Creativity and The Business Idea (Part 1).pptx

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SEGi University & Colleges. All rights reserved.
MODULE TITLE: CREATIVITY AND THE BUSINESS IDEA
(PART 1)
TRAINING
Prepared By: Ms Harjinder Kaur D/O Balbir Singh
Prepared For: Penjana KPT Career Advancement
Programme
Date: FEBRUARY 2022

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Objectives of the programme:
At the end of the program, course participants will be able to:
 Demonstrate knowledge and understanding between entrepreneur
and entrepreneurship.
 Determine the key characteristics of becoming an entrepreneur.
 Determine the advantages and disadvantages of entrepreneurship and
future business trends in entrepreneurship.

Ice Breaking Session
• Introduce your name
• Which University you are coming from
• Graduated in which specialization
• Expectation from the program join
• Thanking note from students to Segi University
and Penjana KPT for this program joined

Brainstorm
• What does the term Entrepreneur mean?
• Can you give any examples?
• What is the difference between Entrepreneur
and Entrepreneurship?

Quotes
• The reasonable man adapts
himself to the world; the
unreasonable one persists in
trying to adapt the world to
himself. Therefore all progress
depends on the unreasonable
man.—George Bernard Shaw
• Develop success from failures.
Discouragement and failure are two of
the surest stepping stones to success.
No other element can do so much for a
man if he is willing to study them and
make capital out of them.—Dale
Carnegie

• As competition intensifies, the need
for creative thinking increases. It is no
longer enough to do the same thing
better... no longer enough to be
efficient and solve problems. Far
more is needed. Now business has to
keep up with changes... And that
requires creativity. That means
creativity both at a strategic level
and also on the front line, to
accompany the shift that competitive
business demands... from
administration to true
entrepreneurship.—Edward de Bono

• Entrepreneur: A person who
organizes and operates a business
venture and assumes much of the
associated risk.
• Entrepreneurs are innovators,
willing to take risks and generate
new ideas to create unique and
potentially profitable solutions to
modern-day problems.
• Entrepreneurship: The art or
science of innovation and risk-
taking for profit in business.
• Entrepreneurship is the
willingness to take risks and
develop, organize and manage a
business venture in a
competitive global marketplace
that is constantly evolving.
What is Entrepreneur vs Entrepreneurship ?

• Entrepreneurs are pioneers,
innovators, leaders and inventors.
• They are at the forefront of
technological and social movements
– in their fields, in their forward
thinking, in their desire to push the
mindset to be creative.
• They are dreamers and most
importantly – doers.
• Examples: Bill Gates (Computer),
Steve Jobs, Henry Ford (automobile),
Tony Fernandez (Airline)
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• Entrepreneurship is the process of designing, launching
and running a new business, which is often initially a small
business.
• Entrepreneurship is both the study of how new
businesses are created as well as the actual process of
starting a new business – the term is used
interchangeably.
• The people who create these businesses are
called entrepreneurs.
• An entrepreneur is someone who has an idea and who
works to create a product or service that people will buy,
by building an organization to support those sales.

• More than 11% of Americans run their own business.
• In an average month, Americans start approximately 465,000
new businesses.
• The past two decades have shown a heightened interest in
entrepreneurial careers.
• People choose entrepreneurship for many reasons
– Dissatisfaction with traditional work
– Their ideas fulfill customer needs

• Selecting a Business Idea
• Find something you love to do and are good at doing
• Can your idea satisfy a need in the marketplace?
• Entrepreneurs must be sure that the idea they choose
has interest in the marketplace
Business Plan

What's your view on
this following 3 points.
• Entrepreneurs Are Born Not
Made
• Entrepreneurs Are Motivated
Primarily by Money.
• Entrepreneurs Should Be Young
and Energetic.
Debate

Answers: Entrepreneurs Are Motivated Primarily by Money.
• While it is naïve to think that entrepreneurs don’t seek
financial rewards, money is rarely the reason
entrepreneurs start new firms.
• In fact, some entrepreneurs warn that the pursuit of
money can be distracting.
Entrepreneurs Should Be Young and Energetic.
• The most active age for business ownership is 35 to 45
years old.
• While it is important to be energetic, investors often
cite the strength of the entrepreneur as their most
important criteria in making investment decisions.
• What makes an entrepreneur “strong” in the eyes of
an investor is experience, maturity, a solid reputation,
and a track record of success.
• These criteria favor older rather than younger
entrepreneurs.
Entrepreneurs Are Born Not
Made
• The consensus of many
studies is that no one is
“born” to be an
entrepreneur; everyone has
the potential to become
one.
• Whether someone does or
doesn’t become an
entrepreneur, is a function
of the environment, life
experiences, and personal
choices.

