465 lines
20 KiB
TeX
465 lines
20 KiB
TeX
%! TeX program = lualatex
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\documentclass[a4paper,11pt]{article}
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\author{Andrew Hayes}
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\begin{document}
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\begin{titlepage}
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\begin{center}
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\hrule
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\vspace*{0.6cm}
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\censor{\huge \textbf{CT436}}
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\vspace*{0.6cm}
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\hrule
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\LARGE
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\vspace{0.5cm}
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Advanced Professional Skills
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\vspace{0.5cm}
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\hrule
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\vfill
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\vfill
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\begin{minipage}{0.495\textwidth}
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\vspace{0.4em}
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\raggedright
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\normalsize
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Name: Andrew Hayes \\
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E-mail: \href{mailto://a.hayes18@universityofgalway.ie}{\texttt{a.hayes18@universityofgalway.ie}} \hfill\\
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Student ID: 21321503 \hfill
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\end{minipage}
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\begin{minipage}{0.495\textwidth}
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\raggedleft
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\vspace*{0.8cm}
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\Large
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\today
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\vspace*{0.6cm}
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\end{minipage}
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\medskip\hrule
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\end{center}
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\end{titlepage}
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\pagenumbering{roman}
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\newpage
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\tableofcontents
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\newpage
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\setcounter{page}{1}
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\pagenumbering{arabic}
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\section{Introduction}
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\subsection{Lecturer Contact Information}
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\begin{itemize}
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\item Dr. Owen Molloy (\href{mailto://owen.molloy@universityofgalway.ie}{\texttt{owen.molloy@universityofgalway.ie}}
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\end{itemize}
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\subsection{Group Project}
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\begin{itemize}
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\item Groups of 3 -- 5.
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\item Work on an idea that your team is excited about.
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\item Take the ideation \& team formation phase very seriously: it can greatly determine your experience
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within the class.
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\item If you find that your idea hits a dead-end, do not be afraid to pivot mid-way through the semester.
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\end{itemize}
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Each team will maintain an online portfolio documenting their journey \& linking with or containing their deliverables:
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\begin{multicols}{2}
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\begin{itemize}
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\item Idea generation.
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\item Market segmentation / analysis.
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\item End-user profiling.
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\item Customer persona.
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\item Lifecycle use case.
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\item Quantified value proposition.
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\item Product brochure.
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\item Business model canvas / business plan.
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\item Video (which will be submitted to EI Student Entrepreneur Awards).
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\end{itemize}
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\end{multicols}
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\subsection{Expected Module Deliverables}
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Exact details \& order for the following are still to be finalised, but will largely follow previous years:
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\begin{itemize}
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\item Portfolio: for documenting the project, meetings, showing how ideas have advanced. (15\%).
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\item Video (25\%).
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\item Product brochure, QVP (Quantified Value Proposition), \& (customer) Persona(e) (20\%).
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\item EI Template (Basic Business Plan) (30\%).
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\item Submit video to EI student Entrepreneur awards (5\%).
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\item Attendance (5\%).
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\end{itemize}
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\section{Innovation}
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\textbf{Innovation} consists of using new technology \& new ways of thinking to add value to an existing idea or
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product and to make substantial changes in society.
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Innovation = Invention $\times$ Commercialisation.
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\subsection{Four Misinterpretations of Innovation}
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\begin{enumerate}
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\item \textbf{Innovation $\neq$ Invention}: An invention is a creative idea while an innovation makes that idea
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feasible and turns it into a product or service that satisfies the customer's needs.
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\item \textbf{Innovation $\neq$ New Products and/or Services}: Innovation has rightly been associated with many
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cases of new product development.
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However, innovation can concern other new developments such as new markets or new marketing methods.
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\item \textbf{Innovation $\neq$ Original}: Innovation often builds on old existing ideas \& resources.
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\item \textbf{Innovation $\neq$ One-Off Inspiration}: Unlike the one sudden flash of inspiration, innovation
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is a gradual process that takes place over a period of time (or incubation).
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\end{enumerate}
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\subsection{Sources of Innovation}
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Innovators are generally attentive to changes which give them clues to what opportunities may come in future.
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Would-be innovators must also go out and look, ask, \& listen.
