This document discusses developing entrepreneurial creativity and innovation. It defines creativity as unique and novel responses to problems and opportunities. The process of creativity involves knowledge accumulation, incubation, generating ideas, and evaluation/implementation. Barriers to creativity include personal beliefs, fear of criticism, and stress. Innovation is finding new or better goods/services, and types include invention, extension, duplication, and synthesis. Sources of innovation come from unexpected events, new knowledge, demographic changes, and process needs. Barriers to innovation exist at both the organizational and individual level. Creativity and innovation are important for entrepreneurs to ensure survival, explore new markets, and exploit resources. Strategies to encourage them include recognizing ability, changing perceptions, changing culture, and

1. 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.

2. 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

3. 3.1 What is creativity? “…involves the development of UNIQUE and NOVEL responses to problems and opportunities (Online Ticketing, E-Banking)

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

5. 3.3 Barriers to creativity Personal Beliefs Fear of Criticism Over-Management Stress

6. 3.4 How to generate creative ideas Brainstorming Forced analogy Do it Mind Mapping Nominal Group

7. 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

8. 3.6 What is innovation? “… finding ways to deliver new or better goods or services.” (Kinicki and Williams, 2003)

9. 3.7 Types of innovation Invention Extension Duplication Synthesis

10. 3.8 Sources of innovation Unexpected events New-knowledge concept Changes of demographics Process needs

11. 3.9 Barriers to innovation Organization does not encourage innovation Insufficient sources Traditional management behavior

12. 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

13. 3.10 Importance of creativity and innovation for entrepreneurs To ensure an organizational survival To explore new markets To exploit natural resources

14. 3.11 Strategies to encourage creativity and innovation Recognize your own ability Change your perception Change the organizational culture Dare to fail

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