SlideShare a Scribd company logo
1 of 20
Using Entrepreneurial Discovery
 and Environmental Scans
to Plan a New “Successful” Business




  (The logos used in this PowerPoint were copied directly from corporate
            websites. They have not been altered in any way.)
Entrepreneurial Discovery

Define entrepreneurial discovery - The process of
systematically scanning for technological, political and
regulatory, social, and demographic changes to discover
opportunities to produce new good and services



If a new entrepreneur hopes to begin a successful
business, he/she must continually “discover” new ways to
improve his business.
Entrepreneurial Discovery is important
       to society as well as to a new business owner.

            Ways entrepreneurs impact our society.

•Entrepreneurs are the mechanism by which our economy turns demand into
supply. They recognize consumer wants and see the economic opportunities in
satisfying them.
•Entrepreneurs are a principal source of venture capital. As part of the process
of planning and setting up a new business, entrepreneurs gather resources.
Money is one of the most important of these resources.
•Entrepreneurs usually start with their own funds and then seek out contributions
from private investors.
•Entrepreneurs provide jobs.
One of the
              Most Successful Entrepreneurs
                    of today’s Society
In 1976, Steven Jobs and Steven Wozniak set out to create Apple, the first
personal computer.

In less than five years, they had created a whole industry comprised of
hundreds of related businesses and thousands of new jobs.

Today it is hard to imagine a workplace without at least one personal
computer.




                                                  Steven Jobs and Steven
                                                  Wozniak in 1976
Changes That Encourage
             Entrepreneurial Discovery
Any time things change, there is an opportunity for entrepreneurship.
These changes can include technological changes, political and regulatory
changes, social changes, and demographic changes).

We need look no further than the Internet to discover that. The Internet was a
technological change that opened up the door (and is still opening doors)
to new ideas such as Facebook, Google, eBay, webcasts, etc.

Other Changes that Can Lead to Entrepreneurial Discovery
•Political change: election of a new U.S. President
•Social change: majority of mothers and fathers working outside the home
•Demographic change: use of Spanish language increasing rapidly in U.S.
Entrepreneurial Discovery
Different ways that an entrepreneurs can gain information from discovery.
life experiences,
•a person’s position in a social network
•the nature of the search process a person uses,
•an individual’s ability to focus on the opportunities
•a person’s intelligence).
Two ways to make discoveries: scientific and circumstantial
•Scientific discovery
          • when a physical or technological observation is made
•Circumstantial discovery
          • when an observation is made based on specific knowledge of time, place,
            or circumstance
•Areas of entrepreneurial discovery
          • Introduction of a new product
          • a new quality of product
          • Introduction of a new production method
Some Characteristics Commonly
            Associated with Entrepreneurs:

•Commitment and determination
•Leadership
•Opportunity obsession
•Tolerance of risk, ambiguity and uncertainty
•Creativity, self-reliance and ability to adapt
•Motivation to excel
•Social nature

Being social is important because:

 “Building a company entails hiring, organizing, and inspiring a collection of
people who typically need to get start-up funds from others, to buy things
from other people, and, ultimately, flourish or fail together as a result of the
ability to sell things to yet another group of people.”
An entrepreneur also capitalizes on:
•Life experiences
•Person’s position in a social network
•Nature of the search process a person uses
•Ability to focus on the opportunities
•Intelligence


Perhaps most importantly, entrepreneurs also tend to be “entrepreneurially
alert.”

Are you always looking for new opportunities? If so, then you are more apt to see
them when they arise.
Areas of Entrepreneurial Discovery
•The introduction of a new good or a new quality of a good
•The introduction of a new method of production
•The opening of a new market
•The conquest of a new source of supply of raw materials or components
•The reorganization of any industry

Examples:
The introduction of a new product or an improved product:
(Most common area of innovation)
Example: MP3 player

(Be sure to distinguish new invention of the MP3 player from improved
MP3 player with a screen)




       New Invention                        Improved Product
Other Examples of Entrepreneurial Discovery
•The introduction of a new method of production:
    • Henry Ford’s invention of the assembly line
•The opening of a new market:
    • McDonald’s moving into China for the first time
    • (Note that in addition to discovering the new market, it requires an
       understanding of culture, laws, local buyer preferences and business
       practices, and a host of contact, communication, and transportation details
       referred to as "setting up a distribution channel.")
•The conquest of a new source of supply of raw materials or
•components:
    • Moving a shoe manufacturer from the U.S. to Mexico to access cheaper
    • labor
    • Finding a new source of oil previously not discovered
•The reorganization of any industry:
    • Several years ago, the U.S. government believed that
            one telephone company, Bell, had formed a monopoly.
                   The company was broken up, making the way for new,
            smaller telephone companies to form.
Techniques Entrepreneurs
         Use to Recognize New Opportunities
•analogies
•pattern recognition
•experiments
•simulation of prototypes
•reverse engineering,

