BUS B328F Autumn 2015 Lecture 01

BUS B328F
BUS B328F
Investigating
Entrepreneurial
Investigating
Opportunities
Entrepreneurial
Opportunities
1-1
Investigating Entrepreneurial Opportunities
BUS
Welcome
to
B328F
Investigating
Entrepreneurial
Opportunities
Lecture 1 :Innovative Ideas
BUS B328F Autumn 2015 OUHK
1-2
Lecture contents
Study Mode and Aims
Course Outline
Assessment & Assignments
Innovative Ideas and types of innovation
Common barriers to new ideas and
changes
1-3
Purposes
Introducing business concepts and analysis
that are useful for developing and
sustaining a successful business venture.
Encourage the initiations of venture ideas
that stands a strong chance of success.
Sharpen the business idea with clearer
focus, targeted market and defined
strategies, of which the business plan
should be attractive to investors.
1-4
Learning outcomes
Initiate innovative business ideas for venture
development through effective deployment of
resources/ information as well as networking through
identifications of profitable gap and consumer needs
Create a competitive venture and a sound

business plan by demonstrating appropriate
applications of management frameworks and
research techniques.
Foster entrepreneurial decision-making skills in

building enterprising capabilities with a focus and
competitive strategy.
1-5
Study Mode:
UKOU Materials:
Two workbooks (8 Chapters)
Self-diagnostic tests (Activities) website
Case-studies UKOU website
Assignments for creating a business plan

A lots of brainstorming, fantasize (becoming an
entrepreneur), simulated exercise, role play,
discussions and most important of all selfdisciplined in learning and conducting research
1-6
Syllabus Outline Course

Contents
Sources of innovative ideas and types of innovation
Attributes and characters of Entrepreneurial ventures

review of resources, network and business potential
Identify competitive issues of a start upcritical
success factors, value chain analysis, R&C models
Alignment of competitive factors and internal
strength.
Understanding marketing mix and marking research
Scoping the market and customer needs
Business plan and financing issues
1-7
Assessment 10 Credits
Course
Continuous Assessment
80%
Assignment # 1
20%
Assignment # 2
20%
Assignment # 3
30%
Assignment # 4
30%
Examination By presentation
20%
1-8
Assignments (By Groups)

#1: Your Entrepreneurial Venture
propose your product or service, the
target market, customers and your
strengths
#2: Your resources and capabilities to
support the venture
1-9
Assignments by
groups
#3: Refine
your preliminary proposal from
#1 and #2 with a written report describe:
a) Why the venture is innovative
b) The target market segment
c) Strategies for attracting target customers
d) The external resources needed for launching the
venture
1-10
#4:
Assignments by
A final writtengroups
report and Presentation -
incorporating all the feedbacks in the class

(applying concepts); presentation focuses:
a. Explain why the venture is innovative
b. The target market, segments, benefits and
competitors
c. The internal resources and external network
and stakeholders needed for launching
d. Ultimate objectives and measure of success
over time.
1-11
Session 1: Innovative Ideas

Attract
Idea
Seeks
Entrepreneur
Capital
Enables
Team/Firm
Compete
Fig. 1.1 Business Competition Chain
Market
1-12
Where to start?
*
*
*
*
Experience
Network (friends and relatives)
Observations (Macro/Micro)
Dream/ Fantasizing
1-13
Sources of New Ideas
Consumers
Existing Products and Services
Distribution Channels
Government
R&D
See more Box 1.1 (p10, Workbook 1) for a list of

common sources of innovative business ideas
14
1-14
Quality of business ideas

me too concept copying or imitating
apply other peoples business model into a
new context, locality of industry
Product with distinctive (unique) features
Product with prominent (superior) features
Product fulfil a new gap
Partly-formed or fully fledged idea
Service offer solutions that iron-out
incongruous happenings
15
1-15
Idea-generating tricks (How ?)
Brainstorming without criticism,

