Deck 4: Small Business Ideas: Creativity, Opportunity, and Feasibility

Question 1

Interview a local business owner and ask how he or she thought of the idea behind the business. How does the business develop new ideas now

Answer 1

Ask students to find out how the business owner determined the idea was feasible, and what the business does to continue to generate new ideas. Instructors can assign students an industry, and have the students choose a local business within that industry to interview (e.g. pizza restaurant, bookstore, dry cleaners, florist, copy shop).

Question 2

BIG BUSINESS IN A SMALL RURAL CITY
Bud Collier grew up "smack in the middle of a 100 mile-long hay field," as he puts it, near central Kansas. That part of the country features a lot of land, a lot of cattle, very large farms, agricultural processing centers, and relatively few people. The region has a number of very small farm towns, with populations of less than 1,000 located as much as 30 to 50 miles apart, and a much smaller number of small cities, with populations of 10,000 to 30,000 widely scattered throughout the state. There is an ongoing effort by state and federal agencies to support the development of commerce in those regions. Outside of farming and the few small retail shops that serve those small towns, there is not much happening in the way of new employment opportunities. The farm base continues to shrink, and natives of the area continue to move to other parts of the country after high school, college, or a hitch in the military.
Bud's small family farm is located near one of those small cities. He has earned a degree in marketing and graphic arts and now faces a dilemma and turning point in his life. He very much wants to go home and settle down in the community that he loves, wants to start a career related to his newly acquired skills and knowledge, but has no idea as to what or if that area has to offer him.
He developed a great interest in market research and data analysis while in school. Bud has studied national and international trends in business in an attempt to discover where the opportunities and connections lie between future product and service demand, his graphic arts and marketing skills, and his desired home base. He is trying hard to be creative and innovative and to "think outside the box" as he was often encouraged to do while in school. Bud is also trying to "make the data work for you" as his statistics professor often spoke about.
He has thought about and studied the data regarding food production and world hunger. His area of the country is capable of producing additional and abundant quantities of much needed agricultural products. The only thing standing in the way seems to be governments and politics. His area of the country is a national hub for the transportation and distribution of products from coast to coast and includes a number of major interstate highways. Bud has learned that health care and wellness and its many related industries are projected to become the number one source of jobs and opportunities to the new generation of college graduates. That industry offers options ranging from traditional forms of health care, to fitness, recreation and leisure, diet and nutrition, and nontraditional programs and practices. From a global perspective, Bud knows that China and the Pacific Rim and all of the so-called "Latino Nations" represent two gigantic and growing markets for virtually all consumer goods and services. His mind continues to race with thoughts and ideas as to how to connect these opportunities with his desired home base.
Bud also gained skills in the process and art of new product development while in school. He was often assigned to work with small groups of classmates to brainstorm ideas, to shrink the list to the best and most feasible, to conduct research and analysis, and to finally develop prototypes and test marketing strategies. Bud is now ready to do this for real; he also wants to incorporate his graphic arts skills into the mix. Bud has become very proficient in desktop publishing, computer animation, and video production. He is familiar with and proficient in current multimedia marketing software.
Soon after his return home, Bud learns that an old friend of the family is about to retire and sell his printing and stationery business. That business is located in the downtown of a nearby small city, population 26,000, near Bud's home and has provided a nice income and lifestyle for the proprietor. The shop sells greeting cards, office supplies, and other complementary paper products and includes a small warehouse and processing center where the owner is able to produce custom business cards, office stationery, and a limited line of brochures and flyers. Most of the equipment is old and laborintensive with limited capabilities.
Business ideas are easy to come by. The more difficult task is determining the feasibility of business success. How would you go about doing that What kind of information does Bud need in order to make an informed decision What types and sources of data are available to assist you in determining your best opportunities

Answer 2

The case reflects that the ideas are many but a very few of them can be converted into business opportunities. An entrepreneur comes across various ideas but he chooses the one which seems more profitable.
There is no hard and fast rule which can exactly calculate a business's success. Still there are tools which can anticipate whether a particular business suits to a specific location. Market research and analysis tool compares and contrasts the marker demands and supplies. Primary and secondary data can be collected using multiple sources to get the idea about what businesses can flourish at a particular location. Person B is an expert in market research and analysis; he can easily identify the right idea for his hometown location.
Person B needs to know about the demands of the potential customers and the presence of the local competitors. He should know about the accessibility of the products which he plans to sell. Since the region is very small, it is easy to explore things which the people of the region want but they are not present in the region. For instance, he has explored that healthcare services are missing in the region. These types of unexplored areas can flourish and prosper in the region easily as there is no competition.
Both primary and secondary data can be useful to explore the opportunities. Primary data can be collected through small surveys which can be conducted as the population of the region is less. The market comprises of small retail stores, it can be cross-examined and the strategies can be analyzed. The secondary data can be collected through internet searches and analysis tool. Online feedback forms can be formed and mailed to the potential customers to get the idea which services/products they need and are missing from the market.

