assignment 4

JinSol Kim

09/25/17

Richard Bruce

Assignment #1

Opportunity Identification Process

The process of opportunity identification is divided into six steps which are; establish a charter, generate and sense many opportunities, screen opportunities, develop promising opportunities, select exceptional opportunities, reflect on the results and the process. The steps are discussed below as they follow each other. The ideal business would be one that catered for my well-being in terms of economic security. In addition, the ideal business would be profitable enough to allow me to invest into other areas and partake in other business ventures. Such a business would involve one of my hobbies or passions, such that it would never be menial or boring. It would also be flexible enough to make time for a family and other commitments. If one is too busy or involved with work, then one would invariably not spend the appropriate amount of time on other important things, such as family. As a result, the ideal business would give enough leeway for social interaction with family, friends, and sometimes colleagues. The ideal business would not be too intensive and stressful, such that I would always be worried or busy. An ideal business, for me, would be capable of financing any lifestyle I like, either a modest one or a rather lavish one. It is strictly not necessary, but a very desirable characteristic of a business would be that it makes a positive impact on people’s lives and improving the lives of other people, rather than just being a money-making machine. It would, for example, help people work more efficiently, reduce the costs of a product such that it would be affordable by everyone, make contributions to science and technology, and in general solve real-life every-day problems that people face. Ideally, it would help people on a global scale, and not just people in one part of the world or one city of a country

Establish a charter

New products are made by organizations to attain goals like rising revenues from customers who have been there, filling gaps in a line of products or opening new markets. Entrepreneurs entering into new business create different products according to their personal interest. These goals are stated by the innovation charter and give the boundary conditions to innovations. The charter resolves fear between exiting the problem associated with innovation and gives way to attain goals of the organization. When they are specified the organization does not attempt opportunities that won’t pursue and enter into opportunities worthy to pursue.

Generate and sense a lot of opportunities

Companies in most of the industries their survey show that internal sources generate a half of the innovation opportunities and the other half is provided by external ones or customers. So, team should consider both sources of opportunities. The techniques used to generate opportunities are; creative people invent new ideas, personal passion may guide someone, compiling unsatisfied needs, capabilities to provide unique, rare and valuable resources, studying the customers and understanding their needs, consider trends like in technology, norms and population, imitating successful innovators by addressing different or similar needs. The y can imitate through the media or activities like advertisement, taking the innovations to different places where they are isolated, through competition in prices. Another technique is coming up with your own sources which include firms advancing needs not met by services existing, being presented in social networks, students research and government laboratories, customers giving ideas online.

Screen opportunities

You should screen the opportunities to eradicate those opportunities unlikely to create value and focus on those can create value. The goals are not to select the best opportunities, the process should be effective. Effective screening is the judgment to know if the opportunity is worth. There are two methods which are effective for screening they are workshops and online survey. The methods depend on independent judgments by a team of members in your organization or friends. On line interface makes sure those associated does not know the owners of the ideas so they vote depending on the quality of the opportunity. You list the ideas in web based screening survey giving short descriptions and require respondents to vote yes or no if opportunities need investment. In person workshop each participant brings different opportunities to the group giving summaries and asks the raters to vote. They are given dots or stickers which they apply to the opportunities they choose. They are recommended to write numbers they will vote and place them simultaneously to avoid influencing each other.

Develop promising opportunities

After screening the opportunities, the team invests resources to develop some. Other tasks which need to be completed are interviewing customers, estimating size of the market and its growth rate and you may test the products which have been there. The goal of developing promising opportunities is to determine uncertainty on each opportunity in time and funds. You do this by listing major uncertainties, tasks taken to resolve them and approximate the cost.

Select exceptional opportunities

After developing opportunities with reserved investment of resources, uncertainty you resolve to pick exceptional opportunities which give significant investment. Approaches used to select comparing alternatives are real win worth it which gives three questions organizations should answer as they screen opportunities. The questions are; is this opportunity real, are you able to win the opportunity, the opportunity is it worth financially. Entrepreneurs can choose opportunities regarding on capital needed, time required to achieve market and also passion.

Reflect on the results and the process

In reflecting opportunity identification process and its resource consider the following questions; opportunities identified did they come from internal or external forces, how many opportunities did we consider the opportunity results excite the team, where the criteria used to filter biased. The market response is a major indicator of success of the opportunity identification process but is not the only criteria to determine success of the process. You can also ask the questions above to reflect the identification process and results.

Thing two best practice examples show students performing the 6 steps using FroliCat example

Step 1: Set Goals Effectively

The goal is the foundation of an effective FroliCat process. There are two important factors to consider when setting a goal. First of all, are targets clear and objective created? Second, are they contributing directly to achieving business strategy? It is the first steop to create clear alignment of strategic business goals and create alignment. Sorting is promoted by providing goal visibility set by departments throughout the organization. Typically, this process begins with setting goals for departmental administrator departments, depending on the goals of the overall organization that supports general business strategies. Making the FroliCat goal available to all administrators ensures that redundancy is lost, competition is relaxed, members of other departments are supporting each other Each administrator shares the overall goal with the department, met with the employees and checks the individual outcome goals and plans.

Step 2: Begin with Performance Planning

Set up armed forces to have the ability to communicate your goals and achieve your goals using your probable goals. The performance plan can be negotiated at any other stage and in the negotiation process with the intermediary. See key business expectations in business descriptions. Then, expectations for key areas are clearly visible. The main objective is to achieve long-term and long-term goals and to establish action plans. You can achieve your goals by checking your priorities. Click here for more information. The next step is to create obstacles to achieving beneficial goals. Develop obstacle knowledge, skills, or behavioral models. Training, mentoring.

Step 3: Ensure an Ongoing Process

As you can see in the following diagram, goal setting, performance planning, performance monitoring, feedback and coaching are ongoing and support processes related to compensation assessment, compensation and learning and development. Performance monitoring, feedback, and coaching must be done more often by creating separate feedback loops within large loops, and performance planning can be adjusted accordingly.

Step 4: Improve Productivity through Better Goal Management

Regular goal tracking provides the opportunity to provide feedback as needed, coordinate performance plans, address obstacles, and prepare for deadlines. Without a mechanism to periodically track the progress of the goal, the ongoing and cyclical nature of the process collapses. Goal progress with all performance feedback. Discussion should be objective and supportive. Specific examples provide clarity and help employees focus on future improvements. It is important for managers to listen to the employee's point of view and reflect the opinions of employees in future plans. Employees often experience roadblocks that the administrator cannot see.

Step 5: Gather Information from a Number of Sources

It collects performance information from various sources, improves objectivity, and takes into account all factors that affect performance. This information must contain objective materials such as sales reports, call logs, dates and so on. Other important information includes other people's feedback, personal observation, documentation of ongoing conversations, and records of external or environmental factors that affect performance. Many reviews also include employee self-assessments. Other documents that help define performance goals include documented standards related to past performance assessments, current department and organizational goals, and career goals.

Step 6: Document, Document, Document

The dose should be consistent and include all significant events that are positive or negative. Documents are important to support performance decisions, and notes should be created with the intent of sharing. In addition to documenting the details of the occurrence, follow up actions should be detailed. The performance log is a record that is held by the administrator for each employee and is a record of the performance "event." There are many uses for performance log maintenance. Administrators can record successes or achievements that need improvement. When it's time to complete an appraisal, the manager has a record of the incident and does not have to rely on recent memories.