Nursing Entrepreneurship Share
Module 2 34 / 34
Opportunity Recognition and Design Thinking
“Entrepreneurs see ways to put resources and information together in new
combinations. They not only see the system as it is, but as it might be. They
have a knack for looking at the usual and seeing the unusual, at the ordinary
and seeing the extraordinary. Consequently, they can spot opportunities that
turn the commonplace into the unique and unexpected.” – Mitton (1989, p.
12)
“In my opinion, all previous advances in the various lines of invention will
appear totally insignificant when compared with those which the present
century will witness. I almost wish that I might live my life over again to see
the wonders which are at the threshold”. – Charles H. Duell, Commissioner,
U.S. Office of Patents, 1898-1901
The significant problems we face cannot be solved at the same level of
thinking we were at when we created them. – Albert Einstein
Definition of Opportunity Recognition According to Different Theorists and
Practitioners
BARON ← Opportunity recognition is the active, cognitive process/
processes through which individuals conclude that they have identified the
potential to create something new, that has the potential to generate
economic value and that is not currently being exploited or developed, and is
viewed as desirable in the society in which it occurs.
DRUCKER ← Systematic innovation involves “monitoring seven sources for
innovative opportunity”
Internally Focused
The unexpected (unexpected success, failure, or outside events)
The incongruity between reality as it actually is and reality as it is assumed
to be or as it ought to be
Innovation based on process need
Changes in industry structure or market structure that catch everyone
unawares
Externally Focused
Demographics (population changes)
Changes in perception, mood, and meaning
New knowledge, both scientific and nonscientific
MITCHELL ← One of the components of Mitchell’s (2000) New Venture
Template asks whether the venture being examined represents a new
combination. To determine this, he suggests considering two categories of
entrepreneurial discovery: Scientific Discovery and Circumstance
Scientific Discovery ← Physical/technological insight; New and valuable
way
Circumstantial Discovery ← Specific knowledge of time, place, or
circumstance; When and what you know
Mitchell also presented two more sets of variables to consider: Demand and
Supply
SCHUMPETER
Schumpeter’s (1934) five kinds of new combinations can occur within each
of the four kinds of entrepreneurial discovery (Mitchell, 2000):
New or improved good/service
Distinction between true advances and promotional differences
New method of production
Example: assembly line method to automobile production, robotics,
agricultural processing
Opening of a new market
Global context: Culture, laws, local buyer preferences, business practices,
customs, communication, transportation all set up new distribution
channels Example: Honda created a new market for smaller modestly
powered motorbikes
Conquest of a new source of supply of raw materials
Enhance availability of products by providing at lower cost
Enhance availability by making more available without compromising
quality
Reorganization of an industry
MURPHY
Murphy (2011) claimed that there was a single-dimensional logic that
oversimplified the approach taken to understand entrepreneurial discovery.
Opportunities may be identified ↓
Through a purposeful search
Because others provide the opportunity to the entrepreneur
Through prior knowledge, entrepreneurial, and means other than a purposeful
search
Through a combination of lucky happenstance and deliberate searching for
opportunities.
VESPER ← According to experimentation research, entrepreneurial
creativity is not correlated with IQ (people with high IQs can be unsuccessful
in business and those with lower IQs can be successful as an entrepreneur).
Research has also shown that those who practice idea generation
techniques can become more creative. The best ideas sometimes come later
in the idea-generation process—often in the days and weeks following the
application of the idea-generating processes (Vesper, 1996).
Vesper (1996) identified several ways in which entrepreneurs found
ideas ↓
Prior job
Recreation
Chance event
Answering discovery questions
Vesper (1996) categorized discovery questions as follows:
Search questions ← which might prompt venture ideas by placing one’s
mind into a mode where the subconscious will work to push ideas into the
conscious mind
Questions based on encounters ← with a potential customer request,
someone else’s idea, or another event
Questions based on evaluative reactions to ideas
Mental Blocks to Departure
Perceptual ← difficulty viewing things from different perspectives;
seeing only what you expect to see or think what others expect you to
see
Emotional ← intolerance of ambiguity; preference for judging rather than
seeking ideas; tunnel vision; insufficient patience
Cultural ← a belief that reason and logic are superior to feeling, intuition,
and other such approaches; thinking that tradition is preferable to
change; disdain for fantasy, reflection, idea playfulness, humor
Imagination ← fear of subconscious thinking; inhibition about some
areas of imagination
Environmental ← distrust of others who might be able to help;
distractions; discouraging responses from other people
Intellectual ← lack of information; incorrect information; weak technical
skills in areas such as financial analysis
Expressive ← poor writing skills; inability to construct prototypes
Tactics for departure according to Vesper
Trying different ways of looking at and thinking about venture opportunities
Trying to continually generate ideas about opportunities and how to exploit
them
Seeking clues from business and personal contacts, trade shows, technology
licensing offices, and other sources
Not being discouraged by others’ negative views because many successful
innovations were first thought to be impossible to make
Generating possible solutions to obstacles before stating negative views
about them
Using idea generating tricks like ↓
Brainstorming
Considering multiple consequences of possible future events or changes
Rearranging, reversing, expanding, shrinking, combining, or altering ideas
Developing scenarios
Design Thinking
Design Thinking ← a human-centered approach to innovation that
draws from the designer’s toolkit to integrate the needs of people, the
possibilities of technology, and the requirements for business success –
Tim Brown, president and CEO (IDEO, 2015, para. 5).
It is a deeply human process.
It relies on our ability to:
be intuitive,
to recognize patterns,
to construct ideas that are emotionally meaningful as well as functional,
and to express ourselves through means beyond words or symbols.
It is thought of as a system of overlapping spaces rather than a sequence of
orderly steps.
Three Spaces in Design Thinking
INSPIRATION ← problem or opportunity that motivates the search for
solutions
IDEATION ← process of generating, developing, and testing ideas
IMPLEMENTATION ← path that leads from the project stage into
people’s lives
Where to Register Business Structures in the Philippines
Any business requires to obtain all the necessary licenses and certificate of
registration before it can be completely operational.
Sole/Single Proprietorship ← the simplest form of business entity where
one person is responsible for all the company’s profits and debts. The
business should apply for a business name and get registered with the DTI
(Department of Trade and Industry).
Partnership ← entity is owned by two or more individuals; two or more
persons bind themselves to contribute money or industry to a common fund,
with the intention of dividing the profit among themselves. The business
should obtain a Certificate of Registration with SEC (Securities and Exchange
Commission).
Corporation ← an entity that is separate from its owners (legally); it has its
identifiable legal rights, independent of its owners, hence it can sue, be
sued, own and sell property and sell the rights of ownership in the form of
stocks. The business should obtain a Certificate of Registration with SEC
(Securities and Exchange Commission).
Cooperatives ← eligible for government grants to help them get started;
can leverage their business size, thus obtaining discounts on products and
services for their members. The business must register with the CDA
(Cooperative Development Authority). In adopting a nursing
entrepreneurship group, nurses should register their business enterprise with
CDA
