School of Business and Economics
TIMEResearch Area | Innovation & Entrepreneurship Group (WIN)
The Entrepreneurial Mindset
From Idea to Opportunity
THE ENTREPRENEURIAL MINDSET
PITFALLS
IDEA
APPROACH
LEAN
START-UP
TEAM
GET YOURSELF
STARTED
Create your business
idea and evaluate its
potential
IDEA OR OPPORTUNITY?
DIFFERENCE BETWEEN IDEA AND OPPORTUNITY
IDEA
A thought or conception that
potentially or actually exists
in the mind of an individual
or group
OPPORTUNITY
A chance for progress or
advancement under
favorable or advantageous
circumstances
[1]
GOOD IDEA ≠ GOOD BUSINESS OPPORTUNITY
“Segway will be to the car what the car
was to the horse and buggy.”
Dean Kamen, founder of Segway [2]
Technologically a brilliant idea, but does it fulfil its original purpose?
[3]
HOW TO RECOGNIZE AN OPPORTUNITY
Process
To Do‘s
Open
Mind Ideas
Good
Ideas
Business
Opportunity
Creative
Process
Short
Evaluation
Structured
Work
Openness
Creativity Tools
Reflection
Experience/
Tools
REFERENCES
[1] EP Studios (2015): Reading about Steve Jobs. URL: http://www.epstudiossoftware.com/wp-
content/uploads/2015/06/Steve-Jobs-and-Steve-Wozniak-and-Apple-II.jpg. Access Date: 17.08.2016
[2] Heilemann, J. (2001): Reinventing the Wheel. In: Time Magazine, Dec. 02, 2001
[3] Seattle Travels (2016): Segway Tour of Prag. URL: http://seattlestravels.com/wp-
content/uploads/2012/09/IMG_8278.jpg. Access Date: 17.08.2016
ORIGIN OF IDEAS
Social Network for university 1
1
3
2
4
It's graduation day, 4 years of college come to an end. Many will move to a different city, even a different country...
"I will miss you guys so
much – such a pity that
we won't see each other
anymore!"
"It will be super hard to keep in
touch with everyone spread out
around the globe..." "Yes, definitely – I would
really love to know what
everyone is up to..."
"Why isn't there a platform
for us to keep track of
each other – this shouldn't
be too hard to do, right?"
"This sounds amazing – like a Facebook
for university students where you can
share pictures & post stuff..." "Such a cool
idea – I would
definitely sign
up for this!"
Backpacker Luggage Delivery 2
1
3
2
4
Having arrived at the airport, he tries to check in his luggage...
After months of anticipation,
the day has finally come:
Philipp is about to start his
backpacking trip to Australia.
After packing everything he
needs for the next weeks, he
can barely lift his backpack.
"Sorry, Sir – your luggage far exceeds the
allotted weight limited of 23 kg. I am afraid
that I need to charge you an additional 50€
per additional kg."
Service desk agent Philipp
"Wow – that's more than 300€ on top!
How am I to fit all my clothes, my tent,
my sleeping bag and all the other stuff
into a 23kg bag? That's impossible!"
Service desk agent Philipp
"I am really sorry, Sir – you will either need to
pay the excess fee or send it by mail – this
might take a couple of weeks, though."
"This is ridiculous! There should be a
company that specializes in helping out
travelers like myself – this must happen
all the time!"
Online Style Consultant 3
1
3
2
4
It's a sunny day in spring,
Tom and David are waiting for
their friend Michael to arrive
to grab a coffee in the park.
He finally gets there, looking
distressed...
Tom David Michael
"Hey Michael, what's going on?
We've been waiting for you for a
while, what took you so long?"
"I am so sorry guys! It's just that I have a
wedding this weekend and my crush is
going to be there...you know how long it's
been since I have been to an event like
this? I have no idea what to wear!"
Tom David Michael
"So what? Just put on a nice suit
and your best tie and you are good
to go! What's so hard about that?"
