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The role of creativity in entrepreneurship
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The role of creativity in entrepreneurship

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  • 1. Creativity in Entrepreneurship Presented by Nikhil Singh
  • 2. Foreword • Education provides the foundation for creativity, flexibility, and wealth creation in the society. • Motivation – Relating the different topics covered during this course – Application of the knowledge gained in class • Beliefs – Role of system is as vital as the individual in bringing about the successful implementation of an innovative design or idea – Creativity can be developed, sharpened, amplified, because it is a factor of nurture as well as nature
  • 3. Overview • Discussion of the various definitions of creativity and its relevance to entrepreneurship • The role of educational institutions in the success of entrepreneurial culture in US • Current endeavors taken in the developing countries to encourage entrepreneurial skills • Suggestions to encourage creativity in Entrepreneurship development programs, based on the learning of this class
  • 4. What is creativity? • Creative behaviors possessing an element of newness, novelty, and difference (Herrmann, 1996) • Creativity is an act, an idea, or product that changes an existing domain, or that transforms an existing domain into a new one, and creative person is whose thoughts or actions bring these changes. (Csikszentmihalyi)
  • 5. What is creativity? • Wallas’ description of creative thinking, suggests a model in four stages: – – – – Preparation: problem definition Incubation: resting phase, subconscious mind Illumination: idea of a solution comes to mind Verification: solutions are tested • Koestler's premise on the creative process is "bisociation."
  • 6. Creativity and Innovation • Creativity leads to innovation • “Innovation is the specific instrument of entrepreneurship. The act endows resources with a new capacity to create wealth. Innovation, indeed, creates a resource.” (Drucker) • Entrepreneurship is all about innovation • Innovation is economic or social, rather than a technical term
  • 7. Entrepreneurship • “Entrepreneurship is a way of thinking, reasoning and acting that is opportunity obsessed, holistic in approach and leadership balanced.” • Entrepreneurial qualities – commitment and determination, leadership, opportunity obsession, tolerance of risk, ambiguity and uncertainty, creativity, self-reliance and ability to adapt, and the motivation to excel, ability to use failure experience as a way of learning
  • 8. Entrepreneurship and Creativity • Creative in figuring out a way to work in a joint venture • Creativity comes in writing an amazing sales letter or visualizing the perfect logo • For practicing innovation, they need to be aware of change, and creatively use it to their advantage – The Unexpected, Incongruities, Process Need, Industry and Market Structures, Demographics. Changes in Perception, New Knowledge (Drucker)
  • 9. Entrepreneurship and Creativity • Tolerance for ambiguity is related to certain entrepreneurial styles • “Creative destruction” – procedures and destroys or reallocates amassed resources • Creative in identifying the gap in the market and think up a product
  • 10. Role of Educational Institutions • Until 1970, very few universities offered entrepreneurship courses • 1980s, entrepreneurship emerges as an important element in the dynamics of modern economics in US • In US, from a base of 16 in 1970, the number of schools offering entrepreneurship courses had grown to over 400 by 1995
  • 11. Nurturing Creativity • Several techniques to encourage creative thinking – Ask Questions, Lateral Thinking, Six Thinking Hats, Brainstorming, TRIZ etc • Technology and business incubators – – – – “complete innovation system” Provide financial, marketing and design support Generation of new creative ideas and business plans joint and cross-disciplinary learning
  • 12. Efforts in Developing Countries • Strategy of Entrepreneurship Development programs (EDPs). – Accelerate the industrial development by enlarging the supply of entrepreneurs – Industrial development of rural and less developed areas – Enlarging the small and small-medium enterprise sector – Providing productive self-employment to a number of young men and women • EDPs are functioning in India as a “School for Entrepreneurs” • Provided with the many benefits and advantages
  • 13. Efforts in Developing Countries • Diploma holders of science, engineering and technology are being identified and selected for entrepreneurial training – have technical competency needed to start the new ventures • Attainment of technological self-reliance is the immediate goal
  • 14. Recommendations • Entrepreneurship education should encourage students to challenge everything – there is no single right answer to choose – Most educated people are quite good at linear thinking – The creative person couples this depth with lateral creativity – Innovative thoughts require more than logical thinking
  • 15. Recommendations • Programs should encourage activity-based projects – increases creativity, positive attitudes toward science, perception, logic development, communication skills, and reading readiness – Provides deeper understanding about how they can work better as individuals and together as a team
  • 16. Recommendations • Teamwork should be encouraged in these programs – People who makeup teams have valuable experience of different domains – Working in teams focusing on ideas for change, encourages commitment to that process – Fun to brainstorm in teams, humor and laughter are outcomes, which spur creativity
  • 17. Recommendations • Different techniques to enhance creativity must be incorporated in the courses – awareness of the different tools available such as TRIZ and Thinker Toys – practice the proper uses of brainstorming – encouragement to use tools for coming up with new ideas • The class should be structured to have elements of surprise for the students
  • 18. Recommendations • Use of IT tools to promote creativity and thinking, should be incorporated in studies • Program should try to present familiar information in unfamiliar context – presenting information in new and innovative ways to help students look for new possibilities • Programs should be exciting and fun – humor encourage innovative thinking
  • 19. Recommendations • Business and technological incubators should be established – Constant creativity and innovation in an appropriately rich environment where novel ideas can be launched and tested • Programs should entail approaches and activities that build the self-confidence of the students – Needed most in the verification step (Wallas)
  • 20. Summary and Conclusion • Creativity plays a very significant role in Entrepreneurship • Educational institutions play a vital role in enhancing creative skills of individuals and teams • The various techniques and tools used to enhance creativity in Entrepreneurial institutes in US can be applied to enrich the entrepreneurial culture of developing nations
  • 21. Thank You Time for Questions and Comments