Class 6 Flashcards
Characteristics of favorable opportunities: valuable;
There is a market of customers by either high margins or low margins and many customers.
For value to be profitable:
Price higher than costs, demand exceeds supply or you can generate more demand, somebody is willing and able to pay for your product/service, people continue buying the product/service over time.
Characteristics of favorable opportunities: rare;
Offers novelty that doesn’t currently exist.
Characteristics of favorable opportunities: costly to imitate;
Makes it difficult for others to copy via intellectual property, or access to specialized resources.
Characteristics of favorable opportunities: fit;
Aligns with you skills, knowledge, and resources from you and your team.
What is the process of finding great ideas:
Idea generation, creativity, opportunity recognition.
How do we generate great ideas:
The more ideas we generate the more likely we are to find strong opportunity, never know up front what may be a great idea, must have an idea before you can evaluate if its good or bad, you can increase the volume and quality of ideas by narrowing your focus.
Analytical idea generation:
Considering existing problems to create solutions.
Search idea generation:
Using memories or experiences to create new ideas.
Imagination based idea generation:
Suspending disbelief to create unrealistic ideas.
Habit breaking idea generation:
Getting out of your routine to get inspiration.
Relationship seeking idea generation:
Linking seemingly unrelated ideas.
Development idea generation:
Looking for incremental process improvement.
Interpersonal idea generation:
Brainstorming in groups.
Four pathways to opportunity identification: find;
Opportunities are everywhere so you just take one. The market is waiting on you to fix the problems, anyone can find them.
Four pathways to opportunity identification: search;
Exploring potential opportunities to see what is an opportunity for you.
Four pathways to opportunity identification: effectuate;
Create an opportunity that is only an opportunity because of your skills and ability.
Four pathways to opportunity identification: Design;
Creating solutions to customer problem especially when the customer doesn’t have a solution in mind.
Attributes of opportunity recognition: alertness;
Being aware and able to see opportunities that others may not have by being open-minded and gaining a variety of experience.
Attributes of opportunity recognition: prior knowledge;
Information gained from prior work experience like industry knowledge and personal experience.
Attributes of opportunity recognition: pattern recognition;
A process of identifying connections between seemingly unrelated things.
IDEATE model of opportunity recognition:
Identify; what are customers trying o currently solve unsuccessfully?
Discover; searching for ideas by observing market changes.
Enhance; improve upon existing ideas.
Anticipate; forecasting future demand by predicting change.
Target; Tailoring a solution to fit a specific target market.
Evaluate; Assessing whether this opportunity is right for you and the market
