M2

• Steps in the entrepreneurial process

  • Idea Generation
  • Opportunity Identification
  • Opportunity/Business Concepts Development
  • Resource Identification and Acquisition
  • Implementing And Management of the Business Venture
  • Harvesting the Business Venture
• Idea generation techniques

  • Brainstorming
  • Focus Groups
  • Checklist Method
  • Problem Inventory Analysis
  • Scenario Thinking
  • The Notebook Method
  • Reverse Brainstorming
  • Delphi Method
  • Gordon Method
  • Free Association
  • Forced Field Analysis
  • Theory of Inventive Problem Solving (TRIZ)
  • Rapid Prototyping
• Brainstorming


  Finding creative ways of gathering data and problem solving, arriving at various and unique solutions by using groups.

  Advantages: One person's idea can stimulate other ideas & results in an array of ideas.

  Disadvantages: The process may be chaotic & may be necessary to lay ground rules.
• Focus Groups

  A group of people assembled to participate in a discussion or a series of questions are covered and the results are used as a guide.

  Advantages: A good way to screen ideas & more structured than brainstorming.

  Disadvantages: Not the ideal method when dealing with a sensitive topic & one person can dominate the discussion.
• Checklist method


  Using a series of questions and/ or statements to aid in the development of a new idea or ideas.

  Advantages: Used in collaboration with brainstorming & deals with the issue through a series of question.

  Disadvantages: Proper record keeping is necessary & can be closed ended questions.
• Problem inventory analysis


  New ideas and solutions are obtained by presenting customers with the problems affecting a given product.

  Advantages: Useful in testing a new product idea & group may be able to generate new ideas on a product.

  Disadvantages: Idea generated may not reflect and entrepreneurial opportunity & lack of response.
• Scenario thinking


  This process tries to anticipate the various possible outcomes to a particular situation.

  Advantages: Provides alternative views of the future & can be creative yet structured.

  Disadvantages: Some scenario may lack scope & scenario planners should be well experienced.
• The notebook method


  A notebook is used to record the possible solutions to an existing problem or scenario.

  Advantages: All members can participate & team members build on each other's ideas.

  Disadvantages: It can be time consuming & can lead to too many ideas to assess.
• Reverse brainstorming


  Arriving with new ideas while looking at the negative aspects of the problems involved.

  Advantages: Generates ways to overcome potential problems through discussion & extend the use of brainstorming to bring out more ideas.

  Disadvantages: Should be used if individuals are not able to reverse the problem & require more time and mental energy.
• Delphi method


  Used to explore a group of experts in a field who don't know each other.

  Advantages: To move the group towards consensus & generate new ideas of individuals in the group.

  Disadvantages: Difficult to develop an accurate questionnaire & time consuming and expensive.
• Gordon method


  New ideas are developed without the participants having knowledge of the problem.

  Advantages: Result in many new ideas & easy to make comparisons and understand.

  Disadvantages: Dependent on the competencies of the group & does not take into consideration of a lot of things.
• Free association


  Developing a new idea through a chain of word associations.

  Advantages: Useful with other methods such as brainstorming & simple and effective problem-solving technique.

  Disadvantages: Needs proper management & can be time consuming.
• Forced field analysis


  Technique used to analyze the forced that influence a desired change or outcome within an organization or system. Identify and evaluate factors that hinder achievement.

  Advantages: Systematic framework (understand dynamics of change), identify potential barriers and challenges & strategic planning and decision making.

  Disadvantages: Subjective interpretation of forces, overlook or underestimate complexity of interactions & no specific solutions.
• Theory of Inventive Problem Solving (TRIZ)

  Focuses on systematic innovation and identification of inventive solutions to technical problems. Structural approach for analyzing contradictions and resolving them through the application of inventive principles and patterns.

  Advantages: Systematic and structured approach, comprehensive set of tools & techniques & improve innovation capabilities by leveraging knowledge.

  Disadvantages: Specialized training/ expertise to effectively apply TRIS principles, not suitable for non – technical problems & require time, resources and investment.
• Rapid prototyping


  Technique used to quickly create and test physical or digital prototypes of a product, service or system. Allows designers and developers to iterate on design concept, gather feedback and refine solutions in timely manner.

