ENT300 Chapter 3: Creativity and Innovation PDF

CHAPTER 3: CREATIVITY AND INNOVATION OF ENTREPRENEURSHIP  LEARNING OUTCOMES 1. Understand the concept of creativity and innovation 2. Relationships between creativity, innovation and entrepreneurship 3. Differentiate types of innovation 4. Comprehend various form...

CHAPTER 3: CREATIVITY AND INNOVATION OF ENTREPRENEURSHIP  LEARNING OUTCOMES 1. Understand the concept of creativity and innovation 2. Relationships between creativity, innovation and entrepreneurship 3. Differentiate types of innovation 4. Comprehend various forms of innovations 5. Identify the key characteristics of innovative entrepreneur  INTRODUCTION ❑ Creativity and innovation are two main components of today’s entrepreneurship. ❑ Entrepreneurship is all about innovation where it starts with ideas that can be transformed. ❑ Innovation begins with creativity. People who are creative would be able to see new opportunities and develop new ideas. Innovation turns good ideas into reality.  What Is Innovation? ❑ Innovation is creativity when implemented. ❑ The result of creativity which adds value to the idea ❑ Innovation is the product of creativity or ideas. ❑ Innovation can be products, services and processes to solve problems, cut cost and make life easier Types Of Innovation Form Of Innovation  Sources Of Innovation ❑ Customers ❑ The unexpected sources ❑ The incongruity ❑ Changes in industry or market changes ❑ Demographic changes ❑ Changes in perception, mood and meaning ❑ New knowledge, scientific and non-scientific  Stage 1 : Identifying Problem Stage 2: Problem Conversion to Challenge Innovation Stage 3: Suggest Creative Solutions Process Stage 4: Idea Generation Stage 5: Idea Evaluation Stage 6: Idea Development Stage 7: Idea Implementation Innovative Entrepreneur Characteristic ❑ Uninhibited intellectual freedom ❑ Ability to overcome obstacles ❑ Strong sense of integrity ❑ Goal-oriented productivity  SUMMARY ❑ Creativity and innovation are very important in entrepreneurship. Without creativity and innovation, the entrepreneur will not be able to sustain his business and to survive for the future. ❑ Creativity and innovation help entrepreneurs to survive for a long run, to keep growing, to make profit and to explore further. ❑ Entrepreneurs should always hunt for new ideas in order to be creative and transform creative ideas into products, services or processes as part of innovative efforts.