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Generating New Ideas: Week 5

The document discusses how entrepreneurs generate new ideas and recognize opportunities. It explains that opportunities arise from novel or desirable products/services not previously exploited. Entrepreneurs employ seven strategies for idea generation to increase the chances of finding strong opportunities. There are two pathways to opportunity identification - finding existing opportunities through active search, and building opportunities by recognizing patterns from prior knowledge and experience. The document emphasizes that idea generation leads to opportunity recognition for entrepreneurs.

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Paul fernandez
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130 views13 pages

Generating New Ideas: Week 5

The document discusses how entrepreneurs generate new ideas and recognize opportunities. It explains that opportunities arise from novel or desirable products/services not previously exploited. Entrepreneurs employ seven strategies for idea generation to increase the chances of finding strong opportunities. There are two pathways to opportunity identification - finding existing opportunities through active search, and building opportunities by recognizing patterns from prior knowledge and experience. The document emphasizes that idea generation leads to opportunity recognition for entrepreneurs.

Uploaded by

Paul fernandez
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Generating New Ideas

Week 5
Objectives
• Explain how the entrepreneurial mindset relates
opportunity recognition.
• Employ strategies for generating new ideas from
which opportunities are born.
• Apply the two primary pathways to opportunity
identification.
• Demonstrate how entrepreneurs find
opportunities through active search and
alertness.
• Connect idea generation to opportunity
recognition.
Opportunity
• It is an apparent way of generating profit
through unique, novel, or desirable products
or services that have not been previously
exploited.
Forms of Value
• Economic
• Social
• Environmental
Idea Classification Matrix

Source: H. M. Neck, “Idea generation,” In B. Bygrave & A. Zacharakis


eds. Portable MBA in Entrepreneurship (Hoboken, NJ: John Wiley &
Sons, 2010, pp. 27–52).
Opportunities Start with Thousands of
Ideas
• idea generation
– the more ideas one can generate, the greater the
likelihood he will find a strong opportunity.
• Seven Strategies for Idea Generation
– Analytical strategies
– Search strategies
– Imagination-based strategies
– Habit-breaking strategies
– Relationship-seeking strategies
– Development strategies
– Interpersonal strategies
Two Pathways to Opportunity
Identification
• Finding Approach
– A concept that assumes that opportunities exist
independent of entrepreneurs and are waiting to
be found.
– It is based on the concept that entrepreneurial
opportunities exist as a result of the changing
landscape in technology, consumer preferences,
government regulations, and demographics.
Two Pathways to Opportunity
Identification
• Building approach
– a concept that assumes that opportunities do not
exist independent of entrepreneurs, but are
instead a product of the mind..
Opportunities Through Active Search
And Alertness
• Active search
– method used by entrepreneurs in attempting to
discover existing opportunities.
• Alertness
– the ability some people have to identify
opportunities.
Opportunities Through Active Search
And Alertness
• Some researchers believe that entrepreneurs
may be more adept at spotting opportunities
than non-entrepreneurs for several reasons:
– they have access to more information,
– they may be more prone to pursuing risks rather
than avoiding them, and
– they may possess different cognitive styles from
those of non-entrepreneurs.
Building Opportunities: Prior Knowledge
and Pattern Recognition
• two major factors in the building of
opportunities:
– prior knowledge; and
• the pre-existing information gained from a combination
of life and work experience.
– pattern recognition
• the process of identifying links or connections between
apparently unrelated things or events.
From Idea Generation To Opportunity
Recognition
SEEC Model
• Securing
– the capacity to focus on and sustain new ideas.
• Expanding
– the broadening or the acquisition of new skills that enable
people to generate ideas and share knowledge.
• Exposing
– the skills required to open ourselves to diverse and
fluctuating circumstances and events.
• Challenging
– the process of building on past failures by braving new
encounters.

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