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\author{Andrew Hayes}

\begin{document}
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            Advanced Professional Skills
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            \normalsize 
            Name: Andrew Hayes \\
            E-mail: \href{mailto://a.hayes18@universityofgalway.ie}{\texttt{a.hayes18@universityofgalway.ie}}  \hfill\\   
            Student ID: 21321503 \hfill
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\section{Introduction}
\subsection{Lecturer Contact Information}
\begin{itemize}
    \item   Dr. Owen Molloy (\href{mailto://owen.molloy@universityofgalway.ie}{\texttt{owen.molloy@universityofgalway.ie}}
\end{itemize}

\subsection{Group Project}
\begin{itemize}
    \item   Groups of 3 -- 5.
    \item   Work on an idea that your team is excited about.
    \item   Take the ideation \& team formation phase very seriously: it can greatly determine your experience
            within the class.
    \item   If you find that your idea hits a dead-end, do not be afraid to pivot mid-way through the semester.
\end{itemize}

Each team will maintain an online portfolio documenting their journey \& linking with or containing their deliverables:
\begin{multicols}{2}
\begin{itemize}
    \item   Idea generation.
    \item   Market segmentation / analysis.
    \item   End-user profiling.
    \item   Customer persona.
    \item   Lifecycle use case.
    \item   Quantified value proposition.
    \item   Product brochure.
    \item   Business model canvas / business plan.
    \item   Video (which will be submitted to EI Student Entrepreneur Awards).
\end{itemize}
\end{multicols}

\subsection{Expected Module Deliverables}
Exact details \& order for the following are still to be finalised, but will largely follow previous years:
\begin{itemize}
    \item   Portfolio: for documenting the project, meetings, showing how ideas have advanced. (15\%).
    \item   Video (25\%).
    \item   Product brochure, QVP (Quantified Value Proposition), \& (customer) Persona(e) (20\%).
    \item   EI Template (Basic Business Plan) (30\%).
    \item   Submit video to EI student Entrepreneur awards (5\%).
    \item   Attendance (5\%).
\end{itemize}

\section{Innovation}
\textbf{Innovation} consists of using new technology \& new ways of thinking to add value to an existing idea or
product and to make substantial changes in society.
Innovation = Invention $\times$ Commercialisation.

\subsection{Four Misinterpretations of Innovation}
\begin{enumerate}
    \item   \textbf{Innovation $\neq$ Invention}: An invention is a creative idea while an innovation makes that idea 
            feasible and turns it into a product or service that satisfies the customer's needs.

    \item   \textbf{Innovation $\neq$ New Products and/or Services}: Innovation has rightly been associated with many 
            cases of new product development.
            However, innovation can concern other new developments such as new markets or new marketing methods.

    \item   \textbf{Innovation $\neq$ Original}: Innovation often builds on old existing ideas \& resources.
    
    \item   \textbf{Innovation $\neq$ One-Off Inspiration}: Unlike the one sudden flash of inspiration, innovation
            is a gradual process that takes place over a period of time (or incubation).
\end{enumerate}

\subsection{Sources of Innovation}
Innovators are generally attentive to changes which give them clues to what opportunities may come in future.
Would-be innovators must also go out and look, ask, \& listen.
Above all, innovation is \textit{work} rather than \textit{genius}.
It requires knowledge, it requires focus, and it often requires integrity.

\begin{figure}[H]
    \centering
    \includegraphics[width=0.6\textwidth]{images/druckers_sources_of_innovation.png}
    \caption{Drucker's Sources of Innovation}
\end{figure}

\subsection{Types of Innovation}
\begin{itemize}
    \item   \textbf{Invention:} Totally new product, service, or process.
    \item   \textbf{Extension:} New use or different application of an already existing product, service, or process.
    \item   \textbf{Duplication:} Creative replication of an existing concept.
    \item   \textbf{Synthesis:} Combination of existing concepts \& factors into a new formulation or use.
\end{itemize}

\section{Entrepreneurship}
\textbf{Entrepreneurship} is the formation of a new venture that produces a product or offering that creates some value to 
make it economically sustainable.
It has the ability to improve standards of living \& create wealth.

$$
\text{Innovation} = \text{Invention} \times \text{Commercialisation}
$$

In contemporary markets, entrepreneurs act as innovators or developers who identify \& capture opportunities, transform 
the opportunities into merchandisable concepts, create value through multiple stakeholders \& resources, and take risks 
while seeking rewards for their ventures \& efforts.


\subsection{What do you need to start a successful new venture?}
\begin{enumerate}
    \item   Idea.
    \item   Team.
    \item   Process.
\end{enumerate}

Good entrepreneurial business ideas are:
\begin{enumerate}
    \item   \textbf{Market-Driven:}
            \begin{itemize}
                \item   Solve a problem.
                \item   Find a market need.
                \item   Customer-focused, not product-driven.
                \item   Targets an identified sizeable market segment.
            \end{itemize}
    \item   \textbf{Feasible:}
            \begin{itemize}
                \item   Attractive: there is a demand.
                \item   Achievable: it can be done.
                \item   Durable: it lasts.
                \item   Value-Creating: it is worth something.
                \item   Safe.
                \item   Affordable.
            \end{itemize}
    \item   \textbf{Unique:}
            \begin{itemize}
                \item   Faster/Better/Cheaper.
                \item   Differentiated (vs. commodity).
            \end{itemize}
    \item   \textbf{Fundable:}
            \begin{itemize}
                \item   Revenue stream.
                \item   Management risk.
                \item   Sustainable: market exists with frequency of purchase.
                \item   Scaleable or replicable.
                \item   Barriers to entry.
                \item   Growth potential.
                \item   Product pipeline.
                \item   Exit plan.
                \item   Innovative.
            \end{itemize}
    \item   \textbf{Innovative:}
            \begin{itemize}
                \item   Invention: totally new product/service/process.
                \item   Extension: new use or different application of an already existing product/service/process.
                \item   Duplication: creating a replication of an existing concept.
                \item   Synthesis: combining existing concepts and/or factors into new formula for use.
            \end{itemize}
\end{enumerate}

