Enterprise - 'Ideas and Opportunities'

Here are the notes I took for the Enterprise lecture 'Ideas and Opportunities' on 03/10/11.

Ideas and Opportunities

What is an idea?
   - occurs any time
   - to anybody
   - randomly
   - seldom materialise

Once you have an idea, you need to analyse it
   - not good unless you can say why

What is an opportunity?
   - environmental factors merge
   - the right conditions
   - the right place; the right time

Big bang

<image of diagram here>


Blue section
   - aware?
   - do you have an informed opinion on it?
   - read a broadsheet newspaper once a week
        - observer
        - telegraph
        - times
        - guardian
        - what ever turns you on

Green section
   - politics are local, national and international
   - trade laws
   - tax breaks
   - human rights
   - legislation

Pink section
   - aware?
   - do you know about the latest thinking or just what you see in the shops?
   - wired
   - guardian
   - economist

Orange section
   - do you know what is affecting everyone or just affects you?
   - work - life balance
   - eco - aware
   - ageism
   - debt recovery
   - grow your own

This is known as a PEST analogy.

PEST
Political factors
Economic factors
Social factors
Technological factors

What kind of creative are you?

<image of arrows>


If you go into business with someone, and you define which one of the above you are, then you would be better off teaming up with someone on the opposite side to keep the balance.

What is a creative entrepreneur?

image of triangle>


Where do opportunities come from?
   - trends
   - technical developments
   - political change
   - economic bloom and slump
   - human needs
   - problems
   - research

Push & Pull
A business can come from either

<image of push and pull>


Technology - becomes a need
Market - what people want

Where does the creative fit in?
   - project management
   - know how to find the right people
   - know where to source stuff
   - can work with a team
   - gets along with all kinds of people
   - optimistic
   - communicates well

Project manager skills
   1. define the problem
   2. build confidence
   3. problem solving
   4. risk analysis
   5. physical resources
   6. planning
   7. human resources
   8. quality control

So do you think you have spotted an opportunity?
Skills
   - technical
        - processes
Aptitudes
   - team working
        - entrepreneurs do not do it alone
Predisposition
   - risk/caution
   - evolution/revolution
   - manager/opportunist

How do you know if it's good or not?
   - look at your competitors
        - how many are there?
        - how well are they doing?
        - what do they do well?
        - what could you improve upon?

Will anyone buy it?

<market/industry table>


Assessing competitors

<strengths & weaknesses table>


Assessing quality of opportunity

<forme table>


<international micro environment table>


SWOT analysis
   - strengths
   - weaknesses
   - opportunities
   - threats

In todays lecture we have looked at Marketing Basics

PEST analysis
   - step
   - steep
   - pestile

SWOT analysis
   - personal
   - own business
   - opportunity spotting

Stakeholders

Market Push and Pull

Supply and Demand