Sources
of business ideas
- External/macro-environmental sources of change that create opportunities (Drucker’s 7 sources of innovation, STEEP factors).
- The role of the ‘entrepreneur’ in weighing up opportunities, threats and personal capacity to translate the opportunity into a business idea.
- Personal situational factors and knowledge.
Types
of innovation:
- The scope of innovation, particularly in relation to small firms.
- The different types of innovation: product and process innovation; incremental vs big bang; Schumpeter’s sources of innovation.
- The difference between invention and innovation and the role of creativity.
- Exploring the difference between a product or service idea and a business idea.
- Innovation and location and the role of ‘clusters’ infostering innovation amongst small firms.
Exploring
creativity:
- Understand and practice using creativity techniques to generate ideas.
Unit 27:
Set Assignment / Scenario
As a
graduate you are seeking to set up your own start-up business. You have had
several ideas but only one can be viable. In preparing a pitch to present to
financial investors you will provide the background to your sources of
inspiration and the market research you have undertaken to support taking the
idea forward.
Evaluate possible sources for a new and innovative
business idea
P1.
Determine and evaluate different sources of
entrepreneurial ideas and innovation.
M1.
Provide a detailed evaluation of Drucker’s
7 sources of systematic innovation providing specific examples.
D1.
Critically
evaluate the benefits and drawbacks of different approaches and sources that
can lead to the identification of entrepreneurial ideas
