Activity

"Let us close our eyes and picture a

relaxing scene and remain quiet for a
few moments."

 "Now you will imagine your life as

you would like it to be 10 years from
now when you are grown up and out
of school"

 "Now it is morning and you have just

awakened. What do you see?

 "Now you go to your closet to get

dressed. What do you see in your
closet? What do you choose to wear
to work today?

 Now you are eating breakfast. What

do you see?

 You are now ready to leave for work.

Where do you go? How do you get
there?

 Who do you see in your workplace?

What are they doing?

 What are your feelings about the

work you are doing?

 It is now lunchtime. What are you

doing? How long do you take for
lunch?

 You are now at work and it is close to

the end of the day. What are you
doing? What time is it?

 Where are you going now that work

is finished? How do you feel about
the day?

 Now let's take a few minutes to

review the day. What were your most
important thoughts and ideas during
this dream?

QUESTIONS ABOUT MY DREAM

What were my most important feelings about
this day?
What type of work did I choose for myself? Why?
Did I work with people, ideas or things?
Did I use interests/hobbies/skills that I am
developing now?
Did I work for someone else, or was I in charge of
the business?
Was I satisfied with the job I chose? Why or why
not?

Future Skills through

Creativity, Innovation and
Foresight:

Todays knowledge
society
...
Many of us today live in

knowledge society.
In this knowledge society we are
swimming in an ocean of masses
of data, information, possibly also
of knowledge.

Today many of us are drowning in

messages, information, data ...
How do we deal with this overflow of
data and information?
What skills are required?

Making sense of information

in times of exponential change ...
How do we make sense of all this data and
information?
Are previously used methods
of communicating, of understanding,
of learning, of acquiring skills still valid today?
Should we continue to use
the skills and attitudes we cultivated in the
past?

How are skills learnt?

Could reading a how to do ... manual
lead you to become:
A successful F1 GP driver?
An orchestra conductor?
An Olympic marathon runner?

Does increased job mobility imply

the end of the career?
End of the career hypothesis (Flores and Gray,
2000)
Some examples:
internet banking,
e-publishing,
travel agents,
e-shopping,
newspapers,
new means of communication (skype,
social networks, etc.)

The end of the career

(Flores and Gray, 2000)
Due to the accelerating rate of change (caused
mainly by the increased uptake of new
technology), we need to reconsider the concept
of careers.
Traditionally, a career would span most of a
persons working life.
Today there is a trend towards internships,
increased job mobility and fixed-term contracts.

The end of the career - displacement

(Flores and Gray, 2000)
Displacement is occuring through technological
innovation, particularly in the services industry
and in todays knowledge society.
Examples include: travel agents, sales people in
retail stores and the banking sector and the
internets effect on the publishing industry:
New technologies (eg., e-books) are displacing
the concept of the published book and
newspapers.

Skill sets for today and for the

future?
The skills required today are no
longer those that most people were
taught at school or university.
Education should be regarded as a
lifelong undertaking and employees
provided with opportunities for
continuous professional development
and frequent re-training.

Skill sets for today and for the

future ...
Four pillars:
Creativity (including idea generation and
critical thinking);
Innovation Management;
Entrepreneurship (including
Intrapreneurship);
Foresight (or Future Studies).
Underlying all four pillars is:
Research Methods.

Skill sets:
Research Methods
Research Methods:
To conduct qualitative and quantitative research
(structure of report, data collection, data analysis,
sources, interpretation of results), dealing with
and critically summarising masses of information
and data from various sources, writing skills,
communicating research procedures, data
analysis, data interpretation, summarising results
of research.

Skill sets:
Creativity (including idea generation
and critical thinking)
Idea generation skills:
Using tools and methods to generate novel ideas,
to consider creativity as a skill, to be open
minded and consider a variety of possibilities
and solutions, to scan for possibilities broadly,
to switch from one mode of thinking to another
(eg., Six Thinking Hats, flexible thinking, etc.),
recognising opportunities for the application of
creative and constructive thinking, adding value
to current products, processes and services.

Skill sets:
Creativity (including idea generation
and critical thinking)
Critical thinking:
Not to accept at face value what the media
presents to its public, recognising sweeping
statements, generalisations, unfounded
assumptions, information provided without
sufficient justification or evidence, asking
pertinent questions, cultivating intellectual
curiosity, objectivity, open mindedness,
intellectual skepticism, intellectual honesty,
persistence, decisiveness and respect for other
viewpoints.

Skill sets:
Innovation management
Innovation Management:
Recognise and apply strategies for innovation
management within an organisation, harness
ideas generated from a variety of sources
(employees, customers, suppliers, users, general
public), recognise and act to overcome obstacles
to innovation in organisations, design and apply
creativity and innovation audits.

Skill sets:
Entrepreneurship
Entrepreneurship:
Recognise and apply the key factors involved in
setting up a new enterprise, including opportunity
recognition and risk taking, identify opportunities
for the introduction of innovative products and
services, conduct feasibility studies to assess the
likelihood of profitably exploiting the identified
opportunities, formulate business plan for a new
enterprise;
Explain what is involved in starting up a business,
formulate a strategy for the exploitation of an idea
into a new or an existing enterprise.

Skill sets:
Foresight
Foresight:
Scanning for trends, awareness about long range
strategic future planning, use and application of
simple foresight tools, relevance of foresight for
intelligence gathering, corporate strategy and
policy making, managing a foresight activity,
learning and dissemination in foresight.

PSRADIGM SHIFT.

