Foundations of entrepreneurial leadership
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Class 2 – Opportunity Iden. & Value Creation. Foundations of Entrepreneurial Leadership. Mining Opportunities to Create Value MGT 190/290 Prof Frey: [email protected] AGENDA:. Class 2 – Opportunity Iden. & Value Creation. 1. How are opportunities identified?

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Foundations of entrepreneurial leadership

Class 2 – Opportunity Iden. & Value Creation

Foundations of Entrepreneurial Leadership

Mining Opportunities to Create Value

MGT 190/290

Prof Frey: [email protected]


Agenda

AGENDA:

Class 2 – Opportunity Iden. & Value Creation

1. How are opportunities identified?

2. Fundamentals of creative thinking, & myths.

3. Try it on: Mind Mapping and Idea Pitching

Suggestion for semester: Opportunity Journals


Good ideas bad ideas and where they come from

Good ideas, bad ideas, and where they come from:

Class 2 – Opportunity Iden. & Value Creation

Opportunity Recognition

Office Space Pet Rock scene

(some bad language, not for kids)

http://www.youtube.com/watch?v=Fcv5e6xX25I


Opportunity recognition

Opportunity Recognition

Class 2 – Opportunity Iden. & Value Creation

  • SEARCH:

    • Opportunity is “out there” waiting to be found

      • Active: Scans, C/I, Planning

      • Passive: Heightened alertness

      • Fortuitous: Surprise! Serendipity

  • CREATE:

    • Envisioning something that doesn’t exist

    • Created through imagination

    • Archived in there somewhere - emerges through action


Mental locks

Mental Locks

The right answer

That’s not logical

Follow the Rules

Be practical

Play is frivolous

That’s not my area

Don’t be foolish

Avoid ambiguity

To err is wrong

I’m not creative

Class 2 – Opportunity Iden. & Value Creation


Techniques

Techniques

Class 2 – Opportunity Iden. & Value Creation

  • Brainstorming

  • Metaphor

  • Mental Maps

    Real example: www.ContentNow.com


Discussion

Discussion

Class 2 – Opportunity Iden. & Value Creation

  • Laura Lee Williams-Murphy case

  • Ted Leonsis case

  • How did they arrive at their ideas?

  • What were the critical NEXT steps?

Assignment reference link


Mind mapping let s try it first find 1 2 teammates get their contact info

MIND MAPPINGLet’s try itFIRST: Find 1-2 teammates& get their contact info

Class 2 – Opportunity Iden. & Value Creation


Foundations of entrepreneurial leadership

Class 2 – Opportunity Iden. & Value Creation

Hey. There’s some good stuff in here.

Your brain on Mind Mapping.


Mind mapping

MindMapping

Class 2 – Opportunity Iden. & Value Creation

  • Brainstorm around area of interest

  • Cluster words, pick favorite

  • Develop service or product idea

  • Develop elevator pitch


For this exercise you will need

For this exercise you will need:

Class 2 – Opportunity Iden. & Value Creation

  • Your workbook (printed out).

  • Different colored pens or pencils.

  • Your brain.

  • A hobby or area of interest.


Step 1 brainstorm

Step1: Brainstorm

Class 2 – Opportunity Iden. & Value Creation

Area of interest: Write in circle

DOGS / PETS


Step 1 brainstorm1

Step 1:Brainstorm

Class 2 – Opportunity Iden. & Value Creation

Walk

Information implant chips

Animal Planet

Fleas

Grooming

Spots

DOGS / PETS

Medication

Small

Brown

Exercise

Collar

Animal Shelter

Leash

Barking

Large

Dog Whisperer

Veterinarian

Black

Clean up

Celebrity dogs


Step 1 brainstorm connect words

Step 1: BrainstormConnect Words

Class 2 – Opportunity Iden. & Value Creation

Walk

Information implant chips

Animal Planet

Fleas

Grooming

Spots

DOGS / PETS

Medication

Small

Brown

Exercise

Collar

Animal Shelter

Leash

Barking

Large

Dog Whisperer

Veterinarian

Black

Clean up

Celebrity dogs


Step 2 idea creation pick favorite cluster

Step 2: Idea CreationPick Favorite Cluster

Class 2 – Opportunity Iden. & Value Creation

Leash

Exercise

Walk

Clean Up

Celebrity Dog


Step 2 idea creation develop product service ideas

Step 2: Idea CreationDevelop Product/Service Ideas

Class 2 – Opportunity Iden. & Value Creation

Pedometer for dogs which clips on their dog leash or collar.

Exercise club that walks dogs.

Leash

Exercise

Walk

Clean Up

Celebrity Dog

Walking shoe with a doggie clean up bag Velcro attachment.

iPod exercise case insert which includes doggie clean up bags.


Step 2 idea creation pick favorite

Step 2: Idea CreationPick Favorite

Class 2 – Opportunity Iden. & Value Creation

Pedometer for dogs which clips on their dog leash or collar.

Leash

Exercise

Walk

Clean Up

Celebrity Dog


Step 3 elevator pitch

Step 3: Elevator Pitch

Class 2 – Opportunity Iden. & Value Creation

  • Description & target audience

  • Need met through product / service

  • Competitive advantage


Pitch tips

PITCH TIPS

Class 2 – Opportunity Iden. & Value Creation

We take a break from our regularly scheduled programming for some skill building

  • Brand your idea

  • Associate with known idea

  • Pimp My Pitch

  • Have a pulse

  • Know your facts

PMP

www.GWUPitchGeorge.com


Step 3 elevator pitch1

Step 3: Elevator Pitch

Class 2 – Opportunity Iden. & Value Creation

  • Description & target audience

  • Need met through product / service

  • Competitive advantage


Step 3 elevator pitch description

Step 3: Elevator Pitch Description

Class 2 – Opportunity Iden. & Value Creation

Product/Service description & target audience

  • EX: My product idea is a: Pedometer for dogs which clips on their dog’s collar.

  • EX: My product is targeted toward: Vets who encourage exercise among their clientele.


Step 3 elevator pitch need met

Step 3: Elevator Pitch Need Met

Class 2 – Opportunity Iden. & Value Creation

What need is met through this product / service?

  • 78% of US pets overweight.

  • Helps vets monitor physical activity, especially of dogs with health conditions.

  • Allows people to love and care for their pets.

PMP

Remember this? Class 1 discussion on market context


Step 3 elevator pitch competitive advantage

Step 3: Elevator Pitch Competitive Advantage

Class 2 – Opportunity Iden. & Value Creation

Competitive advantage:

  • Endorsed by World Veterinary Association.

PMP


Pitch

PITCH !!!

Class 2 – Opportunity Iden. & Value Creation

Pair up and practice your pitch

Your pitch should be 30 seconds to 1 minute


Opportunity journal option extra credit

Opportunity Journal (option – extra credit)

  • Use active search to scan for ideas

  • Journal Entry: concept and its value

  • Be prepared to pitch your idea to the class

    • What, why, for what market?

    • Avoid product development-Think: venture

  • Class determines most feasibility ideas

  • Goal: Train your Brain to see opportunities


Next time

NEXT TIME

  • Online Discussion #1

  • Skill Building: Mentors & Networks

    • READ: Posted documents about Mentoring and Networking.

    • DUE: Networking simulation assmt.

    • DUE: Your Personal Bio online - Two paragraphs maximum.

  • Graduate Students Only: Book Club Project. 

  • Reading: Essentials Chap 3 & 4

  • Provide online feedback: Peer forum

  • QUIZ on lectures and readings - Sessions 1 & 2


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