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Inside the Entrepreneurial Mind

Inside the Entrepreneurial Mind. from ideas to reality. Creativity, Innovation, and Entrepreneurship . Creativity. The ability to develop new ideas and to discover new ways of looking at problems and opportunities. Innovation.

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Inside the Entrepreneurial Mind

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  1. Inside the Entrepreneurial Mind from ideas to reality

  2. Creativity, Innovation, and Entrepreneurship

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

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

  5. Barriers to Creativity • Searching for one right answer • Focusing on ‘being logical’ • Blindly following the rules • Consistently being practical • Viewing play as frivolous • Becoming overly specialized • Fearing looking foolish • Fearing mistakes and failure • Believing ‘I’m not creative’

  6. Enhancing Organizational Creativity • Include creativity as a core company value • Embrace diversity • Expect Creativity • Expect and tolerate failure • Encourage curiosity • Create a change of scene periodically • View problems as challenges • Provide creativity training • Provide support • Develop a procedure for creating ideas • Talking with customers • Looking for uses for your products/services in other markets • Rewarding creativity • Modeling creative behavior

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

  8. Ten ‘Secrets’ for Leading Creativity • They think. • They are visionaries. • They listen to customers. • They understand how to manage ideas. • They are people-centered. • They maintain a ‘culture of change’ • They maximize team synergy, balance, and focus. • They hold themselves and others accountable for extremely high standards of performance. • They refuse to take ‘no’ for an answer. • They love what they do and have fun doing it.

  9. Enhancing Individual Creativity • Allow yourself to be creative. • Observe the products and services of other companies, especially those in other markets. • Recognize the creative power of mistakes. • Keep a journal handy to record your thoughts and ideas. • Listen to other people. • Listen to customers. • Talk to a child. • Keep a toy box in your office. • Read books on stimulating creativity or take a class on creativity. • Take some time off.

  10. Evaluating Ideas for their Market Potential • What benefits does the product or service offer customers? Is there a real need for it? • Have you pinpointed the exact problems or difficulties your idea aims to 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 commercially? • Does the product or service have natural sales appeal? Can customers afford it? Will they buy it? Why? • What existing products or services would compete with your idea? Is your product or service superior to them? How? • On a scale of 1 to 10, how easily can potential customers understand the 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 product, can you prototype it yourself? • 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? • How unique is your product or service? How easily can other companies imitate your idea? • How much will it cost to produce or provide the product or service? To distribute it? To market it?

  11. The Creative Process • Preparation • Investigation • Transformation • Incubation • Illumination • Verification • Implementation

  12. Techniques for Improving the Creative Process • Brainstorming • Mind-Mapping • TRIZ • Rapid Prototyping

  13. Intellectual Property: Protecting Your Ideas • Patents • Trademarks • Copyrights

  14. The Patent Process • Establish the invention’s novelty. • Document the device. • Search existing patents. • Study the search result. • Submit the patent application. • Prosecute the patent application.

  15. Characteristics of Patents, Trademarks, and Copyrights Copyright Works of original 2 weeks $30 authorship-books or software Trademark Logos, names, phrases 6 months $900 to to 1 year $1,500 Design The look of an up to 2 $5,000 to Patent original product years $20,000 Utility How an original 2-5 years same Patent product works Business A business process same same Method Patent or procedure

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