This activity will require some initial brainstorming with your team. Your task is to identify an “opportunity” for an innovative venture. The opportunity may be located in an entrepreneurial start-up, corporate entrepreneurship venture or social entrepreneurship project.
Remember that opportunity recognition is a creative event. Rely on your intuition and experience to generate ideas for potential innovations. Also, the assigned reading from your book Business Model generation on Ideation (pages 134-145) will be helpful in your creation of an opportunity. You may need to go through several rounds of brainstorming with your group, producing iterations of your “business opportunity”, before you select a viable opportunity.
First, your group will Brainstorm and develop a business opportunity, as discussed above.
Once the group has agreed on an opportunity, the group will define the opportunity. Here are the types of topics I will be looking to see you discussed as a group:
- Who are your customers (or target group for social entrepreneurship projects)?
- What needs will your concept meet for your target customers/social group?
- How is your idea unique? How will it better serve the customers or social groups that it targets
- How will it better serve the customers or social groups that it targets than existing products/methods?
Be sure to carefully define your opportunity because it will become the basis for the creation of a new venture business model in subsequent lessons.
- Completely develop your business opportunity as a group. There are no post minimum or maximum amounts per person.
- While you are working as a group to come up with a creative opportunity and define it, you will be graded individually in this part of the group project, contingent on the quality, timeliness, and support to your group in this part of the project.
- Your group can start the discussion here as early as they would like, but to contribute meaningfully to the discussion I would expect members to be in communication throughout the week and not just late on the due date of this discussion.
- I will mainly be checking-in and reading your post in these discussions, since this is more of a workspace for your group. However, please don’t hesitate to run ideas by me or ask any questions that you may have.
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