MKT 203: FUNDAMENTALS OF

ENTREPRENEURSHIP

Iddrisu Abdul-Rashid/Isaac Adabyisa

LH 1 & 3
7:30am -9:30am
MKT 203: FUNDAMENTALS OF
ENTREPRENEURSHIP

CREATIVITY

LH 1 & 3
7:30am -9:30am
 OUTLINE OF PRESENTATION

 Introduction to Creativity
 The creativit
 Creativity Methods
 Generating small business ideas
 Assessing entrepreneurial ideas
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CREATIVITY
• Creativity is the ability to develop new ideas and to discover new ways
of looking at problems and opportunities.
• creativity is thinking new things
• creativity is the capacity to produce new ideas, insights, inventions,
products, or artistic objects that are considered to be unique, useful, and
of value to others
• It is an attitude of always trying to improve existing products and
services
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CREATIVITY
• One’s creative potential is something that can be developed and
improved.
• Everyone is creative to some degree
• Some individuals have a greater aptitude for creativity than others.
• Some people have been raised and educated in an environment that
encouraged them to develop their creativity. They have been taught to
think and act creatively.
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CREATIVITY PROCESS
 Background or knowledge accumulation

o Successful creativity in our entrepreneurial is preceded by investigation

and information gathering.

o This usually involves; extensive reading, Conversations with others

working in the field.
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CREATIVITY PROCESS
o Attendance at professional meetings and workshops a

(1) Read in a variety of fields

(2) Join professional groups and associations
(3) Attend professional meetings and seminars
(4) Travel to new places
(5) Talk to anyone and everyone about your subject
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CREATIVITY PROCESS
(6) Scan magazines, newspapers and journals for articles related
to the subject.
7) Develop a subject library for future reference
(8) Carry a small notebook and record useful
Information
(9) Devote time to pursue natural curiosities.
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CREATIVITY PROCESS
 The mind incubation process
o This involves thinking about the idea a bit more.

o This phase occurs more when you are engaged in activities totally
unrelated to the subject or problem.

o It happens even when you are sleeping. ‘Why don’t you sleep on it?
o The subconscious mind will work on it, allowing creativity to spring
forth.
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CREATIVITY PROCESS
 The mind incubation process
o Some of the most helpful steps to induce incubation are:
(1) Engage in routine, ‘mindless’ activities (cutting the grass, painting the
house)
(2) Exercise regularly
(3) Play (sports, board games, puzzles)
(4) Think about the project or problem before falling asleep
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CREATIVITY PROCESS
 The idea experience
This phase of the creative process is often the most exciting. It is when the
idea or solution is discovered. This phase is also the one the average person
incorrectly perceives as the only component of creativity.
• New and innovative ideas often emerge while one is busy doing
something unrelated to the enterprise, venture or investigation.
• Sometimes the idea appears as a bolt fron the
blue.
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CREATIVITY PROCESS
 The idea experience

Because it is often difficult to determine when the incubation process

ends and the idea experience phase begins, many people are unaware
of moving from phase 2 to phase 3.
 Creativity, Innovation and Entrepreneurial Manager

CREATIVITY PROCESS
 The idea experience
Some ways to speed up the idea experience:
(1) Daydream and fantasize about your project
(2) Practice your hobbies
(3) Work in a leisurely environment (for example, at home instead of the
office)
(4) Put the problem on the back burner;
(5) Keep a notebook at your bedside to record
late-night or early-morning ideas
(6) Take breaks while working
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CREATIVITY PROCESS
 Evaluation and implementation
This is the most difficult step of a creative endeavor.
 Requires a great deal of courage, self discipline and perseverance
 Do not give up when they run into temporary
obstacles.
• Often you will fail several times before you successfully develop their
best ideas.
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CREATIVITY PROCESS
 Evaluation and implementation
• Some cases entrepreneurs will take the idea in an entirely different
direction or will discover a new
and more workable idea while struggling to implement
the original idea
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CREATIVITY PROCESS
 Evaluation and implementation
Some of the most useful suggestions for carrying out this phase are:
(1) Increase your energy level with proper exercise, diet and rest
(2) Educate yourself in the business planning
process and all facets of business
(3) Test your ideas with knowledgeable people
(4) Take notice of your intuitive hunches and feelings.
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CREATIVITY PROCESS
 Evaluation and implementation
(5) Educate yourself in the selling process
(6) Learn about organizational policies and practices
(7) Seek advice from others (for example, friends, experts)
(8) View the problems you encounter while implementing your ideas as
challenges to be overcome
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CREATIVITY PROCESS
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CREATIVITY METHODS
• Brainstorming: Brainstorming is a common technique for generating
ideas. With this technique, the goal is to produce as many ideas as
possible within a particular time frame;

