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CHAPTER 2: ENTREPRENEURIAL CREATIVITY AND INNOVATION, AINI SOFIA BINTI…
CHAPTER 2: ENTREPRENEURIAL CREATIVITY AND INNOVATION
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QUESTION 1
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Creativity
Particularly important to technology entrepreneurs (tehcnopreneurs) because it is the first stage in the process of innovation, providing the stimulus for opportunity discovery and new venture creation.
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Six Resources of a creative team/enterprise
Knowledge
Creativity
Intrinsic Motivation
Creative Thinking
Interest Satisfaction
Expertise Skills Familiarity Practical & theoretical understanding
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Creativity Techniques
Used to encourage creative actions.
Involve simulating creativity and new ideas through activities.
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Problem Reversal
Is a creativity technique that looks at the opposite of things, see things inside out, backwards or upside down.
The principle; take a problem and then reverse it
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Forced Analogy
Also known as Forced relationship
Very good and useful technique for generating creative ideas.
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Attribute Listing
A creativity technique that is used to find new ideas or to find new solutions.
It takes an existing product or system, breaks it into smaller parts, identifies various ways of achieving each part, and then recombines these to identify new forms of the product or system.
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Mind Mapping
An effective technique for drawing information in diagrams that represent ideas, tasks and concepts.
It is a visual thinking tool that help us comprehend, synthesis, recall and generate new ideas.
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Brainstorming
One of the most widely used creative tools that helps entrepreneurs generate creative solutions to a problem or develop new ways of looking at things.
To share their ideas, come up with possible solutions for problems and also generate ideas for innovations.
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Lateral Thinking
Another technique that solves problem through an indirect and creative approach.
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Phases of the Creative Process
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Background or Knowledge Accumulation
Provides the academic background which exposes entrepreneurs to a number of perspectives on the subject matter.
Gathering all relevant information and investigations and must be undertaken in order to start the creative process.
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Incubation Process
One processes the information gathered subconsciously.
If one is really dedicated to idea generation, this will be a conscious effort as he tries to seek for answers and solutions to his questions and problems.
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Idea Experience
Also known as "Eureka Factor"
Idea could emerge easily whenever the individual is thinking of something unrelated to business problems or activities and slowly the person begins formulate the solutions as he may obtain ideas that are usually difficult to obtain.
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Idea Evaluation and Implementation
The final stages puts the idea into action and modifies continuously the plans and solutions whereby the entrepreneur will transform the idea into reality.
This is the most challenging phase and it requires courage, high confidence, discipline and perseverance.
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5 blocks to creativity
Perceptual Blocks
Cultural Blocks
Environmental Blocks
Emotional Blocks
Intellectual Blocks
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QUESTION 2
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DEFINITION INNOVATION
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By Drucker 1985
The entrepreneur either creates new wealth-producing resources or endows existing resources with enhanced potential for creating wealth.
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By Kuratko and Hodgetts 2009
The process by which entrepreneurs convert opportunities into marketable ideas
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By Oslo Report by OECD/Eurostat 2005
As the implementation of a new or significantly improved product (good or service) or process, a new marketing method or a new organisational method in business practices, workplace organisation of external relations.
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TYPES OF INNOVATION
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Invention
Refers to the creation of a totally new product, service or process.
Examples of invention: telephone, light bulb, aeroplane
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Extension
Described as expansion, different application, or new use of existing products, services or processes.
Examples: McDonald, Play Station, Facebook
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Duplication
A creative replication of an existing product, service or process.
Examples: Electronic mail, Sate Kajang Hj Samuri & Anak-Anak Enterprise and Chicken Rice Shop
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Synthesis
The combination of existing concepts and factors into a new formulation
Examples: Starbucks, iPhone and 3 in 1 printer
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INTENSITY OF INNOVATION
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Radical Innovation
A drastic change in the way that the product or the service is consumed.
Implies discontinuity and discontinuous innovation results in fundamental changes to practice and market.
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Characteristics
Fundamental rethink
Based on disruptive technologies
Experimental and play/make-believe
Need to be nurtured for long periods
Worse initial performance, potential big gains
Create new markets
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Incremental Innovation
Reflects small continuous improvements in products or product lines.
Aim of lowering cost, improving performances or simplifying ways of doing things.
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Characteristics
Steady imp :rovements
Based on sustaining technologies
Obedience to cultural routines and norms
Can be rapidly implemented
Immediate gains
Develop customer loyalty
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SOURCES OF INNOVATION
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Sources From within the Company or Industry
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Unexpected Occurrence
One of the richest sources of opportunity for innovation.
The founders of Google (Larry Page and Sergey Bin), Yahoo (Jerry Yang) and eBay (Pierre Omidyar) initiallty had no intention of creating or launching the businesses.
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Incongruity
A gap between what is and what ought to be; arise wherever a difference exists between expectations and reality.
Examples: The inception of the "mini" steel mill in the United States
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Process Needs
Based on a specific task, rather than the overall strategy.
Example: If a process does not work or is inefficient, it can be modified to meet the necessary need such as an innovation of fuel saving device in order to improve fuel consumption of vehicles.
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Changes in industry and market structure
Affect both suppliers and consumers
Example: COVID-19 has a Standard Operation Procedure (SOP) in terms of working hour and working schedule. Other than that, some business may affected due to COVID-19 pandemic.
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Sources from within the Social Environment
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Demographic changes
Changes in population, its size, age structure, composition, employment patterns, educational status or income are the most reliable predictors of the future and offer opportunities for innovation.
Example: Combined with a demographic shift from rural to urban areas, the population boom will also increase demand for transportation and energy products and services.
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Perceptual Changes
Changes in perception present good opportunities for entrepreneurs.
Examples: Initially when video games came out it considered as games for children. As video game industry evolved, this perception dramatically changed. The industry is now catering for adult gamers as well such as DOTA.
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Knowledge
Believed to be the key to entrepreneurial activity and it is very valuable, popular and important in society.
Examples: The development of new medicines in the biotechnology industry, the development of new applications in the software industry and the attempt to discover new sources of energy, all represent knowledge-based innovations.
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QUESTION 3
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Creativity, Innovation and Entrepreneurship
Recognized as two major components of entrepreneurship and creativity plays an important role in the process of invention.
The role activity is to generate ideas, whole the role of innovation is to implement it.
A process that requires innovation in order to create value in the marketplace and therefore the entrepreneur is instrumental in linking creativity, innovation and entrepreneurship.
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Creativity
Getting ideas
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Innovation
Implementing ideas
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Entrepreneurship
Human and organisational process
AINI SOFIA BINTI MOHD ZOPRI (2017302875) EH2207C