Podcast
Questions and Answers
Which technique involves anthropological research where employees spend a day with a customer?
Which technique involves anthropological research where employees spend a day with a customer?
What is the purpose of setting up customer advisory boards in some companies?
What is the purpose of setting up customer advisory boards in some companies?
What is one way to encourage, collect, and evaluate ideas in a firm?
What is one way to encourage, collect, and evaluate ideas in a firm?
Why should creativity be encouraged at the organizational and individual supervisory level?
Why should creativity be encouraged at the organizational and individual supervisory level?
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Which personal characteristics tend to make some people better at recognizing opportunities?
Which personal characteristics tend to make some people better at recognizing opportunities?
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What is a physical or digital repository for storing ideas called?
What is a physical or digital repository for storing ideas called?
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How can firms meet the challenge of encouraging and evaluating ideas?
How can firms meet the challenge of encouraging and evaluating ideas?
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Which technique involves setting up alerts for constant streams of articles and news releases about a specific topic?
Which technique involves setting up alerts for constant streams of articles and news releases about a specific topic?
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Which technique involves discussing needs, wants, and problems with customers?
Which technique involves discussing needs, wants, and problems with customers?
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What is the raw material that goes into innovation?
What is the raw material that goes into innovation?
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Study Notes
The Creative Process
- Entrepreneurs may recognize potential opportunities but may feel that more knowledge and thought is required before pursuing them
- Evaluation is a critical stage in the creative process, where an idea is scrutinized and analyzed for its viability
- Skipping this stage can lead to implementing an idea that may not be viable
Stages of the Creative Process
- Evaluation: analyzing an idea for its viability
- Elaboration: putting a creative idea into a final form, working out details, and transforming it into a new product, service, or business concept
Techniques for Generating Ideas
- Brainstorming: a technique to generate a large number of ideas and solutions quickly, with rules including no criticism, freewheeling, and leap-frogging
- Focus Groups: a technique to gather ideas and opinions from a group of people
- Library and Internet Research: a technique to gather information and ideas through research
Opportunity Recognition
- Identifying opportunities involves recognizing emerging trends and personal characteristics of the entrepreneur
- Three approaches to identifying opportunities: solving a problem, finding gaps in the marketplace, and recognizing emerging trends
Solving a Problem
- Identifying opportunities involves solving a problem, often through observing trends, intuition, serendipity, or change
- Examples of companies started by solving a problem, such as finding alternatives to fossil fuels
Finding Gaps in the Marketplace
- Finding gaps in the marketplace involves identifying products or services needed by a specific group of people but not represented by mainstream retailers or manufacturers
- Examples of product gaps in the marketplace, such as guitars made specifically for females
Encouraging New Ideas
- Establishing a focal point for ideas, such as designating a specific person to screen and track ideas
- Establishing an idea bank or vault, a physical or digital repository for storing ideas
- Encouraging creativity at the organizational and individual supervisory level
Personal Characteristics of the Entrepreneur
- Characteristics that make some people better at recognizing opportunities than others include prior experience, cognitive factors, social networks, and creativity
- Prior industry experience helps an entrepreneur recognize business opportunities
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Description
Test your knowledge on the evaluation stage of the creative process. Learn about the importance of scrutinizing and analyzing ideas for viability before implementation. Discover common mistakes entrepreneurs make by skipping this crucial step.