o Stay open-minded and non-judgmental about the ideas produced to

ensure all participants feel comfortable sharing their thoughts.
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CREATIVITY METHODS
 Negative brainstorming

• A list of "bad" solutions to the problem they want to solve is generated.

• Obstacles to success are identified and work toward being reversed.

• The group can set a timer and write as many ideas as possible.
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CREATIVITY METHODS
 Break your routine
• Breaking your routine, your normal way of thinking and doing
things is a good way of
creating creativity.

• Can you do it differently? Eg. Can you improve your

understanding in class by contributing to discussions instead of
just listening?
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CREATIVITY METHODS
 Attribute analysis

• Draw a list of products or services.

• Generate a list of attributes for each item. For example how

differently could the pen have been made?
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CREATIVITY METHODS
 Random words
• The random words technique asks participants to identify a word or
phrase related to the problem they wish to solve.

• This technique helps participants identify ideas related to the problem

they want to solve, which can help them divide abstract problems into
actionable tasks
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CREATIVITY METHODS
 Roleplaying
• In the roleplaying technique, participants adopt character personas and
imagine problems and solutions from their perspectives. Eg playing the
role of customer. One can use multiple personas to look at the problem
from several viewpoints, such as a first-time user versus an experienced
user.
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Generating small business ideas
There are various methods by which small business ideas can be
identified.
• Ideas can be generated from the entrepreneur’s skills, expertise and
aptitudes

• Other sources (Yellow pages, trade shows, advertisements etc)

• Common needs-Examining what different people or organizations need

with a view to satisfying these needs can trigger small business ideas
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Generating small business ideas
• From existing problems-You can think of things that irritate you or other
people. The strategy is to come up with ways of removing these irritations
or
solving these problems.

• From everyday activities-Going shopping and observing what

customers buy, how they behave in the shops, observing the most popular
groceries that they
buy can generate business ideas.
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Assessing entrepreneurial ideas
This is test or evaluate whether our ideas have a chance
of working . Two methods are used;
• A feasibility study
• A viability study
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Assessing entrepreneurial ideas
• A feasibility study- A feasibility study is a general examination of the
potential of a business idea to be converted into a business enterprise.

• A viability study-An in-depth investigation of the profitability of the idea

to be converted into a small business enterprise.
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A feasibility Study
To determine the feasibility of our business
ideas we will ask ourselves the following key questions
1. Do you want to do what the idea suggests?
• Health and the energy, The time to pursue the idea
Your family, do they understand? Is it the best idea
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A feasibility Study
2. Is there a market for the idea?

• Who will the consumers be?

• Are they sufficient in number to sustain demand?
• How will the consumers pay for the product or services?
• What it is that you are offering which will attract consumers to you
rather than our competitors?
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A feasibility Study
3. Can you meet the needs of the consumers?
Here check your capacity in relation to the
• Needed skills
• Quantity of and quality of products,
• Financial capital and the human resources
required.
• The source of the funds needs to be determined as well as how long
those funds are expected to last
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A feasibility Study
4. Can you communicate the idea to the consumers?
In this section, the focus is on getting the message across to the consumers.
• Some knowledge is required of the behaviour of the consumers.
• Knowledge is required of how your target consumers perceive your
products or services
• Whether they read special magazines or newspapers and the best method
to convey a message about the product or service to these consumers.
THANK YOU