Entreprenuership - Innovation PDF

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Summary

This lesson contains:
-Sources of innovative ideas
-Entrepreneurial imagination and creativity
-The Role of Creative Thinking
-The Nature of the Creative Process
-The Innovation Process
-Types of Innovation
-The Major Misconceptions of Innovation...

Description

Cr eat i vi t yandi nnovat i on Sources of innovative ideas Trends Trends signal shifts in the current paradigm (or thinking) of the major population. Observing trends closely will grant an entrepreneur the ability to recognize a potential opportunity.

Demographic changes These arise from trend changes in population, age, education, occupation, geographic locations, and similar factors.

Perceptual changes

 Societal Trends

These are changes that occur in people’s interpretation of facts and concepts.Perceptual changes are tangible but meaningful. Perception can cause major shifts ideas to take place.

 Technology Trends

Knowledge-based concepts

 Economic Trends

These are the basis for the creation or development f something brand new. Inventions are knowledge based; they are the product of new thinking, new methods, and new knowledge.

Following are examples of such as trends

 Governmental Trends Unexpected occurrences These are successes or failures that, because they were unanticipated or unplanned, often prove to be a major innovative surprise to everyone. Incongruities Incongruities occur when a gap of difference exist between expectation and reality. Process needs These occur when an answer to a particular need is required. Venture capitalists often refer to these needs as ‘’pain’’ that exists in the marketplace the entrepreneur must recognize an innovative solution, or ‘’painkiller’’. Industry and market changes Continual shifts in the marketplace are caused by developments such as consumer attitudes, advancements in technology, and industry growth. Indusries and markets always undergo changes in structures, design, or definition.

Entrepreneurial creativity

imagination

and

Entrepreneurs blend imaginative and creative thinking with a systematic, logical process ability. This combination is a key to successful innovation. In addition, potential entrepreneurs are always looking for unique opportunities to fill needs or wants.

The Role of Creative Thinking Creativity ○The generation of ideas that result in the improved efficiency or effectiveness of a system. Two important aspects of creativity exist: ○Process- The process is goal oriented; it is designed to attain a solution to a problem. ○People- The resources that determine the solution. The critical thinking process

DEVELOPING CREATIVITY Creativity has been defined as having the quality or power of creating. The Nature of the Creative Process ●Creativity is a process that can be developed and improved. Some individuals have a greater aptitude for creativity than others. Typical Creative Process ○Phase 1: Background accumulation

or

knowledge

Methods to boost your creativity: Brainstorm. -This is the old-school way to drum up creative ideas and solve problems, but it’s still by far the best. The corporate world was woken up Alex Osborn introduced this concept in the 1950’s. Established rules were easy to follow: •

Shout out or write down every solution that comes to mind.

○Phase 3: The idea experience

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Off-the-wall ideas are welcome.

○Phase 4: Evaluation and implementation

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Criticize nothing.

○Phase 2: The incubation process

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Organize later.

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Opposite Attract.

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THINKubate.

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Trigger great ideas.

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Connect

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-creativity consultant Jordan Ayan suggests building up your CORE :CURIOSITY,OPENNESS,RISK, and ENERGY. These traits can be enhance by reading up your trade shows, browsing, and trying new things.

Types of Innovation •

Invention: the creation of a new product, service, or process-often one that novel or untried.

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Extension: the expansion of a product, services, or process already in existence.

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Duplication: the replication of an already existing product, services, or process.

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Synthesis: the combination of existing concepts and factors into a new formulation.

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Always celebrate failure.

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-Try and try again.

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Make ‘em laugh.

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Sweat it.

The Major Innovation

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Remember your wildest dreams.

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Innovation is planned and predictable. This statement is based on the old concept that innovation should be left to the research and development (R&D) department under a planned format.

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Technical specification must be thoroughly prepared. This statement comes from the engineering arena, which drafts complete plans before moving on.

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Innovation relies on dreams and blue-sky ideas. Accomplished innovators are very practical people and create from opportunities grounded in reality not day dreams.

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Big projects will develop better innovations than smaller ones. This statement has been proven false time and time again.

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Technology is the driving force of innovation success. Technology is certainly one source for innovation,

The Innovation Process •

This process begins with the analysis of the sources of new opportunities. Successful innovators use both the right and left sides of their brains. They look at figures, they look at people. They are analytically work out what the innovation has to be satisfy the opportunity. They go out and look at potential product users to study their expectations, values, and needs. Most successful innovations are simple and focused. They are directed toward a specific, clear, and carefully designed application. In the process, they create new customers and markets.

Misconceptions

of

but it is not the only one. Moreover, the customer or market is the driving force behind any innovation.

a schedule in order to plan and evaluate the project. •

Reward heroic activity. This principle applies more to those involved in seeking and motivating others to innovate. Innovate activity should be rewarded and given the proper amount of respect.

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Work, work, work. This is a simple but accurate exhortation with which to conclude the innovation principles. It takes work-not genius or mystery-to innovate successfully.

Principles of Innovation •

Be action oriented. Innovators always must be active and searching for new ideas, opportunities, or sources of innovation.

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Make the product, process, or service simple and understandable. People must readily understand how the innovation works.

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Make the product, process, or service customer-based. Innovators always must keep the customer in mind.

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Start small. Innovators should not attempt a project or development on a grandiose scale. They should begin small and then build and develop, allowing for planned growth and proper expansion in the right manner and the right time.

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Aim high. Innovators should aim high for success by seeking a niche in the marketplace.

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Try/test/revise. Innovators always should follow the rule of try, test, and revise. This helps work out any flaws in the product, process, or service.

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Learn from failures. Innovation does not guarantee success. More important, failures often give rise to innovations.

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Follow a milestone schedule. Every innovator should follow a schedule that indicates milestone accomplishments. Although the project may run ahead or behind schedule, it still is important to have...