Creativity, Innovation, and Entrepreneurship
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Questions and Answers

What is primarily required for innovation according to the content?

  • Collaboration between firms
  • Investment in technology
  • Extensive market research
  • Creativity of an entrepreneur (correct)

    • Which type of innovation adds value through improvements to existing products or processes?

  • Transformative Innovation
  • Incremental Innovation (correct)
  • Disruptive Innovation
  • Radical Innovation

    • What percentage of innovations are considered 'new to the world'?

  • 7%
  • 10% (correct)
  • 20%
  • 26%

    • Which statement best describes innovation as per the definitions provided?

    <p>Innovation successfully exploits new ideas for value creation.</p> Signup and view all the answers

    Which of the following is NOT identified as a category of new innovation?

    <p>Technology-focused innovation</p> Signup and view all the answers

    What is the primary purpose of using the yellow hat in creative thinking?

    <p>To discover positive aspects</p> Signup and view all the answers

    What is the sequence of thinking that allows for critical evaluation of facts before identifying difficulties?

    <p>White hat followed by black hat</p> Signup and view all the answers

    Which hats are typically used in the design sequence for creating new ideas?

    <p>Green, blue, and red</p> Signup and view all the answers

    What does the combination of red and white hats allow you to do?

    <p>Compare fact and opinion</p> Signup and view all the answers

    In the example of creative problem solving, what mindset is primarily used during idea generation?

    <p>Imaginative and intuitive mindset</p> Signup and view all the answers

    Which hat sequence helps in coming up with new ideas from known information?

    <p>Black + yellow + green</p> Signup and view all the answers

    What is the first step in the creative problem-solving process according to the sequence provided?

    <p>Problem definition</p> Signup and view all the answers

    Which thinking mode is not usually associated with the creative design process?

    <p>Black hat for emotional expression</p> Signup and view all the answers

    What is the primary benefit of recognizing the differences among team members?

    <p>To enhance the overall communication and idea generation</p> Signup and view all the answers

    What is a crucial aspect of effective communication?

    <p>Understanding the audience's 'language' and mindset</p> Signup and view all the answers

    Which of the following is NOT one of the three components of creativity?

    <p>Extrinsic Motivational Drives</p> Signup and view all the answers

    According to Edward de Bono, what human resource is deemed the most important?

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

    How can teams enhance their interactions with other groups?

    <p>By understanding their own and others' thinking preferences</p> Signup and view all the answers

    What does Whole Brain® Thinking promote in team dynamics?

    <p>Acknowledgment and utilization of diverse thinking styles</p> Signup and view all the answers

    What is a central principle of open innovation?

    <p>Licensing external inventions and processes</p> Signup and view all the answers

    Why might a communication strategy fail?

    <p>The audience's thinking preferences are not considered</p> Signup and view all the answers

    What is intrinsic task motivation?

    <p>Motivation based on personal interest and enjoyment of the task</p> Signup and view all the answers

    Which company is considered a prime example of the closed innovation model?

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

    Which factor has contributed to the decline of the closed innovation paradigm?

    <p>Growth of venture capital availability</p> Signup and view all the answers

    What issue do proponents of open innovation believe arises from closed innovation?

    <p>Incidence of 'featuritis' in products</p> Signup and view all the answers

    What is one measure suggested for internal inventions that are not used within a company?

    <p>License or spin-off the inventions</p> Signup and view all the answers

    What advantage did the closed innovation model provide companies in the 20th century?

    <p>Ability to fund extensive research labs</p> Signup and view all the answers

    Which characteristic is associated with the closed innovation model as practiced by Apple?

    <p>Radical internalisation of product development</p> Signup and view all the answers

    Which companies are identified as proponents of the open innovation model?

    <p>Procter &amp; Gamble and IBM</p> Signup and view all the answers

    What does the term 'problem' typically imply in a business context?

    <p>Something that makes customer activities less efficient or enjoyable.</p> Signup and view all the answers

    Which of the following is NOT an attribute of creative thinking?

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

    What is the first stage in the creative thought process?

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

    Which of the following is a barrier to business creativity?

    <p>Fear of failure</p> Signup and view all the answers

    What do creative individuals do when approaching a problem?

    <p>Analyze the problem systematically.</p> Signup and view all the answers

    What is a potential characteristic of an innovative solution?

    <p>It provides a cost-effective solution.</p> Signup and view all the answers

    Which of the following reflects a common misperception about creativity?

    <p>Creativity is a spontaneous and rare occurrence.</p> Signup and view all the answers

    What is crucial to achieving success in entrepreneurship according to the attributes of creativity?

    <p>Ability to spot opportunities.</p> Signup and view all the answers

    What is a key principle of closed innovation?

    <p>Claiming ownership of intellectual property is crucial</p> Signup and view all the answers

    Which statement best describes open innovation?

    <p>External R&amp;D can significantly enhance value creation</p> Signup and view all the answers

    What is considered an advantage of closed innovation?

    <p>Greater control over the innovation process</p> Signup and view all the answers

    Why might a company prefer open innovation?

