Entrepreneurship – from ideas to reality (Open University)

https://www.open.edu/openlearn/money-business/entrepreneurship-ideas-reality/content-section-overview Ideas spotting an opportunity (e.g. a gap in the market) experiencing a problem and looking for a solution for it (e.g. an invention) being able to do something that others can’t (e.g. using a talent) being prepared to do something others don’t want to or can’t do (e.g. cleaning) having something that others might need or want (e.g. investing in plant or machinery for hire). Sources of innovation Internal An unexpected happening A need for improvement in a proces An incongruous happening Changes in the indsutry, its structure of the market External Changes in population demographics Changes in society, in perception, mood, or meaning New types of knowledge The bright idea past and present work and experience hobbies and leisure interests qualifications and studies new markets/uses for existing products solving a persistent problem research and development (R&D) patents, licences and research institutes invention opportunities from new technologies opportunities from economic/market changes changes in consumer behaviour complaints and irritations expressed by potential customers changes in rules and regulations imitating an idea from a different locality imitating an idea from a different industry improving an existing product films, TV and radio books, magazines and the press trade shows, exhibitions and conferences business and social networks family and friends. Discovery skills Observing Questioning Curiosity Connectivity Associating Incubation Creativity and innovation Sometimes new or better solutions can come from: