Opportunity Identification Talk @ Eureka Tech Academy Event (2015-11-19)

Amman, Jordan | November 2015 John Mueller

Opportunity Identification

[ or discovery, or recognition, or creation ]

Entrepreneurship is the pursuit of opportunity without regard to resources currently controlled

Howard Stevenson (1993), Harvard Professor

“ “

Idea Generation Evaluation * Exploitation (or exploration or execution)

* Keep evaluation separate from idea generation

Entrepreneurship

Adaptation from Shane & Venkataraman (2000) & Altman (2014)

…it is a process full of multiple actions…

Startup Building the Business Modification / Pivot

Opportunity Identification (discovery, recognition, or creation)

Idea Product / Service Team Execution

Idea Generation Evaluation * Exploitation (or exploration or execution)

Entrepreneurship

…it is a process full of multiple actions…

Startup Building the Business Modification / Pivot

Opportunity Identification (discovery, recognition, or creation)

* Keep evaluation separate from idea generation Adaptation from Shane & Venkataraman (2000) & Altman (2014)

Idea Product / Service Team Execution

Business Opportunity

Idea

Entrepreneurship

11

Rainy Day Cigarette Holder (1954)

–  Is this an opportunity?

Idea Generation Evaluation * Exploitation (or exploration or execution)

Entrepreneurship

…it is a process full of multiple actions…

Startup Building the Business Modification / Pivot

Opportunity Identification (discovery, recognition, or creation)

* Keep evaluation separate from idea generation Adaptation from Shane & Venkataraman (2000) & Altman (2014)

Idea Product / Service Team Execution

Idea Generation

Will provide a general sample of how to generate ideas

How does an individual(s) come up with an idea that can possibly turn into a business opportunity?

Observe / be aware / be alert / be curious

Positive Attitude & Open-mindedness

–  Hiring at Zappos (CEO: Tom Hseih)

–  Question they ask in an interview:

–  Study: •  Asked them if they were lucky •  Then had them read a newspaper and count how many photos •  Some headlines said: “There are 37 photos, stop now and collect

$100”

•  Conclusion: Lucky people tend to be open to a wider realm of options and solutions – thus can work with more people and come up with more creative ideas (“be creative and a little weird” – from Zappos culture definition)

Do you consider yourself lucky?

Positive Attitude & Open-mindedness

–  Believe it can be done –  Get in the habit of thinking up ideas –  Keep an idea journal –  Look for better ways to do things –  See problems as opportunities –  Relax, daydream –  Think young –  Be curious –  Inspire yourself

“Problems don’t get solved by the smartest or the fastest or the strongest; they get solved by the one who sees the possibilities.” – Dan Roam

17

Introduction Look for Problems (see them as opportunities)

Introduction Look for Problems (see them as opportunities)

Look for Problems (see them as opportunities)

Look for Patterns / Changes

Prior Knowledge (and interests)

Connected, engaged with the environment

Connected, engaged with the environment

Connected, engaged with the environment

Effectuation (vs. Causation)

Sfeehas.com

Idea Generation (sample – 7 only)

1.  Observe / be aware / be alert / be curious 2.  Positive attitude and openmindedness 3.  Look for problems (see them as opportunities) 4.  Look for patterns / changes 5.  Use your prior knowledge and interests 6.  Connect / engage with the environment 7.  Effectuation (vs. causation)

26

Idea Generation Evaluation * Exploitation (or exploration or execution)

Entrepreneurship

…it is a process full of multiple actions…

Startup Building the Business Modification / Pivot

Opportunity Identification (discovery, recognition, or creation)

* Keep evaluation separate from idea generation Adaptation from Shane & Venkataraman (2000) & Altman (2014)

Idea Product / Service Team Execution

Action: Evaluation – Startup [ Books ]

Action: Evaluation – Startup [ Books ]

Idea Generation Evaluation * Exploitation (or exploration or execution)

Entrepreneurship

…it is a process full of multiple actions…

Startup Building the Business Modification / Pivot

Opportunity Identification (discovery, recognition, or creation)

* Keep evaluation separate from idea generation Adaptation from Shane & Venkataraman (2000) & Altman (2014)

Idea Product / Service Team Execution

31

Have Fun and Learn (Be Curious / Be Creative to Create)

Contact Info

John Mueller E: john.mueller@wmich.edu E: jmueller@golfsolutions.com Twitter: @golfmomo Facebook: facebook.com/golfmomo