Question 3

What other opportunities might there be for Magnetic Poetry in the future

Answer 3

The case depicts that when a business gets settled and established a firm position in the market, some more responsibilities come over it. It has to keep itself creative and innovative to maintain the same pace of growth. Introducing new products in the business keeps the interest of the customers high.
M poetry already has a series of hundred products. Besides the products which it has, it can include images of tourist spots which people used to visit frequently. They can be sold as memento. People look for these things to gift to their near and dear ones. Moreover, magnetic puzzles can be formed and sold. The kits can be used academically by relating them to the subjects. Decorative magnetic kits showing a series of action can be made. Words showing algorithms can be converted to a kit.
There are various alternatives if people want to opt for innovation in their businesses. The business has proved its worth in all the steps. Long-term survival in the market needs continuous up gradation and revision in the business, the entrepreneurs need to be vigilant about the same.

Question 4

If you are asked to offer managers at Dippin' Dots ideas on how to practice innovation or get into that frame of mind, what would you suggest

Question 5

What innovations did Wolf add to AltiTUNES to make her idea unique

Question 6

How did Amy Nye Wolf discover her business opportunity

Question 7

How are creative methods for opportunity recognition different from traditional ways of searching for ideas

Question 8

How do entrepreneurs recognize new ideas for their business

Question 9

Do some research on innovative companies in your area. What sets them apart How are they designed to take advantage of the innovativeness of their staffs

Question 10

As you go on errands or walk around your campus, notice all the things that you could improve. Make a list of things that frustrate you, or things that could be made even better. Does your list surprise you in terms of how much you noticed

Question 11

How do you think Wolf and her staff continue to identify new opportunities for AltiTUNES

Question 12

How did Dave Kapell discover whether his idea would be a good business opportunity

Question 13

What should you watch out for as you are searching for new opportunities

Question 14

Describe the role of innovation in the success of Dippin' Dots. Do you believe creativity played a role here Explain.

Question 15

Next time you are working on a problem, or looking for new ideas (your major in college Where to move on campus What do to this weekend ) go to a museum or a park, or anywhere outside of the ordinary places you frequent. Were any new ideas suggested to you

Question 16

How did she evaluate whether it was a good opportunity or not

Question 17

What are the differences between imitation, incremental, and radical innovation strategies How can you assess which one is right for your business

Question 18

What are some common ways you can search for new business opportunities

Question 19

Keep a journal where you can record your ideas as they come. Sometimes we get breakthrough ideas while our brain is incubating as we sleep, and by the time we wake up in the morning we have lost them.so keep your journal near yourbed.

Question 20

List 15 new uses for a popular product or service. Try paper clips, or coffee mugs, or home delivery. Use SCAMPER to generate new uses, and make connections to other uses.

Question 21

What should a good feasibility study contain What questions can it help you answer to determine if you business idea is a sound one

Question 22

How did Dave evaluate whether or not his idea for magnetic poetry was successful

Question 23

Pick a business idea and research its industry and market. What did you learn What are some creative questions you might ask about contemporary trends in this business How could you find out

Question 24

Analyze the Dippin' Dots case using the I 2 P approach.

Question 25

How can entrepreneurs assure that their business stays innovative and fresh Why do you think some small businesses lose their creative edge as the business grows

