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Chapter 2:
Inside the Entrepreneurial Mind: From Ideas to Reality

Creativity and Innovation
* Creativity – the ability to develop new ideas and to discover new ways of looking at problems and opportunities; thinking new things. * Innovation – the ability to apply creative solutions to problems or opportunities to enhance or to enrich people’s lives; doing new things.

Entrepreneurship
* Entrepreneurship – the result of a disciplined, systematic process of applying creativity and innovation to the needs and opportunities in the marketplace. * Entrepreneurs connect their creative ideas with the purposeful action and structure of a business.

Failure: Just Part of the Creative Process!
* For every 3,000 new product ideas:
* Four make it to the development stage.
* Two are actually launched.
* One becomes a success in the market.
On average, new products account for 40 percent of companies’ sales!! Creativity is an important source for building a competitive advantage.

Can We Learn to Be Creative?

* By overcoming paradigms and by suspending conventional thinking long enough to consider new and different alternatives!

How Creative Are You?

Right-Brained, Creative Thinkers
* Always ask, “Is there a better way?”
* Challenge custom, routine, and tradition.
* Are reflective.
* Are prolific thinkers.
* Play mental games.
* Realize that there may be more than one “right” answer. * See mistakes as pit stops on the way to success.
* See problems as springboards for new ideas.
* Relate seemingly unrelated ideas to a problem.
* Have “helicopter skills.”
Left-Brained or Right-Brained?
* Entrepreneurship requires both left-and right-brained thinking. * Right-brained thinking draws on divergent reasoning, the ability to create a multitude of original, diverse ideas. * Left-brained thinking counts on convergent reasoning, the ability to evaluate multiple ideas and to choose the best solution to a problem. Barriers to Creativity

* Searching for the one “right” answer
* Focusing on “being logical”
* Blindly following the rules
* Constantly being practical
* Viewing play as frivolous
* Becoming overly specialized
* Avoiding ambiguity
* Fearing looking foolish
* Fearing mistakes and failure
* Believing that “I’m not creative”
Questions to Spur the Imagination
* Is there a new way to do it?
* Can you borrow or adapt it?
* Can you give it a new twist?
* Do you merely need more of the same?
* Less of the same?
* Is there a substitute?
* Can you rearrange the parts?
* What if you do just the opposite?
* Can you combine ideas?
* Can you put it to other uses?
* What else could you make from this?
* Are there other markets for it?
* Can you reverse it?
* Can you rearrange it?
* What idea seems impossible, but if executed would revolutionize your business?

Tips for Enhancing Organizational Creativity
* Include creativity as a core company value
* Embrace diversity
* Expect creativity
* Expect and tolerate failure
* Encourage creativity
* Create a change of scenery periodically
* View problems as challenges
* Provide creativity training
* Provide support
* Develop a procedure for capturing ideas
* Talk with customers
* Look for uses for your company’s products or services in other markets * Reward creativity
* Model creative behavior

Tips for Enhancing Individual Creativity
* Allow yourself to be creative
* Give your mind fresh input every day
* Observe the products and services of other companies, especially those in completely different markets * Recognize the creative power of mistakes

Tips for Enhancing Individual Creativity
* Keep a journal handy to record your thoughts and ideas
* Listen to other people
* Listen to...
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