The Creative Process

•  Creativity
– Creativity is the process of generating a novel or useful
idea. The following are the stages of creativity process:
Stage 1: Preparation is the background, experience, and knowledge
that an entrepreneur brings to the opportunity recognition process.
Stage 2: Incubation is the stage during which a person considers an idea or
thinks about a problem.
Stage 3: Insight is the flash of recognition – when the solution to a problem
is seen or an idea is born.
Stage 4: Evaluation is the stage of the creative process during which an idea
is subjected to scrutiny and analyzed for its viability.
Stage 5: Elaboration is the stage during which the creative idea is put into a
final form.
 
Techniques For Generating Ideas

Brainstorming Focus Groups

Library and
Internet Research
 Brainstorming

• Brainstorming
– Is a technique used to generate a large number of ideas and
solutions to problems quickly.
– A brainstorming “session” typically involves a group of
people, and should be targeted to a specific topic.
– Rules for a brainstorming session:
• No criticism.
• Freewhelling is encouraged.
• The session should move quickly.
• Leap-frogging is encouraged.
 Focus Groups

• Focus Group
– A focus group is a gathering of five to ten people, who
have been selected based on their common characteristics
relative to the issues being discussed.
– These groups are led by a trained moderator, who uses the
internal dynamics of the group environment to gain insight
into why people feel they way they do about a particular
issue.
– Although focus groups are used for a variety of purposes,
they can be used to help generate new business ideas.
 What Is Feasibility Analysis?
Feasibility analysis is an important process which is
generally conducted to know the viability of a business
idea and is conducted as soon as idea has emerged. The
different type of feasibility studies are:
• Product / Service Feasibility Analysis
• Industry and Market Feasibility
• Economic Feasibility Analysis
• Financial Feasibility Analysis
• Organizational Feasibility Analysis
• Technical Feasibility Analysis
• Environmental Feasibility
• Operational Feasibility
 What is An Opportunity?

An opportunity may be defined as

any favorable set of circumstances
where it has been realized to offer
some product/service to some
market place.
 What is an Opportunity?
An opportunity has four essential qualities

Source: Entrepreneurship: Successfully

launching new ventures by Barringer
 Sources of Opportunity
– Observing Trends: The most important trends which can be
monitored for new business opportunities are:
• Economic Trends/forces.
• Social forces/Trends
• Changes in the Technology
• Political action and regulatory changes
• Environmental changes/ Trends
• Changes in Legal Environment
• Environmental Forces / Environment
– Identifying and Solving Problems
– Identifying the Gap in the Market for a product/service
– Voice of the Customers
– Creativity
 Full View of the Opportunity Recognition
Process
Depicts the connection between an awareness of emerging
trends and the personal characteristics of the entrepreneur
Source: Entrepreneurship: Successfully launching new venturesBarringer
 Elements of an Innovative and
Entrepreneurial Culture
• People and empowerment focused
• Value creation through innovation and change
• Attention to the basics
• Hands-on management
• Doing the right thing
• Freedom to grow and to fail
• Commitment and personal responsibility
• Emphasis on the future and a sense of urgency
 Corporate Entrepreneurship
• Defining The Concept
– Corporate Entrepreneurship
• Corporate Entrepreneurship is a process used to develop new
businesses, products, services or processes inside of an existing
organization to create value and generate new revenue growth
through entrepreneurial thought and action.
• Activities that receive organizational sanction and resource
commitments for the purpose of innovative results.
– A process whereby an individual or a group of individuals, in association with an
existing organization, creates a new organization or instigates renewal or
innovation within the organization.
– A process that can facilitate firms’ efforts to innovate constantly and cope
effectively with the competitive realities that companies encounter when
competing in international markets.