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Inside the Entrepreneurial Mind
From Ideas to Reality
Entrepreneurship is the result of a systematic process of applying creativity to needs and opportunities in the market place.
Entrepreneurs connect their creative ideas with purpose.
Creativity is the formation of new things from old things or the elimination of old things and this process creates a simpler and better result.
Creativity is an observation way of problems or opportunities.
The process is continued for innovation.
Innovation is the ability to apply creative solutions to problems.
Failure is a part of the creative or innovative process.
3,000 new product ideas are created and 4 new product ideas are designed for the development stage.
8 Step Process Perfects New Product Development:
1. Generating ideas
2. Screening the idea
3. Testing the concept
4. Business Analytics
5. Marketability Tests
6. Technicalities and product development
7. Commercialize
8. Post Launch Review and Perfect Pricing
Creativity is a vital factor in new product development. A company earns a 40% profit from a new product. Creativity is an important source of setting up a competitive advantage. USP is counted as a competitive advantage of a business. The explication of USP is the Unique Selling Point. Creativity is necessary for the survival of a business in the market. New insight denotes looking or thinking differently.
Killer of Creativity
Traditional assumptions and perspectives about how things should be-is considered as killers of creativity.
Paradigm: It is the preconceived idea of what the world is, what it should be like, and how it should operate.
Requirement Aspects of Creativity in Today's Global Environment:
a. Develop unique ideas
b. Creative solutions
c. Fill a need for time
Can creativity be taught?
Yes, creativity can be taught through training. Techniques and behaviors of creativity help a person to be creative.
Creative Thinking
The brain is divided into two hemispheres.
The asymmetrical human brain development happens and each hemisphere tends to be special in certain functions.
The split-brain phenomenon refers to different functions that are conducted by different parts of the brain.
Characteristics of Left hemisphere:
a. linear: Left hemisphere judges an incident as right or wrong based on logic
b. Vertical thinking
c. Processing information step by step
d. Narrowly focused that is specific focus
e. Systematic liner view
f. Linear view
Characteristics of Right Hemisphere:
a. Kaleidoscopic: Observing an event from different perspectives or points of view. Due to the lateral view of the right hemisphere, the right hemisphere is called kaleidoscopic.
b. Executing spatial functions
c. Emotions are controlled by the right hemisphere.
f. Information is processed in an unconventional and unstructured way.
g. Illogical observation is executed by the right hemisphere. IllogicAL observation means intuitive observation.
How to develop the right hemisphere:
The right hemisphere can be developed by lateral thinking that lies at the heart of the creative process. The following points are ways of developing the right hemisphere:
a. Always making questions: It means that thinking if there are any better answers from a traditional answer for a question
b. Challenging customs
c. Staring out the window: It indicates thinking out of the box or traditional points of view.
d. Generating a lot of ideas
e. Realizing more than one answer
f. Playing mental games
g. Seeing problems as springboards for new ideas: It refers to generating new ideas to do solving problems
h. Having a helicopter skill: It denotes evaluating an event from different aspects. It means climbing over a problem and observing it from that position. In other words, it means going out of trouble and observing it.
True-False:
a. Vertical thinking means logical observations.
b. Lateral thinking means illogical observations.
c. Illogical observation refers to intuitive observation.
How to Control on creative thinking?
a. Right brain thinking: One has to practice the divergent and unconventional way of thinking, He has to have the ability to create a multitude of original and diverse ideas.
b. Left brain thinking: One has to practice convergent reasoning and has to have the ability to evaluate multiple ideas and choose the best solution to a given problem.
c. Rely on both brain thinking: To generate creative ideas one has to practice right-brain thinking where to judge the market, one has to practice left-brain thinking.
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