Question 26

What did she copy from the store in Heathrow

Question 27

BIG BUSINESS IN A SMALL RURAL CITY
Bud Collier grew up "smack in the middle of a 100 mile-long hay field," as he puts it, near central Kansas. That part of the country features a lot of land, a lot of cattle, very large farms, agricultural processing centers, and relatively few people. The region has a number of very small farm towns, with populations of less than 1,000 located as much as 30 to 50 miles apart, and a much smaller number of small cities, with populations of 10,000 to 30,000 widely scattered throughout the state. There is an ongoing effort by state and federal agencies to support the development of commerce in those regions. Outside of farming and the few small retail shops that serve those small towns, there is not much happening in the way of new employment opportunities. The farm base continues to shrink, and natives of the area continue to move to other parts of the country after high school, college, or a hitch in the military.
Bud's small family farm is located near one of those small cities. He has earned a degree in marketing and graphic arts and now faces a dilemma and turning point in his life. He very much wants to go home and settle down in the community that he loves, wants to start a career related to his newly acquired skills and knowledge, but has no idea as to what or if that area has to offer him.
He developed a great interest in market research and data analysis while in school. Bud has studied national and international trends in business in an attempt to discover where the opportunities and connections lie between future product and service demand, his graphic arts and marketing skills, and his desired home base. He is trying hard to be creative and innovative and to "think outside the box" as he was often encouraged to do while in school. Bud is also trying to "make the data work for you" as his statistics professor often spoke about.
He has thought about and studied the data regarding food production and world hunger. His area of the country is capable of producing additional and abundant quantities of much needed agricultural products. The only thing standing in the way seems to be governments and politics. His area of the country is a national hub for the transportation and distribution of products from coast to coast and includes a number of major interstate highways. Bud has learned that health care and wellness and its many related industries are projected to become the number one source of jobs and opportunities to the new generation of college graduates. That industry offers options ranging from traditional forms of health care, to fitness, recreation and leisure, diet and nutrition, and nontraditional programs and practices. From a global perspective, Bud knows that China and the Pacific Rim and all of the so-called "Latino Nations" represent two gigantic and growing markets for virtually all consumer goods and services. His mind continues to race with thoughts and ideas as to how to connect these opportunities with his desired home base.
Bud also gained skills in the process and art of new product development while in school. He was often assigned to work with small groups of classmates to brainstorm ideas, to shrink the list to the best and most feasible, to conduct research and analysis, and to finally develop prototypes and test marketing strategies. Bud is now ready to do this for real; he also wants to incorporate his graphic arts skills into the mix. Bud has become very proficient in desktop publishing, computer animation, and video production. He is familiar with and proficient in current multimedia marketing software.
Soon after his return home, Bud learns that an old friend of the family is about to retire and sell his printing and stationery business. That business is located in the downtown of a nearby small city, population 26,000, near Bud's home and has provided a nice income and lifestyle for the proprietor. The shop sells greeting cards, office supplies, and other complementary paper products and includes a small warehouse and processing center where the owner is able to produce custom business cards, office stationery, and a limited line of brochures and flyers. Most of the equipment is old and laborintensive with limited capabilities.
Use your imagination and creativity along with the information provided to identify a short list of the best opportunities for Bud to consider.

Question 28

How can entrepreneurs evaluate the merit of a new idea

Question 29

BIG BUSINESS IN A SMALL RURAL CITY
Bud Collier grew up "smack in the middle of a 100 mile-long hay field," as he puts it, near central Kansas. That part of the country features a lot of land, a lot of cattle, very large farms, agricultural processing centers, and relatively few people. The region has a number of very small farm towns, with populations of less than 1,000 located as much as 30 to 50 miles apart, and a much smaller number of small cities, with populations of 10,000 to 30,000 widely scattered throughout the state. There is an ongoing effort by state and federal agencies to support the development of commerce in those regions. Outside of farming and the few small retail shops that serve those small towns, there is not much happening in the way of new employment opportunities. The farm base continues to shrink, and natives of the area continue to move to other parts of the country after high school, college, or a hitch in the military.
Bud's small family farm is located near one of those small cities. He has earned a degree in marketing and graphic arts and now faces a dilemma and turning point in his life. He very much wants to go home and settle down in the community that he loves, wants to start a career related to his newly acquired skills and knowledge, but has no idea as to what or if that area has to offer him.
He developed a great interest in market research and data analysis while in school. Bud has studied national and international trends in business in an attempt to discover where the opportunities and connections lie between future product and service demand, his graphic arts and marketing skills, and his desired home base. He is trying hard to be creative and innovative and to "think outside the box" as he was often encouraged to do while in school. Bud is also trying to "make the data work for you" as his statistics professor often spoke about.
He has thought about and studied the data regarding food production and world hunger. His area of the country is capable of producing additional and abundant quantities of much needed agricultural products. The only thing standing in the way seems to be governments and politics. His area of the country is a national hub for the transportation and distribution of products from coast to coast and includes a number of major interstate highways. Bud has learned that health care and wellness and its many related industries are projected to become the number one source of jobs and opportunities to the new generation of college graduates. That industry offers options ranging from traditional forms of health care, to fitness, recreation and leisure, diet and nutrition, and nontraditional programs and practices. From a global perspective, Bud knows that China and the Pacific Rim and all of the so-called "Latino Nations" represent two gigantic and growing markets for virtually all consumer goods and services. His mind continues to race with thoughts and ideas as to how to connect these opportunities with his desired home base.
Bud also gained skills in the process and art of new product development while in school. He was often assigned to work with small groups of classmates to brainstorm ideas, to shrink the list to the best and most feasible, to conduct research and analysis, and to finally develop prototypes and test marketing strategies. Bud is now ready to do this for real; he also wants to incorporate his graphic arts skills into the mix. Bud has become very proficient in desktop publishing, computer animation, and video production. He is familiar with and proficient in current multimedia marketing software.
Soon after his return home, Bud learns that an old friend of the family is about to retire and sell his printing and stationery business. That business is located in the downtown of a nearby small city, population 26,000, near Bud's home and has provided a nice income and lifestyle for the proprietor. The shop sells greeting cards, office supplies, and other complementary paper products and includes a small warehouse and processing center where the owner is able to produce custom business cards, office stationery, and a limited line of brochures and flyers. Most of the equipment is old and laborintensive with limited capabilities.
Should Bud consider purchasing the printing and stationery business, and if so, what do you see as his goal for the business, especially how could he expand production and sales given the limited opportunities that the location offers