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EV Lecture 5 Where entrepreneurial ideas come from 15122022.pptx

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EV Lecture 5 Where entrepreneurial ideas come from 15122022.pptx

  1. 1. Unit 9: Entrepreneurial Ventures Lecture 5: LO2:Explore the concept of the entrepreneurial mindset and its contribution to entrepreneurial ventures
  2. 2. Today’s Topic 2 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. 3. Origin of Entrepreneurial ideas 3 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. 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? 4
  5. 5. Class Activity  Divide a Square into 4 Equal Parts  Time allowed: 10 minutes 5
  6. 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: 6
  7. 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: 7
  8. 8. Solution 3  Another way of dividing it is to draw the diagonals of the square. 8
  9. 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. 9
  10. 10. Creativity defined 10 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. 11. Creativity defined (cont’d) 11 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. 12. Video Time https://www.youtube.com/watch ?v=-YpaAKpPWtk
  13. 13. Can Creativity be Taught? 13 DISCUSSION TIME ALLOWED: 7 MINUTES
  14. 14. Can Creativity be Taught? 14 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. 15. Why is creativity important in business? 15 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. 16. Creativity improves the process of solving problems 16 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. 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. 17
  18. 18. The principles of creativity – motivation, expertise and creative thinking skills 18 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. 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. 19
  20. 20. Short Break  19:25 – 19:40 20
  21. 21. Dimensions of creativity – discovery, invention and creation 21 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. 22. The creative process 22 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. 23. The creative process: answers 23 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. 24. Creative process steps 24 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. 25. Opportunities 25 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. 26. Conclusion 26 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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Notes de l'éditeur

  • FOR MORE INFORMATION, READ THIS ARTICLE: https://www.theguardian.com/science/blog/2013/sep/19/born-creative-study-brain-hemingway
  •  If you train yourself, and there are different methods for doing this, you can become more creative.
    I would argue that it is also something that can be developed, and therefore, taught.”