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uni/year4/semester1/CT436: Advanced Professional Skills/notes/CT436-Notes.tex

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\author{Andrew Hayes}
\begin{document}
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\censor{\huge \textbf{CT436}}
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Advanced Professional Skills
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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}
\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.
\\\\
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}
\end{document}