Venture Creation

Problem Identification

Academic research, as well as the experience we have accumulated from the Zell Entrepreneurship Program over the past 15 years, has enabled us to present and teach the stages that comprise the entrepreneurial process. We refer to this process as “venture creation” and it begins with the identification of problems. To quote Albert Einstein:

“The formulation of a problem is often more essential than its solution…”

– Einstein & Infeld (1938, p. 83)

Ideation

Once the problem has been identified, the fascinating stage of ideation, in which many different and varied ideas for solving the problem are raised, can begin. This stage, along with supporting tools like brainstorming enables learning and research shows that it enables improvement.

Idea Evaluation

Having completed the ideation stage, the third stage of “idea evaluation” begins. In this stage, methods such as prototyping, lean startup and others are used in order to test the idea against the problem, the need, the market and the competition.

Implementation

Finally, we reach the stage of “implementation.” Creativity is not sufficient for successfully completing this stage – entrepreneurs need  tools and  an understanding of business and strategy. For example, it is necessary to know how to build a well-balanced team, to identify and recruit the right talent, the structure of a good go-to-market strategy, to build business partnerships or to excel in sales and to manage customer relations.