"The only suit I own is from my high school
graduation – you know how long that has been? I
definitely need a new one – and it needs to look
great! Can you guys help me pick one?"
Tom David Michael
"Hmmmm...not sure what to
look out for – my cousin
always helps me out with this
kind of stuff, she works in
fashion."
"This sucks – I don't know anyone
who I could take...why isn't there a
platform that connects me with
someone who can give me some
advice – this shouldn't be hard to set
up, right?"
"Same here – if I
didn't have my
girlfriend to help me
out, I wouldn't know
what to buy!"
OPENESS IS NECESSARY FOR IDEA GENERATION
Process
To Do‘s
Open
Mind Ideas
Good
Ideas
Business
Opportunity
Creative
Process
Short
Evaluation
Structured
Work
Openness
Creativity Tools
Reflection
Experience/
Tools
GENERATION OF IDEAS
Ideas are often created in everyday situations
1% 4%
16%
13%
37%
3% 1%
11%
14% Others
At work
Meeting
Holidays
Leisure time
Breaks
Creativity Techniques
Business travel
At home [1]
ORIGINS OF IDEAS
Pain of Customer Gain of Customer
Biggest frustrations
Major obstacles to
achieve goals
Needs
Fears
SERVE
A NEED
CREATE
A NEED
Needs
Desires
Goal and success
definition
Customer’s strategies of
achieving goals
[2]
EVENTS & CHANGES
TECHNOLOGICAL
EVENTS
MARKET
EVENTS
SOCIAL
EVENTS
SOCIATAL
CHANGES
Technological
innovation
Digitalization
Deregulation
Economic opening
Insolvencies
World cups
Festivals
Public holidays
Environmental
awareness
Urbanization
Trigger of
entrepreneurial
activities!
REFERENCES
[1] Fueglistaller, U., Müller, C., & Volery, T. (2013): Entrepreneurship: Modelle-Umsetzung-Perspektiven. Springer
Verlag.
[2] Bratsberg, H. M. (2012): Empathy Maps of the FourSight Preferences.
QUICK EVALUATION
Process
To Do‘s
COMMERCIAL POTENTIAL
Assessment of commercial potential by quick evaluation
Open
Mind Ideas
Good
Ideas
Business
Opportunity
Creative
Process
Short
Evaluation
Structured
Work
Openness
Creativity Tools
Reflection
Experience/
Tools
QUICK EVALUATION
Problem? Customer? Willingness
to pay?
QUICK EVALUATION
Problem? Customer? Willingness
to pay?
QUICK EVALUATION
Problem? Customer? Willingness
to pay?
[1]
[2]
[3]
?
QUICK EVALUATION
Problem? Customer? Willingness
to pay?
[4] [5]
?
REFERENCES
[1] Asorkon, E. (2011): “The Big 3″ Most Important Backpacking Gear Items.
URL: http://blackwoodspress.com/blog/images/big-three.jpg. Access Date: 17.08.2016
[2] Funny Potato (2016): A huge backpack! URL: http://www.funny-potato.com/images/funniest-pictures/huge-
backpack/huge-backpack.jpg. Access Date: 17.08.2016
[3] Express Delivery (2016): Services. URL: http://expressdeliverymo.com/freight/wp-content/uploads/box.png.
