e-nnovate Entrepreneurship with Innovation

By David Lanre Messan Innovation Strat-Artist

Generating business ideas (ideas for entrepreneurship)

Business ideas –are they for the genius?

How to tap into the world of ideas- think big Pointer to business ideas?

Existing business ideas that you can run with

No boundaries – break loose from the cage.

The enterprise that does not innovate ages and declines and in a period of rapid change such as the present, the decline will be fast.”

As an entrepreneur, the ability to convert ideas to things (be it product, service or tangible change) is the secret of outward success.

The purpose of Business Innovation

• To create new products, define new processes.

• To create new customer demand

• To build strong teams capable of constant innovations.

Generally, an entrepreneur who innovates simply BRING IDEAS TO LIFE.

What is Entrepreneurship?• The creating and nurturing of a unique organised

system to either produce or offer service that fill a need as a method of adding significant value to human life and to make profit, can be regarded as entrepreneurship.

• The ability to convert thinking to things; problems to opportunities; opportunities to tangible realities; all worth paying for to satisfy a desire is the beginning of anything entrepreneurship.

IDEASEntrepreneurship begins with ideas & thrives on

innovation, supported by markets, technology, human resources, finance e.t.c.

TYPES OF IDEAS• Commercial ideas• Project ideas• Transformational ideas

Ideas Rule!!!!

WHAT IS AN IDEA? An idea is knowledge based

propositions which contain inherent value that solves a problem or addresses a situation.

Many elements inspire ideas.• God, Needs,

Problems/challenges, Environment, Observations, Experiences, Knowledge, Adventures.

IDEAS THAT TRANSFORM• Steve Jobs built the

most innovative and valuable technology company in the world, he began laying the foundation for the Apple takeover in 1996 which finally took off in 2001 spearheading an unmatched cultural force in history.

IDEAS THAT TRANSFORMPeter Drucker, is unarguably the greatest

management thinker of the last century, also known as the creator and inventor of all modern management concepts. He invented the toolkit to effectively manage incredibly complex organisations.

Some of them included the importance of picking the best people, on focusing on opportunities instead of problems, on getting on the same side of the desk as your customer, of the need to understand your competitive advantage and to continue to refine them.

Talented people were the essential ingredient of every successful enterprise.

IDEAS THAT TRANSFORM

• Anita Roddick mixed the need to meet urgent humanitarian needs with entrepreneurial genius to form the giant beauty multinational, The Body Shop.

If you think you are too small to have an impact, try going to bed with a mosquito.

IDEAS THAT TRANSFORM

Mark Zuckerberg... took an idea which wasn’t

completely his and turned it into a project that grew into one of the world’s most influential businesses ever.

IDEAS THAT TRANSFORM

Richard Branson’s nerdy innovativeness pushed him into many ventures helping him create the Virgin Empire with over 50 companies underneath its belt.

hOW tO gO aBOUT iT ?

TAKING YOUR IDEAS THROUGH THE THREE STAGES OF DEVELOPMENT

• Conceptualization• Commercialization• Actualization

Conceptualize the IdeaThis is a process where an entrepreneur thinks through an

idea & substantiates it. The basic features of this stage include:

• -Pry-thought: being inquisitive, observant using the questioning methods to stabilize the concreteness of an idea after it drops as a thought.

• -Practicability: researching the viability of an idea through evaluation processes in order to create a function able market structure for it across several areas.

• -Prioritizing: an entrepreneur must device at least 5 business aspect of a single idea & prepare a SWOT perspective around these 5 business areas & afterwards sequence an action plan through prioritizing.

Commercialize the IdeaThis stage enables you to fit the adopted idea

into an identified market with strategies across 5 Ps:

• People• Product• Pricing• Process• Paradigm

Commercialize the Idea

People: These are the most important assets

to a visionary entrepreneur. You must have an instinct to know the right kind of men to fish for your business empire. Learn to identify them by skills relevant to your vision for business; give them stakes to enable them run with the vision, keeping their hands glued to the plough; & also be sensible enough to pass the stick of leadership to them, to carry on with the business of innovation.

Commercialize the Idea

Product: As an entrepreneur, create

real products from your ideas, whether tangible or intangible. Make your customers personalize your products either by the feel or experience. Even your service can be made to be a product for as long as you create a personalized content out of it, for customers.

Commercialize the Idea

Pricing: This is important & is done by considering the demographics & psychographics of your market.

• Demographics: age, annual income, educational attainment, type of occupation, region of the country they live in, household statistics.

• Psychographics: behaviours, lifestyle, reasoning patterns, interest, hobbies.

All your considerations would enable you tag a fair pricing for the product.

Commercialize the IdeaProcess: Your business ideas must have a process

model which is simply a collection of activities created or designed to achieve pre-determined business goals for a particular customer(s).

You must consider the following:• Management Process: Which is the process

that govern the separation of a system & this is basically includes corporate governance & strategic management.

• Operational processes: which constitutes the core business & create the primary value stream? This includes: purchasing, advertising, marketing & sales.

• Supporting process: which supports the core processes e.g. accounting, recruiting, call centre, technical support.

Basically, a business process begins with a mission objective & ends with achievement of the business objectives. This enables you to control barrier chains & work within structures.

Commercialize the Idea

Paradigm: This signifies a cultural

adaptability by everyone involved in the internal management of your business. You must create your own corporate culture & live it passionately, ensuring that everyone stays motivated & inspired to exude it for the success of your business.

Actualize the Idea

After you have conceptualized and commercialized your business idea in the most innovative way, you are now ready to actualize the idea.

This is what you do...

Actualize the IdeaPackage the idea-create a business plan

-put up a branding package

-create an implementation plan

Actualize the IdeaParastatals

-legalize your business with CAC

-register with tax agencies (FIRS, LIRS)

-get your licenses in exceptional cases of extreme situations

Actualize the IdeaPositioning &Promotions:

Begin to promote your business everywhere you go so as to position it in the minds of your customers & prospective.

Actualize the IdeaPitching your business

Idea to partners-investors-friends-families-team-banks

Actualize the IdeaPatronizers-identify new markets-penetrate new markets-own a share of the market-win & sustain their loyalty-use the concrete circle to

locate your market segments.

Actualize the IdeaProfits- make projections- predict your profit by

taking away cost from sales in projection.

- plan your profits i.e. internal investment & external investment.

Actualize the IdeaPush- Keep talking about your

business

- understand the business by learning more about the business

- sell the products vision without winking

- have a culture of innovation, new thinking and opportunity management.

Infinite Impact Company

…and I say

Thank You

I am DLM.Download more materials

on www.slideshare.net/lanremessan