ideas and innovation a presentation onentreprenuership development - ifenowo,bamidele olufemi

8/2/2019 Ideas and Innovation A Presentation onEntreprenuership development - IFENOWO,Bamidele Olufemi

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Ideas, Innovation and

Creativity

Business Planning

WHAT IS A NEW BUSINESS IDEA?

A concept which can be used for commercial

purpose

The ability to come up with a business idea can be transformed

into a viable business.

E.g. Pet Saloons

Pet

Saloons



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NEW IDEA GENERATION PROCESS

Uncover your Personal Traits

E.g.:- LN Mittal, Bill Gates

* Knowledge and Experience

E.g.:- Anil Ambani

Technical Knowledge

E.G. Formal Education,

Training on the job



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■ Domain Knowledge

E.g.:- Technical knowledge

of Refrigeration

■ Contacts

E.g.:- Idea to serve a

software firm

■ Goals and Aspirations

E.g.:- Local book store or

challenging crosswords

SOURCES OF BUSINESS IDEAS

PAST WORK EXPERIENCE

E.g.: People leave their jobs and start

Their own business in the same field



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■ HOBBIES AND INTERESTS

E.g.:- Owner of Baggit

OBSERVATIONS

E.g.:- Mansukbhai Kothari

➣ BRAINSTROMING

BUSINESS IDEA EVALUATION

This section outlines a frame work to evaluate business

Ideas, this frame work is based on some questions.



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ENTREPRENUERS ASK THE FOLLOWING

QUESTIONS:

1. Who are you selling to?2. What is the need you fill or problem you solve?

3. What is the business model?

4. How big is your market?

5. What are you getting out of it?

5. How can you protect your business?

The RAMP Model

■ R- which stands for return

(Is it profitable, Time to breakeven, Investment Needed)



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■ A - stand for Advantages

(Cost structure, Intellectual Property, Distribution channel)

■

M - stands for Market(The Need, Target market, Pricing, market size)

■ P - stands for Potential

(Risk vs, reward, The Team, Timing)

■ A “new” idea is a

combination of oldelements.

■ It is your ability to

combine ideas in a unique

way or to make useful

associations among ideas.

■ “There is virtually no

problem you cannot solve,

no goal you cannot solve,

if you know how to apply

the creative powers of your

mind, like a laser beam, to

cut through every difficulty

in your life and your work.

Individual Creativity Creative people can be said to have



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■ A particular style

■ Originality

■ Competence

■ Experience

■ Determination

■ Flexibility

■ Positive outlook

Organizational Hurdles in Creativity

Originator

Middle management

Organisational boundaries

An originator comes up

With a creative idea

At each level of managements,

the idea gets pruned and

refined

“Freedom is the greatest when the

ground rules are clear. Chalk out Thus till the time the initial idea

the playing field and say, within gets implemented, it would have

those lines, make any decision you gone through a number of

need”. Dick Brown, Chairman hurdles

CEO of EDS.

Organisational Creativity Vs

Individual Creativity



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High

Organisations based on Successful organizations

continuous development,

on systematic research of High rate of innovations

efficiency.

Organisational

Creativity ■ Few innovations, just Low rate of innovations,

imitations sometimes radical, based on

entrepreneurial spirit of individuals

Low

Individual Creativity High

Innovation

Innovation is a process of taking new ideas to

satisfied customers. It is the conversion of new

knowledge into new products and services

Innovation is about creating value

and increasing efficiency, and

therefore growing your business.

“Without innovation, new products, new

services, and new ways of doing business

would never emerge, and most

organizations would be forever stuck doing

the same old things the same old way”.



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Innovation Strategies

■ Financial backing to

innovation

■ Give opportunities to

Employees

■ Skillful recruitment policy

■ Information from outside

the organization

■ Target being set for

Innovation

■ Employees should be

rewarded.

Principals of Innovation

■ Ideas are fragile

■ Ideas are organic Creativity Innovation ■ All ideas have value and should be given

■ The originator of an idea needs Concepts Reality

assistance in idea enhancement and in

promoting the idea internally.

■ The originator is the initial advocate of

an idea and should be actively involved

in its development.

■ Only ideas which have been enhanced to

demonstrate potential value will be

brought to management.



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Principals Contd…

■ Both marketing and

technical issues need to be

addressed in the

development of an idea.

■ Differences among people Cooperate!

constitute a strength, not a It feels great!

weakness.

■ A mediator is often

necessary to facilitate the

communication of people

from different cultures and

who may possess clashingpersonalities

Process of Innovation

■ The innovation process can be

Idea generation depicted as a series of funnels

each getting progressively

Idea smaller

Recycle

Idea Screening ■ Typically sixty ideas into the top

funnel only produces just one

innovation.

Feasibility ■ The funnels are labeled as the

four phases in the process – idea

generation, idea screening,

feasibility and implementation.



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Effectiveness Criteria for an

Innovation process

■ Implement a few ideas at regular intervals

■ Ensure feedback takes place – there must be

communication channels to originators.

■ Screening system should be simple, understood by

Everyone.

■ Ensure the system is promoted

■ Transform ideas into reality at a reasonable speed – if the

system is too slow we may be too slow to react to the

market pace and turn off idea originators.

Never Mind

Look for someone Creativity

@2005 David M. Weeks to take you over Passionate

Passion needed to

Creativity & Innovation Line sustain you through the Assumption

Process Check

Rephrase

Survival Belief Climate Delay solving Perception Break

The problem Check assumptions

Do you really want to Does your environment Fact Find

Why survive support creativity andinnovation? Find

solutions Simplify

Bother? Grow or Apply many

Improve techniques

Find elusive radical Re-check

Solutions Evaluate Now assumptions

Launch

Can do Don’t over

Identify organisation attitude Staff innovation specify

energy sappers roles



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uestion

Feedback

Capability Innovation Simply Play

around

Avoid control

Adjust Fight hierarchy

Status Quo

Test Get a high level Prototype

Sponsor

Plot Develop

Find passionate Solution

[email protected] champion PR Predict Success

Why Bother?

■ Survival

■ Belief

■ Climate - challenge,

Freedom, idea time.

Idea support,

Conflicts, Debates,

Fisk-taking

■ Passion

■ Grow or Improve

mailto:[email protected]





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Thank you!

ideas and innovation a presentation onentreprenuership development - ifenowo,bamidele olufemi

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