Opportunity Recognition, Shaping and Reshaping

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Entrepreneurship and
Innovation
Robert Chalfant, Director, Fitzgerald
Institute for Entrepreneurial Studies
University of Akron
[email protected]
October 3, 2011
www.EECNEOhio.org
Sponsored by the Burton D. Morgan Foundation
New Venture Formation
 Creates economic and social mobility
 Is opportunity-centered and rewards
talent and performance
 Entrepreneurship is not about religion,
gender, skin color, social class, or
national origin
 Women and a number of ethnic and racial
groups are excelling at entrepreneurship
www.EECNEOhio.org
Sponsored by the Burton D. Morgan Foundation
The Self-Employed Report:





The highest level of personal satisfaction
Challenge
Pride
Remuneration ($)
Love of work - it is:
 Invigorating
 Energizing
 Meaningful
www.EECNEOhio.org
Sponsored by the Burton D. Morgan Foundation
Entrepreneurial Business Creations







Personal computers
Biotechnology
Wireless cable TV
Fast oil changes
PC software
Desktop information
Wireless communications
/handheld devices/PDAs
 Virtual imaging
 Voice/Everything over IP
 CAD/CAM
 Information technology
services
 Cellular phone services
 CD-ROM
 Internet publishing and
shopping
 Desktop computing
www.EECNEOhio.org
Pathways to Entrepreneurship
 The
 The
 The
 The
 The
 The
home-based entrepreneur
internet entrepreneur
serial or portfolio entrepreneur
traditional entrepreneur
nonprofit entrepreneur
corporate venturer
www.EECNEOhio.org
Preparing to be an Entrepreneur
 Find a mentor & build a network
 Learn about & interview entrepreneurs
 Identify reasons for wanting to own a
business
 Analyze personality and business
preferences
 Improve or acquire critical skills
 Study an industry
www.EECNEOhio.org
The “Great Idea”
 Your Passion
 You love doing it: A hobby or area of
interest
 Family members and friends recognize
your strengths
 You invested time and effort to learn the
business
 Worked in your area of interest
 Forego the higher paycheck
www.EECNEOhio.org
Sponsored by the Burton D. Morgan Foundation
Idea Multiplication
 Brainstorm




Grow the idea
“Yes, and…
All ideas are heard; none are rejected
Continual escalation and commitment
www.EECNEOhio.org
Sponsored by the Burton D. Morgan Foundation
Brainstorming
 Define your
purpose
 Choose participants
 Choose a facilitator
 Brainstorm
spontaneously,
copiously
 No criticisms, no
negatives
 Record ideas in full
view
 Invent to the “void”
 Resist becoming
committed to one
idea
 Identify the most
promising ideas
 Refine and prioritize
www.EECNEOhio.org
Multiply the Inputs
 Watch and Listen to Your Customer
 Physically go to where they are
 Observe their behavior
 Ask questions about their use of the
product
 Create Concepts & Optimize
 Drawings, mockups or models
 Necessary or not, too expensive,
practical or not
www.EECNEOhio.org
Sponsored by the Burton D. Morgan Foundation
Sources of Innovation




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Newspapers and magazines
Observation
Demographic shifts
Unexpected news events
Trends and patterns of change
New government regulation
Emerging industries
www.EECNEOhio.org
Where Opportunities are Born
 Technology sea
change
 Societal sea change

 Moore’s Law
 Metcalf’s Law
 Disruption
Changes in ways we
live, learn, work, etc.
 Brontosaurus factor
 Market sea change
 Value chain disruption,
obsolescence,
vulnerability
 Deregulation



Arrogance
Loss of peripheral vision
Deadened reflexes –
turning the tanker
 Depressed economy

www.EECNEOhio.org
Undervalued assets
Higher Potential Ventures
 Don’t think too small
 Smaller often means higher failure odds
 Entrepreneurship should not be a job
substitute
 Odds for survival, growth, and a higher
level of success, changes when the
ventures reaches a size of 10-30 people
with $2-$3 million in revenues
www.EECNEOhio.org
Sponsored by the Burton D. Morgan Foundation
Evaluating
 Criteria for evaluating venture opportunity
 Industry and market
 Economics
 Harvest issues
 Competitive advantage issues
 Management team issues
 Personal criteria
 Strategic differentiation
www.EECNEOhio.org
Sponsored by the Burton D. Morgan Foundation
New Ventures
 Fundamental realities
 Most new ventures are works in process
and works of art
 Most business plans are obsolete at the
printer
 Speed, industry knowledge, and
adaptability are crucial
 The key to succeeding is failing quickly
and recouping quickly
www.EECNEOhio.org
Sponsored by the Burton D. Morgan Foundation
SWOT: Internal Factors
 Strengths
 Business
advantages?
 Core
competencies?
 Making the
most money?
 Doing well?
 Weaknesses

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www.EECNEOhio.org
Avoiding?
Lack resources?
Doing Poorly?
Losing money?
Needs
improvement?
SWOT: External Factors
 Opportunities
 Threats
 Beneficial trends?
 Niches that
competitors are
missing?
 New Technologies?
 New needs of
customers?
 Obstacles to
overcome?
 Aggressive or
successful competitors?
 Negative economic
conditions?
 Government
regulations?
 Changing business
climate?
www.EECNEOhio.org
The Entrepreneurship Education Consortium (EEC) provides
practical experiential and theoretical education to students in
Northeast Ohio to prepare them to become entrepreneurs or
intrapreneurs, create new ventures and build wealth for the
region.
The EEC consists of nine universities and colleges in Northeast
Ohio: Ashland University, Baldwin Wallace College, Case
Western Reserve University, Cleveland State University, Hiram
College , John Carroll University, Kent State University, Lake
Erie College, and The University of Akron. The Consortium was
initiated with a grant from the Burton Morgan Foundation.
www.EECNEOhio.org
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