Analogies
•Comparing an unfamiliar abstract idea with an already known mental image.
•It's like painting a picture in the listener's mind.
•What the utilization of analogies and comparisons does is to change the
frame of reference and to force thinking in new and                 interesting
ways.
•If a person is only thinking of the problem in its own                    terms,
the number of possible solutions is very limited.                         By making
analogies, and forced comparisons, the                  opportunities for new and
creative solutions are               multiplied many times over.
Techniques Entrepreneurs
          Use to Recognize New Opportunities

Pattern recognition
•Many problems can be diagnosed and remedied in a pattern-recognition mode.
•Like a doctor looking to diagnose an ailment, look for patterns occurring.
•For example, if you're always thirsty, you urinate frequently, you're losing weight,
and your eyesight is blurry, you have diabetes.
Techniques Entrepreneurs
   Use to Recognize New Opportunities
Prototype
Definition: a 3-dimensional version of your vision
Here’s why a prototype is helpful to discovery:

•It enables you to test and refine the functionality of your design.
•Sure, your idea works perfectly in theory.
•It's not until you start physically creating it that you'll encounter flaws in your
thinking.
•That's why another great reason to develop a prototype is to test the
functionality of your idea.
•You'll never know the design issues and challenges until you begin actually
taking your idea from theory to reality.
Prototype continued
1.It makes it possible to test the performance of various materials.*
     • For example, your heart may be set on using metal—until you test it
        and realize that, say, plastic performs better at a lower cost for your
        particular application.
     • The prototype stage will help you determine the best materials.

2.It'll help you describe your product more effectively with your team,
including your attorney, packaging or marketing expert, engineers and
potential business partners.

3.It will encourage others to take you more seriously.
How Can An Entrepreneurs Distinguish
   Him/Herself from Their Competitors.
•Determine your product/ideas major selling advantage: what will make a
customer buy you and not a competitor?

•What makes your product different from the competition?

•This may be a product feature, type of service provided, etc.
Stages of
     Entrepreneurial Processes

•Discovery – decide what you need to do.

•Evaluation – evaluate your plans/product

•Exploitation – develop the idea
The Importance of
                ENVIRONMENTAL SCAN
What is environmental scan?
An analysis and evaluation process that businesses use to understand their
current environment

Why businesses conduct environmental scans??
The aim is to identify trends, gaps, events, developments, and issues that
will impact the businesses.


What is the nature of the end product?
The identification of a number of broad factors and issues that will have a
significant impact on businesses and their plans for the future
Why Are
             ENVIRONMENTAL SCANS
                   Important?

•Aids in anticipating changes

•Answers the question, “Where are we now?”

•Provides a starting point for businesses’ planning of goals, objectives, and

actions.

•Answer the question, “Where do we want to be?”
Questions to Ask When Conducting
            An Environmental Scan
•What is the current external environment? What are the implications of these
issues for business?
•What key forces in the business’s environment need to be addressed and which
ones are less important?
•What trends and issues are affecting business?
•What is the impact of the trends on business?
•How might the environment change in the future?
•How will businesses’ decisions and actions influence this environment?
•How do customers, interest groups, community organizations, agencies or
governments impact the environment?
•What factors are within a business’s control and which are beyond its influence?
•What could a business do to affect the impact of these factors?
Questions to Ask When Conducting
          An Environmental Scan

Sources to Use When Conducting an Environmental Scan.

Examples:
•Interviews with business officers, owners, managers
•Comments made by business officers, owners, managers National and local
newspapers
•Trade publications
•Business magazines
•Websites: Hoover’s, Morningstar, brokerage firms, credible financial sites
•Observations
•Research findings
•Input from professional organizations

More Related Content

What's hot

Recognizing Opportunities
Recognizing OpportunitiesRecognizing Opportunities
Recognizing Opportunities
GC
 
Chapter 3 Industry and Environmental Analysis.pptx
Chapter 3 Industry and Environmental Analysis.pptxChapter 3 Industry and Environmental Analysis.pptx
Chapter 3 Industry and Environmental Analysis.pptx
GinoLacandula1
 
Chapter 2 on Entrepreneurship
Chapter 2 on EntrepreneurshipChapter 2 on Entrepreneurship
Chapter 2 on Entrepreneurship
Jaisiimman Sam
 
The_impact_of_globalisation_on_CSR.docx
The_impact_of_globalisation_on_CSR.docxThe_impact_of_globalisation_on_CSR.docx
The_impact_of_globalisation_on_CSR.docx
Stacey Dunne
 
