Inside the Entrepreneurial Mind: From Ideas to Reality

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Inside the entrepreneurial mind: from ideas to reality

Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.
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Albert Einstein

Creativity is the power to connect the seemingly unconnected.

- William Plomer

Logic can take you from A to B, imagination can take you anywhere
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A conservative is a man who believes

Inside the entrepreneurial mind: from ideas to reality

Entrepreneurs ideas have transformed the world

Penicilli n
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WD40

Creativity, Innovation and Entrepreneurship

Small firms produce more economically and technically important innovations than larger firms What is the entrepreneurial secret for creating value in marketplace? Applying creativity and innovation to solve problems and to exploit opportunities that people face 7/5/12 everyday.

Creativity, Innovation and Entrepreneurship

Creativity Ability to develop new ideas and to discover new ways of looking at problems and Thinking new opportunities things Innovation ability to apply creative solutions to problems and new things Doing opportunities to enhance and Markus Freitag Waterproof messenger enrich peoples lives.
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Creativity, Innovation and Entrepreneurship

Simply having a great new idea is not enough; transforming the idea into a tangible product, service, or business venture is the essential next step. Creativity and Innovation consists of: SEEINGwhat everyone else has seen, THINKING what no one else has thought, and DOINGwhat no one else has dared!

Creativity and Innovation

Competitive World

Survival and Success Automake r to tea growers

Trial and lots of 7/5/12 error

Creativity, Innovation and Entrepreneurship

More important for small companies Small companies cannot OUTSPEND but OUTCREATE and OUTINNOVATE larger companies Creative ideas
Polaroid Instant springs up from Camera

most

unexpected places

3Bs

Entrepreneurship Disciplined and Systematic process of applying creativity and Innovation to needs of 7/5/12

Creativity, Innovation and Entrepreneurship

Out of 3000 ideas 4 to development stage -2 to market - 1 succeeds and 1 fails

You should be BOLD enough to try new ideas FLEXIBLE enough to throw that Lion & didnt work Gazelle

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Creativity A necessity for survival

History is not always a predictor of Toyota Economic the future in business

The richest people lost 27% of their wealth

recession of Lehman 2008

Brothers and GM went bankrupt

Look at the world in a way

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Frank Marshal different, -Chess l new

Creative Exercises

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Creative Thinking

Can Creativity be taught? Left and Right Hemisphere

Left Brain: Logical Systematic Linear Vertical thinking Language Logic Symbols 7/5/12

Right Brain: Kaleidoscopic Lateral thinking Emotional Intuitive

Creative Thinking

Right-brained people tend to: Always ask the question Is there a better way? Challenge custom, routine and tradition Be reflective, often staring out windows, deep in thought Be prolific thinkers Play mental games, trying to see an
Stanford Ovshinsky Solar powered rechargeable batteries, rewritable CDs DVDs

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Barriers to Creativity

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Barriers to Creativity

Searching for one right answer 2600 tests, Jackson Ville- Super Bowl game Focusing on being logical- think different Blindly following the rules- QWERTYUIOP keyboard, Not to color outside the lines Constantly being Practical What if questions, Thomas Edison Viewing play as frivolous Kite flying, Cricket, NonBanquet Becoming overly specialized Roll-On Deodorant
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Avoiding ambiguity

How to enhance Creativity

Enhancing Organizational Creativity

Enhancing Individual Creativity

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Enhancing Organizational Creativity

Shortened Product lifecycles Include Creativity as a Core Company Value Embracing Diversity Expecting Creativity Encouraging Curiosity Expecting and Tolerating failure
Brainstormin g boards Suggestion Schemes

1.

2. 3. 4. 5. 6.

Viewing problems as challenges 7/5/12

Enhancing Personal Creativity

Allow yourself to be creative Give your mind fresh input everyday Observe the products and services of other companies, especially those in completely different markets Recognize the creative power of mistakes Keep a journal handy to record your thoughts and ideas 7/5/12

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The Creative Process

Process??? Doesnt Idea come in just a CLICK?

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The Creative Process

Preparation
Education, Training, Experience Never ending education; lifelong students Nature/ World is the best teacher Observation skills Read! Read!! And Read!!! ..a lot! Clip articles of interest Travel Listening Skills
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The Creative Process

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Investigation Understand problem Market trend Past history

Korean Shoes
Men in Black

Krish

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The Creative Process

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Transformation Convergent and Divergent thinking Incubation

May take anywhere from 5 minutes to 5 years Work on problem in different environment It looks as though nothing is happening You wont get different search results by googling the same thing many times

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Illumination

The Creative Process

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Verification Simulation Prototype Test marketing If a picture is worth 1000 words a prototype is worth 10000 Implementation Ready aim fire 7/5/12

Techniques for improving the creative process

Brainstorming
A creative process in which a small group of people interact with very little structure with a goal of producing large quantity of novel ideas.

- Moderator and note keeper

Mind-Mapping

Extension of brainstorming which reflects the way brain actually works

TRIZ

- More systematic than brainstorming and mind-mapping to help solve any technical problem 7/5/12

Protecting Your Ideas

Patents
A grant to the creator to use, sell for 20 years A patent does not give one the right to make, sell or use an invention; it prevents others from making, using or selling it.

Copyrights

- Protects the creators of original works of authorship such as literary, dramatic, musical, and artistic works and software

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Trademarks

Creativity seems fun??

Heres what you can do:

Get an individual business idea. Elaborate your idea to explain the general concept about it. Submission deadline: March 1, 2011

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