Creativity & business idea

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  • 1. Course Instructor: Rahim Bux Soomro Lecturer Department of Business Administration Shah Abdul Latif UniversityEntrepreneurship Chp. 02 Course Instructor: R B Soomro 02/05/11 1
  • 2. To introduce effectuation as a way that expert entrepreneurs think. To develop notion that entrepreneurs learn to be cognitively adaptable Entrepreneurs experience failure and their ability to learn from failure. Difference b/t entrepreneurially and traditional managed firms. Some scales for reflecting entrepreneurial thinking.Entrepreneurship Chp. 02 Course Instructor: R B Soomro 02/05/11 2
  • 3. Creativity & Innovation• Creativity is the ability to develop new ideas and to discover new ways of looking at problems & opportunities• Innovation is the ability to apply creative solutions to those problems & opportunities to enhance or to enrich people’s lives.• Creativity is thinking new things & innovation is doing new things Entrepreneurship Chp. 02 Course Instructor: R B Soomro 02/05/11 3
  • 4. Creativity & Innovation• Entrepreneurs succeed by thinking and doing new things or old things in new way• Having a great new idea is not enough; transforming the idea into a tangible product, service or business venture is the essential next step• Leadership expert Warren Bennis says. “ today’s successful companies live and die according to the quality of their ideas” Entrepreneurship Chp. 02 Course Instructor: R B Soomro 02/05/11 4
  • 5. Creativity & Innovation• Creativity involves generating something from nothing• Creative ideas springs up from the most unexpected places.• Millions of people come up with creative ideas for new or different products & services; most of them, however, never do anything with them Edwin Land, one of America’s most creative inventors, credits his three year old daughter with the idea of the Polaroid instant cameraEntrepreneurship Chp. 02 Course Instructor: R B Soomro 02/05/11 5
  • 6. Sources of New Ideas Govt. RegulationEntrepreneurship Chp. 02 Course Instructor: R B Soomro 02/05/11 6
  • 7. Methods of Generating New Ideas Focus groups• Number of group members from 6-12.• Moderator focuses discussion of the group in a directive or nondirective manner.• Co. women’s slipper-concept of “warm & comfortable slipper that’s fits and old shoe” – 12 women focus group• An excellent method for initially screening ideas and concepts. Entrepreneurship Chp. 02 Course Instructor: R B Soomro 02/05/11 7
  • 8. Methods of Generating New Ideas Brainstorming • A Group method for obtaining new ideas & solutions. 4 Rules should be followed•No criticism is allowed by anyone in the group.•Freewheeling is encouraged-wilder the idea the better•Quantity of ideas is desired- greater the no. of ideas thegreater the likelihood of the emergence of useful ideas•Combinations and improvements of ideas are encouraged-ideas of others can be used to produce still another new idea Example: Bank to develop journal for industrial client Entrepreneurship Chp. 02 Course Instructor: R B Soomro 02/05/11 8
  • 9. Methods of Generating New IdeasFocus group and brainstorming isdifferent in the sense that FG isstructured or moderated...while BS isnot a debate or discussion like that....itspeople giving lots of ideas withoutcriticism allowedEntrepreneurship Chp. 02 Course Instructor: R B Soomro 02/05/11 9
  • 10. Methods of Generating New IdeasProblem inventory analysis•Instead of generating new ideas themselves consumersprovided with list of problems in general product category•Then asked to identify & discuss products in thiscategory that have particular problem.•Can be used to test a new product idea.•Effective method since its easier to relate known productsto suggested problems & arrive at a new product idea thanto generate an entirely new product idea by itself. Entrepreneurship Chp. 02 Course Instructor: R B Soomro 02/05/11 10
  • 11. Methods of Generating New Ideas• Results must be carefully evaluated as they may not actually reflect a new business opportunity.• Consumers associates particular problems with specific products & then develop a new product that do not contain the identified fault Entrepreneurship Chp. 02 Course Instructor: R B Soomro 02/05/11 11
  • 12. Methods of Generating New Ideas Table 5.1 143Entrepreneurship Chp. 02 Course Instructor: R B Soomro 02/05/11 12
  • 13. Creative Problem SolvingEntrepreneurship Chp. 02 Course Instructor: R B Soomro 02/05/11 13
