Friday, January 09, 2009

Inside the Entrepreneurial Mind : From Ideas to Reality

Creativity and Innovation
• Creativity – the ability to develop ideas and to discover new ways of looking at problems and opportunities.
• Innovation – the ability to apply creative solutions to problems or opportunities to enhance or to enrich people’s lives.


Entrepreneurship
The result of a disciplined, systematic process of applying creativity and innovation to the needs and opportunities in the marketplace.

Entrepreneurs connect their creative ideas with the purposeful action and structure of a business.


Failure: Just Part of the Creative Process
• For every 3,000 new product ideas:
o Four make it to the development stage.
o Two are actually launched.
o One becomes a success in the market.
• On average, new products account for 40% of companies’ sales!!


Can we learn to become Creative?
YES !!!!!!!!

By overcoming paradigms and by suspending conventional thinking long enough to consider new and different alternatives!


Right – Brained , Creative Thinkers
o Always ask, “Is there a better way?”
o Challenge custom, routine and tradition.
o Are reflective.
o Play mental games.
o Realize that there may be more than one “right” answer.
o See mistakes as pit stops on the way to success.
o Relate seemingly unrelated ideas to a problem.
o Have “helicopter skills.”


Left – Brained or Right – Brained ?
Entrepreneurship requires both left- and right – brained thinking.
o Right – brained thinking draws on divergent reasoning, the ability to create a multitude of original, diverse ideas.
o Left – brained thinking counts on convergent reasoning, the ability to evaluate multiple ideas and to choose the best solution to a problem.


Barriers to Creativity
o Searching for the “right” answer
o Focusing on “being logical”
o Blindly following the rules
o Constantly being practical
o Viewing play as frivolous
o Becoming overly specialized
o Avoiding ambiguity
o Fearing looking foolish
o Fearing mistakes and failure
o Believing that “I’m not creative.”


Tips fro Enhancing Organizational Creativity
o Expecting creativity
o Expecting and tolerating failure
o Encouraging creativity
o Viewing problems as challenges
o Providing creativity training
o Providing support
o Rewarding creativity
o Modeling creative behaviour


Tips for Enhancing Individual Creativity
o Allow yourself to be creative
o Give your mind fresh input every day
o Keep a journal handy to record your thoughts and ideas
o Read books on stimulating creativity
o Take some time off


The Creative Process
Preparation > Investigation > Transformation > Incubation > Illumination > Verification > Implementation

Brainstorming
Goal is create a large quantity of novel and imaginative ideas.

Mind-mapping
A graphical technique that encourages thinking on both sides of the brain, visually displays relationships among ideas and improves the ability to see a problem from many sides.

Rapid prototyping
Transforming an idea into an actual model that will point out flaws and elad to design improvements.


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