Enterprenuership

1. Unit 9:
Entrepreneurial Ventures
Lecture 5:
LO2:Explore the concept of the
entrepreneurial mindset and its
contribution to entrepreneurial
ventures

2. Today’s Topic
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Where entrepreneurial ideas come from:
The use of creativity and innovation to identify and create new ventures.
Recognizing business opportunities in everyday life and situations.
Value of support networks: Identification and evaluation of support networks
The main sources of generating business and entrepreneurial ideas.
Value of support networks: Identification and evaluation of support networks, including government,
National Government Organisations (NGOs), incubators, higher education, private investors.

3. Origin of Entrepreneurial
ideas
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Business ideas can come from a
number of places. They could come
from something as simple as a
customer becoming frustrated with an
existing product or service and
developing an alternative to that
product or service.
E.G This was the case with Netflix,
where one of the co-founders was
upset by having to pay late fees for
returning a movie. He then decided to
set-up his own hassle-free online video
rental service. There were no fees to
pay for returning something late, you
simply returned it and exchanged it for
another video.

4. Creativity
 In school, those who
can write a good
story or draw
beautiful pictures are
considered the special
ones who are
creative.
 What is Creativity?
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5. Class Activity
 Divide a Square into
4 Equal Parts
 Time allowed: 10
minutes
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6. Solution 1
 The easiest way to divide the square into 4 equal parts is
to draw three vertical lines or three horizontal lines
forming four (4) equal areas. Such as:
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7. Solution 2
 Another way of
dividing it is to draw
one vertical and one
horizontal line
intersecting at the
middle part of the
square. That is:
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8. Solution 3
 Another way of
dividing it is to draw
the diagonals of the
square.
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9. Solution 4
 You can also cut the square by a horizontal line or a
vertical line, then cut each half into two equal triangles.
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10. Creativity defined
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Creativity is the ability to see the same
things as everyone else but think something
different.
Educational systems all too often teach us not
to think differently, but how to follow
instructions and obey the status quo.
Creativity is no longer just seen as what artists
and musicians process. It’s a crucial skill for
professionals in all fields.

11. Creativity defined (cont’d)
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Creativity is marked by the ability to create, bring into existence, to invent
into a new form, to produce through imaginative skill, to make to bring into
existence something new.
Creativity is not ability to create out of nothing but the ability to generate
new ideas by combining, changing, or reapplying existing ideas. Some
creative ideas are astonishing and brilliant, while others are just simple,
good practical ideas that no one seems to have thought, of yet. (Harris,
1998).

12. Video Time
https://www.youtube.com/watch
?v=-YpaAKpPWtk

13. Can Creativity be Taught?
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DISCUSSION TIME ALLOWED: 7
MINUTES

14. Can Creativity be Taught?
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Yes, creativity skills can be learned. You need an
interest in the creative process, the desire to
explore and a spirit of curiosity.
“I think there are individual differences in our
propensity to be creative” (Rom Schrift, Wharton
Business School)
Analogy of a Muscle

15. Why is creativity important
in business?
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Creativity and innovation within a well-run companies have
always been recognized as a sure path to success.
Encouraging the employees to think outside of the box and
giving them time and resources to explore new areas for
innovative ideas is the key to cost-effective business
solutions.

16. Creativity improves the
process of solving problems
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It doesn't matter if we're talking about
developing a new strategy or an innovative way
to stay ahead of the competition.
Creative problem solving gives
that competitive edge that any business is
striving to achieve.
They can bring you fresh perspectives and
ideas, so show them that you’re listening and
open to their feedback

17. The Principles of Creativity
People become more creative when they feel
motivated primarily by the interest,
satisfaction, and challenge of the situation and
not by external pressures; the passion and
interest – a person’s internal desire to do
something unique to show-case himself or
herself; the person’s sense of challenge, or a
drive to crack a problem that no one else has
been able to solve.
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18. The principles of creativity – motivation,
expertise and creative thinking skills
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Within every individual,
creativity is a function of 3
components:
Expertise: is the in-depth
knowledge — technical, procedural
and intellectual
Creative thinking skills: are the
multiple tools that individuals
apply to problems — include
techniques for accurately defining
a problem, seeing challenges from
new perspectives, generating
multiple ideas, selecting the
optimum alternatives, and
implementing those solutions as
products.
Motivation: determines the
degree to which an individual is
willing to do something, and how
likely they are to persevere
through obstacles and setbacks.
But motivation is a coin with two
sides: extrinsic and intrinsic.

19. Remember!
 Regardless of how
much expertise and
motivation we might
have, if we don't
know how to
develop new ideas,
we never will be
innovative.
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20. Short Break
 19:25 – 19:40
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21. Dimensions of creativity – discovery,
invention and creation
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a. Discovery: A new
increment to knowledge.
Fame. Such fame brings
them both praise and wealth
b. Invention: A new device
or process. Intellectual
property: Patents, copyright,
and trade secrets.
c. Innovation: A better way
of doing things. Innovations
can occur in all goal-directed
behaviour such as profit
maximization, reflection
politics and personal
lifestyles

22. The creative process
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How does a creative idea come to you?
Why does it occur?
So, in exploring the creative process we need to answer these
questions: where do novel ideas come from, and (more
interesting to explore, I think) where do the ideas reside
once they make themselves known?

23. The creative process:
answers
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Where do ideas come from? - Our experiences and
knowledge. Creative ideas are the result of a broad intent
and a lot of connecting/experimenting on the part of your
subconscious. Our brains want to come up with original
thoughts, we simply have to get out of the way.
Where do ideas actually exist? - in us. In our neural
networks, which are formed and strengthened by our
experiences and thoughts.

24. Creative process steps
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PREPARATION: as an entrepreneur or marketer you are looking at all the previous market
research and what other companies have done before.
INCUBATION: In incubation this is when all the information that you have gathered in the
PREPARATION stage really goes back. This is an extremely important stage because
sometimes it can takes days, or weeks, or months or sometimes even years.
INSIGHT: with insight it is really the idea of the ‘Aha’ moment
EVALUATION: requires self-criticism and reflection. “I’ve had this idea, what do you think
about this?”
ELABORATION: it’s “1% inspiration and 99% perspiration” or testing the idea.

25. Opportunities
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The constant advance in technology
creates countless opportunities
for those ambitious enough to become
entrepreneurs. On the largest scale is
the creation of a whole new industry.
Another major opportunity is the
creation of a new service. Much more
plentiful are opportunities to create a
new niche market.
Now as business students, it is unlikely
that any of you are going to invent a
new product which creates a whole
new industry. Nevertheless, many
successful enterprises are started by
teams.

26. Conclusion
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At Apple Computer,
Jobs was the
entrepreneur
(intrapreneur) and
Wozniack was the
inventor of the Apple
line.
At Hewlett Packard,
Hewlett was the
engineer and Packard
was the businessman.
In a successful start-up
the first 15 people in
the door end up
millionaires.
In the case of
Microsoft the first two
ended up billionaires.
So one possible route is
to team up with a
creative engineer or
software type who
does not like the
business side.

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