Entrep 14-16

Views about competition

this is a culture that believes that good, honest competition is healthy rather than destructive, with these entrepreneurs are not afraid of competitors but instead are challenged by them to do better.

Synthesis

Combination of existing concepts and factors into a new formulation or use. Example: Fred Smith - Federal Express Merrill Lynch -home equity financing

Duplication

Creative replication of an existing concept Example: Wal-Mart - department stores Gateway - personal computers Pizza Hut - pizza parlor

Time Orientation

In our culture, there are 2 kinds (Quick-Bucks & Future-oriented)-quick-bucks are those that are not patient and want to earn fast, even for a single transaction and don't think of a long term business; while the future oriented is the vice versa of quick-bucks, they are those more patient and willing to take time so that they will earn more out of doing the best quality for their products/services.

Aim high

Innovators should aim high for success by seeking niche in the marketplace.

Extension

New use or different application to an already existing product, service, or process Examples: Ray Kroc - McDonald's Nolan Bushnell - Atari Kemmons Wilson-Holiday Inn

Work Ethic

Show me a culture with a high work ethic and I'll show you a culture where entrepreneurs prosper. A culture with a high work ethic is one which looks at work as a duty and values honest, productive labor

The Patterns

are created because the relevant bits of information are available in the first place.

The People

are the resources that determine the solution

Cultural Values

are those ideals held by a community as standards for social or interpersonal behavior

Quick-bucks

are those that are not patient and want to earn fast, even for a single transaction and don't think of a long term business;

Principles of Innovation

can be learned and, when combined with opportunity, can enable the individual to innovate

Blue Sky ideas

come from the blue sky thinking approach to idea generation. It consists mainly of the activity of "brainstorming with no limits."]

Regard for traders and Entrepreneur

cultures where entrepreneurship grows are those which recognize that vendors and traders are the future entrepreneurs, the potential producers of goods and services, the prospective generators of employment.

Culture

entrepreneur generally comes from ________________

Values and attitude

in turn influence the way people behave or act under certain situations.

The creative process

involves seeing relationships between things that others have not seen before.

Creativity

is a process that can be developed or improved.

The Process

is goal-oriented; it is designed to attain solution to a problem.

Creativity

is the generation of ideas that results in the improved efficiency of effectiveness of a system

Follow a milestone schedule

Every innovation should follow a schedule that indicates milestone accomplishments. Although the project may run ahead or behind schedule, it still is important to have the schedule in order to plan and evaluate the project.

Learn from failures

Innovation does not guarantee success. More importantly, failures often give rise to innovations.

Make the product, process, or service customer-based.

Innovation must always keep the customer in mind. The more the innovator has the end-user in mind, the greater the chance that the concept will be accepted and used.

Be action-oriented.

Innovators must always be active and searching for new ideas, opportunities, or sources of innovation.

Try-test-revise.

Innovators should always follow the rule of try, test, and revise. This helps work out any flaws in the product, process, or service.

Start small

Innovators should not attempt a project or development on a grandiose scale. They should begin small and build and develop, allowing for planned growth and proper expansion in the right manner and at the right time.

● Make the product, process, or service simple and understandable.

People must readily understand how the innovation works.

The Idea Experience

This exciting phase in the creative process is sometimes referred to as the "eureka moment."

The Idea Experience

This exciting phase in the creative process is sometimes referred to as the "eureka moment." - This is when an idea for a solution or an answer to a perplexing question emerges, seemingly from out of the blue. - is nothing more than the product of all the incubating information inside one's head and the subconscious - The patterns are created because the relevant bits of information are available in the first place.

Work, work, work.

This is a simple but accurate exhortation with which to conclude the principles of innovation. It takes work, not genius or mystery, to innovate successfully.

Innovation is Planned and Predictable -

This myth is based on the old concept that innovation should be left to the research and development (R & D) department under a planned format. -In truth, innovation is unpredictable and may be introduced by anyone.

Reward heroic activity.

This principle applies more to those involved in seeking and motivating others to innovate. Innovative activity should be rewarded and given the proper amount of respect. -This also means tolerating and, to a limited degree, accepting failures as a means of accomplishing innovation. Innovative work must be seen as heroic activity that will reveal new horizons for the enterprise.

Invention

Totally new product, service, or process Example: - Wright Brothers: Airplane - Thomas Edison: light Bulb - Alexander Graham Bell - Telephone

Process and People

What are the 2 important aspects of Creativity?

