Essay Strategic Management and Service

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Words: 2190
Pages: 9
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1. Distinguish among the different types and sources of startup ideas.
2. Use innovative thinking to generate ideas for high-potential startups.
3. Describe external and internal analyses that might shape the selection of venture opportunities.
4. Explain broad-based strategy options and focus strategies. 5. Know how to screen business ideas to identify those with the greatest potential.
6. Assess the feasibility of a startup idea.
© 2014 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.3–2

Developing Startup Ideas
• Opportunity Recognition
 Identification of potential new products or services

that may lead to promising businesses

• Entrepreneurial Alertness
 Readiness to act on unnoticed business opportunities

and to pivot quickly away from flawed initial ideas.

• Which Product or Service?
 Serves important consumer needs
 Has readily recognized utility and user benefits
 Is affordable to a large group of potential customers
 A good idea is not the same as a good opportunity.
© 2014 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.

3–3

Creating a New Business from Scratch
To develop a commercial market for new product or service

To tap into unique resources that are available Motivations
To Start a Business

Wanting the challenge of succeeding (or failing) on your own

© 2014 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.

To avoid undesirable features of existing companies

3–4

3.1

Types of Ideas That Develop into Startups

© 2014 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.

3–5

3.2

Common Sources of Startup Ideas

Prior work experience 45%
Personal
interest/hobby
16%
Chance happening 11%

Suggestion
7%

Education/
Family
business
Friends/
6% relatives 5%
Other
4%

© 2014 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.

3–6

Change-Based Sources of
Entrepreneurial Opportunities
Change Factor

Definition

Industry or Enterprise Factors
The unexpected

Unanticipated events lead to either enterprise success or failure. The incongruous

What is expected is out of line with what will work.

Process needs

Current technology is insufficient to address an emerging challenge. Structural change

Changes in technology, markets, etc., alter industry dynamics.

Human and Economic Factors
Demographics

Shifts in population size, age structure, ethnicity, and income distribution impact product demand.

Changes in perception

Perceptual variations determine product demand.

New knowledge

Learning opens the door to new product opportunities with commercial potential.

© 2014 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.

3–7

Using Innovative Thinking to Generate Business
Ideas
1. Borrow ideas from existing products and services or other industries.
2. Combine two businesses into one to create a
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