    <p>To create a more collaborative environment</p> Signup and view all the answers

    Which statement aligns with the closed innovation model regarding R&D?

    <p>Internal R&amp;D is viewed as vital for value retention</p> Signup and view all the answers

    What approach do closed innovation principles suggest regarding intellectual property?

    <p>Control IP to prevent others from profiting from it</p> Signup and view all the answers

    How does open innovation view the creation of ideas?

    <p>The organization should seek out and utilize both internal and external ideas</p> Signup and view all the answers

    What is a significant drawback of a closed innovation approach?

    <p>Limited access to external expertise</p> Signup and view all the answers

    Study Notes

    Creativity, Innovation, and Entrepreneurship

    • Creativity, innovation, and entrepreneurship are interconnected concepts.
    • Creativity is the ability to create and innovate.
    • Innovation is the process of exploiting new ideas to create economic, social and environmental value.
    • The ability to create and innovate has been observed throughout history, although tools may change.
    • The past viewed creativity as a spiritual experience through a muse.
    • Today, nature's inspiration is considered in human creation, using many examples.
    • Creativity is a complex combination of nature and nurture.
    • Creativity, regardless of natural talent, is enhanced through practice and study.
    • Creativity supports businesses that seek novelty in consumer products, media, fashion, and travel.
    • Creativity is important for solving problems that do not have ready-made solutions.
    • Creativity is fundamental for progress.
    • Creativity is developed through systematic problem-solving and is not just an 'inspiration'.
    • Creative people are not necessarily born, but can be developed.
    • There are two contrasting views of creativity: the Elite View and the Developmental View.
    • The Elite view emphasizes creativity as rare and unteachable, and a lonely endeavor. The Developmental view sees creativity as available to all and learned through training and development.
    • The reality is that creativity is not exclusively for elite individuals and can be developed and applied in any situation.
    • The brain uses both sides.
    • Both sides of the brain work together, and the concept of a dominant left or right side is not accurate.
    • Different brain functions are lateralized (occurs on one or other side).
    • Later research demonstrates the brain is not as dichotomous as previously thought, and both sides work together.
    • Creativity is a process that humans can tap into.
    • The left hemisphere is better at processing language and logic. The right hemisphere is better at emotional aspects of language.
    • Understanding the different types of thinking can help for problem solving, decision making, team interactions, and communication.
    • A popular theory of improving teams is the whole-brain approach.
    • Whole brain thinking encompasses multiple perspectives within a team or group.
    • The goal of communication is to transmit an idea or to persuade, and success requires understanding the audience's mindset.
    • Creativity involves three components: domain-relevant skills, creative processes, and intrinsic task motivation.
    • Creativity is instrumental in the process of innovation, which is dependent on invention and commercialization.
    • Innovation entails making changes in existing methods, ideas, or products.
    • Innovation is the process by which new ideas are exploited to create economic, social and environmental value.
    • Innovation can be either disruptive or sustaining.
    • Disruptive innovations create a new value proposition for new markets.
    • Sustaining innovations make improvements or updates to existing products or markets.
    • Innovation requires invention that leads to a new product, service or process and can be for betterment to a current offering (e.g., a better way to perform a process) rather than a completely new invention.
    • Success hinges on the combination of creativity and effective commercialization.
    • Not all inventions or ideas are successful and commercialization is important for innovation.
    • Opportunities come from a combination of creative ideas and a perception of opportunity within a given context.
    • The identification of an opportunity is related to prior knowledge, education, work experience, enculturation, family and friends, and other factors.
    • Drucker's Opportunity Scan discusses external and internal factors that determine opportunities.
    • The attributes of creative thinking include flexibility, originality, and non-judgmental consideration of potential solutions.
    • The process of creativity has several distinct stages: preparation, incubation, insight, evaluation and elaboration.
    • Fear, risk, convention, self-doubt, and fear of failure are barriers to business creativity.

    De Bono's Six Thinking Hats

    • De Bono's model uses six "thinking hats" as a technique for problem-solving.
    • Each hat represents a different type of thought process.
    • The six hats are White, Red, Black, Yellow, Green, and Blue.
    • The hats help to ensure both positive and negative considerations are incorporated in decision making and problem-solving.
    • The process of creativity has several distinct stages, such as generating knowledge, incubation, idea generation, evaluation and implementation, based on De Bono's methods.

    Example Creative Problem Solving Steps

    • The process of creative problem-solving uses multiple mindsets (i.e. Explorer, Detective, Judge and Producer).
    • The example includes stages of problem definition, idea generation, idea synthesis, idea judgement and solution implementation.

    Other Points

    • Creativity can be a problem-solving process.
    • Creativity can improve team interaction.
    • The three components of creativity are relevant skills, creative processes, and intrinsic task motivation.
    • Problems can lead to opportunities.

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    Description

    Explore the intricate relationships between creativity, innovation, and entrepreneurship. This quiz delves into how these concepts intertwine and contribute to economic, social, and environmental value. Learn about the evolution of creativity from historical to modern perspectives and its impact on solving problems and fostering business growth.

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