International business and cultural differences
International business and cultural differencesInternational business and cultural differences
International business and cultural differences
Gerrit Jan Kerkdijk
 
CSR in Indian Oil
CSR in Indian OilCSR in Indian Oil
CSR in Indian Oil
Firoz Anjum
 
Overview of Entrepreneurship
Overview of EntrepreneurshipOverview of Entrepreneurship
Overview of Entrepreneurship
NCVPS
 
INTERNATIONAL BUSINESS Chapter 2
INTERNATIONAL BUSINESS Chapter 2INTERNATIONAL BUSINESS Chapter 2
INTERNATIONAL BUSINESS Chapter 2
Pimsat University
 

What's hot (20)

Recognizing Opportunities
Recognizing OpportunitiesRecognizing Opportunities
Recognizing Opportunities
 
A perspective on Entrepreneurship
A perspective on EntrepreneurshipA perspective on Entrepreneurship
A perspective on Entrepreneurship
 
Chapter 3 Industry and Environmental Analysis.pptx
Chapter 3 Industry and Environmental Analysis.pptxChapter 3 Industry and Environmental Analysis.pptx
Chapter 3 Industry and Environmental Analysis.pptx
 
Socio cultural environment and social media marketing by Selbin
Socio cultural environment and social media marketing by Selbin Socio cultural environment and social media marketing by Selbin
Socio cultural environment and social media marketing by Selbin
 
Archie Carroll CSR Pyramid
Archie Carroll CSR PyramidArchie Carroll CSR Pyramid
Archie Carroll CSR Pyramid
 
Chapter 2 on Entrepreneurship
Chapter 2 on EntrepreneurshipChapter 2 on Entrepreneurship
Chapter 2 on Entrepreneurship
 
The_impact_of_globalisation_on_CSR.docx
The_impact_of_globalisation_on_CSR.docxThe_impact_of_globalisation_on_CSR.docx
The_impact_of_globalisation_on_CSR.docx
 
International business and cultural differences
International business and cultural differencesInternational business and cultural differences
International business and cultural differences
 
CSR in Indian Oil
CSR in Indian OilCSR in Indian Oil
CSR in Indian Oil
 
Environmental scanning
Environmental scanningEnvironmental scanning
Environmental scanning
 
Environmental industry
Environmental industryEnvironmental industry
Environmental industry
 
Overview of Entrepreneurship
Overview of EntrepreneurshipOverview of Entrepreneurship
Overview of Entrepreneurship
 
The causes of climate change
The causes of climate changeThe causes of climate change
The causes of climate change
 
The socio economic impact of creative products and services developing the cr...
The socio economic impact of creative products and services developing the cr...The socio economic impact of creative products and services developing the cr...
The socio economic impact of creative products and services developing the cr...
 
Social responsibility of entrepreneurs
Social responsibility of entrepreneursSocial responsibility of entrepreneurs
Social responsibility of entrepreneurs
 
Global environmental issues
Global environmental issuesGlobal environmental issues
Global environmental issues
 
Econ 101 on Economic Development
Econ 101 on Economic DevelopmentEcon 101 on Economic Development
Econ 101 on Economic Development
 
INTERNATIONAL BUSINESS Chapter 2
INTERNATIONAL BUSINESS Chapter 2INTERNATIONAL BUSINESS Chapter 2
INTERNATIONAL BUSINESS Chapter 2
 
Entrepreneurship and sustainable development
Entrepreneurship and sustainable developmentEntrepreneurship and sustainable development
Entrepreneurship and sustainable development
 
Industrial revolution
Industrial revolutionIndustrial revolution
Industrial revolution
 

Viewers also liked

Environmental scanning
Environmental scanningEnvironmental scanning
Environmental scanning
Rajesh kumar
 
Sources of business ideas
Sources of business ideasSources of business ideas
Sources of business ideas
Peter Sammons
 
Business Idea Evaluation methods
Business Idea Evaluation methodsBusiness Idea Evaluation methods
Business Idea Evaluation methods
chandanag
 
Entrepreneurship Chap 4
Entrepreneurship Chap 4Entrepreneurship Chap 4
Entrepreneurship Chap 4
Umair Arain
 
Environmental scanning (ppt)
Environmental scanning (ppt)Environmental scanning (ppt)
Environmental scanning (ppt)
rachegian
 
opportunity and idea generation
opportunity and idea generationopportunity and idea generation
opportunity and idea generation
guptaaakansha
 
Chapter-5 Industry and competitor analysis
Chapter-5 Industry and competitor analysisChapter-5 Industry and competitor analysis
Chapter-5 Industry and competitor analysis
Afzaal Ali
 
Idea Generation Techniques
Idea Generation TechniquesIdea Generation Techniques
Idea Generation Techniques
Hershey Desai
 
