Inside the entreprenurial mind

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Inside the Inside the Entrepreneurial Mind Entrepreneurial Mind from ideas to reality from ideas to reality by by Muhammad Adeel Javaid Muhammad Adeel Javaid

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Transcript of Inside the entreprenurial mind

Page 1: Inside the entreprenurial mind

Inside the Inside the Entrepreneurial MindEntrepreneurial Mind

from ideas to realityfrom ideas to reality

byby

Muhammad Adeel JavaidMuhammad Adeel Javaid

Page 2: Inside the entreprenurial mind

Creativity, Innovation, and Creativity, Innovation, and Entrepreneurship Entrepreneurship

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CreativityCreativity

The ability to develop new ideas and to The ability to develop new ideas and to discover new ways of looking at discover new ways of looking at problems and opportunities.problems and opportunities.

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InnovationInnovation

The ability to apply The ability to apply creative solutions creative solutions to problems and to problems and opportunities to opportunities to enhance or to enhance or to enrich people’s enrich people’s lives lives

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Barriers to CreativityBarriers to Creativity

Searching for one right Searching for one right answeranswer

Focusing on ‘being logical’Focusing on ‘being logical’ Blindly following the rulesBlindly following the rules Consistently being practicalConsistently being practical Viewing play as frivolous Viewing play as frivolous Becoming overly specializedBecoming overly specialized Fearing looking foolishFearing looking foolish Fearing mistakes and failureFearing mistakes and failure Believing ‘I’m not creativeBelieving ‘I’m not creative’’

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Enhancing Organizational Enhancing Organizational CreativityCreativity Include creativity as a core company valueInclude creativity as a core company value

Embrace diversityEmbrace diversity Expect CreativityExpect Creativity Expect and tolerate failureExpect and tolerate failure Encourage curiosityEncourage curiosity Create a change of scene periodicallyCreate a change of scene periodically View problems as challengesView problems as challenges Provide creativity trainingProvide creativity training Provide supportProvide support Develop a procedure for creating ideasDevelop a procedure for creating ideas Talking with customersTalking with customers Looking for uses for your products/services in Looking for uses for your products/services in

other marketsother markets Rewarding creativityRewarding creativity Modeling creative behaviorModeling creative behavior

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Questions to Spur Questions to Spur ImaginationImagination Is there a way to do it?Is there a way to do it?

Can you borrow or adapt it?Can you borrow or adapt it? Can you give it a new twist?Can you give it a new twist? Do you merely need more of the same?Do you merely need more of the same? Less of the same?Less of the same? Is there a substitute?Is there a substitute? Can you rearrange the parts?Can you rearrange the parts? What if you do just the opposite?What if you do just the opposite? Can you combine ideas?Can you combine ideas? Can you put it to other uses?Can you put it to other uses? What else should we make from this?What else should we make from this? Are there any other markets for it?Are there any other markets for it? Can you reverse it?Can you reverse it? Can you rearrange it?Can you rearrange it? Can you put it to another use?Can you put it to another use? What ideas seem impossible but if executed would What ideas seem impossible but if executed would

revolutionize your business?revolutionize your business?

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Ten ‘Secrets’ for Leading Ten ‘Secrets’ for Leading CreativityCreativity They think.They think.

They are visionaries.They are visionaries. They listen to customers.They listen to customers. They understand how to manage ideas.They understand how to manage ideas. They are people-centered.They are people-centered. They maintain a ‘culture of change’They maintain a ‘culture of change’ They maximize team synergy, balance, and They maximize team synergy, balance, and

focus.focus. They hold themselves and others accountable They hold themselves and others accountable

for extremely high standards of performance.for extremely high standards of performance. They refuse to take ‘no’ for an answer.They refuse to take ‘no’ for an answer. They love what they do and have fun doing They love what they do and have fun doing

it.it.

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Enhancing Individual Enhancing Individual CreativityCreativity Allow yourself to be creative.Allow yourself to be creative.

