Week 3

Opportunity Assessment 

Entrepreneurial Innovation & Creativity 

For my part, I know nothing with any certainty, but the sight of stars make me dream” – Vincent Van 

Gogh (1853-1890)  

For an entrepreneur, the sight of entrepreneurial opportunities should make one dream of starting (another) business 

Entrepreneurs Blends: 

•  imaginative & creative thinking (right brain person) 

• Systematic, logical process (left brain person) 

• Continuous search for unique opportunities 

Entrepreneur are always asking "what if" and "why not" questions 

Creativity comes from the process and the people we interect with 

Adaptor or Innovator 

Adaptor make an existing system even better. Will have similar processes as before 

Innovator question current system and challenge it with their own solution 

Creative Process 

Phase 1: Background or knowledge accumulation 

Phase 2: Incubation process 

Phase 3: Idea Creation 

Phase 4: Evaluation & Implementation 

Sources of Innovative Ideas: Societal Behavior Technology Economic Government Policies 

Societal Behavior 

Wishful thinking that if I do it, customers will come 

Maslow's Human Motivation Pyramid 

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If we can fulfil their needs then we are able to sell our business. 

Comprehensive Feasibility Approach 

How to probe a business idea 

Phases in New-Venture Start-ups 

1. Prestart-up Phase (High level of failure) 

2. Start-up Phase (High level of failure) 

Pitfall of Selecting New ventures 

• Lack of objective evaluation 

• No real insights into the market 

• Inadequate understanding of technological requirements 

• Poor financial understanding 

• Lack of venture uniqueness 

• Ignorant of legal issues 

Comprehensive Feasibility Approach 

Useful evaluation process to check the chances of a new venture 

Technical Feasibility:  

Technical requirement that will satisfy the expectation of potential customers who are looking for: 

Design for Ease of Use, Product Safety, Durability & Reliability & Product Field Testing Resul  

Marketability:  

Market potential, Identify potential customers. Market testing  

Finacial: Funds:

investor, bank consideration. Operational cost & Projected Profitability  

Organization: 

Skills needed for employees, management team, individual responsibilities  

Competitors: 

Competitors' size, financial resources & market entrenchment. Potential reaction of newcomer with price cut, aggressive advertisement 

Ikigai

The Japanese concept of Ikigigai (the reason of being).  

Iki: life, alive kai: worth 

Ikigai & Sustaining the Journey 

To sustain oneself in any entrepreneur/artistic journey, one needs to hit all this areas of the Ikigai to hit the sweet sport 

Passion, Mission, Profession, Vocation 

To be an entrepreneur, you must be willing to do something you like, have a purpose, get paid and use your brains and hands.