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Entrepreneurship 1: Introduction, Identifying Ides & Business Opportunities

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The first of my course touches on the definition on entrepreneurship, the different forms of entrepreneurship, how countries measure growth of entrepreneurship activity, and the first toolkit: how to identify ideas and business opportunities. We also provide some interesting case studies for example, Aravind Eye Centre for social entrepreneurship. This is a series based on a course "MPS 812: Entrepreneurship" I have been teaching in School of Physical & Mathematical Sciences, Nanyang Technological University.

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Entrepreneurship 1: Introduction, Identifying Ides & Business Opportunities

  1. 1. Lecture 1: Introduction, Identifying Ideas & Business Opportunities Dr Bernard Leong CTO & Co-founder MPS 812 Course Taught in: 1
  2. 2. Course Objectives: I am not teaching you to be an entrepreneur. 2
  3. 3. Learn the tools of setting up new enterprises. 3
  4. 4. To Introduce the Entrepreneurial Process &Preparation of Business Plan for New Ventures. 4
  5. 5. Basic Understanding and Application of Business Strategies, Marketing Strategies and Accounting for New Ventures. 5
  6. 6. Basic Understanding of Intellectual Property Issues that any businesses may face. 6
  7. 7. Entrepreneurship: the activityof organizing, managing, andassuming the risks of abusiness or enterprise.Entrepreneur: an entrepreneuris a person who engages inthe activities mentionedabove. 7
  8. 8. “The Entrepreneur alwayssearches for change, responds toit & exploits it as an opportunity” - Peter Drucker 8
  9. 9. LOW HIGHCREATIVITY & INNOVATION HIGH Inventor (Ivory Tower) Entrepreneur LOW Promoter Manager, (Evangelist) Adminstrator GENERAL MANAGEMENT SKILLS 9
  10. 10. 10
  11. 11. Core & Desirable Attributes Desirable AttributesLACK OF DISCIPLINE PERFECTIONIST INTELLIGENCE INSPIRATIONAL Core Attributes Commitment & Determination Leadership, Opportunity Seeker Tolerant of Risk, Creativity Ability to work in chaos A d a p t a b i l i t y, C o u r a g e , Motivation to Excel KNOWS IT CREATIVITY & VALUES ALL INNOVATIVENESS IMPULSIVENESS ENERGY, HEALTH & ANTI-ESTABLISHMENT EMOTIONAL STABILITY 11
  12. 12. Types of Entrepreneurship 12
  13. 13. Social Entrepreneurship: Creation of Business or Innovation focus on solving a social or worldly cause. Example: World Toilet Organization - Jack Sim (Singapore)http://sgentrepreneurs.com/social-entrepreneurship-sustainable-development/2009/06/30/jack-sim-world-toilet-organization/ 13
  14. 14. • In 1991, India has 20M people suffering from blindness (Population of 850M at that time).• Required to provide cataract removal so that the patient has 95% of improved vision.• Common method used in developing countries: Intracapsular surgery without intraocular lens (ICCE) 14
  15. 15. • Aravind Eye Hospital founded in 1976 by Dr Govindappa Venkataswamy.• Aravind evolved itself not just as a healthcare service giver but also as a social enterprise that helps to deal with the blindness problem in India. It treated 2.4M poor Indians over 30 years.• Interesting Features: Eye Surgeries run 24 hours with doctors focus on surgery and nurses focus on pre and post eye care. Free surgeries for the poor and also a top class R&D centre on eye treatment in the world.• Invested by the Acumen Fund 15
  16. 16. Intra-preneurship: Creation of a new business within an existing organization (tech oriented)Corporate Entrepreneurship: refers to the process whereby firms engage in diversification thru internal development 16
  17. 17. How do we understand Entrepreneurship &Entrepreneurs as an economic activity for a country? 17
  18. 18. Organizations in Singapore Government 18
  19. 19. Key Organizations within NTU for Entrepreneurship 19
  20. 20. Enterprises in SG• Small & Medium Enterprises are defined in SPRING Singapore in terms of fixed assets investment & number of employees. • Manufacturing enterprises with net fixed assets investment of S$15M and below. • Non-manufacturing enterprises with 200 employees and below. http://www.business.gov.sg• 99% of enterprises are SMEs, http://www.spring.gov.sg and employ 6 out of 10 workers & contribute half to National GDP. 20
  21. 21. The Global Entrepreneurship Monitor Framework http://www.gemconsortium.org 21
  22. 22. Early Stage Entrepreneurial Activity by Country 22
  23. 23. Level of Entrepreneurial Activity by Age in Singapore (GEM 2006) TEA = Total Entrepreneurial Rate (Early Stage Startup Rate) 23
  24. 24. 24