- Competition - Time-Orientation - Regard for Traders and Entrepreneurs - Conferment of Social Ranks - Work Ethics

What are the 5 components of Cultural

Culture

is power. It connects people to their roots and to one another. Those who understand where they come from and celebrate where they are, are better at imaging what they can achieve

Future oriented

is the vice versa of quick-bucks, they are those more patient and willing to take time so that they will earn more out of doing the best quality for their products/services.

Creativity

plays an important role in innovation and therefore, by extension, entrepreneurship

The Process

remains the same but the approach used by the people will vary.

Creativity Relies on Dreams and Blue-Sky Ideas

- Accomplished innovators are very practical people and create from the opportunities left by reality - not daydreams

Technology Is The Driving Force of Innovation and Success

- Technology is certainly one source for innovation, but it is not the only one. - it is the customer or market that is the driving force behind any innovation. - Market-driven or customer-based innovations have the highest probability of success.

Values

- are upheld because they are viewed to be conductive or necessary to the welfare of everyone in the group.

process

- is grasped and applied by people in differing degrees of ease. - is more likely a function of nurture instead of nature.

Some Characteristics of Creative People 1. Bright but not necessarily brilliant. Not necessarily a genius. 2. Good at generating a high degree of different ideas in a short period of time. 3. Have a positive self-image. Definitely not lacking in self-confidence. 4. Sensitive to the world around them and to the feelings of others. 5. Motivated by challenging problems (results oriented). 6. Is not given to jumping to conclusions in the absence of sufficient information. 7. Values their independence and do not have strong needs for group approval. 8. Active imagination. 9. Flexible. Not rigid or dogmatic. 10. Eyes are trained on the meanings and implications of a problem rather than its nitty-gritty.

What are the Charateristic of a creative person?

1. Innovaton is Planned and Predictable 2. Technical Specification Should be Thoroughly Prepared 3. Creativity Relies on Dreams and Blue Skies 4. Big Projects Will Develop Better Innovations Than Smaller Ones 5. Technology is the Driving Force of Innovation and Success

What are the Mayor Myths of Innovation?

-Invention -Extension -Duplication -Synthesis

What are the types of Innovation?

- Unexpected Occurrences - Incongruities - Process Needs - Industry and Market Changes - Demographics Changes - Changes in Perception - Knowledge-based concepts

What are the unexpected Sources?

- Employs a disciplined, precise methodical approach. - Is concerned with solving, rather than finding problems - Attempts to refine current practices - tends to be means oriented. - Is capable of extended detail work. - Is sensitive to group cohesion and cooperation.

What is the approach of an Adaptor to Problem Solving?

- Approaches tasks from unusual angles. - Discovers problems and avenues of solutions. - Questions basic assumptions related to current practices. - Has little regard for means; is more interested in ends. - Has little tolerance for routine - Has little or no need for consensus

What is the approach of an Innovator to Problem Solving?

Attitude

a community's set of values are influence the members _____________.

Conferment of social ranks

a culture that promotes entrepreneurship is one that confers social ranks in terms of actual achievements rather than circumstances of birth, where a born poor will not be poor for the entire life, and the rich will not become richer if he will not work on it.

Background or Knowledge Accumulation

- As in most cases, the creative process usually involves a lot of research or investigation and information gathering. - kind of information accumulated may come from various fields that may seem totally unrelated to each other. - The creative person usually is interested in a lot of things. -He may absorb bits of information from anything and everything. - allows the entrepreneur to look at a problem, a new product, a new way of doing things

Evaluation and Implementation -

- This is where it gets difficult for the creative mind. The idea or solution that emerges during the "eureka moment" has to be evaluated for its feasibility. - An entrepreneur may perform a cost-benefit analysis to gauge the risks, gains, and if the entrepreneur has the means or ability . - the entrepreneur will lean on his courage, self- discipline, and perseverance during this stage.

Big Projects Will Develop Better Innovations Than Smaller Ones -

- This myth has been proven false time and time again. - Larger firms are now encouraging their people to work in smaller groups, where it often is easier to generate creative ideas.

Technical Specifications Should Be Thoroughly Prepared

- Thorough preparation often takes too long. Quite often it is more important to use a try-test-revise approach.

The Incubation Process

- the creative person usually just lets the problem and all the information he has amassed percolate in his head. - __________________ happens in the subconscious. - The creative person often engages in activities that are totally unrelated to the problem he is working on.

Attitude

- the way they see things, person's, or events that is whether they like or dislike, believe or disbelieve.

Practices

- values and attitudes in turn influence the way people behave or act under certain situations.