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New+Venture+slides+day+3-+upload - Recognizing...

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Professor Joshua Hernsberger The Paul Merage School of Business University of California, Irvine Recognizing Opportunities and Generating Ideas
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Difference Between Opportunity and Idea Opportunities and Ideas ARE NOT the same !!! What’s the difference? What is an example of idea that may not be an opportunity?
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Definitions Opportunity- a favorable set of circumstances that creates a need for a new product, service or business Idea- A thought or mental impression
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Techniques For Generating Ideas Brainstorming Focus Groups Library and Internet Research
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Brainstorming Brainstorming Is a technique used to generate a large number of ideas and solutions to problems quickly. A brainstorming “session” typically involves a group of people, and should be targeted to a specific topic. Rules for a brainstorming session: No criticism. Freewhelling is encouraged. The session should move quickly. Leap-frogging is encouraged.
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Focus Groups Focus Group A focus group is a gathering of five to ten people, who have been selected based on their common characteristics relative to the issues being discussed. Led by a trained moderator “It's really hard to design products by focus groups. A lot of times, people don't know what they want until you show it to them.“ Steve Jobs -- Business Week , May 25 1998
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Library and Internet Research Library Research Libraries are an often underutilized source of information for generating new business ideas. The best approach is to talk to a reference librarian, who can point out useful resources, such as industry-specific magazines, trade journals, and industry reports. Simply browsing through several issues of a trade journal or an industry report on a topic can spark new ideas.
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Libraries and Internet Research Large public and university libraries typically have access to search engines and industry reports that would cost thousands of dollars to access on your own. Examples of Useful
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This note was uploaded on 01/31/2012 for the course MGMT 190 taught by Professor Joshuahernsberger during the Summer '11 term at UC Irvine.

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New+Venture+slides+day+3-+upload - Recognizing...

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