ENTREPRENEURSHIP
CHAPTER 2:
Inside the Entrepreneurial
Mind: From Ideas to Reality
Zimmerer, T. W and Scarborough, N.
M. Essentials of Entrepreneurship
and Small Business Management
(3rd ed.) Prentice Hall © 2002.
Creativity and Innovation
Creativity – the ability to develop new 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
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:
Four make it to the development stage.
Two are actually launched.
One becomes a success in the market.
On average, new products account for 40% of companies’
sales!!
Can We Learn to Be Creative?
Yes!!
By overcoming paradigms and by suspending
conventional thinking long enough to consider new
and different alternatives!
Right-Brained, Creative Thinkers
Always ask, “Is there a better way?”
Challenge custom, routine, and tradition.
Are reflective.
Play mental games.
Right-Brained, Creative Thinkers
Realize that there may be more than one “right” answer.
See mistakes as pit stops on the way to success.
Relate seemingly unrelated ideas to a problem.
Have “helicopter skills.”
Left-Brained or Right-Brained?
Entrepreneurship requires both left-and right-brained
thinking.
Right-brained thinking draws on divergent reasoning, the ability
to create a multitude of original, diverse ideas.
Left-brained thinking counts on convergent reasoning, the
ability to evaluate multiple ideas and to choose the the best
solution to a problem.
Barriers to Creativity
Searching for the one “right” answer
Focusing on “being logical”
Blindly following the rules
Constantly being practical
Viewing play as frivolous
Barriers to Creativity
Becoming overly specialized
Avoiding ambiguity
Fearing looking foolish
Fearing mistakes and failure
Believing that “I’m not creative”
Tips for Enhancing Organizational
Creativity
Expecting creativity
Expecting and tolerating failure
Encouraging creativity
Viewing problems as challenges
Providing creativity training
Providing support
Rewarding creativity
Modeling creative behavior
Tips for Enhancing Individual
Creativity
Allow yourself to be creative
Give your mind fresh input every day
Keep a journal handy to record your thoughts and ideas
Read books on stimulating creativity
Take some time off
The Creative Process
Preparation Investigation Transformation
Incubation Illumination Verification
Implementation
The Creative Process
Preparation Investigation Transformation
Incubation Illumination Verification
Implementation
The Creative Process
Preparation Investigation Transformation
Incubation Illumination Verification
Implementation
The Creative Process
Preparation Investigation Transformation
Incubation Illumination Verification
Implementation
The Creative Process
Preparation Investigation Transformation
Incubation Illumination Verification
Implementation
The Creative Process
Preparation Investigation Transformation
Incubation Illumination Verification
Implementation
The Creative Process
Preparation Investigation Transformation
Incubation Illumination Verification
Implementation
The Creative Process
Preparation Investigation Transformation
Incubation Illumination Verification
Implementation
Techniques for Improving the
Creative Process
Brainstorming
Goal is to 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 lead to design improvements.
Protecting Your Ideas
Patent – a grant from the Patent and Trademark Office to the
inventor of product, giving the exclusive right to make, use,
or sell the invention for 20 years from the date of filing the
patent application.
The Steps to a Patent
Prosecute the patent application
Submit the patent application
Study search results
Search existing patents
Document the device
Establish the invention’s novelty
Protecting Your Ideas
Trademark – any distinctive word, symbol, design, name,
logo, slogan, or trade dress a company uses to identify the
origin of a product or to distinguish it from other goods on the
market.
Servicemark – the same as a trademark except that it
identifies the source of a service rather than a product.
Protecting Your Ideas
Copyright – an exclusive right that protects the creators of
original works of authorship such as literary, dramatic,
musical, and artistic works.
Copyrighted material is denoted by the symbol ©.