Business Plan Powerpoint 1
Business Plan Powerpoint 1Business Plan Powerpoint 1
Business Plan Powerpoint 1
haleydawn
 

Viewers also liked (15)

Business planning process
Business planning processBusiness planning process
Business planning process
 
Environmental scanning
Environmental scanningEnvironmental scanning
Environmental scanning
 
Sources of business ideas
Sources of business ideasSources of business ideas
Sources of business ideas
 
Business Idea Evaluation methods
Business Idea Evaluation methodsBusiness Idea Evaluation methods
Business Idea Evaluation methods
 
Entrepreneurship Chap 4
Entrepreneurship Chap 4Entrepreneurship Chap 4
Entrepreneurship Chap 4
 
Preparation of Project Report
Preparation of Project ReportPreparation of Project Report
Preparation of Project Report
 
Project report
Project reportProject report
Project report
 
Idea[1]generation.ppt
Idea[1]generation.pptIdea[1]generation.ppt
Idea[1]generation.ppt
 
Environmental scanning (ppt)
Environmental scanning (ppt)Environmental scanning (ppt)
Environmental scanning (ppt)
 
opportunity and idea generation
opportunity and idea generationopportunity and idea generation
opportunity and idea generation
 
Chapter-5 Industry and competitor analysis
Chapter-5 Industry and competitor analysisChapter-5 Industry and competitor analysis
Chapter-5 Industry and competitor analysis
 
Business plan - Entrepreneurship
Business plan - EntrepreneurshipBusiness plan - Entrepreneurship
Business plan - Entrepreneurship
 
Opportunity Identification & Selection
Opportunity Identification & SelectionOpportunity Identification & Selection
Opportunity Identification & Selection
 
Idea Generation Techniques
Idea Generation TechniquesIdea Generation Techniques
Idea Generation Techniques
 
Business Plan Powerpoint 1
Business Plan Powerpoint 1Business Plan Powerpoint 1
Business Plan Powerpoint 1
 

Similar to Entrepreneurial Discovery and Environmental Scanning

Similar to Entrepreneurial Discovery and Environmental Scanning (20)

Entrepreneurial Discovery and Environmental Scanning
Entrepreneurial Discovery and Environmental ScanningEntrepreneurial Discovery and Environmental Scanning
Entrepreneurial Discovery and Environmental Scanning
 
2 idea development
2   idea development2   idea development
2 idea development
 
2.1 Identify the Business opportunity.pptx
2.1 Identify the Business opportunity.pptx2.1 Identify the Business opportunity.pptx
2.1 Identify the Business opportunity.pptx
 
Session 8
Session 8Session 8
Session 8
 
Innovation management
Innovation management Innovation management
Innovation management
 
From Idea to Opportunity in enterprenuership.pptx
From Idea to Opportunity in enterprenuership.pptxFrom Idea to Opportunity in enterprenuership.pptx
From Idea to Opportunity in enterprenuership.pptx
 
Arm 301 innovation
Arm 301   innovationArm 301   innovation
Arm 301 innovation
 
Lec 3 recognizing opportunities and generating ideas
Lec 3 recognizing opportunities and generating ideasLec 3 recognizing opportunities and generating ideas
Lec 3 recognizing opportunities and generating ideas
 
Creativity & The Business Idea
Creativity &  The Business IdeaCreativity &  The Business Idea
Creativity & The Business Idea
 
Module 2 Entrepreneurship Development
Module 2 Entrepreneurship DevelopmentModule 2 Entrepreneurship Development
Module 2 Entrepreneurship Development
 
Creating A Culture of Innovative
Creating A Culture of InnovativeCreating A Culture of Innovative
Creating A Culture of Innovative
 
creative-problem-solving-supplemental-self-study-presentation.ppsx
creative-problem-solving-supplemental-self-study-presentation.ppsxcreative-problem-solving-supplemental-self-study-presentation.ppsx
creative-problem-solving-supplemental-self-study-presentation.ppsx
 
creative-problem-solving-supplemental-self-study-presentation.pptx
creative-problem-solving-supplemental-self-study-presentation.pptxcreative-problem-solving-supplemental-self-study-presentation.pptx
creative-problem-solving-supplemental-self-study-presentation.pptx
 
UNIT 4_Idea to opportunity.pptx
UNIT 4_Idea to opportunity.pptxUNIT 4_Idea to opportunity.pptx
UNIT 4_Idea to opportunity.pptx
 
Drivers of innovation
Drivers of innovationDrivers of innovation
Drivers of innovation
 
PPT_entrepreneurship_modified-Theme_3.02.23.pptx
PPT_entrepreneurship_modified-Theme_3.02.23.pptxPPT_entrepreneurship_modified-Theme_3.02.23.pptx
PPT_entrepreneurship_modified-Theme_3.02.23.pptx
 
