Topic 3 Developing Entrepreneurial Creativity And Innovation

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Topic 3 Developing Entrepreneurial Creativity And Innovation

  1. 1. TOPIC 3 Developing entrepreneurial creativity and innovation <ul><li>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. </li></ul>
  2. 2. MIND MAP <ul><li>What is creativity </li></ul><ul><li>Process of creativity </li></ul><ul><li>Barriers to creativity </li></ul><ul><li>How to generate creative ideas </li></ul><ul><li>Characteristics of creative individual </li></ul><ul><li>What is innovation </li></ul><ul><li>Types of innovation </li></ul><ul><li>Sources of innovation </li></ul><ul><li>Barriers to innovation </li></ul><ul><li>The importance of creativity and innovation for entrepreneurs </li></ul><ul><li>Strategies to encourage creativity and innovation </li></ul>
  3. 3. 3.1 What is creativity? <ul><li>“…involves the development of UNIQUE and NOVEL responses to problems and opportunities (Online Ticketing, E-Banking) </li></ul>
  4. 4. 3.2 The process of creativity <ul><li>Phase 1: Knowledge accumulation </li></ul><ul><li>Phase 2: Incubation </li></ul><ul><li>Phase 3: Ideas </li></ul><ul><li>Phase 4: Evaluation and Implementation </li></ul>
  5. 5. 3.3 Barriers to creativity <ul><li>Personal Beliefs </li></ul><ul><li>Fear of Criticism </li></ul><ul><li>Over-Management </li></ul><ul><li>Stress </li></ul>
  6. 6. 3.4 How to generate creative ideas <ul><li>Brainstorming </li></ul><ul><li>Forced analogy </li></ul><ul><li>Do it </li></ul><ul><li>Mind Mapping </li></ul><ul><li>Nominal Group </li></ul>
  7. 7. 3.5 Characteristics of creative individuals <ul><li>Humble and proud at the same time </li></ul><ul><li>Very passionate but can be objective </li></ul><ul><li>Brave to try new things </li></ul><ul><li>Open minded and willing to accept criticism </li></ul><ul><li>Playfulness and discipline, or responsibility and irresponsibility </li></ul><ul><li>High-self control </li></ul><ul><li>Goal-directed, deliberate and considerate in decision making </li></ul><ul><li>Willing to take calculated risk </li></ul>
  8. 8. 3.6 What is innovation? <ul><li>“… finding ways to deliver new or better goods or services.” (Kinicki and Williams, 2003) </li></ul>
  9. 9. 3.7 Types of innovation <ul><li>Invention </li></ul><ul><li>Extension </li></ul><ul><li>Duplication </li></ul><ul><li>Synthesis </li></ul>
  10. 10. 3.8 Sources of innovation <ul><li>Unexpected events </li></ul><ul><li>New-knowledge concept </li></ul><ul><li>Changes of demographics </li></ul><ul><li>Process needs </li></ul>
  11. 11. 3.9 Barriers to innovation <ul><li>Organization does not encourage innovation </li></ul><ul><li>Insufficient sources </li></ul><ul><li>Traditional management behavior </li></ul>
  12. 12. 3.9 Barriers to innovation (cont) <ul><li>Also can be derived from individual behavior </li></ul><ul><ul><li>Fear of trying </li></ul></ul><ul><ul><li>Fear of making mistakes </li></ul></ul><ul><ul><li>Improper motivation </li></ul></ul><ul><ul><li>Fear of change </li></ul></ul><ul><ul><li>Fear of failure </li></ul></ul><ul><ul><li>Self-image block </li></ul></ul>
  13. 13. 3.10 Importance of creativity and innovation for entrepreneurs <ul><li>To ensure an organizational survival </li></ul><ul><li>To explore new markets </li></ul><ul><li>To exploit natural resources </li></ul>
  14. 14. 3.11 Strategies to encourage creativity and innovation <ul><li>Recognize your own ability </li></ul><ul><li>Change your perception </li></ul><ul><li>Change the organizational culture </li></ul><ul><li>Dare to fail </li></ul>
  15. 15. THE END

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