U2 Chapter 5 Invention, Innovation and the Creative Edge

BDI 3C1Entrepreneurship

Ideas and the Creative Edge

• Every venture starts with an idea – but where does that idea come from?

• Entrepreneurs and Enterprising people are always on alert

• Good ideas come in many forms, but the ones that turn into ventures have two common features:

Common Features of Ventures

1. They are innovative – often offering something that no one has thought of before, or that has never been made to work before

2. They suggest a way to satisfy a need

What are some venture ideasGOOD BAD WACKY

Where would you look for ideas?

• TV, radio, society?• Newspapers – contain info about local and

global business trends, – classified sections for local needs and wants– Business opportunities ads– Business service ads

Magazines

• Consumer magazines predict and report changes in consumer buying

• Trade magazines describe trends in specific industries and report on new products and services

• Specialty magazines offer advertisements and articles about goods and services that appeal to their target markets

Trade Shows• Manufacturers and distributers display their newest

products and services for others in similar businesses or for potential customers.– Sometimes these shows are open to the public– See CES 2015 Las Vegas

• http://www.mirror.co.uk/news/technology-science/technology/ces-2015-recap-news-updates-4923037

• http://www.cesweb.org/

• At craft and hobby shows, individuals and small businesses can sell products or services to interested customers, often at low prices chosen to attract new customers– http://www.oneofakindshow.com/xmas14/index.php