TOPIC 3 Developing entrepreneurial creativity and innovation In today’s business landscape, entrepreneurs are required to think of ways to produce new products, services or processes for new purposes to the customers.

In today’s business landscape, entrepreneurs are required to think of ways to produce new products, services or processes for new purposes to the customers.

MIND MAP What is creativity Process of creativity Barriers to creativity How to generate creative ideas Characteristics of creative individual What is innovation Types of innovation Sources of innovation Barriers to innovation The importance of creativity and innovation for entrepreneurs Strategies to encourage creativity and innovation

What is creativity

Process of creativity

Barriers to creativity

How to generate creative ideas

Characteristics of creative individual

What is innovation

Types of innovation

Sources of innovation

Barriers to innovation

The importance of creativity and innovation for entrepreneurs

Strategies to encourage creativity and innovation

3.1 What is creativity? “…involves the development of UNIQUE and NOVEL responses to problems and opportunities (Online Ticketing, E-Banking)

“…involves the development of UNIQUE and NOVEL responses to problems and opportunities (Online Ticketing, E-Banking)

3.2 The process of creativity Phase 1: Knowledge accumulation Phase 2: Incubation Phase 3: Ideas Phase 4: Evaluation and Implementation

Phase 1: Knowledge accumulation

Phase 2: Incubation

Phase 3: Ideas

Phase 4: Evaluation and Implementation

3.3 Barriers to creativity Personal Beliefs Fear of Criticism Over-Management Stress

Personal Beliefs

Fear of Criticism

Over-Management

Stress

3.4 How to generate creative ideas Brainstorming Forced analogy Do it Mind Mapping Nominal Group

Brainstorming

Forced analogy

Do it

Mind Mapping

Nominal Group

3.5 Characteristics of creative individuals Humble and proud at the same time Very passionate but can be objective Brave to try new things Open minded and willing to accept criticism Playfulness and discipline, or responsibility and irresponsibility High-self control Goal-directed, deliberate and considerate in decision making Willing to take calculated risk

Humble and proud at the same time

Very passionate but can be objective

Brave to try new things

Open minded and willing to accept criticism

Playfulness and discipline, or responsibility and irresponsibility

High-self control

Goal-directed, deliberate and considerate in decision making

Willing to take calculated risk

3.6 What is innovation? “… finding ways to deliver new or better goods or services.” (Kinicki and Williams, 2003)

“… finding ways to deliver new or better goods or services.” (Kinicki and Williams, 2003)

3.7 Types of innovation Invention Extension Duplication Synthesis

Invention

Extension

Duplication

Synthesis

3.8 Sources of innovation Unexpected events New-knowledge concept Changes of demographics Process needs

Unexpected events

New-knowledge concept

Changes of demographics

Process needs

3.9 Barriers to innovation Organization does not encourage innovation Insufficient sources Traditional management behavior

Organization does not encourage innovation

Insufficient sources

Traditional management behavior

3.9 Barriers to innovation (cont) Also can be derived from individual behavior Fear of trying Fear of making mistakes Improper motivation Fear of change Fear of failure Self-image block

Also can be derived from individual behavior

Fear of trying

Fear of making mistakes

Improper motivation

Fear of change

Fear of failure

Self-image block

3.10 Importance of creativity and innovation for entrepreneurs To ensure an organizational survival To explore new markets To exploit natural resources

To ensure an organizational survival

To explore new markets

To exploit natural resources

3.11 Strategies to encourage creativity and innovation Recognize your own ability Change your perception Change the organizational culture Dare to fail

Recognize your own ability

Change your perception

Change the organizational culture

Dare to fail

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