Talk to strangers Using a different approach during your lunch break, such as lying on your back outside on the grass Other creativity techniques include brainstorming, surveys, focus groups and customer questionnaires Idea vs Opportunity An idea is a thought, impression or notion for a new product or service. Not all are opportunities. An opportunity is a favourable set of circumstances that creates a need for a new product, service or business Hisrich and Peters define an opportunity as the process whereby the entrepreneur assesses whether a certain product, service or process will yield the necessary earnings based on the resource inputs that are required to manufacture and market it. There are two building blocks in the assessment of an opportunity: The size of the Market: Will the number of customers reward the input and energy required to create and deliver the product? The time (window of opportunity) of the opportunity: Is the demand for the product or service based on a short fashionable phenomenon or is it based on a sustainable business and how long will it take before a competitor grabs the opportunity? The Product: The new innovation or product is the direct result of the process. A multitude of ideas have been generated which are in line with the problem to be solved. The ideas from the creative thinking process are then evaluated and the most suitable one is subjected to the product development process. There are many examples that illustrate the creative thinking process which develops into product form. The new innovation (product) results in changes such as: Fundamental changes: Where for example the development of a vaccine is found to cure HIV/AIDS, or an efficient method that will replace conventional motor car fuel. Incremental changes: Here changes take place incrementally over time such as regular updates of Microsoft Windows software and applications. Wickham identifies critical where innovations might be made: New products: The most evident examples of innovation are found in tangible products. Today customers are flooded with new products on a daily basis. New services: The services industry in South Africa is growing at an immense rate. New production techniques: Innovation is present in the way products are created or manufactured, whether by applying new technological methods and machines or by completely replacing the old. New operating practices: The economy is based on speed and innovation, and the way in which services are rendered, creates an array of opportunities for entrepreneurs. Mobile networks have become an effective customer service tool, for example businesses have the ability to communicate specials directly to its target market via SMSs.
Talk to strangers Using a different approach during your lunch break, such as lying on your back outside on the grass Other creativity techniques include brainstorming, surveys, focus groups and customer questionnaires Idea vs Opportunity An idea is a thought, impression or notion for a new product or service. Not all are opportunities. An opportunity is a favourable set of circumstances that creates a need for a new product, service or business Hisrich and Peters define an opportunity as the process whereby the entrepreneur assesses whether a certain product, service or process will yield the necessary earnings based on the resource inputs that are required to manufacture and market it. There are two building blocks in the assessment of an opportunity: The size of the Market: Will the number of customers reward the input and energy required to create and deliver the product? The time (window of opportunity) of the opportunity: Is the demand for the product or service based on a short fashionable phenomenon or is it based on a sustainable business and how long will it take before a competitor grabs the opportunity? The Product: The new innovation or product is the direct result of the process. A multitude of ideas have been generated which are in line with the problem to be solved. The ideas from the creative thinking process are then evaluated and the most suitable one is subjected to the product development process. There are many examples that illustrate the creative thinking process which develops into product form. The new innovation (product) results in changes such as: Fundamental changes: Where for example the development of a vaccine is found to cure HIV/AIDS, or an efficient method that will replace conventional motor car fuel. Incremental changes: Here changes take place incrementally over time such as regular updates of Microsoft Windows software and applications. Wickham identifies critical where innovations might be made: New products: The most evident examples of innovation are found in tangible products. Today customers are flooded with new products on a daily basis. New services: The services industry in South Africa is growing at an immense rate. New production techniques: Innovation is present in the way products are created or manufactured, whether by applying new technological methods and machines or by completely replacing the old. New operating practices: The economy is based on speed and innovation, and the way in which services are rendered, creates an array of opportunities for entrepreneurs. Mobile networks have become an effective customer service tool, for example businesses have the ability to communicate specials directly to its target market via SMSs.
MNE2601-_lm_detailed_summary.docx