Opportunity analysis
Opportunity analysisOpportunity analysis
Opportunity analysis
 
E&S U2 L1.pptx
E&S U2 L1.pptxE&S U2 L1.pptx
E&S U2 L1.pptx
 
Adnan 1043 3887_1-brm 1
Adnan 1043 3887_1-brm 1Adnan 1043 3887_1-brm 1
Adnan 1043 3887_1-brm 1
 
Unlocking Innovation: Training Teams and Individuals to have Every Day Breakt...
Unlocking Innovation: Training Teams and Individuals to have Every Day Breakt...Unlocking Innovation: Training Teams and Individuals to have Every Day Breakt...
Unlocking Innovation: Training Teams and Individuals to have Every Day Breakt...
 

More from NCVPS

Welcome Presentation Fall 2016 Success 101
Welcome Presentation Fall 2016  Success 101Welcome Presentation Fall 2016  Success 101
Welcome Presentation Fall 2016 Success 101
NCVPS
 
Welcome presentation Fall 2015
Welcome presentation Fall 2015Welcome presentation Fall 2015
Welcome presentation Fall 2015
NCVPS
 
Welcome to Entrepreneurship 1
Welcome to Entrepreneurship 1Welcome to Entrepreneurship 1
Welcome to Entrepreneurship 1
NCVPS
 

More from NCVPS (20)

Welcoming presentation
Welcoming presentationWelcoming presentation
Welcoming presentation
 
Welcome presentation spring 2018
Welcome presentation spring 2018Welcome presentation spring 2018
Welcome presentation spring 2018
 
Welcome presentation spring 2017 slideshare
Welcome presentation spring 2017 slideshareWelcome presentation spring 2017 slideshare
Welcome presentation spring 2017 slideshare
 
Welcome Presentation Fall 2016 Success 101
Welcome Presentation Fall 2016  Success 101Welcome Presentation Fall 2016  Success 101
Welcome Presentation Fall 2016 Success 101
 
Welcome Presentation Fall 2016
Welcome Presentation Fall 2016Welcome Presentation Fall 2016
Welcome Presentation Fall 2016
 
Welcome Presentation Summer 2016
Welcome Presentation Summer 2016Welcome Presentation Summer 2016
Welcome Presentation Summer 2016
 
Welcome presentation Fall 2015
Welcome presentation Fall 2015Welcome presentation Fall 2015
Welcome presentation Fall 2015
 
Welcome presentation summer 2015
Welcome presentation summer 2015Welcome presentation summer 2015
Welcome presentation summer 2015
 
Welcome presentation spring 2015
Welcome presentation spring 2015Welcome presentation spring 2015
Welcome presentation spring 2015
 
Welcome presentation fall 2014 traditional
Welcome presentation fall 2014 traditionalWelcome presentation fall 2014 traditional
Welcome presentation fall 2014 traditional
 
Welcome presentation for slideshare
Welcome presentation for slideshareWelcome presentation for slideshare
Welcome presentation for slideshare
 
Welcome presentation new
Welcome presentation newWelcome presentation new
Welcome presentation new
 
Welcome presentation spring 2014
Welcome presentation spring 2014Welcome presentation spring 2014
Welcome presentation spring 2014
 
Welcome presentation spring 2014
Welcome presentation spring 2014Welcome presentation spring 2014
Welcome presentation spring 2014
 
Welcome Presentation Fall 2013
Welcome Presentation Fall 2013 Welcome Presentation Fall 2013
Welcome Presentation Fall 2013
 
Welcome Presentation Fall 2013
Welcome Presentation Fall 2013 Welcome Presentation Fall 2013
Welcome Presentation Fall 2013
 
Welcome presentation fall 2013
Welcome presentation fall 2013Welcome presentation fall 2013
Welcome presentation fall 2013
 
Welcome to Entrepreneurship 1
Welcome to Entrepreneurship 1Welcome to Entrepreneurship 1
Welcome to Entrepreneurship 1
 
Welcome to Entrepreneurship 1
Welcome to Entrepreneurship 1Welcome to Entrepreneurship 1
Welcome to Entrepreneurship 1
 
Overview of Entrepreneurship
Overview of Entrepreneurship Overview of Entrepreneurship
Overview of Entrepreneurship
 

Recently uploaded

Jual Obat Aborsi Hongkong ( Asli No.1 ) 085657271886 Obat Penggugur Kandungan...
Jual Obat Aborsi Hongkong ( Asli No.1 ) 085657271886 Obat Penggugur Kandungan...Jual Obat Aborsi Hongkong ( Asli No.1 ) 085657271886 Obat Penggugur Kandungan...
Jual Obat Aborsi Hongkong ( Asli No.1 ) 085657271886 Obat Penggugur Kandungan...
ZurliaSoop
 