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Above all, innovation is \textit{work} rather than \textit{genius}.
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It requires knowledge, it requires focus, and it often requires integrity.
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\begin{figure}[H]
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\centering
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\includegraphics[width=0.6\textwidth]{images/druckers_sources_of_innovation.png}
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\caption{Drucker's Sources of Innovation}
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\end{figure}
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\subsection{Types of Innovation}
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\begin{itemize}
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\item \textbf{Invention:} Totally new product, service, or process.
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\item \textbf{Extension:} New use or different application of an already existing product, service, or process.
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\item \textbf{Duplication:} Creative replication of an existing concept.
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\item \textbf{Synthesis:} Combination of existing concepts \& factors into a new formulation or use.
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\end{itemize}
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\section{Entrepreneurship}
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\textbf{Entrepreneurship} is the formation of a new venture that produces a product or offering that creates some value to
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make it economically sustainable.
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It has the ability to improve standards of living \& create wealth.
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$$
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\text{Innovation} = \text{Invention} \times \text{Commercialisation}
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$$
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In contemporary markets, entrepreneurs act as innovators or developers who identify \& capture opportunities, transform
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the opportunities into merchandisable concepts, create value through multiple stakeholders \& resources, and take risks
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while seeking rewards for their ventures \& efforts.
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\subsection{What do you need to start a successful new venture?}
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\begin{enumerate}
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\item Idea.
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\item Team.
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\item Process.
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\end{enumerate}
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Good entrepreneurial business ideas are:
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\begin{enumerate}
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\item \textbf{Market-Driven:}
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\begin{itemize}
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\item Solve a problem.
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\item Find a market need.
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\item Customer-focused, not product-driven.
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\item Targets an identified sizeable market segment.
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\end{itemize}
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\item \textbf{Feasible:}
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\begin{itemize}
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\item Attractive: there is a demand.
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\item Achievable: it can be done.
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\item Durable: it lasts.
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\item Value-Creating: it is worth something.
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\item Safe.
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\item Affordable.
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\end{itemize}
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\item \textbf{Unique:}
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\begin{itemize}
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\item Faster/Better/Cheaper.
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\item Differentiated (vs. commodity).
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\end{itemize}
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\item \textbf{Fundable:}
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\begin{itemize}
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\item Revenue stream.
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\item Management risk.
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\item Sustainable: market exists with frequency of purchase.
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\item Scaleable or replicable.
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\item Barriers to entry.
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\item Growth potential.
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\item Product pipeline.
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\item Exit plan.
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\item Innovative.
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\end{itemize}
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\item \textbf{Innovative:}
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\begin{itemize}
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\item Invention: totally new product/service/process.
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\item Extension: new use or different application of an already existing product/service/process.
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\item Duplication: creating a replication of an existing concept.
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\item Synthesis: combining existing concepts and/or factors into new formula for use.
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\end{itemize}
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\end{enumerate}
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\begin{figure}[H]
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\centering
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\includegraphics[width=0.8\textwidth]{images/entrepreneurial_process.png}
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\caption{The Entrepreneurial Process}
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\end{figure}
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\begin{figure}[H]
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\centering
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\includegraphics[width=0.8\textwidth]{images/existing_vs_innovation.png}
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\caption{``Existing Business'' Model vs Innovation-Based ``New Business'' Model}
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\end{figure}
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\subsection{Can Entrepreneurship be Taught?}
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Entrepreneurship is:
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\begin{itemize}
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\item \textbf{Accessible:} it is not something that is available only to a gifted few.
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\item \textbf{Learnable:} it consists of a number of fundamental skills that can be taught \& learned.
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\item \textbf{Based on valuing unique products:} its goal is to make something new \& valued.
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\item \textbf{Built on fundamental concepts:} it consists of basic principles which improve your chances of
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success.
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\item \textbf{Best learned through Apprenticeship:} best learned when theory is combined with apprenticeship-style
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training.
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\end{itemize}
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\subsection{Teamwork}
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Teams have a collective I.Q.
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In general, good teams all share these two qualities:
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\begin{itemize}
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\item Members speak in roughly the same proportion, i.e. ``equality in distribution of conversational turn-taking''.
