Entrepreneurial Mindset

Activity No. 1
Answer the following:
1. Define the terms ideation, innovation and creativity.
Answer:
Ideation is the process of generating and communicating prescriptive ideas to others, usually in
the context of business industry. It defines the progression of ideas from conception to
implementation. This is the imaginative process of creating, developing, and communicating
new ideas, with an idea being described as a fundamental element of thinking that can be
visual, concrete, or abstract. The ideation stage is essential for ensuring that you generate good
ideas right away. This is the first step in starting a new business. Anyone aspiring to be an
entrepreneur should make this their first investment. Any entrepreneur or small business
manager's single most important task is to produce business ideas. Ideas are the lifeblood of
every long-lasting enterprise.
The process of turning a new idea into a commercial success or common use is known as
innovation. In industry, innovation binds all together. This is when new ideas are successfully
exploited. It entails commercializing an invention and promoting its widespread adoption. This
is the stage at which big ideas, after they've been fully created, are presented to the public.
Now that the product is used all over the world and helps people from all walks of life.
The process of bringing fresh and creative ideas to life is known as creativity. This is the process
of turning one's imagination into something tangible. It's the very first stage of design, when
concepts begin to take shape and a strategy can be devised. It's about generating innovative
ideas and transforming them into profitable value-creating business activities components of
creativity.
2. What is the impact or significance of ideation, innovation and creativity in business or
entrepreneurship?
Answer:
Ideation is an essential part of the design thinking process. Design thinking aims to empathize
with consumers, discover non-obvious pain points, and understand more about how emerging
business models aren't meeting their needs. Companies will also find the best market
opportunities in those holes.
Problem-solving skills are enhanced by creativity. It makes no difference whether we're talking
about creating a new plan or coming up with new ways to stay ahead of the competition.
Creative problem solving provides the competitive advantage that any company strives for.
Any growing economy, particularly those where traditional practices and current business
models have become obsolete, requires innovation. Financial stagnation may be caused by
redundancy of business practices. Entrepreneurship is essential for both individual business
innovation and overall business sector development. Entrepreneurship success necessitates an
emphasis on innovation, imagination, and ingenuity.
Innovation is critical when it comes to starting a business company, whether it's coming up
with innovative new goods and services or using cutting-edge target-market research and
interaction techniques. This, however, should not be exclusively the responsibility of a single
entrepreneur, small business owner, or employee. Businesses that encourage creativity and
innovation are the most profitable. Incentivizing innovative product and strategy creation will
help a company grow by encouraging all workers to look for new ways to grow and innovate.
Entrepreneurs excel at identifying and seeking opportunities, while big, existing corporations
excel at using and appropriating the value of opportunities. Small companies must seek out and
seize opportunities in today's dynamic markets if they are to thrive. They should stress the
value of imagination and ingenuity while still appreciating and employing them.
3. Expound the quote of Napoleon Hill: "Ideas are the beginning points of all fortunes".
Answer:
It all begins with an idea, whether you want to be financially stable in the future or enjoy the
company of your friends today. Fortunes may manifest themselves in a variety of ways, but
they all begin with a concept. What you like, how you want it, and when you want it are all
ideas. Every fortune begins with a single thought. So, don't be afraid to come up with new
ideas. There are a lot of them!
4. What is GAP analysis?
Answer:
A gap analysis compares real output or outcomes to what was expected or desired. The
approach identifies suboptimal or missing policies, systems, capacities, procedures, activities,
technology, or skills, and then suggests actions to help the organization achieve its objectives.
Gap analysis can be used by companies to find out how to best achieve their business goals. It is
a contrast. It contrasts the current state with a desired state or set of targets, highlighting flaws
and areas for change.

5. Why do we need to protect our idea? What are some ways of protecting it?
Answer:
It's very likely that certain aspects of your company concept are exclusive to you. These are
known as Unique Selling Points (USPs), and they will help to set the product or service apart
from the competition. Your business ideas can be extremely valuable economically, and you
should think about how to preserve them. Valuable ideas can be protected depending on the
nature of your market.