1029 - Danh muc Sach Giao Khoa 10 . pdf
1029 -  Danh muc Sach Giao Khoa 10 . pdf1029 -  Danh muc Sach Giao Khoa 10 . pdf
1029 - Danh muc Sach Giao Khoa 10 . pdf
QucHHunhnh
 
Spellings Wk 3 English CAPS CARES Please Practise
Spellings Wk 3 English CAPS CARES Please PractiseSpellings Wk 3 English CAPS CARES Please Practise
Spellings Wk 3 English CAPS CARES Please Practise
AnaAcapella
 

Recently uploaded (20)

Mehran University Newsletter Vol-X, Issue-I, 2024
Mehran University Newsletter Vol-X, Issue-I, 2024Mehran University Newsletter Vol-X, Issue-I, 2024
Mehran University Newsletter Vol-X, Issue-I, 2024
 
SOC 101 Demonstration of Learning Presentation
SOC 101 Demonstration of Learning PresentationSOC 101 Demonstration of Learning Presentation
SOC 101 Demonstration of Learning Presentation
 
Holdier Curriculum Vitae (April 2024).pdf
Holdier Curriculum Vitae (April 2024).pdfHoldier Curriculum Vitae (April 2024).pdf
Holdier Curriculum Vitae (April 2024).pdf
 
Mixin Classes in Odoo 17 How to Extend Models Using Mixin Classes
Mixin Classes in Odoo 17  How to Extend Models Using Mixin ClassesMixin Classes in Odoo 17  How to Extend Models Using Mixin Classes
Mixin Classes in Odoo 17 How to Extend Models Using Mixin Classes
 
On National Teacher Day, meet the 2024-25 Kenan Fellows
On National Teacher Day, meet the 2024-25 Kenan FellowsOn National Teacher Day, meet the 2024-25 Kenan Fellows
On National Teacher Day, meet the 2024-25 Kenan Fellows
 
Magic bus Group work1and 2 (Team 3).pptx
Magic bus Group work1and 2 (Team 3).pptxMagic bus Group work1and 2 (Team 3).pptx
Magic bus Group work1and 2 (Team 3).pptx
 
psychiatric nursing HISTORY COLLECTION .docx
psychiatric  nursing HISTORY  COLLECTION  .docxpsychiatric  nursing HISTORY  COLLECTION  .docx
psychiatric nursing HISTORY COLLECTION .docx
 
Jual Obat Aborsi Hongkong ( Asli No.1 ) 085657271886 Obat Penggugur Kandungan...
Jual Obat Aborsi Hongkong ( Asli No.1 ) 085657271886 Obat Penggugur Kandungan...Jual Obat Aborsi Hongkong ( Asli No.1 ) 085657271886 Obat Penggugur Kandungan...
Jual Obat Aborsi Hongkong ( Asli No.1 ) 085657271886 Obat Penggugur Kandungan...
 
Key note speaker Neum_Admir Softic_ENG.pdf
Key note speaker Neum_Admir Softic_ENG.pdfKey note speaker Neum_Admir Softic_ENG.pdf
Key note speaker Neum_Admir Softic_ENG.pdf
 
Micro-Scholarship, What it is, How can it help me.pdf
Micro-Scholarship, What it is, How can it help me.pdfMicro-Scholarship, What it is, How can it help me.pdf
Micro-Scholarship, What it is, How can it help me.pdf
 
Asian American Pacific Islander Month DDSD 2024.pptx
Asian American Pacific Islander Month DDSD 2024.pptxAsian American Pacific Islander Month DDSD 2024.pptx
Asian American Pacific Islander Month DDSD 2024.pptx
 
Unit-IV- Pharma. Marketing Channels.pptx
Unit-IV- Pharma. Marketing Channels.pptxUnit-IV- Pharma. Marketing Channels.pptx
Unit-IV- Pharma. Marketing Channels.pptx
 
Third Battle of Panipat detailed notes.pptx
Third Battle of Panipat detailed notes.pptxThird Battle of Panipat detailed notes.pptx
Third Battle of Panipat detailed notes.pptx
 
2024-NATIONAL-LEARNING-CAMP-AND-OTHER.pptx
2024-NATIONAL-LEARNING-CAMP-AND-OTHER.pptx2024-NATIONAL-LEARNING-CAMP-AND-OTHER.pptx
2024-NATIONAL-LEARNING-CAMP-AND-OTHER.pptx
 
1029 - Danh muc Sach Giao Khoa 10 . pdf
1029 -  Danh muc Sach Giao Khoa 10 . pdf1029 -  Danh muc Sach Giao Khoa 10 . pdf
1029 - Danh muc Sach Giao Khoa 10 . pdf
 
Unit-V; Pricing (Pharma Marketing Management).pptx
Unit-V; Pricing (Pharma Marketing Management).pptxUnit-V; Pricing (Pharma Marketing Management).pptx
Unit-V; Pricing (Pharma Marketing Management).pptx
 
This PowerPoint helps students to consider the concept of infinity.
This PowerPoint helps students to consider the concept of infinity.This PowerPoint helps students to consider the concept of infinity.
This PowerPoint helps students to consider the concept of infinity.
 
