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Unformatted text preview: Chapter 04 - Small Business Ideas: Creativity, Opportunity and Feasibility CHAPTER 4: SMALL BUSINESS IDEAS: CREATIVITY, OPPORTUNITY AND FEASIBILITY Chapter Summary This chapter explores traditional methods for generating business ideas and opportunities and methods to avoid roadblocks to innovation. In addition, SCAMPER, a creative model of generating ideas, is introduced. Assistance is given for evaluating the feasibility of a new idea. Business innovation strategies are discussed and methods to maintaining a creative company culture are offered as well. The appendix to this chapter includes a completed feasibility study. Learning Objectives After studying this chapter, the student should be able to: 1. Learn the sources of opportunity entrepreneurs drawn on to get business ideas. 2. Identify the way ideas are evaluated for business potential. 3. Understand how creativity methods can help business owners recognize new opportunities. 4. Understand the five pitfalls that hinder innovation. 5. Identify strategies for innovation in your business. 6. Learn how to conduct a comprehensive feasibility study for your business ideas. 7. Learn the model for pilot testing Internet businesses. 8. Understand the value of building a creative culture in your business. Focus on Small Business: Dave Kapell, Poetry in Motion To fight writer’s block, songwriter Dave Kapell cut out articles, letters, journals and other writings and rearranged the words hoping to spark inspiration. Allergies produced sneezes that scattered his papers. A serendipitous set of misprinted magnets from a friend’s business provided a different sort of inspiration for Kapell who glued his words to these magnets and used cookie sheets and then his refrigerator to hold them. Friends playing with his creation inspired him to sell 100 sets at a craft fair and Magnetic Poetry was born. 4-1 Chapter 04 - Small Business Ideas: Creativity, Opportunity and Feasibility Focus on Small Business Discussion Questions 1. How did Dave Kapell discover whether his idea would be a good business opportunity? One of the first concepts that students will encounter in their reading of this chapter is the notion of “entrepreneurial alertness,” which refers to a special set of observational and thinking skills that enable some people to spot good ideas. Dave Kapell clearly possesses alertness, and he was also highly motivated to identify his idea for magnetic poetry since it helped him with great passion – songwriting. Students are introduced to the most frequent sources of ideas for entrepreneurs. Among these, some are more likely to have been used by Dave Kapell. There are primary sources of ideas that students should raise....
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This note was uploaded on 11/21/2009 for the course MNGT 422X taught by Professor Godsey during the Spring '09 term at UNL.
- Spring '09