OME402

LAUNCHING ENTREPRENEURIAL
VENTURE

Creativity and
innovation
Sources of Innovative Ideas
1.Trends
2.Unexpected Occurences
3.Incongruities
4.Process Needs
5.Industry and Market Changes
6.Demographic Changes
7.Perceptual Changes
8.Knowledge - Based Concepts
Trends

• Social Trends - aging demographics, health

and fitness growth, senior living
• Technology Trends - mobile, e-commerce,
internet advances
• Economic Trends - higher disposable
income, dual wage earner familes
• Government Trends - increased
regulations, petroleum prices, terrorism
Unexpected Occurences
• 9/11 terrorist attack – It opened so many
opportunities or entrepreneurs.
Incongruities
• Occurs when a gap or difference exists
between expectations and reality.

• US post office can’t meet the expectations of

customers, the birth of FedEx.

• example. Fred Smith of FedEx vs.US Post

Office
Process Needs
• These occur when an answer to a particular
need is required.
• Often called as "pain" - The solution?
Painkiller: medical devices, health foods,
pharmaceuticals.
• example: sugar-free products, caffeine-free
coffee.
Industry and Market Changes
• Continual shifts in the marketplace are
caused by developments such as consumer
attitudes, advancement in technology, and
industry growth.

• example: Healthcare industry - hospital

care has undergone radical changes, and
home health care and preventive medicine
have replaced hospitalization and surgery
as primary focus areas.
Demographic Changes
• These arise from trend changes in
population, age, education, occupations,
geographic locations and similar factors.
Perceptual Changes
• These are changes that occur in people's
interpretation of facts and concepts,
intangible but meaningful.

• example - fitness craze, people's desire to

better use their personal time (need to see
the world).
Knowledge - Based Concepts
• Inventions - product of new thinking, new
methods and new knowledge.
The Process of Knowledge and Learning

• Entrepreneurs must use their existing

knowledge base to identify the actual
opportunity, that knowledge serves as the
basis for interacting with the new
experience.
Imagination and Creativity
• Entrepreneurs blend imaginative and
creative thinking with a systematic, logical
process ability.
• They sense economic potential in business
problems by continually asking ... What if?
or Why not?......
• First rule in developing entrepreneurial
vision: Is to recognize that problems are to
solutions what demand is to supply.
The Nature of the Creative Process
• Creativity is a process that can be developed
and improve. Everyone is creative to some
degree. It is not some mysterious and rare
talent reserved for a select few. It is a
distinct way of looking at the world that is
often illogical.
The Most Common Idea killers
1. "Naah"
2. Can't (said with a shake of the head).
3. That's the dumbest thing I've ever heard.
4. Yeah, but if you did that...........
5. We already tried that - years ago.
6. I don't see anything wrong with the way we're doing it
now.
7. We've never done anything like that before.
8. We've got deadlines to meet- we don't have time to
consider that.
9. Its not in te budget.
10.Where do you get these weird ideas?
The Creative Process
• Background or Knowledge Accumulation
- investigation and information gathering
• The Incubation Process - in mindless
routine
• The idea experience - eureka factor
• Evaluation and Implementation
Recognizing relationship
• Adding fruit juice to softdrinks.