Creativity and

the Business Idea

 Entrepreneur’s Adage #1

“Don’t follow the trend. Create the trend.”

- Jordan
 Trends

What is a Trend??
 Trends

• Megatrends
• Trends
• Fads
 Trends
• The start of a trend that lasts for a considerable period of time provides one of
the greatest opportunities for starting a new venture.
• Trends that will provide opportunities include:
 Wearable Trend
 Green Trend
 Payments
 Maker Trends
 Mobile Trends
 Health Trends
 The internet of things
 Sources of New ideas

• Personal experiences, problems, challenges and yearnings

• Failed Projects or Businesses
• Consumers
– Formal and informal information channels
• Existing Products and Services
– Analysis uncovers ways to improve offerings that may result in
a new product or service.
• Distribution Channels
– Channel members can help suggest and market new product
s.
 Sources of New ideas (contd.)

• Federal Government
– Patent Office files
– New product ideas generated in response to government regulations.
• Research and Development
– Formal R&D
– Informal R&D
 Methods of Generating new ideas

• Focus Groups
– A moderator leads a group of 8 to 14 participants through an op
en, in-depth discussion in a directive or nondirective manner.
– An excellent method for generating and screening ideas and co
ncepts.
– Can be useful for creating ad campaigns and copy
 Methods of Generating new ideas (contd.)
• Brainstorming
– Allows people to express and amplify their creativity.
– Be somewhat specific
• Good ideas emerge when the brainstorming effort focuses on a specific produ
ct or market area.
– Rules of brainstorming:
• No criticism.
• Freewheeling is encouraged.
• Quantity of ideas is desired.
• Combinations and improvements of ideas are encouraged.
• Assign someone to take notes and write down everything
 Methods of Generating new ideas (contd.)
• Reverse Brainstorming
– A group method that focuses on the negative aspects of ideas
and ways to overcome these problems.
– Care must be taken to maintain group morale and avoid offendi
ng participants.
• Gordon Method
– Method for developing new ideas when the individuals are una
ware of the problem.
– Solutions are not clouded by preconceived ideas and behavior
al patterns.
– Layered presentation of the solution
• Free Association
– Developing a new idea through a chain of word associations.
 Entrepreneur’s Adage #2

“Winners never quit and quitters never win.” ...

 Methods of Generating new ideas (contd.)
• Collective Notebook Method
– Developing a new idea by group members regularly recording i
deas.

• Big-Dream Approach
– Developing a new idea by thinking without constraints.
 Creative Problem Solving
• Creativity tends to decline with age, education, lack of use, and bur
eaucracy.
• Latent creative potential can be stifled by perceptual, cultural, emoti
onal, and organizational factors.

HOW CAN SOMEONE’S CREATIVE SPIRIT BE NURTURED?

 Entrepreneur’s Adage #3

“Creativity begets creativity… Write a poem, compose

a song, take some awe-inspiring pictures or paint som
ething in the middle of the day while you work!”
- Jordan
 Types of Innovation

 Breakthrough

 Technological

 Ordinary
 Innovation Chart

Uniqueness

Nu m b e r o f Eve n t s
Opportunity Recognition Process
 Entrepreneur’s Adage #4

“Get excited (not discouraged) when people tell you your ideas
are dumb or will never work. Most people mock what they cann
ot themselves understand, create or envision.”

- Jordan