Some are ways to protect your ideas:
Patent
If you invent or design a new product, patent rights can make it illegal for anyone to copy it. A
patent gives you the right to prevent anyone from using (making, using, selling, or importing)
your patented invention, even with your permission, for a limited time.
Your patent is an example of "industrial property" that you can assign, sell, warrant, or use.
Patents are territorial in nature, which means that a Philippine patent is only valid in
Philippines.
On inventions, the phrase "patent pending" is used to inform rivals that an application has been
filed to protect the invention.
Trademark
You have the legal right to register a trademark or logo that distinguishes your business,
service, or product from that of your competitors. Trademarks that have been registered are
legally protected, and it is illegal for anyone to copy them.
The Trade Marks Act of 1996 describes a trademark as "any symbol capable of being graphically
depicted, capable of distinguishing the products or services of one unrelated party from those
of another."
Words (including personal names), patterns, logos, letters, numerals, the form of products or
their packaging, or other signs or indicators capable of separating one undertaking's goods or
services from that of others make up a trademark.
Copyright
The rights granted to authors/creators of such types of work are referred to as copyright. There
is no formal obligation to register artistic work, unlike patents and trademarks. In the case of a
conflict over ownership, the creator is responsible for proving ownership.
The creator, or the person who creates the work, is the owner of the copyright. In the case of a
photograph, for example, the owner is a photographer. However, since copyright is a type of
property, it may be passed to another party, such as a publisher. Unless an arrangement to the
contrary occurs, the employer owns the copyright in the work created by an employee in the
course of employment.
Copyright is activated when a work is printed, filmed, or stored on a fixed medium such as a CD-
ROM, DVD, or the Internet. Although ideas are in a person's mind, they are not protected;
copyright law protects the mode of expression of ideas, not the ideas themselves.
Intellectual Property
If you're considering starting a service company, intellectual property might be more important
than the physical product. Intellectual property is the product of the efforts in the mind. Its
worth is determined by how appealing it is to those who may choose to use it or the goods it
describes. You should own your imagination and ingenuity in the same way as you can own
physical property.
Intellectual property rights enable creators to monitor who has access to their creativity's
creations and thereby profit from it. Until intellectual property rights have been applied for and
granted, it would often be impossible to regulate and profit from this access. However, certain
intellectual property rights, such as copyright, occurs automatically, without the need for
registration, as soon as anything has been generated and a record of it exists.
6. What is your comment/reaction to this quote of Erich Fromm: "Creativity requires the
courage to let go of certainties".
Answer:
We may feel insecure when we express our imagination. We were worried about how others
would respond to our work. However, expressing our imagination is a necessary requirement
because it feeds our spirit and helps us to realize our potential. Discover why innovation
necessitates bravery and how to overcome imaginative roadblocks.
Creative speech is not for the faint of heart, to be sure. It takes courage to express oneself and
put it out there for the world to see, particularly in the age of social media and instant
feedback. Although you can gain some fans along the way, you may also draw critics, haters,
and people who are uninterested in what you do. However, any good idea that arose from a
creative impulse is backed by a dedicated person who saw it through to the end and did not
give in to their fears. Even in the face of obstacles and cynicism from others, they dared to
build, pursue their passion, and question the status quo.
7. When we innovate something, does it always mean we make a change?
Answer:
Reframing problems as possibilities is the essence of innovation. To be creative, you don't have
to create something different. Repurposing an older method for a new function, in my opinion,
is an example of creativity. Connecting broadly and rethinking creatively to live a new life is
what innovation is all about. This is a concept that has the ability to change the lives of billions
of people, and it is the product of a clever combination (and other factors).
Yes, innovation always mean we make change but innovation isn't just change; it's changes
that's for the better. It also doesn't go in a straight line; it loops and feeds back on itself. It's
what propels the world forward; it's what inspired people to pick up a stone and start whacking
stuff with it, and it's what inspired corporations to create the first vehicle, then make it safe,
then electric, and probably driverless. By cultivating a creative mindset. We reinvent ourselves
by adopting a creative attitude.