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Creativity is the ability to develop new ideas and to discover new ways of looking at problems.

Innovation is the ability to apply creative solutions to problems and opportunities to enrich people’s life.

CREATIVITY Creativity is THINKING about new things. Entrepreneurs succeed by thinking and doing new things or old things in new ways. Ex: Polaroid instant camera – Edwin Land Ruff Rider – Carl Goldberg . Where as Innovation is DOING new things.

Ex: Sholes & co – Type Writer 4. Fearing mistakes & failure . Ex: Farmer 2.Blindly following the rules. Ex: Sea water 3.Focusing on being logical.CREATIVITY BARRIERS TO CREATIVITY 1.Searching for one right answer.

7.CREATIVITY 5. Becoming overly specialized. Viewing play as frivolous .apple tree 8. Avoiding ambiguity 10.Fearing looking foolish.I am not creative 9. Ex: Farmer. Ex: Thomas Edison 6.Constantly being practical.

GOOD BUSINESS OPPORTUNITY? 1.. Viable from the Technical. An attractive / acceptable Return on Investment. 2. Gap between Demand and Supply. Good market scope i.e.IDENTIFICATION AND SELECTION OF BUSINESS OPPORTUNITY BUSINESS OPPORTUNITY? Attractive project idea which an entrepreneur accepts as a basis for his investment decision (ROI). Marketing and Managerial Dimension . 3.

• Thinking of new product / services not in existence. • Developing the existing products and services. specializations etc. . This approach highlight the need which give rise to many Business opportunities.. in terms of design. • Selecting products / services which are being manufactured / offered.How to generate Business Ideas? • Problem solving / situation Analysis Approach.

CEMEX – ready mixed cement.CRITERIA FOR EVELUATING THE OPPORTUNITY Characteristics (Criteria) of a genuine business opportunity. 1. .Creates significant value for customers by solving a problem or filling an unmet need for which customers are willing to pay a premium. Ex.

IDENTIFYING AND EVELUATING THE OPPORTUNITY 2] offers significant profit potential to the entrepreneur and inventor enough to meet their Risk/Reward expectation. Suzlon wind power. RISK/RETURN TRADE OFF . Gaming industry. ex : 1. 2. 3. Tele medicine.

Represent a good fit with the capabilities of the promoter [and management team]. .IDENTIFYING AND EVELUATING THE OPPORTUNITY • 3. Ex: Infosys – Narayanmurthy and his team.

Cell phone service. Is durable in the sense that the opportunity for profits will persist over a reasonable period of time. Ex: Power Sector. .IDENTIFYING AND EVELUATING THE OPPORTUNITY 4.

. The opportunity is amenable to financing.IDENTIFYING AND EVELUATING THE OPPORTUNITY 5.

.Technology (change) .Where to look for opportunities. .online education. .New knowledge Micro Biology – Biotech Enterprises. . Where things are changing .online Tuition.Tele medicine.

Insurance .Airlines .Tele communications.Finance . .Regulatory change.Retailing . .Where to look for opportunities .

Where to look for opportunities . .Education .social turmoil and civic failures .Home security systems .Car alarms.

Darshini Hotels .F M Radio .PVR Cinema . .Changing tastes/preferences of customers.Where to look for opportunities .

.The quest for convenient solutions discretionary Income.Bangalore one center 24/7 .Childcare .Where to look for opportunities .Nursing care .