Enterprise lecture 2 - Ideas and Opportunities

• Evaluate ideas before you launch them - rather than waste money and time and then find I've made a mistake. 
• Be aware of events happening locally, nationally and globally.
• Read news sheets / magazines
• Do you have an interesting idea?
• Is it an opportunity? 

Differences between idea and opportunity:

• Everyone has ideas but they don't always come to light / reality. Occurs at any time, to anyone, randomly.
• Opportunity - environmental factors merge, the right conditions, the right place at the right time.

PEST ANALYSIS

P- Political Changes - local issues to national and international issues.

E - Economic changes - unemployments, currency exchange rates.

S - Social changes - trends, behaviour patterns etc.

T - Technological changes - what has just changed.

WHAT KIND OF CREATIVE AM I?

Evolutionary (adapts current situations, products / designs to gradually change)or revolutionary (do everything to make a change)?

Manager (look after existing situations - make more effective and efficient) or Opportunist (seek new opportunities and hope someone else will help to make it work)?

Cautious(give the market what it wants) or Risk Taker(give the market something it didn't realise it needed yet)?

CREATIVE ENTREPRENEUR:

OWNER WORKER - pros: in control of every aspect of your practice. Cons: Income limited by health, interruptions etc.

OWNER MANAGER - pros: more diverse role, meet more people. Can develop talent in others and produce more income (more people - more work) Easier to control quality.

Cons: less time to do own creative work. Think for others.

OWNER ENTREPRENEUR: pros: direct creative work or others, can have lots of clients to keep income coming in and keep afloat. Cons: sometimes the opportunities do not bring income in. Risks can end in disaster.

OPPORTUNITIES COME FROM -

•Trends

•Technical developments

•Political change

•Economic boom and slump

•Human need

•Problems

WHERE DOES THE CREATIVE FIT IN?

•Project management

•Know how to find the right people

•Know where to source stuff

•Can work with a team

•Gets along with all kinds of people

•Optimistic

•Communicates well

PROJECT MANAGER SKILLS:

HOW DO YOU KNOW IF IT"S A GOOD OPPORTUNITY OR NOT?

•Look at your competitors

–How many are there?

–How well are they doing

–What do they do well?

–What could you improve upon?

WILL ANYONE BUY IT?

•The internal environment in a business / practice

•This may just be you. Or may be 10 people who work together

•

•The Micro environment

•These are the stakeholders who are just on the periphery of your ‘world’

•They are affected by your success or failure

•

•The Macro environment

•These are stakeholders or factors which are beyond your control

•They are not directly affected by your success or failure but by the cumulative effect of  many successes and failures

•You may be significantly affected by these factors beyond your control.

SWOT ANALYSIS

E.g. Leeds Art Gallery

S - Strength

W- Weakness

O - Opportunities

T - Threats.