LECTURE II- IDEAS AND OPPORTUNITIES
* How to create/spot opportunities
IF YOU NEVER LOOK FOR OPPORTUNITIES, YOU ARE BOUND FOR FAILURE.
WHAT IS AN IDEA?
- Occurs at any time to anybody, randomly... seldom materialises.
- To see if an idea is worth pursuing, you need to develop and rationalise it.
OPPURTUNITY
- Environmental factors merge/the right conditions/the right place; the right time.
- Government, social trrends.
THE WRONG TIME
* No context
* Politically unbeneficial
* No need in society
* Technology too primitive
(Example of Leonardo Da Vinci and his developments and sketches in mechanical engineering and product design)
THE RIGHT TIME
* The opposites of above
The "BIG BANG" (of spotting an opportunity) is "P.E.S.T"...
Political Economic Social Technology
P.E.S.T
We have to be aware and informed about all of these areas to understand events and opportunities.
E.g... Read broadsheet newspaper once a week- for a full, global, unbiased (to an extent...) overview- be informed.
POLITICS
* Local, national, international
* Trade laws
* Tax Breaks
* Human Rights
* Legislation
TECHNOLOGY
(WIRED magazine- great source of inspiration and information for latest technology)
* Guardian/Economist
* Be aware and informed to improve your practice and boost your business
SOCIAL
* Work- life balance
* Eco- aware
* Ageism
* Trend- spotting
* Debt recovery
* Grow your own
- Far more personal to your practice and interests
WHAT KIND OF CREATIVE ARE YOU?
Evolutionary
* Projects that evolve and develop through time
Revolutionary
* A shock- informing, persuading people they "need" this new item
40% EVOLUTIONARY//60% REVOLUTIONARY
Manager
* Want to achieve a level of business and maintain this with steady growth
Oppurtunist
* Aiming high, risk-taking, gambling
70% MANAGER//30% OPPURTUNIST
Cautious
* Considered, thought through
Risk Taker
* More instinctive, adventurous
70% CAUTIOUS//30% RISK TAKER
WHAT KIND OF CREATIVE ENTREPRENEUR ARE YOU?
OWNER WORKER
* Everything managed independently, controlled- a "one man band".
OWNER MANAGER
* Creative with assistants, small practice, co-operative, retail.
OWNER ENTREPRENEUR
* Interior designer/project manager/co- ordinator, collaborator.
PERSONALLY, I SEE MYSELF AS A 50/50 SPLIT BETWEEN WORKER AND MANAGER- I LOVE TO CREATE MY OWN WORK, BUT ALSO ENJOY WORKING WITH OTHERS AND DRAWING INSPIRATION FROM A CREATIVE TEAM.
WHERE DO OPPORTUNITIES COME FROM?
* Trends
* Technical developments
* Political change
* Economic boom and slump
* Human need
* Problems
* Research
PUSH AND PULL
Technology ----- NEW PRODUCT, SERVICE OR CONCEPT ----- Market
Pushing new tech onto the market >> Where the market demands it.
WHERE DOES THE CREATIVITY FIT INTO THE MARKETPLACE/INDUSTRY?
* Project management
* Know how to network/find the right people for the right job
* Know how to source/research
* Can work with a team
* Gets along with all kinds of people
* Optimistic (Naturally)- Pursuing ideas
* Communicates well
* Risk analysis
* Build confidence
* Human resources
* Quality control- consistent quality is the mark of an excellent business
SPOTTED AN OPPORTUNITY?
* Skills- Technical/Processes
* Aptitudes- Team working/Entrepreneurs don't do it alone
* Predisposition- Risk/Caution/Evolutionary/Revolutionary/Manager/Oppurtunist
IS IT A GOOD OPPURTUNITY?
Look at your competitors... (USP!)
* How many are there?
* How well are they doing?
* What do they do well?
* What could you improve upon?
ASSESSING COMPETITORS
* Assess their strengths and weaknesses:
Marketing basics... THE FOUR P'S... Product, Price, Place, Promotion.
* Assess you/your practice... P.E.S.T and THE FOUR P'S.
ASSESS THE QUALITY OF OPPORTUNITY
* For me
* For the customer
* For the planet
* For other stakeholders (anyone that is affected by my business- families, employees, etc.)
- Think what are you doing differently which would enrich or improve upon all in the list above?
MICRO ENVIRONMENT (UPON WHICH YOU HAVE INFLUENCE, AND CAN BE INFLUENCED BY)
* Your network of friends and associates
* Competitors and practitioners
* Your suppliers
* Stakeholders
* Community
MACRO ENVIRONMENT (UPON WHICH YOU HAVE NO/LITTLE INFLUENCE- THEREFORE MUST PAY CLOSE ATTENTION TO!)
* World market
* Economics
* Technology
* Social trends
* Politics
* The Environment
SWOT ANALYSIS
* Strengths/Weaknesses/Opportunities/Threats
Important points to consider in the design market/industry
OVERVIEW OF LECTURE//REVIEWED:
* P.E.S.T ANAYLSIS (ALSO KNOWN AS S.T.E.P//S.T.E.E.P//P.E.S.T.L.E DEPENDENT ON ADDED FEATURES/ELEMENTS)
* SWOT ANAYLSIS
* STAKEHOLDERS
* SUPPLY AND DEMAND
* MARKET- PUSH AND PULL
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