FLAVORx & CarePages :. How solving a personal problem can trigger the recognition of a promising business opportunities…. SOUTHERN TAIWAN UNIVERSITY. ENTREPRENEURSHIP & INNOVATION. Members of “AMBITION NANTAI”. Pawel Pretkiewicz MA1N0224. Bousquet Alexandra MA1N0243.
How solving a personal problem can trigger the recognition of a promising business opportunities…
ENTREPRENEURSHIP & INNOVATION
Pawel Pretkiewicz MA1N0224
Many business opportunities are recognized by people who are trying to solve a personal problem.
The problem can arise from
When a “creative solution” is found
it can also help others!
RECOGNITION OF BUSINESS OPPORTUNITIES
1998: Langshur family faced a heart defect son.
Need of a series of surgeries.
Creation of a Web site –Modern day blog to post update about their son.
2000: CarePagesmarket to hospitals, & available to patients & family members.
Hospitals can promote their services & attach their brand & benefit through improved patient/family/friend satisfaction.
700 health care facilities.
2007: acquired by Health Care.
it became a BUSINESS IDEA!
QUESTIONS AND ANSWERS Q1) An opportunity is defined as being attractive, durable, timely & anchored in a product or service that creates value for its buyer or end user. To what extent do FLAVORx & CarePages meet each of this tests of an opportunity?
Creates value for its buyer and end users:
Creates value for its buyer and end users:
Q2) Why do you think the idea for FLAVORx wasn’t developed by a large pharmaceutical company long before Kenny Kramm came along, and the idea for Carepages wasn’t developed by a hospital long before Eric Langshurcame up with the idea?
The idea of FLAVORx & CarePages wasn’t developed earlier because...
Q4) What similarities do you see between FLAVORx & CarePages? What does each company teach you about the opportunity recognition process?
-Solving a problem: Identifying opportunities involves noticing a problem & finding a way to solve it!
-These problems can be pinpointed through observing Trends.
- Creating such a business is a good way to earn money and in the same time to help people.
Opportunity recognition process:
1st step: Recognition of problem
2nd step: Need to observe & follow Trends! In the case: Social forces- “what people think is IN”. Need to observe the business/product/service Opportunity Gap which is the difference between what’s available & what’s possible it will lead to a new business idea.
3d step : Finding gap in the markets, services/product were needed by a group of people but doesn’t represent a large enough market to be interest to mainstream retailors or manufacturers! People are frustrated because they can’t find a product/service that they need & recognize that people feel the same way.
Need to have a strong social network (also prior experience, cognitive factors, creativity) to recognize opportunities.
Q5) How could FLAVORx & CarePages effectively use focus group to Strengthen their existing products & solicit suggestions for related product ideas?
A focus group is a small number of people (usually between 4 and 15, but typically 8) brought together with a moderator to focus on a specific product or topic.
The people who are facing durable sickness have special lifestyle and issues.
Both companies can generate and conduct discussions among all the employees, patients relatives and patients themselves about the issues they are facing and the feedbacks of the service and products.
It could lead Flavorx and Carepages to find new problems that patients are facing, and trying to solve them with new products, service that can enhance the daily lives of their clients; or just find some way of ameliorate their product/service to maintain on their market sales.
Q6) Think about the service that Carepages offers. Brainstorm other situations that people are in where it might make a sense to set up a Web site or blog that allows a person to provide frequent updates & receive notes of encouragement & support from friends. Pick up your best idea. Could a business be set up to facilitate the process for others?
We think that in order to create a similar Website that would offer frequent updates and notes of encouragement and support, we have to focus on the groups of people who have some real problems such as…
-Students in a foreign country struggling with their exams.
-young pregnant lady.
-battered women/men by their husband.
-new entrepreneurs struggling with their new business.
-Parents facing their children’s adolescent crisis.
In the cases of people trying to managed to solve a problem, they might share their impressions and give some hints how they were able to fight with addictionor other difficult period of their life such the case of battered women/men by their partner ,parents facing their children’s adolescent crisis, or even young pregnant lady rejected by their family.
New entrepreneurs struggling with their new business. Young entrepreneurs can get help from expert persons such as CEO, teachers… They can even have support from their customers by suggesting them new collection of product or services. It would be a strong community sharing ideas and supports.
Regarding with the prisoners it would be totally innovative Website. For example nowadays in Europe inmates in prisons have access to internet, but they can’t use social network like Facebook. Often they need support from their family or friends. Permanent contact with relatives can have good impact on socialization process and may decrease the case of repeat offence. Website like this can be founded by private investors and then offer to government or prison authorities
Students in a foreign country struggling with their exams can have supports from their friends and parents. The Website can also be a platform for senior students to share their experience with junior students from the same university. Transactions can be done such as selling books from previous year, offering private lessons, for graduated students sharing their professional network / internships.