Spellings Wk 3 English CAPS CARES Please Practise
Spellings Wk 3 English CAPS CARES Please PractiseSpellings Wk 3 English CAPS CARES Please Practise
Spellings Wk 3 English CAPS CARES Please Practise
 
How to Give a Domain for a Field in Odoo 17
How to Give a Domain for a Field in Odoo 17How to Give a Domain for a Field in Odoo 17
How to Give a Domain for a Field in Odoo 17
 
How to Manage Global Discount in Odoo 17 POS
How to Manage Global Discount in Odoo 17 POSHow to Manage Global Discount in Odoo 17 POS
How to Manage Global Discount in Odoo 17 POS
 

Entrepreneurial Discovery and Environmental Scanning

  • 1. Using Entrepreneurial Discovery and Environmental Scans to Plan a New “Successful” Business (The logos used in this PowerPoint were copied directly from corporate websites. They have not been altered in any way.)
  • 2. Entrepreneurial Discovery Define entrepreneurial discovery - The process of systematically scanning for technological, political and regulatory, social, and demographic changes to discover opportunities to produce new good and services If a new entrepreneur hopes to begin a successful business, he/she must continually “discover” new ways to improve his business.
  • 3. Entrepreneurial Discovery is important to society as well as to a new business owner. Ways entrepreneurs impact our society. •Entrepreneurs are the mechanism by which our economy turns demand into supply. They recognize consumer wants and see the economic opportunities in satisfying them. •Entrepreneurs are a principal source of venture capital. As part of the process of planning and setting up a new business, entrepreneurs gather resources. Money is one of the most important of these resources. •Entrepreneurs usually start with their own funds and then seek out contributions from private investors. •Entrepreneurs provide jobs.
  • 4. One of the Most Successful Entrepreneurs of today’s Society In 1976, Steven Jobs and Steven Wozniak set out to create Apple, the first personal computer. In less than five years, they had created a whole industry comprised of hundreds of related businesses and thousands of new jobs. Today it is hard to imagine a workplace without at least one personal computer. Steven Jobs and Steven Wozniak in 1976
  • 5. Changes That Encourage Entrepreneurial Discovery Any time things change, there is an opportunity for entrepreneurship. These changes can include technological changes, political and regulatory changes, social changes, and demographic changes). We need look no further than the Internet to discover that. The Internet was a technological change that opened up the door (and is still opening doors) to new ideas such as Facebook, Google, eBay, webcasts, etc. Other Changes that Can Lead to Entrepreneurial Discovery •Political change: election of a new U.S. President •Social change: majority of mothers and fathers working outside the home •Demographic change: use of Spanish language increasing rapidly in U.S.
  • 6. Entrepreneurial Discovery Different ways that an entrepreneurs can gain information from discovery. life experiences, •a person’s position in a social network •the nature of the search process a person uses, •an individual’s ability to focus on the opportunities •a person’s intelligence). Two ways to make discoveries: scientific and circumstantial •Scientific discovery • when a physical or technological observation is made •Circumstantial discovery • when an observation is made based on specific knowledge of time, place, or circumstance •Areas of entrepreneurial discovery • Introduction of a new product • a new quality of product • Introduction of a new production method
  • 7. Some Characteristics Commonly Associated with Entrepreneurs: •Commitment and determination •Leadership •Opportunity obsession •Tolerance of risk, ambiguity and uncertainty •Creativity, self-reliance and ability to adapt •Motivation to excel •Social nature Being social is important because: “Building a company entails hiring, organizing, and inspiring a collection of people who typically need to get start-up funds from others, to buy things from other people, and, ultimately, flourish or fail together as a result of the ability to sell things to yet another group of people.”
  • 8. An entrepreneur also capitalizes on: •Life experiences •Person’s position in a social network •Nature of the search process a person uses •Ability to focus on the opportunities •Intelligence Perhaps most importantly, entrepreneurs also tend to be “entrepreneurially alert.” Are you always looking for new opportunities? If so, then you are more apt to see them when they arise.
  • 9. Areas of Entrepreneurial Discovery •The introduction of a new good or a new quality of a good •The introduction of a new method of production •The opening of a new market •The conquest of a new source of supply of raw materials or components •The reorganization of any industry Examples: The introduction of a new product or an improved product: (Most common area of innovation) Example: MP3 player (Be sure to distinguish new invention of the MP3 player from improved MP3 player with a screen) New Invention Improved Product
