Creativity in Entrepreneurship
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Questions and Answers

What is creativity defined as?

  • The tendency to generate or recognize ideas, alternatives, or possibilities (correct)
  • The ability to solve problems
  • The ability to recognize new ideas
  • The ability to generate new ideas

    • Creativity is only an attitude and not a skill that can be improved with practice.

    False

    What are the three reasons why people are motivated to be creative?

    Need for novel, varied, and complex stimulation, need to communicate ideas and values, and need to solve problems

    The creative process involves assembling ideas by recombining elements already known but wrongly assumed to be __________________________.

    <p>unrelated</p> Signup and view all the answers

    Match the following characteristics of creative thinking with their descriptions:

    <p>Flexibility = The ability to adjust to new situations Tolerance of ambiguity = The ability to accept unknown outcomes Enjoyment of things heretofore unknown = The ability to appreciate new experiences</p> Signup and view all the answers

    What is the outcome of the creative process?

    <p>New ideas with potential value</p> Signup and view all the answers

    Tests of creativity only measure the number of alternatives that people can generate.

    <p>False</p> Signup and view all the answers

    What is the development of ideas about products, practices, services, or procedures that are novel and potentially useful to the organization?

    <p>Creativity</p> Signup and view all the answers

    What is the definition of risk?

    <p>Measurable statistically</p> Signup and view all the answers

    What is the second stage of the creative process?

    <p>Immersion</p> Signup and view all the answers

    Entrepreneurship is the same as innovation.

    <p>False</p> Signup and view all the answers

    What is the main difference between creativity and innovation?

    <p>Creativity is thinking new things, and innovation is doing new things.</p> Signup and view all the answers

    Innovation is the generation of new ideas.

    <p>False</p> Signup and view all the answers

    What is the term for the problem-conquering solution that flashes into a person's mind at an unexpected time?

    <p>Insight or Aha! moment</p> Signup and view all the answers

    Entrepreneurship is the result of a disciplined, systematic process of applying ____________ and ____________ to needs and opportunities in the marketplace.

    <p>creativity and innovation</p> Signup and view all the answers

    What do researchers believe is the key to entrepreneurs' success?

    <p>Thinking and doing new things or old things in new ways</p> Signup and view all the answers

    The barrier to creativity that involves being overly cautious and avoiding risks is called _______.

    <p>Fearing looking foolish</p> Signup and view all the answers

    Match the following concepts with their definitions:

    <p>Risk = Measurable statistically Ambiguity = Hard to measure statistically True Uncertainty = Impossible to estimate or predict statistically</p> Signup and view all the answers

    Match the following personality traits with their descriptions:

    <p>Persistence = Having the ability to continue despite obstacles Independence = Having the ability to think for oneself Intuitiveness = Having the ability to make quick decisions based on instinct Tolerance of ambiguity = Having the ability to accept uncertainty</p> Signup and view all the answers

    Entrepreneurship is the same as creativity.

    <p>False</p> Signup and view all the answers

    Creativity is the same as innovation.

    <p>False</p> Signup and view all the answers

    What is the stage of the creative process where the individual sets out to prove that the creative solution has merit?

    <p>Verification and Application</p> Signup and view all the answers

    What is the role of entrepreneurs in the marketplace?

    <p>They marry their creative ideas with the purposeful action and structure of a business.</p> Signup and view all the answers

    What is the term for the process of intentional change made to create value by meeting opportunity and seeking advantage?

    <p>Innovation</p> Signup and view all the answers

    What is the primary purpose of entrepreneurship in terms of value creation?

    <p>To create value in our economy, society, and/or individual lives</p> Signup and view all the answers

    Innovation is a predictable and planned process.

    <p>False</p> Signup and view all the answers

    What is the definition of synthesis in terms of innovation?

    <p>A combination of more than one existing products or services into a new product or service.</p> Signup and view all the answers

    The process of entrepreneurship involves identifying opportunities and turning them into ___________ insights.

    <p>marketable</p> Signup and view all the answers

    Match the following types of innovation with their descriptions:

    <p>Invention = Creation of a new product, service or process Extension = Expansion of an existing product, service or process Duplication = Copying an existing product or service and adding a creative touch Synthesis = Combination of more than one existing products or services</p> Signup and view all the answers

    What is the fourth stage of the innovation process?

    <p>Commercial application</p> Signup and view all the answers

    Creativity in entrepreneurship relies on dreams and blue-sky ideas.

    <p>False</p> Signup and view all the answers

    What is the primary focus of the entrepreneurial process?

    <p>Value creation in our economy, society, and/or individual lives</p> Signup and view all the answers

    What is the origin of the word "entrepreneur"?

    <p>French</p> Signup and view all the answers

    According to Richard Cantillon, entrepreneurs earn fixed incomes.

