Ch 5 innovation - entrepreneurship
How are prior knowledge and learning important to the recognition of opportunities ?
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Opurtunity identification for the entrepreneur
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Synthesis
Combination of existing concepts and factors into a new formulation
Muddling mind sets
Creative thinking is blocked
Innovative
Entrepreneurs convert opportunities into marketable solutions,
Extension
Expansion of something that's already in existence
Creativity
Generation of ideas that results in the improved efficiency or effectiveness of a system.
Security hunting
Must take calculated risks Relying on averages, stereotypes, & probability theory to minimize their risks.
Either/or thinking
People often get bogged down with striving for an unreasonable amount of certainty in their lives
Stereotyping
Refers to averages that people fabricate and then, ironically, base decisions on as if they were entities existing in the real world
Probability thinking
Relying on probability to make decisions in the struggle to achieve security
Duplication
Replication of an already existing product, service, or process
Functional perspective
Viewing things and people in terms of how they can be used to satisfy one's needs and to help complete a project.
Right brain
* Helps an individual understand analogies - imagine things - & synthesize information
Left brain
*Helps an individual analyze -verbalize -& use rational approaches to problem solving
4 major type of innovations?
*Invention *Extension *Duplication *Synthesis
Identify and describe 5 of the innovation principles
*be action oriented - innovators must be active & searching for new ideas * make the product process or service simple understandable and customer based - *start small *learn from failures *try test & revise
Types of creativity
*idea - thinking up a new idea or concept * material - inventing/ building something * organization - organize people or projects * relationship- approach to achieve collaboration , cooperation & win -win relationships with others *event - producing an event such as an awards ceremony , team outing, or annual meeting *inner - changing yourself, finding a new perspective *spontaneous - being spur of the moment in meetings, speeches, or disputes
5 major misconceptions commonly associated with innovation
*innovation is planned & predictable *technical specifications must be thoroughly prepared *innovation relies on dreams & blue sky ideas * big projects will develop better innovations than smaller ones * technology is the driving force of innovative success
4 steps involved in the developing personal creativity?
*practice exercises to Inc. Your creative abilities * become aware of habits & mental blocks that slow down creativity * recognize relationship *develop a functional perspective *eliminate muddling mind sets
What are the major sources of innovative ideas? Explain & give an example of each.
*unexpected occurrences *incongruities *process needs *industry & market changes *demographic changes *perceptual changes *knowledge based concepts
creative process
1.) background or knowledge accumulation 2.) The incubation process 3.) The idea experience 4.) Evaluation & implementation
Invention
A basic type of innovation that involves the creation of a new product, service, or process that is often novel or untried
Appositional relationship
A relationship among things and people existing in the world in relation to other things and other people.
Innovative vs. Adaptive
Adapt a solution vs. Formulate a highly innovative solution
What is the difference between an adaptor and an innovator?
Adaptor is *precise approach *concerned with solving *refine current practices *be means oriented *sensitive to groups Innovator *approaches unusual angles *discovers problems *questions assumptions to current practices *little regards to means *little tolerance for routine work *insensitive to others
Opportunity identification
The ability to recognize a viable business opportunity within a variety of good ideas
Incongruities
Whenever a gap or difference exists between expectations and reality
