Insights Paper

this is a 5 pages single spaced assignment, due tuesday at midnight 

the requirements of the assignment is on the first two files attached (requirements 1 and 2)

the class that you will right about is an advanced Entrepreneurship, the book of the class is: Growing and Managing a Small Business: An Entrepreneurial Perspective, 2007, Allen, Kathleen, R. Second Edition, Boston, MA: Houghton Mifflin.

in the requirements sheets there will be a mention of bug reports 1 through 4. i have attached the requirements sheets of bug reports 1, 3, and 4. i couldn’t find 2 so i attached the report itself. you don’t need to use them but you can read them to understand what they are about.

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Bug Report I: Opportunity Identification (N$lli$,Hi fiffffi

In this report you will try to engage creatively in identiffing a business opportunity that is
meaningful for you, and sow the seeds of an idea around which a potential new venture
can be built. The bugs’ function is to produce ideas with the potential of becoming new
products and services. Innovation begins with identiffing the outcomes customers want
to achieve; it ends in the creation of items they buy. The most successful products are
responses to problems or needs that someone has. Many entrepreneurs get ideas for new
products from their own or others needs or problems by followin g appreciative inquiry.
Leo Gerstenzang invented the cotton swab in the 1920s. His wife had used a toothpick
with cotton sfuck on the end to clean their baby’s ears, and Leo invented cotton swabs to
replace her “invention.” George de Mestril, d Swiss engineer, invented Velcro in 1948
after noting how well the burdock seeds clung to his clothing during hiking.
Divergent Thinking: Phase I : What Bugs You? The first part of this assignment asks
you to generate a list of 20 things that really aggravate or irritate you. You must reflect
on your own life, your personal needs, activities in which you are involved, things you
like to do, relationships that you have, things that you observe in your everyday world,
and so forth. Then make a laundry list of particular things that bug you. Be creative and
innovative in presenting your report. You can use a number of techniques such as
observation, free association, imaginative thinking, etc. It is important to put down all
ideas. Do not preselect or evaluate at this stage. One example of a bug may be that a light
bulb burns out without warning and, one possible solution may be to create a sensor that
senses the life of the light bulb and beeps when it is about replace the bulb.
Convergent Thinking: Phase 2: Filtering and Selection, Identifying business potential.
Inventions follow a path that is not dissimilar to that of “natural selection.” Some ideas
may work well in a laboratory experiment but not in the marketplace. Only about 6
percent of inventions develop by independent inventors actually reach the marketplace
(Astebro, 1998). In the second phase, you need to filter their bugs and select the 3 most
promising concepts for future business enterprises. Thus the most promising bugs and
their solutions should echo market deficiencies (both current and potential) and help you
identiff various business opporhrnities.
In the second phase the following questions are to be answered: What is the problem
(write one problem on each line). What solution are you suggesting to resolve the
problem? How are you going to implement the solution? You need to suggest a very
specific service/product that would solve the problem. Do you need to protect the idea
(intellectual property issues)? What is the name of the product/service? Who will be the
potential buyer of this product? Explain the target market: What is the profile of your
typical customer. Why do these buyers buy your product? How much does your typical
customer willing to pay for this product? How are you going to promote your product?
Where are you going to sell your product?
Macro and Ethical thinking Phase 3: What is the Potential for Impact? Here you need
to think of larger consequences of your solution to the world. List next to the 3 chosen
bug opportunities the potential that your solutions have in creating positive, negative or
no change in society. Examine its potential to improve the quality of human life.

