Ideas, Innovation and Creativity

Business Planning

WHAT IS A NEW BUSINESS IDEA?

A concept which can be used for commercial purpose

The ability to come up with a business idea can be transformed into a viable business.
E.g. Pet Saloons

Pet Saloons

NEW IDEA GENERATION PROCESS

Uncover your Personal Traits E.g.:- LN Mittal, Bill Gates

* Knowledge and Experience E.g.:- Anil Ambani

Technical Knowledge
E.G. Formal Education, Training on the job

 Domain Knowledge E.g.:- Technical knowledge of Refrigeration

Contacts E.g.:- Idea to serve a software firm

Goals and Aspirations E.g.:- Local book store or challenging crosswords

SOURCES OF BUSINESS IDEAS

PAST WORK EXPERIENCE E.g.: People leave their jobs and start Their own business in the same field

HOBBIES AND INTERESTS

E.g.:- Owner of Baggit

OBSERVATIONS
E.g.:- Mansukbhai Kothari

BRAINSTROMING

BUSINESS IDEA EVALUATION

This section outlines a frame work to evaluate business Ideas, this frame work is based on some questions.
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ENTREPRENUERS ASK THE FOLLOWING QUESTIONS: 1. Who are you selling to? 2. What is the need you fill or problem you solve?

3. What is the business model? 4. How big is your market? 5. What are you getting out of it? 5. How can you protect your business?

The RAMP Model

R- which stands for return (Is it profitable, Time to breakeven, Investment Needed)
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 A - stand for Advantages (Cost structure, Intellectual Property, Distribution channel) M - stands for Market (The Need, Target market, Pricing, market size) P - stands for Potential (Risk vs, reward, The Team, Timing)

A new idea is a combination of old elements.

It is your ability to combine ideas in a unique way or to make useful associations among ideas.

There is virtually no problem you cannot solve, no goal you cannot solve, if you know how to apply the creative powers of your mind, like a laser beam, to cut through every difficulty in your life and your work.

Individual Creativity
Creative people can be said to have 6

 A particular style Originality Competence Experience Determination Flexibility

Positive outlook

Organizational Hurdles in Creativity

Originator Middle management Organisational boundaries An originator comes up With a creative idea At each level of managements, the idea gets pruned and refined Freedom is the greatest when the ground rules are clear. Chalk out the playing field and say, within those lines, make any decision you need. Dick Brown, Chairman CEO of EDS. Thus till the time the initial idea gets implemented, it would have gone through a number of hurdles

Organisational Creativity Vs Individual Creativity

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High Organisations based on continuous development, on systematic research of efficiency.

Organisational Creativity

Successful organizations High rate of innovations

Few innovations, just imitations

Low rate of innovations, sometimes radical, based on entrepreneurial spirit of individuals

Low Individual Creativity High

Innovation
Innovation is a process of taking new ideas to satisfied customers. It is the conversion of new knowledge into new products and services

Innovation is about creating value and increasing efficiency, and therefore growing your business.

Without innovation, new products, new services, and new ways of doing business would never emerge, and most organizations would be forever stuck doing the same old things the same old way.

Innovation Strategies
Financial backing to innovation Give opportunities to Employees Skillful recruitment policy Information from outside the organization Target being set for Innovation Employees should be rewarded.

Principals of Innovation
Ideas are fragile Ideas are organic All ideas have value and should be given The originator of an idea needs assistance in idea enhancement and in promoting the idea internally. The originator is the initial advocate of an idea and should be actively involved in its development. Only ideas which have been enhanced to demonstrate potential value will be brought to management.

Creativity Innovation Concepts Reality

Principals Contd
Both marketing and technical issues need to be addressed in the development of an idea. Differences among people constitute a strength, not a weakness. A mediator is often necessary to facilitate the communication of people from different cultures and who may possess clashing personalities

Cooperate! It feels great!

Process of Innovation
The innovation process can be depicted as a series of funnels each getting progressively smaller Typically sixty ideas into the top funnel only produces just one innovation.

Idea generation

Idea Recycle Idea Screening

Feasibility

The funnels are labeled as the four phases in the process idea generation, idea screening, feasibility and implementation. 10

Effectiveness Criteria for an Innovation process

Implement a few ideas at regular intervals Ensure feedback takes place there must be communication channels to originators. Screening system should be simple, understood by Everyone. Ensure the system is promoted Transform ideas into reality at a reasonable speed if the system is too slow we may be too slow to react to the market pace and turn off idea originators.

Never Mind Look for someone @2005 David M. Weeks to take you over Passionate Passion needed to sustain you through the Process

Creativity

Creativity & Innovation Line

Assumption Check Rephrase

Survival

Belief

Climate

Delay solving The problem

Perception Check

Break assumptions

Why

Do you really want to survive

Does your environment support creativity and innovation?

Fact Find Find solutions Apply many techniques

Simplify

Bother?

Grow or Improve Find elusive radical Solutions Launch Can do attitude

Evaluate Now

Re-check assumptions

Dont over Staff innovation roles specify

Identify organisation energy sappers

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Feedback Capability

Innovation
Avoid control hierarchy

Simply Play around

Adjust

Fight Status Quo Test Plot Develop Find passionate champion

Get a high level Sponsor Solution PR

Prototype

Infor@mfcreativity.com

Predict Success

Why Bother?

Survival Belief Climate - challenge,

Freedom, idea time. Idea support, Conflicts, Debates, Fisk-taking Passion Grow or Improve

Question

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Thank you!

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