Enterprise Lecture Two - Ideas and Opportunities

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.

Project Manager Skills

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.