Elaborating ideas,
Fantasizing and developing scenarios,
Consider attribute, criteria and characteristics of
alternative approaches, multiple consequences
Developing analogies between circumstances
Rearranging, reversing, expanding, shrinking
combining or altering ideas or imitating
Advices from experts and the experienced
1-16
What is Creativity ( ) ?
To raise new questions, new
possibilities, to regard old
questions from new angles,
requires imagination.
Albert Einstein
1-17
What is Creativity?
The basis of creativity is being
able to see perspectives, path,
solutions, opportunities and
ideas that others either cant or
dont want to see.
Arthur Gogatz and Reuben Mondejar 2005
1-18
Definitions
Carrying out of new combinations of
firm organization
new products, new services,
new market,
new sources of raw materials/ supplies,
new methods of production,
new forms of organizations
Schumpeter (1934)
1-19
How viable ( ) ?
sufficient resources/ capabilities / skills
attractive enough to customers
bring value and benefit (or service gap)
to interested parties
clear and focus targets
sufficient market (adequate size,
suitable pricing and profitable revenue
model)
1-20
Failed Innovations
(Box 1.2, P15, Workbook)
Year
Firm
Product
Reasons for
Failure
1995
Comet Airlines
First passenger airline
Safety confidence
after fatal crashes
1960s Watneys Red

Barrel
Beer Brewing
Low Quality
1970s Xerox
Personal computer, laser

printer and Ethernet
Commercial failure
1975
Sonys Betamax
Video-tape system
High cost and rival

VHS
1985
Clive Sinclair
Electric 3-wheel car
Safety
1995
Apples e-World
Web forum and portal
Clear design but not

easy navigation
2000
Boo.com
E-commerce for sport

and street wear market
Wrong customer
focus
Technology
OK.
21
1-21
Types of innovation
Big bang revolutionary / discontinuous
Incremental/ gradual small-step
changes
(a)Technological changes (technology- push
approach)
(b)Market changes (customer-pull approach)
(c) Structured or opportunistic
(d)Individual or Social innovation (efforts)
1-22
Creative Linkage viable ?

Marketability alignment of customers
with products (Right : Market, Product and
Time)
Market Research gaps analysis
Target market size

Gaps in products
Gaps in competitive advantages
Gaps in access (or presence of
barriers)
1-23
Clusters
Definitions - A set of co-located business

activities or firms
A competitive advantage for creativity
and effective innovation
24
1-24
Creative Linkage viable ?

(A new source of innovations: new methods
of gathering market information, financing
and distributions)
Clusters e.g. Silicon Valley
availability and sharing of skills, resources,
knowledge, development, technologies,
partnering, outsourcing needs etc.
Networks - The emergence of ICT

supported business network
1-25
Social
Planned
Network
Hero
Innovator
Internal
External
Clusters
Individual
Innovative Theories (Figure 1.3, p21, Workbook 1)
1-26
Advantages of being with Clusters
Competitive Relations
Cooperative Relations
Offering of knowledge development
Complementary in resources sharing
Strengths in networking, incubating,
proliferation
N.B.: Porters Five Forces Analysis address mainly

competitive relations.
1-27
Chapter 1: Key Points

The links between entrepreneurial ideas
and different types of innovations
Key influences on the process of innovation
Identifying the innovation potentials of your
idea
Analyzing the potential market for your
innovation in terms of customer benefits
Key factors influence success and failure of
the innovation process
1-28
Mental Block to Creativity
Perception Block
Emotional Block
Cultural Block
Imagination Block
Environmental Block
Intellectual Block
Blind Spot ?
Where ?
All these are obstacles to Creativity

1-29
Obstacles to Creativity
Perception Block
Not able to view from different perspectives
Delimiting the opportunity too closely or too
conventionally
Failing to use all sensory inputs available
1-30
Emotional Block
Lack of interest in new opportunity
Insufficient patient
Obsession with security or order
Seeking judgment instead of ideas
Fear of failure
1-31
Cultural Block
Belief in logic and numbers instead of intuition
Prefer traditional to change
Cannot accept taboo
Imagination Block
Confusing between reality and fantasy
1-32
Environmental Block
Distraction and Unavailability of support
Intellectual Block
Lack of information
Misconception of situation
Intimidating or distracting weakness of hard
skills such as financial analysis
1-33
Practice Creative Proficiency
Try different perspectives
Work at being prolific in ideas
Seek leads from other people
Critique an existing product or services
Offer alternative solutions
Dont be discouraged by negative views
Think laterally etc.

1-34
Dimension of
New Venture
Creation
Individual:
Profile, skills
and network
Environment:
Capital
availability
STEEP Trends/
Potentials
Organization:
New Venture
Constraints:
Strategies,
Products &
Services
Competitive
factors,
Government
Source: Adapted from W. Gartner/ reproduced by M. Dollinger, chapter 1
1-35
Dimension of New
Venture Creation
Learning Process
Understanding :
Innovation, Role &
Quality of Entrepreneur
Competition, product lifecycle, sustainability
Doing :
S3-5: Assess
environment
New Venture
S4: Identify
capabilities,
resources
Sessions 1,2
Sessions 3,5
Reviewing :
S2: opportunities,
S3: Market
dynamics
S4: Competitive
Planning :
S4: Identify resources
needs,
S5: regulations
externalities, adjust
objectives/ positioning
advantages,
S5: financial
viability
Sessions 2,3,4,5
Sessions 4,5
1-36
Action #1
Write no more than 100 words for each of the
following:
a.Your proposed product or services and what
makes it innovative
b.The target market (customers and
competitors)
c.The main benefits bring to customers
d.Your main (personal and organizational )
qualities and strengths that can support this
business idea.
1-37
Action #2
Write two or three sentences for each of the
following questions:
a.How would you describe your own
business idea?
b.What features are the most prominent?
c.What features are the most distinctive?
d.What benefits do these features convey to
customers?
1-38
Action #3: website activities

Click
and complete
Activity 1.1, Business idea checklist
Activity 1.2, Product benefits analysis summary
Activity 1.3, Innovation gap checklist
1-39

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BUS B328F

Investigating Entrepreneurial Opportunities

Investigating Entrepreneurial Opportunities

Investigating Entrepreneurial Opportunities

Investigating Entrepreneurial Opportunities

Create a competitive venture and a sound

Foster entrepreneurial decision-making skills in

Investigating Entrepreneurial Opportunities

Two workbooks (8 Chapters)

Self-diagnostic tests (Activities) website

Case-studies UKOU website

Assignments for creating a business plan

Investigating Entrepreneurial Opportunities

Syllabus Outline Course

Attributes and characters of Entrepreneurial ventures

Investigating Entrepreneurial Opportunities

Investigating Entrepreneurial Opportunities

Assignments (By Groups)

BUS B328F Autumn 2015 OUHK

Investigating Entrepreneurial Opportunities

Investigating Entrepreneurial Opportunities

incorporating all the feedbacks in the class

Investigating Entrepreneurial Opportunities

Session 1: Innovative Ideas

Fig. 1.1 Business Competition Chain

BUS B328F Autumn 2015 OUHK

Investigating Entrepreneurial Opportunities

BUS B328F Autumn 2015 OUHK

Investigating Entrepreneurial Opportunities

Sources of New Ideas

See more Box 1.1 (p10, Workbook 1) for a list of

Investigating Entrepreneurial Opportunities

Quality of business ideas

Investigating Entrepreneurial Opportunities

Idea-generating tricks (How ?)

Brainstorming without criticism,

Investigating Entrepreneurial Opportunities

BUS B328F Autumn 2015 OUHK

Investigating Entrepreneurial Opportunities

BUS B328F Autumn 2015 OUHK

Investigating Entrepreneurial Opportunities

Investigating Entrepreneurial Opportunities

Investigating Entrepreneurial Opportunities

(Box 1.2, P15, Workbook)

First passenger airline

1960s Watneys Red

Personal computer, laser

High cost and rival

Electric 3-wheel car

Web forum and portal

Clear design but not

E-commerce for sport

BUS B328F Autumn 2015 OUHK

Investigating Entrepreneurial Opportunities

Investigating Entrepreneurial Opportunities

Creative Linkage viable ?

Target market size

Investigating Entrepreneurial Opportunities

Definitions - A set of co-located business

Investigating Entrepreneurial Opportunities

Creative Linkage viable ?

Networks - The emergence of ICT

Investigating Entrepreneurial Opportunities