Innovative Products

Balcony Bridge Planters

The Biolite Camping Stove

Laser Keyboard

Blinkers for Your Bicycle

Heated Butter Knife

Personal The Home Lift System

An Electro-Adhesive Bulletin Board

Fabric Printer Kit

Magnetic Light Switch Cover

The Stormproof Umbrella

Circuit Board Necktie

Umbrella with a difference

Creative Thinking Exercise

1
think of a fifth word that is related to the preceding
four words. (Compound and hyphenated words or
commonly used expressions are allowed.)
Examples:
Elephant, bleed, lie, wash
Answer:White (white elephant, bleed white, white
lie,
white-wash)
Sleeping, contest, spot, shop
Answer:Beauty (sleeping beauty, beauty contest,
beauty spot, beauty shop)

Answer

1. Bed
2. Blue
3. Red
4. Soft
5. Money
6. Fruit
7. Band
8. Star
9. Sweet
10. Blind

Answer
1. An anvil
2. An overpass pillar on a highway.
3. Champagne glass.
4. Piano stool.
5. Tower with revolving restaurant.
6. Minute-timer.
7. Propeller.
8. Chess-game rook or castle.
9. Fruit holder.
10.Bird bath.
11.Chalice.
12.Keyhole slot in door.
13.Two Pontiac automobiles about to crash head on.
14. A screw jack.
15. An arrowhead going into an object.
16.Two girls sitting back-to-back and holding parcels
on their heads.

Business Opportunity
Identification
and Selection

Who is an
Entrepreneur ?
An Entrepreneur is a person who organizes
and manages a business undertaking,
assuming the risk for the sake of profit. Any
person who starts and operates a business
is an entrepreneur.

Major Aspects of
Entrepreneurship
1.The identification of market opportunity and
the generation of a business idea (product
or service) to address the opportunity.

Major Aspects of
Entrepreneurship
2. The gathering and commitment of
resources in the face of risk to pursue the
opportunity

Major Aspects of
Entrepreneurship
3. The creation of an operating business
organization to implement the opportunitymotivated business idea

Successful
Entrepreneurs

Drive

Thinking Ability that encompasses creativity,

critical thinking, analytical abilities and
originality

Aptitude for Human Relations

Communication Skills

Technical Ability

OPPORTUNITY RECOGNITION

What is an opportunity?

How do you recognize

opportunities?

How do you screen opportunities?

What is a business concept?

OPPORTUNITY
RECOGNITION
Opportunities are situational
The Window of Opportunity
Opportunities take form in real world conditions
Changing conditions
Leads and lags
Knowledge gaps
Chaos and/or confusion

The Entrepreneurial
Process
Decide to go into business of own self
Assess your potential
Find an appropriate product or service idea

Buy a business

Start a new business

Acquire a franchise

Conduct a feasibility study

Technical feasibility

Market acceptability

Financial viability Organize

your business structure and legal requirements

Protect your idea
Arrange the necessary financing
Develop a comprehensive business plan

What is Your Entrepreneurial

Potential?
Realistically assess your potential for
an Entrepreneurial Career

Understand the
personal
attributes
important for
success in a
business of your
own

Understand the
demands the
entrepreneurial
role will make on
you and your
family

Evaluate
your managerial
skills

Conduct a
personal
financial
assessment

Develop a
personal
balance sheet

Assess your strengths and

weaknesses that will affect your ability
to achieve your entrepreneurial goals

Develop a
personal
budget

Searching
for Ideas
Search for a product or service
idea
From your
previous
employment

From
hobbies

From
casual
observation

Magazines
and other
publications

From a
deliberate
search

Trade shows
and
conventions

Evaluate the possible alternatives

Determine your preferences

Product
licensing
information
services

Government
agencies
and
departments

Use
creative
thinking

How to Select the Right

Opportunity
Step 1:Identify Your Business and Personal
Goals
Step 2:Research Your Favourite Industries
Step 3:Identify Promising Industry Segments
Step 4: Identify Problem Areas and Brainstorm
Solutions
Step 5:Compare Possible Solutions with Your
Objectives and Opportunities in the
Marketplace
Step 6:Focus on the Most Promising
Opportunities

Characteristics of the IDEAL

Business

Requires no investment
Has a recognized, measurable market
A perceived need for the product or service
A dependable source of supply for the required
inputs
Requires no labour force
Provides 100% gross margin
Buyers purchase frequently

Characteristics of the IDEAL

Business
Receives favourable tax treatment
Has a receptive, established
distribution system
Has great publicity value
Customers pay in advance
No risk of product liability
No technical obsolescence
No physical perishability
Impervious to weather conditions
Possesses some proprietary rights

Market
Issues
What
products or services are you

selling?
To whom do you sell?
Does someone represent you or
distribute your products or
services?
How do you promote sales?
How do you price your output?
What do customers expect?

Focus for Successful

Marketing

4 Ps of Marketing Mix

NPD

USP

Push Vs Pull Strategy

STP-Segmentation, Targeting, Positioning

Finance
Issues

Debt-Equity Ratio

Taking fund from VC,

Equity

Working Capital Issues- Study on SMEs

Risk Management/Hedging

Loan or

Sources of
Financing
How will you finance your business?

Loans and
mortgages from
banks, credit
unions and others

Credit from
suppliers

Personal savings

LBO

Equity capital
from private
sources

Local
professionals and
angel investors

Friends and
neighbours

Employees

Venture
capitalists

Government
assistance
programs

Leasing

Prepare loan or grant

request package

Advantages of Successful
Entrepreneurship

You are your own boss

Enjoy the profits from you efforts

Sense of pride in your business

Flexibility in your work schedule

Any Questions?

BCG
Matrix