How to create and spot ideas
- An idea is not necessarily an opportunity
- You need to analyse ideas to see if they are worth pursuing
- You need to be able to show why something is a good idea
- Opportunities are collisions, different effecting factors make something the right moment
- Need to consider how these things change:
P - Politics
E - Economics
S - Society
T - Technological
- Ask yourself:
Is there a need? Can it be done? Is it the right time?
- Nothing stays the same for long, a good idea isn't the best idea forever
- You need to know whats going on with the world, stay aware
- Put these factors together and you get an opportunity - PEST analysis - scan the environment accurately (could also consider legal and environmental factors)
- What kind of creative are you?
Evolutionary, Manager, Cautious vs. Revolutionary, Opportunist, Risk taker
- What kind of creative entrepreneur are you?
Owner worker - limited by own capacity, just you
Owner manager - 1 or 2 assistants, partnership of designers, increases capacity for work
Owner entrepreneur - become the manager, direct others to create
- Where do opportunities come from?
Trends, technical developments, political change, economic boom and slump, human need, wanting to fix something that is a problem for you, research
- Conduct research to see if society wants you
- Opportunities can come through accidents, such as how post-it notes were made
- Market pull is when the market is demanding the product
- We are learning business management skills already on our course without realising
- If you think you've spotted an opportunity, make sure you have the skills for it, or you can get someone to help. Most opportunities can't be done with only one person alone.
- Before you embark on an idea you need to see how many competitors there are. Look at what they're doing, see how you compare
- Market (demand) vs. Industry (supply)
You need to see if anyone will buy it. If:
High demand and high supply - overproducing
High demand and low supply - specialist market
Low demand and high supply - done before
Low demand and low supply - no interest
- Assess competitors strengths and weaknesses to see what you can learn, look at their 4 P's and PEST analysis
- Assess the quality of an opportunity, it needs to fit in with your lifestyle, passion, values, and how it can satisfy the customer
- There are three environments in business
Internal --> All about you
Micro --> Things that are immediately impacting you
Macro --> PEST focuses
- SWOT analysis is: strengths, weaknesses, opportunities and threats
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