Inside the Entrepreneurial Mind: From Ideas to Reality

Inside the entrepreneurial mind: from ideas to reality

• Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.

- Albert Einstein

• Creativity is the power to connect the seemingly unconnected.

- William Plomer

• Logic can take you from A to B, imagination can take you anywhere

• A conservative is a man who believes that nothing should be done for the first time.

Inside the entrepreneurial mind: from ideas to reality

• Entrepreneurs’ ideas have transformed the world

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WD-40

Creativity, Innovation and Entrepreneurship

• Small firms produce more economically and technically important innovations than larger firms

• What is the entrepreneurial secret for creating “value” in marketplace?

• Applying creativity and innovation to solve problems and to exploit opportunities that people face everyday.

Creativity, Innovation and Entrepreneurship

• Creativity – Ability to develop new ideas and to discover new ways of looking at problems and opportunities

• Innovation – ability to apply creative solutions to problems and opportunities to enhance and enrich people’s lives.

Thinking new things

Doing new things

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Creativity, Innovation and Entrepreneurship

• Simply having a great new idea is not enough; transforming the idea into a tangible product, service, or business venture is the essential next step.

• Creativity and Innovation consists of:• SEEING what everyone else has seen,• THINKING what no one else has thought, and• DOING what no one else has dared!

Creativity and Innovation

Survival and Success

Competitive World

Automaker to tea

growers

Trial and lots of error

• More important for small companies• Small companies cannot OUTSPEND but

OUTCREATE and OUTINNOVATE larger companies• Creative ideas springs up from most unexpected

places – 3Bs• Entrepreneurship – Disciplined and Systematic

process of applying creativity and Innovation to needs of marketplace

Polaroid Instant Camera

Creativity, Innovation and Entrepreneurship

Creativity, Innovation and Entrepreneurship

• Out of 3000 ideas – 4 to development stage-2 to market- 1 succeeds and 1 fails

• You should be • BOLD enough to try new ideas• FLEXIBLE enough to throw that didn’t work• WISE enough to learn about what will work

from what did not. Lion & Gazelle

Creativity – A necessity for survival

• History is not always a predictor of the future in business

• Look at the world in a different, new wayBREAK THE PARADIGM

Keep Your Inner Child AliveDare to become Unorthodox

Question the Tradition

Economic recession of 2008

The richest people lost 27% of their wealth

Lehman Brothers and GM went

bankrupt

Toyota

Frank Marshall -

Chess

Creative Exercises

Creative Thinking

• Can Creativity be taught?• Left and Right Hemisphere

Left Brain:LogicalSystematicLinearVertical thinkingLanguageLogicSymbols

Right Brain:KaleidoscopicLateral thinkingEmotionalIntuitive

Creative Thinking • Right-brained people tend to: Always ask the question “Is there a better way?” Challenge custom, routine and tradition Be reflective, often staring out windows, deep in thought Be prolific thinkers Play mental games, trying to see an issue from different

perspectives Realize that there may be more than one right answer See problems as springboards to new ideas Relate seemingly unrelated ideas to a problem to generate

innovative solutions. Have helicopter skills

Stanford OvshinskySolar powered rechargeable

batteries, rewritable CDs DVDs

Barriers to Creativity

Barriers to Creativity

• Searching for one “right” answer – 2600 tests, Jackson Ville- Super Bowl game

• Focusing on being logical- think different• Blindly following the rules- QWERTYUIOP keyboard, Not to color

outside the lines• Constantly being Practical – “What if” questions, Thomas Edison• Viewing play as frivolous – Kite flying, Cricket, Non-Banquet• Becoming overly specialized – Roll-On Deodorant• Avoiding ambiguity• Fearing looking foolish – Apple tree• Fearing mistakes and failure• Believing that I am not Creative

How to enhance Creativity

• Enhancing Organizational Creativity• Enhancing Individual Creativity

Enhancing Organizational Creativity

• Shortened Product lifecycles1. Include Creativity as a Core Company Value2. Embracing Diversity3. Expecting Creativity4. Expecting and Tolerating failure5. Encouraging Curiosity6. Viewing problems as challenges7. Providing creativity training8. Developing a procedure for capturing ideas9. Rewarding Creativity10. Modeling Creative behavior

Suggestion Schemes

Brainstorming boards

Enhancing Personal Creativity

• Allow yourself to be creative• Give your mind fresh input everyday• Observe the products and services of other companies,

especially those in completely different markets• Recognize the creative power of mistakes• Keep a journal handy to record your thoughts and ideas• Listen to other people• Talk to a child• Keep a toy box in your office• Read books on embracing creativity• Take some time off - Fishing

The Creative Process

Process??? Doesn’t Idea come in just a CLICK?

The Creative Process

• Preparation- Education, Training, Experience- Never ending education; lifelong students- Nature/ World is the best teacher- Observation skills- Read! Read!! And Read!!! …..a lot!- Clip articles of interest- Travel- Listening Skills- Listen to questions of unknowledgeable persons

You do not learn anything more by speaking, try listening!

The Creative Process

• Investigation- Understand problem- Market trend- Past history

Men in Black

Krish Korean Shoes

The Creative Process

• Transformation- Convergent and Divergent thinking• Incubation- May take anywhere from 5 minutes to 5 years- Work on problem in different environment- It looks as though nothing is happening- You won’t get different search results by googling the same

thing many times

• Illumination- Eureka factor

The Creative Process

• Verification- Simulation- Prototype- Test marketing- If a picture is worth 1000 words a prototype is worth

10000• Implementation• Ready aim fire

Not Ready aim aim aim…

Techniques for improving the creative process

• Brainstorming- A creative process in which a small group of people interact with very little structure with

a goal of producing large quantity of novel ideas.- Moderator and note keeper

• Mind-Mapping- Extension of brainstorming which reflects the way brain actually works

• TRIZ- More systematic than brainstorming and mind-mapping to help solve any technical problem

• Rapid Prototyping-Effective tools to test ideas

- Rough, Rapid and right

• Patents- A grant to the creator to use, sell for 20 years- A patent does not give one the right to make, sell or use an

invention; it prevents others from making, using or selling it.

• Copyrights- Protects the creators of original works of authorship such as literary,

dramatic, musical, and artistic works and software

• Trademarks- Any distinctive word, phrase, symbol, design, name, logo or

symbol that a company uses to identify the origin of a product or to distinguish it from other goods in the market

Protecting Your Ideas

Creativity seems fun??

• Here’s what you can do:Get an individual business idea. Elaborate your

idea to explain the general concept about it.Submission deadline:

March 1, 2011