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\item Members all have high ``average social sensitivity'', i.e. skill at intuiting how others felt based on their
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tone of voice, their expressions, \& other non-verbal cues etc.
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\end{itemize}
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\subsubsection{Psychological Safety}
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In her TEDx talk, Edmondson offers three simple things individuals can do to foster team psychological safety:
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\begin{itemize}
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\item Frame the work as a learning problem, not an execution problem.
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\item Acknowledge your own fallibility.
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\item Model curiosity \& ask lots of questions.
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\end{itemize}
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To measure a team's level of psychological safety, Edmondson asked team members how strongly they agreed or disagreed with
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these statements:
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\begin{itemize}
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\item If you make a mistake on this team, it is often held against you.
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\item Members of this team are able to bring up problems \& tough issues.
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\item People on this team sometimes reject others for being different.
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\item It is safe to take a risk on this team.
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\item It is difficult to ask other members of this team for help.
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\item No-one on this team would deliberately act in a way that undermines my efforts.
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\item Working with members of this team, my unique skills \& talents are valued \& utilised.
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\end{itemize}
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\subsection{EI Business Plan}
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\subsubsection{Product or Service}
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\begin{itemize}
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\item \textbf{Product or service:} What is the company proposing to do and what problem does it solve?
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Can you describe the products/services it will offer?
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How is this different to what is currently available on the market or how does it improve a current product?
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\item \textbf{Future plans:} Are there plans to develop the product(s) or service(s), or add new product(s) or
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service(s) in the future?
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How advanced is the project idea/business?
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How much work is required to take the project to the next stage?
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\end{itemize}
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\subsubsection{Marketing}
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\begin{itemize}
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\item \textbf{Market Research:} Describe how the market research was carried out \& give examples.
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Describe the market size \& number of possible customers.
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\item \textbf{Customers:} Who are your customers?
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How do you know they are interested in your products and what their spending behaviours are?
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What are their needs/wants?
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What is your unique selling point?
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\item \textbf{Market trends or issues:} Describe trends or key issues anticipated in the market that may affect
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the marketplace.
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\item \textbf{Competitors:} Who are the competitors and what are their strengths \& weaknesses?
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\end{itemize}
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\subsubsection{Intellectual Property}
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\begin{itemize}
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\item \textbf{Intellectual Property:} Have you legally protected your product/service to date?
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Are you aware of any other patents, trademarks, or copyright issues with your product?
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\item \textbf{People:} What is the potential for employment in Ireland in this company?
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\end{itemize}
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\subsection{Creativity}
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\textbf{Creativity} is anything that is new, useful, or surprising.
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Artistry is not a necessary condition for creativity.
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When engaging in creative problem-finding \& solving, it is important you consider:
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\begin{itemize}
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\item \textbf{Relevance:} the degree to which your solution actually solves the problem.
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\item \textbf{Value:} importance to the customer (or to the creator).
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\item \textbf{Novelty:} originality.
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\end{itemize}
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\subsubsection{Combinational Creativity}
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A common misconception is that creativity cannot be cultivated, and that instead some lucky people have an innate sense of
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creativity.
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Creative people are often seen as a rarity: smart, curious, \& able to look at the world with fresh eyes.
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According to classical psychology research, there are three main types of creativity:
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\begin{itemize}
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\item \textbf{Exploratory:} generating new ideas within a given space.
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\item \textbf{Transformational:} ignoring fundamental rules to come up with potentially impossible but highly creative
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ideas.
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\item \textbf{Combinational Creativity:} combining old ideas to come up with something new.
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\end{itemize}
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The \textbf{cone of plausibility} is a useful tool in exploring possibilities.
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\begin{figure}[H]
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\centering
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\includegraphics[width=0.8\textwidth]{images/cone.png}
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\caption{Cone of Plausibility}
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\end{figure}
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\section{Idea Generation Techniques}
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A process for generating ideas generally follows the flow of:
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$$
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\text{Define your problem } \rightarrow \text{Agree judging criteria } \rightarrow \text{Set restrictions}
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$$
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The problem is often to know what the problem is:
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\begin{itemize}
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\item Rephrase the problem.
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\item Expose \& challenge assumptions.
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\item Find multiple perspectives.