    <p>False</p> Signup and view all the answers

    What is the primary characteristic of an entrepreneur according to David McClelland?

    <p>A person with a high need for achievement (N-Ach).</p> Signup and view all the answers

    An entrepreneur searches for ______________ and exploits opportunities according to Peter Drucker.

    <p>change</p> Signup and view all the answers

    Match the following definitions of entrepreneurship with their respective authors:

    <p>Entrepreneurs are non-fixed income earners = Richard Cantillon An entrepreneur is an economic agent who unites all means of production = Jean-Baptiste Say An entrepreneur is a person with a high need for achievement = David McClelland An entrepreneur searches for change and exploits opportunities = Peter Drucker</p> Signup and view all the answers

    What is the term used by Schumpeter to describe the process of innovation in entrepreneurship?

    <p>The gale of creative destruction</p> Signup and view all the answers

    According to Frank H. Knight, entrepreneurship is about playing it safe.

    <p>False</p> Signup and view all the answers

    What is the primary role of an entrepreneur according to Jean-Baptiste Say?

    <p>To unite all means of production and produce a product.</p> Signup and view all the answers

    Study Notes

    Creativity and Innovation in Entrepreneurship

    What is Creativity?

    • Creativity is the ability to generate or recognize ideas, alternatives, or possibilities that may be useful in solving problems, communicating with others, and entertaining ourselves and others
    • It is a process of assembling ideas by recombining elements already known but wrongly assumed to be unrelated to each other
    • Creativity results in ideas that have potential value
    • Three reasons why people are motivated to be creative:
      • Need for novel, varied, and complex stimulation
      • Need to communicate ideas and values
      • Need to solve problems

    The Creative Process

    • Opportunity or Problem Recognition: A person discovers that a new opportunity exists or a problem needs resolution
    • Immersion: The individual concentrates on the problem and becomes immersed in it
    • Incubation: The person keeps the assembled information in mind for a while
    • Insight: The problem-conquering solution flashes into the person's mind at an unexpected time
    • Verification and Application: The individual sets out to prove that the creative solution has merit

    Personality Traits of Creative People

    • Persistence
    • Self-confidence
    • Independence
    • Attraction to complexity
    • Tolerance of ambiguity
    • Intuitiveness
    • Having broad interests
    • Being energetic
    • Drive to achieve
    • Loving their work
    • Taking risks

    Barriers to Creativity

    • Excessive focus on extrinsic motivation
    • Limits set by superiors
    • Critical evaluation
    • Close, controlling supervision
    • Competition in a win-lose situation
    • Control of decision making
    • Control of information
    • Blindly following the rules
    • Constantly being practical
    • Fearing looking foolish
    • Fearing mistakes and failure

    Innovation

    • Innovation is the implementation of new ideas at the individual, group, or organizational level
    • It is a process of intentional change made to create value by meeting opportunity and seeking advantage
    • Innovation is the ability to apply creative solutions to problems and opportunities

    Entrepreneurship

    • Entrepreneurship is the result of a disciplined, systematic process of applying creativity and innovation to needs and opportunities in the marketplace
    • Entrepreneurship is the combination of creativity and innovation
    • Entrepreneurs are those who marry their creative ideas with the purposeful action and structure of a business

    Types of Innovations

    • Invention: The creation of a new product, service, or process
    • Extension: The expansion of an existing product, service, or process
    • Duplication: Copying (replicating) an existing product or service and then adding the entrepreneur's own creative touch
    • Synthesis: A combination of more than one existing product or service into a new product or service

    The Innovation Process

    • Analytical planning: Carefully identifying the product or service features, design, as well as the resources that will be needed
    • Resource organization: Obtaining the required resources, materials, technology, human or capital resources
    • Implementation: Applying the resources in order to accomplish the plans
    • Commercial application: The provision of value to customers, reward employees, and satisfy the stakeholders

    Myths of Innovation

    • Innovation is planned and predictable
    • Technical specifications should be thoroughly prepared in advance
    • Creativity relies on dreams and blue-sky ideas
    • Big projects will develop better innovations than smaller ones
    • Technology is the driving force of innovation and success

    Entrepreneurship Theories

    • Richard Cantillon: Entrepreneurs are non-fixed income earners who pay known costs of production but earn uncertain incomes
    • Jean-Baptiste Say: An entrepreneur is an economic agent who unites all means of production and thus produces a product
    • David McClelland: An entrepreneur is a person with a high need for achievement [N-Ach]
    • Peter Drucker: An entrepreneur searches for change, responds to it, and exploits opportunities
    • Schumpeter: Entrepreneurs are innovators who use a process of shattering the status quo of the existing products and services
    • Frank H. Knight: Entrepreneurship is about taking risk

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    Description

    Discover the power of creativity in entrepreneurship, including its definition, process, and motivation. Learn how creativity can generate valuable ideas and solve problems.

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