  • 10. Other Examples of Entrepreneurial Discovery •The introduction of a new method of production: • Henry Ford’s invention of the assembly line •The opening of a new market: • McDonald’s moving into China for the first time • (Note that in addition to discovering the new market, it requires an understanding of culture, laws, local buyer preferences and business practices, and a host of contact, communication, and transportation details referred to as "setting up a distribution channel.") •The conquest of a new source of supply of raw materials or •components: • Moving a shoe manufacturer from the U.S. to Mexico to access cheaper • labor • Finding a new source of oil previously not discovered •The reorganization of any industry: • Several years ago, the U.S. government believed that one telephone company, Bell, had formed a monopoly. The company was broken up, making the way for new, smaller telephone companies to form.
  • 11. Techniques Entrepreneurs Use to Recognize New Opportunities •analogies •pattern recognition •experiments •simulation of prototypes •reverse engineering, Analogies •Comparing an unfamiliar abstract idea with an already known mental image. •It's like painting a picture in the listener's mind. •What the utilization of analogies and comparisons does is to change the frame of reference and to force thinking in new and interesting ways. •If a person is only thinking of the problem in its own terms, the number of possible solutions is very limited. By making analogies, and forced comparisons, the opportunities for new and creative solutions are multiplied many times over.
  • 12. Techniques Entrepreneurs Use to Recognize New Opportunities Pattern recognition •Many problems can be diagnosed and remedied in a pattern-recognition mode. •Like a doctor looking to diagnose an ailment, look for patterns occurring. •For example, if you're always thirsty, you urinate frequently, you're losing weight, and your eyesight is blurry, you have diabetes.
  • 13. Techniques Entrepreneurs Use to Recognize New Opportunities Prototype Definition: a 3-dimensional version of your vision Here’s why a prototype is helpful to discovery: •It enables you to test and refine the functionality of your design. •Sure, your idea works perfectly in theory. •It's not until you start physically creating it that you'll encounter flaws in your thinking. •That's why another great reason to develop a prototype is to test the functionality of your idea. •You'll never know the design issues and challenges until you begin actually taking your idea from theory to reality.
  • 14. Prototype continued 1.It makes it possible to test the performance of various materials.* • For example, your heart may be set on using metal—until you test it and realize that, say, plastic performs better at a lower cost for your particular application. • The prototype stage will help you determine the best materials. 2.It'll help you describe your product more effectively with your team, including your attorney, packaging or marketing expert, engineers and potential business partners. 3.It will encourage others to take you more seriously.
  • 15. How Can An Entrepreneurs Distinguish Him/Herself from Their Competitors. •Determine your product/ideas major selling advantage: what will make a customer buy you and not a competitor? •What makes your product different from the competition? •This may be a product feature, type of service provided, etc.
  • 16. Stages of Entrepreneurial Processes •Discovery – decide what you need to do. •Evaluation – evaluate your plans/product •Exploitation – develop the idea
  • 17. The Importance of ENVIRONMENTAL SCAN What is environmental scan? An analysis and evaluation process that businesses use to understand their current environment Why businesses conduct environmental scans?? The aim is to identify trends, gaps, events, developments, and issues that will impact the businesses. What is the nature of the end product? The identification of a number of broad factors and issues that will have a significant impact on businesses and their plans for the future
  • 18. Why Are ENVIRONMENTAL SCANS Important? •Aids in anticipating changes •Answers the question, “Where are we now?” •Provides a starting point for businesses’ planning of goals, objectives, and actions. •Answer the question, “Where do we want to be?”
  • 19. Questions to Ask When Conducting An Environmental Scan •What is the current external environment? What are the implications of these issues for business? •What key forces in the business’s environment need to be addressed and which ones are less important? •What trends and issues are affecting business? •What is the impact of the trends on business? •How might the environment change in the future? •How will businesses’ decisions and actions influence this environment? •How do customers, interest groups, community organizations, agencies or governments impact the environment? •What factors are within a business’s control and which are beyond its influence? •What could a business do to affect the impact of these factors?
  • 20. Questions to Ask When Conducting An Environmental Scan Sources to Use When Conducting an Environmental Scan. Examples: •Interviews with business officers, owners, managers •Comments made by business officers, owners, managers National and local newspapers •Trade publications •Business magazines •Websites: Hoover’s, Morningstar, brokerage firms, credible financial sites •Observations •Research findings •Input from professional organizations