“I criticize by creation, not byfindingfault” -Cicero
“In dreams begins responsibility” – Witliam Butler Yeats

#n*dlng Critenia Bug Report 1: Opportunity ldentification (20 points)

ffif;venEent Thinking: Phase 1: Generate a list of 20 bugs.
Did you clarify the source of aggravation or just allude to generalities.

fi.4ax = S P*ints

#*nv*rgent Th$nking: Phase 2: Filtering and Selection
What is the problem (write one problem on each line)
What solution – Specific service/product, give a name, intellectual proper$ issues.
Explain target market: Who will buy (typical customer profile)? Why? For how
much?
How will you promote your product? Where will you sell your product?

fu4ax = 1? p*ints {4 f*r each !dsa}

$*mcro nnd ffitFrical think*ng Phase 3: What is the Potential for lmpact?
Potential creating positive, negative or no change in society.
Potential to improve the quality of human life.

Max * 3 F*ints (”l f*r *ach idea)

Note: The assignment should be about ‘l-2 pages of tlpewritten material, single spaced
that addresses the 3 phases above. Please ensure that the bugs you list are not in violation
of law, common decency, of intensely personal nature, embarrassing, objectionable, or
disrespectful of others. The work you turn in should be your own. Lrte or emailed
assignments are not accepted.

*
‘Xli,llitffi

ffiffll’ A Japanese term (meaning ‘bnusual tool”) coined by Kenji
Kawakami, that refers to everyday inventions, that on the surface appear to be ideal
solutions to a problem. However Chindogu had another unique feature, i.e., they are
totally useless and potentially embarrassing inventions. Anyone attempting to use it will
be faced with so many new problems as to render the invention effectively useless. See
Kawakami’s books: I0I Unuseless Japanese Inventions: The Art of Chindogu; and 99
More Unuseless Japanese Inventions.

Recognize therefore, that the mere act of creation does not guarantee its positive impact.

9/18/2013

Bug Report 2

The product will be a smart phone that has a high quality camera. The idea is to figure what specifications about the smartphones cameras that need improving, and then come up with a design and sell it to a cellphone producing company as a limited liability partner. The reason being, as the creator of the idea I would not want to simply sell the design. By being a limited liability partner I get a percentage of the sales profit of the phone at the same time not being legally liable for any irregularities or mistakes in the product. That is the company’s responsibility. However, I do not get a say in managing or marketing the design of the phone itself.

If this product actually makes to the market the probability of success is high giving that it would have a highly demanded quality and little to no competition in the field. However, if the product fails there will be no second chance because the company producing the cellphone will obviously buy all the copy rights of the idea, making it illegal even for me to take the idea to another company. In conclusion, using the idea to be a limited liability partner in a company protects me from any legal issues regarding the design or function of the product and entitles me to a percentage of the profit on it. On the other hand, using the idea in this method risks the idea itself, because of copy right, which will belong to the company that is producing the product.

The second product will be prescription glasses with a button that turns on night vision. The main purpose of this product is to find a solution for those who have night blindness, or “Nyctalopia”, and want to drive at night. Night vision is a high tech feature. The idea is to figure out a simplified version of it and put it on glasses at a sufficient cost to sell at a reasonable price. A sole proprietorship is the best way to go about this idea. Starting a line of frames for prescription glasses in not that expensive and is not complicated. Choosing sole proprietorship for this venture gives me total control over the management and marketing aspect of the company. For example, all frame designs will have to be approved by me. Also, I get to keep all the profit of my selling. On the other hand, sole proprietorship places all the legal responsibilities on the owner of the company. Also, I will have to deal with all the liabilities and debts of the company.

The risk of this product is that it might ONLY be demanded by those suffering from night blindness. In that case, the probability for those frames to survive in the market will be almost nonexistent. However, the plan is to come up with cool modern frame designs to make those frames appealing to everyone.

The third product will be an MP3 player that automatically backs up all of the music in an online storage once it is connected the internet. The idea is to come up with a design for a program that could be installed into an MP3 player and then sell it to an MP3 player producing company, like Apple, as a limited liability partner. The advantage of being a limited liability partner is not worrying about startup cost, or even worry about mp3 player design and cost. On the other hand, being a limited liability partner will limit the authority I will have on what products to use the program on and how.

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