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Entrepreneurship
MGT602
VU
Lesson
15
INTERNATIONAL
ENTREPRENEURIAL OPPORTUNITIES
(continued...)
LEARNING
OBJECTIVES
1.
To
explain the aspects of the entrepreneurial
process.
2.
To
explain the differences between entrepreneurial
and managerial
domains.
3.
To
explain the organizational environment conducive
for entrepreneurship.
4.
To
identify the general characteristics of
an Entrepreneur.
5.
To
explain the process of establishing entrepreneurship
in an organization.
SOURCES
OF NEW IDEAS
A
sound idea for a new
product or service, properly
evaluated, is essential to successfully
launch a new
venture.
Some of the more frequently
used ideas for new
entrepreneur include consumers, existing
companies,
distribution channels, the federal
government and research and
development.
Consumers
Potential
entrepreneurs should pay close
attention to the final focal point of the
idea for a new product
or
service
the potential consumer. This can be an
informal or formal survey of
consumers expressing
their
opinions.
Care should be taken to ensure
that the idea represents a
large enough market.
Existing
Companies
Entrepreneurs
should establish a formal method for
monitoring and evaluating the products
and services in
the
market. Frequently this analysis uncovers
ways to improve on these
offering that may result in
a new
product
that has more market
appeal.
Distribution
Channels
Members
of distribution channels are
also excellent sources for
new ideas because they are
familiar with the
needs
of the market. Not only do
channel members frequently
have suggestions for new
product, but they
can
also help in marketing the entrepreneur's
newly developed products.
Federal
Government
The
federal government can be source of
new product ideas in two
ways. First the files of the Patent
Office
contain
numerous new product
possibilities. Although the patents
may not be feasible new
product
introduction,
they can suggest other
marketable product ideas.
Several government agencies
and
publications
are helpful in monitoring patent
applications. Second new
product ideas can come in
response
to
government regulations. For example the
Occupational Safety and Health
Act (OSHA), aimed at
eliminating
unsafe working condition in
industry, mandated that
first aid kits be made
available in business
establishments
employing more than three people.
The kit had to contain
specific item that varied
according
to the company and the industry. In
response to OSHA, both
established and newly
formed
ventures
marketed a wide variety of first aid
kits.
Research
and Development
The
largest source for new
ideas is the entrepreneur's own
research and development. This
can be a formal
endeavor
connected with one's current employment.
A more formal research and
development department
is
often better equipped and enables the
entrepreneurs to conceptualize and
develop successful new
product
ideas.
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