  Advantages: Accelerates the design and development process, facilitates early user feedback and validation & enables stakeholders to visualize and interact with prototype.

  Disadvantages: Quality of prototypes can be compromised due to time constraints or limited resources, rapid prototyping can lead to scope creep & expensive.
• Screening Ideas

  • Market Research
  • Financial Analysis
  • Technical Feasibility
  • Legal and Regulatory Considerations
• Screening Ideas: Market Research


  1. Conduct thorough market research to understand the demand for your product or service, identify your target customers, and assess the competitive landscape

  2. Analyze market trends, customer preferences, and buying behavior to determine if there is a viable market opportunity for your business idea
• Screening Ideas: Financial Analysis


  1. Estimate the startup costs required to launch your business, including expenses such as equipment, inventory, marketing, and personnel

  2. Develop a financial projection that forecasts your revenue, expenses, and cash flow over an initial period, typically the first few years of operation
• Screening Ideas: Technical Feasibility


  1. Evaluate the technical requirements and feasibility of implementing your business idea, considering factors such as technology, infrastructure, and resource availability

  2. Determine if you have the necessary skills, expertise, and resources to develop and deliver your product or service effectively
• Screening Ideas: Legal and Regulatory Consideration


  1. Research the legal and regulatory requirements relevant to your industry and business model, including permits, licenses, zoning regulations, and intellectual property rights

  2. Ensure compliance with applicable laws and regulations to avoid potential legal issues and liabilities
• How are Ideas Linked To Opportunities

  Through their ability to address unmet needs, solve problems, capitalize on market trends, foster innovation, and create value. Identifying, developing, and executing ideas effectively can lead to the realization of new business ventures, competitive advantages, and growth opportunities.
• Distinguish Between An Idea And Opportunity

  • Market demand
  • Ability to generate revenues
  • Availability of technology and resources
• Market Demand

  • Idea - represents a concept or solution to a problem but may not necessarily have evidence of existing market demand.
  • Opportunity - clear indication of market demand. Involves identifying a gap or need in the market that the idea can address, with evidence of potential customer interest or willingness to pay.
• Ability To Generate Revenue

  • Idea - potential to generate revenues, it often lacks a concrete plan or strategy for monetization.
  • Opportunity - linked to revenue generation. Feasible and actionable plan for converting the idea into products to be sold in the market, resulting in revue generation.
• Availability of Technolgy And Resources

  • Idea - idea may not be constrained by the availability of technology or resources, as it represents a conceptual solution that may or may not require specific resources for implementation.
  • Opportunity - takes into account the practical feasibility of executing the idea by considering the availability of necessary technology, financial resources, human capital, and physical infrastructure. Assessing whether the required resources are accessible or can be acquired within a reasonable timeframe and cost.
• Sources of Entreprenurial Opportunity

  • Changing demographics
  • Emerging markets
  • New technologies
  • Political and regulatory changes
  • Social change
• Sources of Entreprenurial Opportunity Explained

  • Changing demographics - demographic shifts that create new needs and preferences. Entrepreneurs can capitalize on these changes by developing products or services tailored to specific demographic segments.
  • Emerging markets - present opportunities due to their rapid economic growth, rising disposable incomes, and increasing consumer demand. Enter these markets with innovative products or services that cater to the unique needs.
• Sources of Entreprenurial Opportunity Explained Cont...

  • New technologies - technological advancements create opportunities for disruptive innovation across various industries. Leverage these technologies to develop new products to improve efficiency and address previously unmet needs.
  • Political and regulatory changes - changes in government policies, regulations and trade agreements create opportunities by opening new markets, reducing barriers to entry and creating incentives for innovation.
• Sources of Entreprenurial Opportunity Explained Cont...

  • Social change - Shifts in societal values, lifestyles, and behaviors influence consumer preferences and create demand for new products. Identify opportunities by addressing emerging social issues, sustainability, wellness, diversity, innovative solutions and socially responsible business practices.