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Entrepreneurship: Successfully Launching New Ventures, 2/e

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Presentation on theme: "Entrepreneurship: Successfully Launching New Ventures, 2/e"— Presentation transcript:

1 Entrepreneurship: Successfully Launching New Ventures, 2/e
Bruce R. Barringer R. Duane Ireland Chapter 2

2 Case Study – Upin & Ipin Creators of Upin & Ipin - Nizam Abdul Razak, Safwan Abdul Karim and Usamah Zaid - among founding members of Les' Copaque. Trio were Multimedia University graduates who started off as animators in another local animation, till in 2005, they met a former oil dealer, Haji Burhanuddin Radzi, and his wife, Hajjah Ainon Ariff, to set up Les' Copaque.

3 Case Study – Upin & Ipin…continued
First series - produced specially for Ramadan in 2007 to instil the significance of the holiest month amongst its audience. According to Safwan, "We started this short four-minute animation series last year to test local market acceptance and to gauge how it would react to our story telling capabilities.“

4 Upin & Ipin…concept Nizam believed - international animation market may be interested in a particular Malaysian cultural aspect made of a relaxed, unhurried village life. He explained in a 2008 report, "Famous animation series, such as Japan’s Doraemon, are based on their respective local rather than international culture. We believe we can do the same with ours."

5 Some creative ideas… Doraemon – local context in a village
Local values 3D Unique Business Model - Licensing

6 1. Source of Business Ideas
Work experience Better and more detailed understanding of what customers needs, preferences and want Knowledge of competitors, pricing, suppliers… Less need for start-up market research Able to make more realistic assumptions in the business plan about sales, marketing, operating costs Industry contacts - become the first customers of the start-up. (Katz/Green, Pg. 80)


8 A similar business Create related and additional product Identify market need – not being met How to improve…


10 Hobby or personal interest
Leisure activities Advantages • Know and enjoy it • Build on your existing knowledge base • You may already have contacts—suppliers, potential customers, distribution channels Disadvantages • Skills may be insufficient as a professional • Decisions are based on pleasing the customers - might lose a source of relaxation • May not be able to make enough money


12 Chance happening or serendipity
An "Aha!" moment. When we've encountered something in life—a personal need, a business situation, annoying with technology Past experience and expertise - may not be consciously aware of the connection at the time. Many realized they could offer something new or better in a field they are familiar with. The better you know an industry, a product, or a market, the more likely – able to realize - fill an unmet need and pursue your inspired new idea.


14 Family and friends Love becomes contagious Excited and inspired
Tacit knowledge


16 Education and expertise
“One of the huge mistakes people make is that they try to force an interest on themselves. You don’t choose your passions; your passions choose you.” - Jeff Bezos Passion guided, industry driven Financial thermostat



19 Technology transfer and licensing
TOT = the process of transferring skills, knowledge, technologies, methods of manufacturing, samples of manufacturing and facilities among governments or universities and other institutions to ensure that scientific and technological developments are accessible to a wider range of users who can then further develop and exploit the technology into new products, processes, applications, materials or services. It is closely related to (and may arguably be considered a subset of) knowledge transfer. (Katz/Green, Pg. 80)

20 The compensation may take the following forms;
Licensing - agreement whereby an owner of a technological intellectual property (the licensor) allows another party (the licensee) to use, modify, and/or resell that property in exchange for a compensation (consideration). The compensation may take the following forms; Lump sum royalty Royalty based on volume of production (called running royalty) Right to use licensee's technology (called cross licensing).

21 Benefits: Through licensing of proprietary technology, small firms can earn substantial income from markets that they could not penetrate on their own, and large firms can have foreign affiliates without high financial and legal risks.

22 The TF-X™ Pal-V

23 2. Identifying Opportunities
Observing trends Political and Regulatory Changes New changes in political arena New laws and regulations Economic Strong economy – more RM Weak economy – less RM

24 Social Social changes e.g healthy foods, green products Technological Advances Wireless Stem Cell

25 Solving A Problem Finding Gaps in the Marketplace
Identifying opportunities to recognise problems and find ways to solve them Every problem is a brilliantly disguised opportunity? Finding Gaps in the Marketplace Shortage / lack of what? Find frustration

26 3. Creative Thinking Always ask question: Is there a better way?
Challenge custom, routine and tradition. Be reflective, deep in thought. Be prolific thinkers with tools (e.g SCAMPER, blue ocean, green ocean) Try to see an issue from different perspectives (Scarborough, Pg. 54)

27 Realize - there might be more than one right answer.
See mistakes as ‘valuable lessons’ on the way to success. See problems as a stepping stone for new ideas. Understand failure is a natural part of creative process – after testing Relate unrelated ideas to a problem to generate innovative solutions ‘Have helicopter skills’ - rise above daily routine and see an issue from a broader perspective (Scarborough, Pg. 54)

28 4. Barriers To Creativity
Searching for the one right answer University students – exam based Focusing on being logical – emotional, spiritual Blindly following rules – but not against Islamic principles Viewing play as frivolous – (not a serious purpose) (Scarborough, Pg. 57)

29 Becoming overly specialized – rigid to listen to others.
Fearing looking foolish. Fearing mistakes and failure. Believing that “I am not creative”. (Scarborough, Pg. 57)

30 5. How To Enhance Creativity
Include creativity as a core company value – ‘Shura’ Embracing diversity – international, different ethnic groups Expecting creativity – brainstorm*** Expecting and tolerating failure (a bit) – Shura… Creating an organizational structure that nourishes creativity – open to constructive feedback Encouraging curiosity – inquisitive minds Creating a change of scenery periodically – visit, holiday (Scarborough, Pg. 61)

31 Providing creativity training – Green Ocean
Providing support Developing a procedure for capturing ideas – suggestion box Talking with customers – interacting with them Looking for uses for your company’s products or services in other markets Rewarding creativity (Scarborough, Pg. 62, 63)

32 6. Techniques for Improving Creative Process
Brainstorming (Scarborough, Pg. 72) Mind-Mapping (Scarborough, Pg. 72) Focus Group Internet Research – Youtube, Video Montage

33 7. Techniques for Improving the Creative Process
SCAMPER method S- Substitute – alternative – online newspaper C- Combine – 2 in 1 A- Adapt – not taking everything – Blue Ocean M- Magnify or Modify – standout – 24 hours P- Put it to other uses - GPS E- Eliminate – one of the activities – online ordering R- Rearrange – cost effective – Dell’s business model (Katz/Green, Pg. 87)

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