1. Chapter-4 Developing business ideas and your creativity

2. Business Mission Project
Process: 1. Idea generation 2. Business Concept Development 3. Business Mission Presentations 4. Business Plan (2nd semester) 5. Business Plan Fair Event

3. Sources of business ideas
Market niche, company acquisition, family company, franchising, innovation, hobby, subcontracting, systematic search, privatisation of public services, nature tourism, idea from abroad, professional knowledge, education

4. Idea generation methods
Individual methods: relaxation, image working, mind maps, NLP, emotional intelligence, associations and analogues Group methods: brainstorming, technique, Six thinking hats, Idea walk, “Tuplatiimi”, “Tuumatalkoot”

5. Opportunity recognition
An idea is not an opportunity
opportunity = attractive, durable, timely
anchored in a product/service which creates or add value for its buyer and or end user
most successful entrepreneurs are opportunity-focused
they start with the customers and do not lose sight of this

6. Sales
Market
Window of opportunity
Time

7. From opportunity to a business mission
Diverse use of concepts
Corporate mission
answers the question why a company exists
Mission statement, business mission
a broadly defined, enduring statement of purpose that distinguishes a business from others of its type

8. A MISSION STATEMENT – EXAMPLES
Nokia Connecting people
3M Innovative solutions to unsolved problems
Walt Disney Making people happy
HP Make technological solutions to promote the well-being of mankind

9. Nike. Experience strongly about contest,. winning and beating the
Nike Experience strongly about contest, winning and beating the competitors
K-Group K-Group is providing goods and services to its customers efficiently and economicly. Its footholds lie on entrepreneurship and wholesales.

10. From opportunity to a business mission
Business Mission Models
Scandinavian Model
customer/benefit, target image, product/service, operation mode
Ashridge Mission Model
purpose, strategy, company values, standards and behaviours

11. Business mission in a small company More innovative
More efficient
More socially effective
More entrepreneurial than large firms

12. But many fail to realize their potential because of
Wrong strategies
Lack of human, technical and financial resources
Poor market coupling
Lack of focus
Lack of management skills

13. Concepts related to new business creation
Creativity is the ability to develop new ideas and to discover new ways of looking at problems and opportunities. Innovation is the ability to apply creative solutions to those problems and opportunities to enrich people’s lives. Invention is a new solution stated in the law e.g. patents, trademarks or utility models

14. Concepts
Entrepreneurship is the result of a disciplined, systematic process of applying creativity and innovation to needs and opportunities in the market place Innovation leverage is transferring better practices and solutions in the business environment

15. Types of entrepreneurship
High
Inventor-Entrepreneur
Entrepreneurial Manager
Creativity and Innovation
Promoter
Manager
Administrator
Low Management Skills and Business High Know-how

16. The Entrepreneur’s Cube
E= Quality and relevant experience
O=Attractiveness and durability of opportunity
R=Commitment of requisite resources R O
Venture Potential = E x O x R

17. The three components of creativity
1. Expertise (knowledge - technical, procedural, and intellectual) 2. Creative-thinking skills (How do you approach problems?) 3. Motivation (intrinsic motivation more effective)

18. Paradigms rule the world
Traditional assumptions and perspectives kill creativity A paradigm is a preconceived idea of what the world is, what is should be like and how it should operate

19. Barriers to creativity
- searching for the one “right” answer - focusing on being “logical” - blindly following the rules and routines - constantly being practical - viewing play as frivolous - becoming overly specialised - avoiding ambiguity

20. Barriers to creativity
- fearing looking foolish - fearing mistakes and failure - believing that “I’m not creative” The key to spurring the imagination is to learn to think fluidly and flexibly.