“new venture creation integrates four major perspectives in entrepreneurship: characteristics of the individual(s) who start the venture, the organization which they create, the environment surrounding the new venture, and the process by which the new venture is started. “(Gartner,B, 1985) New venture design teaching in detail the in’s and out’s of the processes used to start a business. It’s easy to have an idea but turning that idea into reality is the hard part and people as individuals are responsible for that happening. My Personal vision of starting a business being a simple task once you knew the basics in operations and accounts were changed and a deep insight on the hard work that goes on behind the scenes was given. Although it is the end of the lectures the lessons taught in NVD will be ones that will stick for a lifetime.
Starting with the Basics
Some of the most successful things in the world started from the smallest ideas to overcome situations, Workarounds are a main reason for innovation as taught in my first few lectures. Workarounds being described early in my posts seemed such a simple yet effective way to think of a design. When thinking of a Product I was confused, as I had never seen myself as an inventor but as time went on I understood that an Entrepreneur is one in their own right whether it be a service, new business or product they are starting. Innovation is essential in the world for it is forever changing and the lessons of creating a new toothbrush design all made sense as time went on. Innovation was a Basic in NVD whether you are using it for a new idea or building on a previous idea.
Studying the 4 P’s of innovation opened my eyes to it details, Paradigm being the hardest to get my head around I went away and did some extra reading and research, to understand Paradigm innovation involves re-positioning the perception of an established product or process in a specific context.(ALNAP, 2009).
Corrine’s lectures being different from any other we were always doing things rather than just talking about them, I always looked forward to my lectures because I never knew exactly what to expect. I never thought of myself as a creative person as I always related creativity to those that had talents such as artists. It wasn’t until Corrine gave us tasks that used our minds to create marketing pitches and branding that I was able to see there was more to being creative then being able to draw. It was here where I gained an interest in looking at how other creators had gained their success. Looking at articles that spoke about creating minds such as the Anatomy of Creativity looking at creativity through the eyes of artists such as Picasso and leaders such as Gandhi who developed innovative methods of peaceful resistance; at the end of the war he launched in India a nonviolent political revolution with worldwide reverberations.(Gardener,1993).Such self reflection and research allowed me to see the possibility of innovation and how they can all start from self belief something that was encouraged through out our lectures. Corrine would always encourage us to stand up and talk to the class and project our own understandings. Although I have always been talkative I have never been one to shout out answers and get up in front of a class at the fear of being wrong. By the end of semester one I was fully interacting in session’s and carried this confidence into my others lecture’s.
“Men often become what they believe themselves to be. If I believe I cannot do something, it makes me incapable of doing it. But when I believe I can, then I acquire the ability to do it even if I didn’t have it in the beginning. – Gandhi”
Less about me more about the Customer
After understanding the CEO of creativity explained in my blog I was able to observe my customers. Through the use of customer empathy when doing my final business plan this was a major foundation when planning our product design. Once you know the three needs of a customer emotional, physical and cognitive you can then create a product to meet these needs. It was through these processes I came up with my first innovation of Magnique, I created this product with the customer in mind creating a product that was a solution to their problem. It was all coming together and finally I understood the basics of why, how and now its was where. Where came more down to Branding in this module, where you promote your business, how your business is known and the reputation of your business? The Big Yellow M of Mc Donalds was a major example; one everyone knew and proved how powerful a good brand can become an icon. Customers love the look of quality; a clean well-branded business will attract customers before they know details of the product/service. The term never judge a book by its cover isn’t one that works in the world of marketing as discovered through lectures.
With all concepts of a business your approach to meeting your market has to be strategic, every product or service has a target market. Given everything I learnt from semester one I was able to start again with my group business plan, this was hard because being creative alone is one thing but three creative minds can cause confusion. Luckily having all gathered issues we could work around as a team the ideas were flowing and we designed the concept of ChildLock the Child Friendly IPhone case. I thought the hard work was over, oh how I was wrong!! Creating a Persona for our target market was tough; it was almost like finding a personality for your product through its target market. Persona meaning “Mask” in Latin Gave me a clear idea that the persona was almost the representation of the company what you are trying to achieve through your consumers as discussed in Bonnie rind’s article the power of the Persona (NA). Creating a Persona for our product helped with the whole planning of our business, we was able to answer question and design aspects of the business to meet the needs of our persona making sure all sections linked throughout.
Putting it all in a Plan
Dragons Den was fast approaching, as second semester was in full Swing, The nerves of all deadlines and exam dates being released had left the group in Panic mode. It’s almost like Corrine answered our Preys with her Drama workshop. Never did I imagine drama students would help entrepreneurs. Leaving the workshops described in my blog Presentation skills, The breathing exercises and vocal techniques are ones I shall carry with me for a life time. As Business student we are taught the theories and frameworks of business but never the reality of projecting our businesses. My bad habits of fast-talking were tackled with the vocal techniques learnt in this lecture. All the skills were also used in our marketing experiments because seeing really is believing. Visiting the Play group to gather primary research took confidence and they way we approached and our body language in order to get people to give us their time of day was essential. All these point were fresh in our head from the workshops and helped greatly not just in presenting to the dragon but also in presenting yourself to others in a professional environment.
A little comparison in the business world is good, seeing what competitors you have out there is never a bad thing. The trade fair proved this to me, seeing other students ideas gave me first hand experience of competitors. Looking at the visual merchandising and there marketing techniques allowed us to see those that worked . I took away from this the skills of experiential marketing, those that allowed the customer to try before you buy worked well. Something as a business we tried to incorporate to able us to show the quality of our product helping us justify our price strategy, price skimming. The high price of our product is proved in the quality and purpose it served this was shown in a marketing technique, placing stalls in centres to allow customer to try the product. Learning such skills has allowed me to look at the bigger picture and understand that every decision you make should be user centred, as they are the businesses future.
All the lessons learnt throughout the module came together in the final presentation allowing me to get a clear vision of my learning outcomes through my experiences.The hands on approach to NVD has left me confident with my ability to design, plan and present my own Product. Also meeting my personal goal of gaining some first hand experience in entrepreneurship not to mention meeting some great people.
( Entrepreneur Selfie 🙂 )
Gardner,H (2011). Creating Minds. united states: Basic Books. 10-35.
Gartner, BW (1985), A Conceptual Framework for Describing the Phenomenon of New Venture Creation, The Academy of Management Review 10 (4), 696-706
Holt, D.B (2004). How brands become icons. united states: Harvard Business School. 23-45.
Rind, B. (NA). The power of the persona. Available: http://www.pragmaticmarketing.com/resources/the-power-of-the-persona. Last accessed 27th April 2014.
Schmitt,B (1999) Experiential Marketing. Journal of marketing management. 15 (1-3) P.53-67
Scrivan, K. (NA). Types of Innovation: The “4Ps”. Available: http://www.humanitarianinnovation.org/innovation/types. Last accessed 27th April 2014.