Ideas
- Occur any time.
- To anybody.
- Randomly.
- Seldom materialise.
NOT AN OPPORTUNITY - must differentiate.
Opportunity
- Environmental factors merge.
- Right conditions.
- Right place; right time.
P.E.S.T Analysis
- Framework of environmental factors.
- P - Political.
- E - Economics.
- S - Society.
- T - Technology.
Concorde
- P - Help cement Anglo French relations after WW2.
- E - Economic developement with USA.
- S - Social demand to travel more frequently - luxury travel.
- T - Turbo jet engines - Vulcan bomber 1950, ABS braking system - Dunlop, Pressurised cabin system.
Changes - Are you aware?
- P - Local? National? International? Trade laws? Tax breaks? Human rights? Legislation?
- E - Opinion? Informed?
- S - Affect everyone? You? Work/life balance? Eco-aware? Ageism? Debt recovery?
- T - Do you know the latest thinking? Or what's in the shops?
What kind of creative are you?
- Evolutionary
- Manager
- Cautious
- Revolutionary
- Opportunist
- Risk taker
What is a Creative Entrepreneur?
Owner Entrepreneur - Interior designer, Project manager, Coordinator, Collaborator.
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Owner Manager - Creative with assistant, Small practice of creatives, Cooperative, Retail.
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Owner Worker - Artist, Craftsperson, One man band.
Where do opportunities come from?
- Trends.
- Technical developments.
- Political change.
- Economic boom and slump.
- Human need.
- Problems.
- Research.
Nike
Problem: New running track surface in Oregon at a university, so different materials for soles were experimented with to see which would grip the track better.
Solution: New 'waffle' sole was designed.
Post-it
Problem: Bookmarks are ineffective, and lightweight glues don't stick.
Solution: Merged non-permanent glue with bookmark and developed the post-it.
- Technology push - pushing new ideas
- Market pull - demand from consumers
Where does the creative fit in?
- Project management.
- Know how to find the right people.
- Know where to source stuff.
- Can work with a team.
- Get along with all kinds of people.
- Optimistic - communicates well.
Communication:
- Define problem.
- Build confidence.
- Problem solving.
- Risk analysis.
- Physical resources.
- Planning.
- Human resources.
- Quality control.
So you think you have spotted an opportunity?
SKILLS:
- Technical.
- Processes.
APTITUDES:
- Teamworking.
- Entrepreneurs do not do it alone.
PREDISPOSITION:
- Risk/caution.
- Evolution/revolution.
- Manager/opportunist.
Is this a good opportunity?
COMPETITORS:
- How many are there?
- How well are they doing?
- What do they do well?
- What could you improve on?
Assessing competitors (S.W.O.T analysis)
- STRENGTHS: learn from what they do well.
- WEAKNESSES: what they are not good at.
- OPPORTUNITIES: for you or your practice.
- THREATS: from macro environments.
Assess the quality of opportunity
- For me.
- For customer.
- For planet.
- Other stakeholders.
Internal environment
- Your skills.
- Your resources.
- Your lifestyle.
Micro environment
- Your network of friends.
- Your competitors and other practitioners.
- Your suppliers.
- Your local community.
- Stakeholders.
Macro environment - no control
- World market conditions - currency, population.
- Economics - exchange rates, wealth, debt.
- Technology - supporting, emerging, alternative.
- Social trends - needs, behaviours, demographics.
- Politics - legislation, tax, war.
- Environment.
