Creativity *

Enables entrepreneurs to differentiate their businesses from competitors Is the basis for invention Is fundamental to problem solving Is a critical skill for recognizing or creating opportunity in a dynamic environment

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Critical Concepts of Creativity

Idea Business opportunity Opportunity recognition Opportunity creation

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Creativity and Innovation

What is known about creativity: Function perspective - it is the production of novel and useful ideas. Outcome perspective - it generates valuable, useful products and services, procedures and processes. Certain environmental settings are conducive to creativity

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The Nature of Creativity

Creativity as a process: Invention process is not formulaic or linear Certain definable patterns and activities can occur in any creative process:
Connection Discovery Invention Application

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Figure 3.1: The Invention Process

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Challenges to Creativity *
No time for creativity No confidence (scared of criticism) No creative skills

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Removing the Roadblocks

1. Design an environment to stimulate creativity Minimize distractions Devote time daily to quiet contemplation Spend time in the places that best promote your creative thinking OUTDOORS? AT THE LAKE? Develop a creative company culture
You CAN be serious without a suit (Google)

Mix people up

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Removing the Roadblocks (continued)

2. 3. 4. 5. 6. Keep track of ideas Start with the familiar Take advantage of a personal network Return to your childhood Think in opposites Dielectic

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Removing the Challenges to Problem Solving

Restate the problem so as to uncover the real problem Identify the pros and cons for potential solutions Develop a decision tree

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Decision Tree Analysis

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Sources of Innovation
Customers - expressed needs and suggestions for improvements Newspapers and magazines - what are the media reporting on? Observation watch how the staff works in a hospital, retail store, etc. Demographic shifts - moves to the south and west, concentrations of latinos, asians, etc. Unexpected news events - shocking developments, heighten fears, generate needs Trends and patterns of change - need for privacy protection on the internet New government regulation - health care systemhow will things change now? Emerging industries - private space flights, wind and solar power generation, etc.

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New Product/Service Ideas Sources

Technological Trends Human Genome Project Nanotechnology Wireless Technology Who will have the next great idea?!

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New Venture Project

What are your roadblocks? Roadblock removal plan. Track your business ideas.

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