Access Date: 17.08.2016
[4] Bachinsky, A. (2011): My prayer closet. URL: https://daughterbydesign.files.wordpress.com/2011/03/empty-
closet2.jpg. Access Date: 17.08.2016
DETAILED EVALUATION
Process
To Do‘s
STRUCTURE
Opportunity recognition requires structured work
Open
Mind Ideas
Good
Ideas
Business
Opportunity
Creative
Process
Short
Evaluation
Structured
Work
Openness
Creativity Tools
Reflection
Experience/
Tools
SET OF CRITERIA
Market size & structure
Market growth
Market entry barriers
Customer
Competitive advantage
Gross margin
Time to break-even
Capital intensity
R&D expenses
Value-add potential
Exit mechanism
Team
Technology
Opportunity orientation
MARKET
&
COMPETITION
FINANCIALS
OTHERS
POTENTIAL
Fragmented
Growth rate of 30-50%
None
Reachable
High
Highly concentrated
Growth rate <10%
High
Loyal to competitors
Low
>30%
<2 years
Low to moderate
Low
<15%
>4 years
High
High
High strategic value
Present/future options
Best-in-class
Groundbreaking
Always searching
Low strategic value
Undefined exit
B team
Many substitutes
Napping
[1]
CRITERIA Lowest Highest
VIZUALIZATION OF POTENTIAL
Business Model Canvas by Osterwalder
COST STRUCTURE REVENUE STREAMS
KEY
PARTNERS
CUSTOMER
SEGMENTS
VALUE
PROPOSITION
CUSTOMER
RELATION-
SHIPS
CHANNELS
KEY
ACTIVITIES
KEY
RESOURCES
[2]
VIZUALIZATION OF POTENTIAL
Cost Structure
Individual national and international shipments
Local handling and insurance of shipping
Revenue Streams
Customer pays delivery fees depending on size
and weight
Key
Partners
Backpacking
gear companies
Logistic
companies
Local stores for
drop-off and
pick up
Customer
Segments
Backpackers
Students on low
budgets
Adventure
seeking
individuals
Value
Proposition
Comfortable
travelling
Long term
travelling
No
transportation
problems
Channels
Online
Personal
Key
Activities
Logistics
IT maintenance
Key
Resources
Basic IT
Network
Customer
Relationships
Short term
Acquisition
VIZUALIZATION OF POTENTIAL
Cost Structure
Fixed costs: office, employees, IT
Variable costs: outfits, logistics
Revenue Streams
Customer pays online for each outfit
Different price ranges for different segments
Key
Partners
Clothing brands
Logistic
companies
Customer
Segments
People
struggling with
getting stylish
outfits and
having not
enough time to
go shopping
Value
Proposition
Customer
journey
Customized
styles
Quick delivery
Saving of time
Customer
Relationships
Long term
Individualized
Channels
Online
Social media
E-Mail/ Calls
Key
Activities
Trend Scouting
Delivery
Key
Resources
Stylists
IT & Analytics
?
BUSINESS PLAN
Essential to consider all aspects of the business idea
Market &
Sector Marketing Organization
Management &
Key Roles
Executive
Summary
Corporate
Goals
Products &
Services
Implementation Finances Chances &
Risks
THE ENTREPRENEURIAL MINDSET
PITFALLS
IDEA
APPROACH
LEAN
START-UP
TEAM
GET YOURSELF
STARTED
Create your business
idea and evaluate its
potential
Unfold your
entrepreneurial
personality
THE ENTREPRENEURIAL MINDSET
PITFALLS
IDEA
APPROACH
LEAN
START-UP
TEAM
GET YOURSELF
STARTED
Create your business
idea and evaluate its
potential
Unfold your
entrepreneurial
personality
Apply the process of
successful
entrepreneurs
?
“I had to give it a
full go and see
what happened.”
Michel Dell [4]
[3]
REFERENCES
[1] Timmons, J.A. and Spinelli, S. (1999): New Venture Creation: Entrepreneurship for the 21st Century. p. 86
[2] Osterwalder, A. and Pigneur, Y. (2010). Business Model Generation: A Handbook for Visionaries, Game Changers and Challengers. John Wiley & Sons.
[3] Hartmann Studios (2011): Michael Dell. URL: https://www.flickr.com/photos/oracle_images/6211618173/. Access Date: 17.08.2016
[4] Dell, M.: URL: http://www.investerarcitat.se/internet/michael-dell-2/. Access Date: 17.08.2016