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\end{itemize}
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\begin{center}
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\textbf{R}esearch, \textbf{I}nsight, \textbf{G}enerate Ideas, \textbf{H}one, \textbf{T}est.
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\end{center}
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\subsection{The ``How, Wow, Now'' Framework}
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The \textbf{``How, Wow, Now'' framework} works best in groups where people feel able to express their
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opinions freely, and creativity is the result of the group dynamic.
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Usually, each step would be done as a single group or several smaller groups using a whiteboard, post-it notes,
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on an online collaboration tool such as GroupMap.
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However, if you want to avoid ``groupthink'' or peer pressure, you can brainstorm ideas individually in the
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first instance and then combine them to get the complete picture.
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\\\\
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The steps to create a ``How, Wow, Now'' matrix are as follows:
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\begin{enumerate}
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\item \textbf{Scope:} define the scope \& the objectives of the ``How, Wow, Now'' session.
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\item \textbf{Brainstorm:} gather ideas from the group.
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\item \textbf{Group:} collate \& consolidate ideas.
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\item \textbf{Position:} assess the originality \& ease of implementation \& position on the matrix.
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\item \textbf{Vote:} vote on the ideas you feel are most important.
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\item \textbf{Share:} share the outcomes with relevant stakeholders.
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\end{enumerate}
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\begin{figure}[H]
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\centering
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\includegraphics[width=\textwidth]{images/howwownowmatrix.png}
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\caption{Example ``How, Wow, Now'' Matrix}
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\end{figure}
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\subsection{The Process of IDEO}
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$$
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\text{Understand} \rightarrow \text{Observe} \rightarrow \text{Visualise} \rightarrow \text{Evaluate} \rightarrow \text{Implement}
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$$
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\begin{enumerate}
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\item \textbf{Understand} the market, the client, the technology.
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\item \textbf{Observe} what confuses, what is hated, what is not satisfied.
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\item \textbf{Visualise:} roleplay, storyboard, build an early stage prototype.
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\item \textbf{Evaluate:} plan on several prototypes, concurrent engineering.
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\item \textbf{Implement:} verify the final product works, commercialise, market.
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\end{enumerate}
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\subsection{The 5-Step Creative Process}
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Creativity is a process that can be developed \& improved:
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\begin{enumerate}
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\item \textbf{Objective Finding:} stay focused on the ideal state you want to create, rather than just the
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solution to the problem.
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Identify what you want to happen when you solve the problem.
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\begin{itemize}
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\item What are all of the problems that you would need to be solved for that ideal state to
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come true?
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\item What solutions would you need to get for each of those problems?
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\item Where can you find those solutions?
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\end{itemize}
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It is important \& useful to differentiate between the problem you are trying to solve and the
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outcome that you are trying to achieve.
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\item \textbf{Data Gathering:} the search for insight starts with the exercise of data collection and ends
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with the exercise of deciding which data is vital, interesting, \& insightful.
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\begin{itemize}
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\item What is the recent history of this problem?
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\item What has made it a problem?
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\item Who are the people who will benefit from this solution?
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\item What has been successful to this point and why?
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\item What has failed to this point and why?
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\item What hasn't been tried to this point and why?
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\item What are the obstacles that stand in your way?
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\item What obstacles might arise?
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\item What are the restrictions inherent to this problem?
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\item How do you want people to feel when they experience the solution?
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\end{itemize}
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\item \textbf{Problem Design:} after identifying objectives \& gathering data, determine whether the
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original problem is still the right problem to solve.
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Ask yourself ``will solving this problem lead to my objective?''; if so, move to the ideation stage,
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otherwise alter the problem or design a new one.
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\item \textbf{Ideation:} don't solve the problem during ideation; generate as many possibilities as possible
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and leave the judgement of those possibilities for the next stage.
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\item \textbf{Selection:} be very specific about what constitutes a solution to your problem and be
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ruthless in determining which ideas meet those criteria.
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\begin{enumerate}[label=\roman*.]
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\item Identify selection criteria, e.g. ``The solution will work if it...''.
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\item Improve potential ideas. Every possible solution must be actionable.
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\item Apply the selection criteria. Be merciless when choosing the solution.
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\end{enumerate}
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\end{enumerate}
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Each step is critical in developing innovative solutions.
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\end{document}
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