Comparison Chart
Entrepreneur
• Meaning: An entrepreneur is an
individual or a team thereof, having an
innovative idea, and takes every step to
turn the idea into reality, while bearing
the risks.
• What is it?: Person who has an idea and
gives shape to it.
• Represents: An innovator, who chased
the dream, till it becomes true.
• Business venture: He/She is the one
who sets up the business venture, to
turn a concept into reality.
Entrepreneurship
• Entrepreneurship is a risky activity of
commencing a business usually a start up
company, offering distinct products and
services to the target customers, which
may or may not get success.
• Process which gives shape to the idea.
• A procedure through which an innovation
is done.
• It is the activity, which an
entrepreneur undertakes to set up the
business venture.

Starting a business
generally requires:
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• A business concept or idea involving a product,
service, process, or new technology
• People to support the work, whether as
employees, vendors, or advisors
• A process by which the product or service will be
delivered, or the technology will be developed
• Enough money to support the development of
the idea to the point that it generates revenue

Brainstorm
• Think of some qualities of becoming an
Entrepreneur ?

Characteristics of An
Entrepreneur

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Passion & Motivation
• The one word that describes the basic requirement for an
entrepreneurship venture is “Passion.”
• Is there something that you can work on over and over
again, without getting bored?
• Is there something that keeps you awake because you have
not finished it yet?
• Is there something that you have built and want to
continue to improve upon, again and again?
• Is there something that you enjoy the most and want to
continue doing for the rest of your life?

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Risk Taking
• Entrepreneurs are risk takers ready to dive deep into a future of uncertainty. But
not all risk takers are successful entrepreneurs. What differentiates a successful
entrepreneur from the rest in terms of risk?
• When evaluating risk, a successful entrepreneur will ask herself, is this risk worth
the cost of my career, time and money? And, what will I do if this venture doesn't
pay off?
Understand Your Offering – And Its Market
• Entrepreneurs know their product offering inside and out. They also know the
marketplace and its dynamics inside and out. Remaining unaware of changing
market needs, competitor moves and other external factors can bring even great
products to failure

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Self-belief, Hard work & Disciplined Dedication
• Entrepreneurs enjoy what they do.
• They believe in themselves and are confident and
dedicated to their project.
• Occasionally, they may show stubbornness in their
intense focus on and faith in their idea. But the flip side
is their demonstrated discipline and dedication.

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Networking Abilities
• How do you tap your network for solutions?
• What do successful entrepreneurs do? They reach out to
mentors with more experience and extensive networks
to seek valuable advice.
• Having such networking abilities, including more
experienced mentors, is a key characteristics of
successful entrepreneurs.

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Resourcefulness
A vital ability for an entrepreneur is knowing how to make the most of
what you have. Your assets as an entrepreneur will be limited, so use
them to the fullest. Tapping into a network is key.
Planning (But not Over-planning)
Entrepreneurship is about building a business from scratch while
managing limited resources (including time, money and personal
relationships). It is a long-term commitment, and attempting to plan as
much as possible at the beginning is a noble impulse. (self sacrificing
desire/wish

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Adaptability & Flexibility
• It’s good to be passionate or even stubborn about what you do.
But being inflexible about client or market needs will lead to
failure.
• Remember, an entrepreneurial venture is not simply about doing
what you believe is good, but also making successful business out
of it.
• Market needs are dynamic: changes are a recurring
phenomenon. Successful entrepreneurs welcome all suggestions
for optimization or customization that enhances their offering
and satisfies client and market needs.
• A product you develop for yourself alone may qualify as a hobby,
but a product for the market should satisfy market needs.

Think of top 5 advantages and top 5
disadvantages of being an Entrepreneur?
Brainstorm

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Advantages of Entrepreneurship

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Disadvantages of Entrepreneurship

Entrepreneurship
Trends
• New technologies, evolving customer
demands, societal shifts, and the COVID-19
pandemic are rapidly changing the business
landscape.
• However, to reap the benefits that these
changes have to offer, you must keep yourself
up-to-date on the emerging entrepreneurship
trends.
• https://financesonline.com/entrepreneurship-
trends/

Brainstorm
Identify today’s broad trends in the field of
entrepreneurship.
Can you think of additional trends

Trends of the Next Decade
https://investedwallet.com/best-gig-economy-jobs/
The Best Gig Economy Jobs That Will Help You Bank More
Money

Cross Word
Puzzle
Challenge
Activity

Conclusion
• With the above discussion, it might be clear that that
entrepreneur is just a person with a billion dollar idea, who
has the ability and willingness to give shape to that idea, by
going through the entrepreneurship process.
• An entrepreneur is known for their decisions, which decides
the destiny of the enterprise.
• Great business ideas are all around us. Its important for us in
opening our eyes to trends that will effect the future business
environment.

Creativity and The Business Idea (Part 1).pptx

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