  • 14. Creative Problem Solving• Creativity tends to decline with: Age, education, lack of use, and bureaucracy. Entrepreneurship Chp. 02 Course Instructor: R B Soomro 02/05/11 14
  • 15. Creative Problem SolvingEntrepreneurship Chp. 02 Course Instructor: R B Soomro 02/05/11 15
  • 16. Creative Problem Solving Brainstorming•Used in creative problem solving and idea generation.•Creative problem solving: a method for obtaining newideas•Spontaneous contribution of participants•Problem statement-neither too broad nor too narrow•Avoid hindering responses•NO group member should be expert in field of problem•Ideas even if illogical, must be recorded•Prohibit criticizing OR evaluating during BS session Entrepreneurship Chp. 02 Course Instructor: R B Soomro 02/05/11 16
  • 17. Creative Problem Solving My Favorite Book My favorite book… I don’t know where to start. I read so many booksthat are interesting that it’s hard to choose just one. I guess I couldstart by talking about the kinds of books I really like. I like biographiesand autobiographies the best. I really enjoy reading about anotherperson’s life. One of my favorite books is called Roots by Alex Haley.How the author was able to trace his family history all the way back toAfrica was amazing! Another book I really enjoyed was Carl Sandburg’sbiography of Abraham Lincoln. What an incredible president! There arealso some very interesting books about leaders like Napoleon, Churchill,and Stalin. Well, I guess that gives me a few ideas about where I canstart on my topic. Entrepreneurship Chp. 02 Course Instructor: R B Soomro 02/05/11 17
  • 18. Creative Problem Solving Reverse brainstorming• A group method for obtaining new ideas focusing on the negative.• Finding fault by asking questions “in how many possible ways can the idea flop”• Maintain group morale• Stimulate innovative thinking.• Often involves identification of everything wrong with an idea- followed by discussion how to overcome these problems. Entrepreneurship Chp. 02 Course Instructor: R B Soomro 02/05/11 18
  • 19. Creative Problem Solving Brain-writing• Form of written brainstorming.• It is a silent, written generation of ideas by a group of people.• This sheet can b passed around on e-mail as well• Pass the sheet around – reach its owner• The only thing wrong with it is that there is no excitement of verbal discussion Entrepreneurship Chp. 02 Course Instructor: R B Soomro 02/05/11 19
  • 20. Creative Problem SolvingEntrepreneurship Chp. 02 Course Instructor: R B Soomro 02/05/11 20
  • 21. Creative Problem Solving Gordon method•Method for developing new ideas when theindividuals are unaware of the problem.•u don’t give away too much detail about theproblem•headline would be “i wish there wassomething v cud do about the bad colors inmy TV screen” Or Latest trends in fashionworld” Entrepreneurship Chp. 02 Course Instructor: R B Soomro 02/05/11 21
  • 22. Creative Problem Solving Checklist method•Developing a new idea through a list of related issues. 146 page no Entrepreneurship Chp. 02 Course Instructor: R B Soomro 02/05/11 22
  • 23. Creative Problem Solving• Free Association.• Forced Relationship.• Collective Notebook Method.• Attribute Listing.• Big-Dream Approach.• Parameter Analysis. Entrepreneurship Chp. 02 Course Instructor: R B Soomro 02/05/11 23
  • 24. Product Plan. & Develop. ProcessEstablishing Evaluation Criteria• Criteria for evaluation need to be established at each stage of the product planning and development process. Criteria should be:•All inclusive and quantitative to screen theproduct carefully. Entrepreneurship Chp. 02 Course Instructor: R B Soomro 02/05/11 24
  • 25. Product Plan. & Develop. Process Criteria should be:•All inclusive and quantitative to screen the productcarefully. Established to evaluate the new idea in terms of: •Market opportunity •Competition •Marketing system •Financial factors •Production factors. Entrepreneurship Chp. 02 Course Instructor: R B Soomro 02/05/11 25
  • 26. Market opportunity•Need for the product idea must exist•Characteristics & attitudes of consumers that might buy theproduct, size & nature of market•Share of that market that product could capture Competition• competing producers, prices, & marketing policies should be evaluated•Product should be able to compete successfully with products alreadyon the market by having features that will meet or overcome current oranticipated competition Entrepreneurship Chp. 02 Course Instructor: R B Soomro 02/05/11 26
  • 27. QuestionsEntrepreneurship Chp. 02 Course Instructor: R B Soomro 02/05/11 27