\begin{figure}[H]
    \centering
    \includegraphics[width=0.8\textwidth]{images/entrepreneurial_process.png}
    \caption{The Entrepreneurial Process}
\end{figure}

\begin{figure}[H]
    \centering
    \includegraphics[width=0.8\textwidth]{images/existing_vs_innovation.png}
    \caption{``Existing Business'' Model vs Innovation-Based ``New Business'' Model}
\end{figure}

\subsection{Can Entrepreneurship be Taught?}
Entrepreneurship is:
\begin{itemize}
    \item   \textbf{Accessible:} it is not something that is available only to a gifted few.
    \item   \textbf{Learnable:} it consists of a number of fundamental skills that can be taught \& learned.
    \item   \textbf{Based on valuing unique products:} its goal is to make something new \& valued.
    \item   \textbf{Built on fundamental concepts:} it consists of basic principles which improve your chances of 
            success.
    \item   \textbf{Best learned through Apprenticeship:} best learned when theory is combined with apprenticeship-style 
            training.
\end{itemize}

\subsection{Teamwork}
Teams have a collective I.Q.
In general, good teams all share these two qualities:
\begin{itemize}
    \item   Members speak in roughly the same proportion, i.e. ``equality in distribution of conversational turn-taking''.
    \item   Members all have high ``average social sensitivity'', i.e. skill at intuiting how others felt based on their 
            tone of voice, their expressions, \& other non-verbal cues etc.
\end{itemize}

\subsubsection{Psychological Safety}
In her TEDx talk, Edmondson offers three simple things individuals can do to foster team psychological safety:
\begin{itemize}
    \item   Frame the work as a learning problem, not an execution problem.
    \item   Acknowledge your own fallibility.
    \item   Model curiosity \& ask lots of questions.
\end{itemize}

To measure a team's level of psychological safety, Edmondson asked team members how strongly they agreed or disagreed with
these statements:
\begin{itemize}
    \item   If you make a mistake on this team, it is often held against you.
    \item   Members of this team are able to bring up problems \& tough issues.
    \item   People on this team sometimes reject others for being different.
    \item   It is safe to take a risk on this team.
    \item   It is difficult to ask other members of this team for help.
    \item   No-one on this team would deliberately act in a way that undermines my efforts.
    \item   Working with members of this team, my unique skills \& talents are valued \& utilised.
\end{itemize}
 
\subsection{EI Business Plan}
\subsubsection{Product or Service}
\begin{itemize}
    \item   \textbf{Product or service:} What is the company proposing to do and what problem does it solve?
            Can you describe the products/services it will offer?
            How is this different to what is currently available on the market or how does it improve a current product?
    \item   \textbf{Future plans:} Are there plans to develop the product(s) or service(s), or add new product(s) or 
            service(s) in the future?
            How advanced is the project idea/business?
            How much work is required  to take the project to the next stage?
\end{itemize}

\subsubsection{Marketing}
\begin{itemize}
    \item   \textbf{Market Research:} Describe how the market research was carried out \& give examples. 
            Describe the market size \& number of possible customers.
    \item   \textbf{Customers:} Who are your customers?
            How do you know they are interested in your products and what their spending behaviours are?
            What are their needs/wants? 
            What is your unique selling point?
    \item   \textbf{Market trends or issues:} Describe trends or key issues anticipated in the market that may affect
            the marketplace.
    \item   \textbf{Competitors:} Who are the competitors and what are their strengths \& weaknesses?
\end{itemize}

\subsubsection{Intellectual Property}
\begin{itemize}
    \item   \textbf{Intellectual Property:} Have you legally protected your product/service to date?
            Are you aware of any other patents, trademarks, or copyright issues with your product?
    \item   \textbf{People:} What is the potential for employment in Ireland in this company?
\end{itemize}

\subsection{Creativity}
\textbf{Creativity} is anything that is new, useful, or surprising.
Artistry is not a necessary condition for creativity.
When engaging in creative problem-finding \& solving, it is important you consider:
\begin{itemize}
    \item   \textbf{Relevance:} the degree to which your solution actually solves the problem.
    \item   \textbf{Value:} importance to the customer (or to the creator).
    \item   \textbf{Novelty:} originality.
\end{itemize}

\subsubsection{Combinational Creativity}
A common misconception is that creativity cannot be cultivated, and that instead some lucky people have an innate sense of
creativity.
Creative people are often seen as a rarity: smart, curious, \& able to look at the world with fresh eyes.
According to classical psychology research, there are three main types of creativity:
\begin{itemize}
    \item   \textbf{Exploratory:} generating new ideas within a given space.
    \item   \textbf{Transformational:} ignoring fundamental rules to come up with potentially impossible but highly creative
            ideas.
    \item   \textbf{Combinational Creativity:} combining old ideas to come up with something new.
\end{itemize}

The \textbf{cone of plausibility} is a useful tool in exploring possibilities.
\begin{figure}[H]
    \centering
    \includegraphics[width=0.8\textwidth]{images/cone.png}
    \caption{Cone of Plausibility}
\end{figure}


\end{document}
