourage exercise among their clientele.

Class 2 – Opportunity Iden. & Value Creation Step 3: Elevator Pitch Need Met What need is met through this product / service? 78% of US pets overweight. Helps vets monitor physical activity, especially of dogs with health conditions. Allows people to love and care for their pets. Remember this? Class 1 discussion on market context

Class 2 – Opportunity Iden. & Value Creation Step 3: Elevator Pitch Competitive Advantage Competitive advantage: Endorsed by World Veterinary Association.

Class 2 – Opportunity Iden. & Value Creation PITCH !!! Pair up and practice your pitch Your pitch should be 30 seconds to 1 minute

Opportunity Journal (option – extra credit) Use active search to scan for ideas Journal Entry: concept and its value Be prepared to pitch your idea to the class –What, why, for what market? –Avoid product development-Think: venture Class determines most feasibility ideas Goal: Train your Brain to see opportunities

NEXT TIME Online Discussion #1 Skill Building: Mentors & Networks –READ: Posted documents about Mentoring and Networking. –DUE: Networking simulation assmt. –DUE: Your Personal Bio online - Two paragraphs maximum. Graduate Students Only: Book Club Project. Reading: Essentials Chap 3 & 4 Provide online feedback: Peer forum QUIZ on lectures and readings - Sessions 1 & 2