Observe the products and services of other Observe the products and services of other companies, especially those in other companies, especially those in other markets.markets.

Recognize the creative power of mistakes.Recognize the creative power of mistakes. Keep a journal handy to record your Keep a journal handy to record your

thoughts and ideas.thoughts and ideas. Listen to other people.Listen to other people. Listen to customers.Listen to customers. Talk to a child.Talk to a child. Keep a toy box in your office.Keep a toy box in your office. Read books on stimulating creativity or take Read books on stimulating creativity or take

a class on creativity.a class on creativity. Take some time off.Take some time off.

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Evaluating Ideas Evaluating Ideas for their Market Potentialfor their Market Potential

What benefits does the product or service offer customers? Is there a real What benefits does the product or service offer customers? Is there a real need for it?need for it?

Have you pinpointed the exact problems or difficulties your idea aims to Have you pinpointed the exact problems or difficulties your idea aims to solve? Have you considered the problems or difficulties it might create?solve? Have you considered the problems or difficulties it might create?

On a scale of 1 to 10, how difficult will it be to execute the idea and sell it On a scale of 1 to 10, how difficult will it be to execute the idea and sell it commercially?commercially?

Does the product or service have natural sales appeal? Can customers Does the product or service have natural sales appeal? Can customers afford it? Will they buy it? Why?afford it? Will they buy it? Why?

What existing products or services would compete with your idea? Is your What existing products or services would compete with your idea? Is your product or service superior to them? How?product or service superior to them? How?

On a scale of 1 to 10, how easily can potential customers understand the On a scale of 1 to 10, how easily can potential customers understand the benefits of your new product or service? Are they obvious?benefits of your new product or service? Are they obvious?

On a scale of 1 to 10, how complex is the product or service? If it is a On a scale of 1 to 10, how complex is the product or service? If it is a product, can you prototype it yourself?product, can you prototype it yourself?

On a scale of 1 to 10, how complex is the distribution or delivery system On a scale of 1 to 10, how complex is the distribution or delivery system needed to get the product or service into the customers’ hands?needed to get the product or service into the customers’ hands?

How unique is your product or service? How easily can other companies How unique is your product or service? How easily can other companies imitate your idea?imitate your idea?

How much will it cost to produce or provide the product or service? To How much will it cost to produce or provide the product or service? To distribute it? To market it? distribute it? To market it?

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The Creative ProcessThe Creative Process

PreparationPreparation InvestigationInvestigation TransformationTransformation IncubationIncubation IlluminationIllumination VerificationVerification ImplementationImplementation

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Techniques for Improving the Techniques for Improving the Creative ProcessCreative Process

BrainstormingBrainstorming Mind-MappingMind-Mapping TRIZTRIZ Rapid PrototypingRapid Prototyping

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Intellectual Property: Intellectual Property: Protecting Your IdeasProtecting Your Ideas

PatentsPatents TrademarksTrademarks CopyrightsCopyrights

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The Patent ProcessThe Patent Process

Establish the invention’s novelty.Establish the invention’s novelty. Document the device.Document the device. Search existing patents.Search existing patents. Study the search result.Study the search result. Submit the patent application.Submit the patent application. Prosecute the patent applicationProsecute the patent application..

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Characteristics of Patents, Characteristics of Patents, Trademarks, and Copyrights Trademarks, and Copyrights

Copyright Works of original 2 weeks Copyright Works of original 2 weeks $30$30

authorship-books or software authorship-books or software Trademark Logos, names, phrases 6 months Trademark Logos, names, phrases 6 months

$900 to$900 to to 1 year to 1 year

$1,500$1,500

Design The look of an up to 2 Design The look of an up to 2 $5,000 to $5,000 to

Patent original product years Patent original product years $20,000$20,000

Utility How an original 2-5 years Utility How an original 2-5 years samesame

Patent product works Patent product works

Business A business process same Business A business process same samesame

Method Patent or procedure Method Patent or procedure