  25. 25. World Bank: DoingBusiness.Org 25
  26. 26. The Big Picture 26
  27. 27. Once  you  work  that  out,   What  is  the  problem   Execu8on  is  key. you  are  trying  to  solve?What  type  of  resources Are  there  customers  or  do  you  need  to  solve   there  is  an  exis8ng  your  problem?   market  for  your  Mentors,  Partnerships  or solu8on?Resources? Who  are  the  exis8ng   players  from  partners  to   compe88ors?  How  are   they  benchmarked   against  your  idea? 27
  28. 28. Window of Opportunity• Describes the time period in which a new firm can realistically enter into the market.• New entrants (2nd movers onwards) will enter into the market once the window is opened.• Interesting to note: Google is not the first in the search business nor Facebook in the social network business. 28
  29. 29. 29
  30. 30. When is an idea an opportunity?• Create or add value to customer.• Solve a significant problem, removing a pain point or meeting demand.• Have robust market, profit margin and money marketing.• Good fit with founder & management team at the right time & place 30
  31. 31. Opportunity AnalysisFocus on idea and market of the idea.Talk to industry leaders and players in the same space as the idea.A typical opportunity analysis plan has four sections:1. Description of the idea and its competition.2. Assessment of the domestic and international market for the idea.3. Assessment of the entrepreneur and the team.4. Discussion of the steps needed to make the idea the basis for a viable business venture. 31
  32. 32. How to Identify an OpportunityObserving Market Solving the Problem Finding Gaps in the Trends marketplace 32
  33. 33. 1. Observing TrendsObserving Market Trends 33
  34. 34. 2. Solving a Problem/Pain Point • Notice a problem & finding a way or solution to solve it. • Observing trends and ask people around what their Solving the Problem problems are. 34
  35. 35. • Finding a gap in the marketplace. • Oftentimes, big corporations might give up niche markets which new companies can take advantage of. • Niche markets can be scaledFinding Gaps in the marketplace up to a mainstream market or allow disruptive technologies to go mainstream. 35
  36. 36. Root of Change/Chaos/Discontinuity Opportunity CreationRegulatory Changes/Change in Government Telecommunications, Social (New) Media, Medical,CPF Legislation or laws changes 10-fold change in 10 years or less Moore’s law, Real Estate market boom or bustReconstruction of value chain and channels Superstores, Internet Stores of distribution Existing management/investors burnt out/ Turnaround, New capital structure under-managedMarket leaders and customers obsessed or Ignore small and niche customers, creation of niche customer blinded businesses Entrepreneurial Leadership New vision and strategy, generation X thinking Technology innovation: Patent, license, contract, franchise or Proprietary or contractual change copyrights or distributorship 36
  37. 37. Feasibility Analysis 37
  38. 38. Feasibility Analysis Process 38
  39. 39. Feasibility Analysis• The process of determining whether a business idea is viable.• Preliminary evaluation of a business idea .• Conducted for the purpose of determining whether the idea is worth pursuing• Determine to a certain degree of probability the possibility of whether idea is viable 39
  40. 40. Product/Service Feasibility Analysis• Assessment of overall appeal of product or service being proposed.• Determine whether there is a market for the product or service.• The two components of a product/service feasibility: Concept & Usability Testing. 40
  41. 41. Preparing a Concept Statement• A concept statement is developed before a company undertakes product/service feasibility analysis.• One page description of a business that is distributed by entrepreneur for startups to people who are asked to provide feedback on the potential of the business idea. 41
  42. 42. Preparing a Concept Statement• Description of product or service being offered.• Intended target market• Benefits of product or service.• Description of how product will be positioned relative to similar ones in the market.• Description of how product or service will be sold & distributed.• Information about founder or founders of the firm 42
  43. 43. Model for Opportunity Recognition 43
  44. 44. References• McKinsey & Co., “Starting Up”• Robert et al, “New Business Ventures & the Entrepreneur”• Kotler et al, “Marketing Management: An Asian Perspective”• Megginson & Byrd, “Small Business Management”• Timmons & Spinelli, “New Venture Creation”• Thompson, Strickland & Gamble, “Crafting & Executing Strategy” 44