Entrepreneur An individual who recognizes opportunities (wants or problems) and uses resources to implement innovative ideas for new, thoughtfully planned ventures
Factors of Production Resources necessary for production, including land, labor, capital, and entrepreneurship
Define ‘inventor’: An inventor is a person who creates or discovers a new method, form, device or other useful means. The word inventor comes form the latin verb invenire, invent-, to find. The system of patents was established to encourage inventors by granting limited-term, limited monopoly on inventions determined to be sufficiently novel, non-obvious, and useful
“An inventor and an entrepreneur actually do the same thing.” ~do you agree or disagree with this statement? Canadian inventor Ben Gulak is apparently behind this Segue-inspired motorcycle called the Uno (there are actually two wheels, they're just side by side). As an entrepreneur, many people tell you your idea is crazy (and all but the most dedicated give up in the face of such criticism). I can only imagine the feedback Ben got! Best of luck Ben.
Inventing something is one process, but getting it widely accepted, produced, and distributed is the domain of the entrepreneur. Many inventions, for example, are never duplicated because no entrepreneurial talent put the other three factors of production together---land, labor, capital---to have it made, sold, and distributed to consumers.
Define ‘innovation’ in an entrepreneurial sense: To be innovative means to develop something of value and useful to others, not just something that is new or different. How do entrepreneurs generate innovation?
Responding to an entrepreneurial opportunity Entrepreneurial Opportunity: • A want, problem, or challenge that can be addressed, solved, and/or satisfied by an innovative initiative Entrepreneurial Idea: • A specific innovative way to satisfy a want, overcome a problem, or meet a challenge
Responding to an entrepreneurial opportunity Entrepreneurial Opportunity: Examples: • People are increasingly conscious of the food they eat and the water they drink • People are increasingly concerned about health and fitness • There is a need for widespread education regarding AIDS • Many people are mystified by computers • Many people cannot read or write • Australia is very "in“ Entrepreneurial Idea: Examples: • A health food or fresh food restaurant • A new form of health club • A new, innovative way to provide AIDS education • A home education program on computers • A new type of program to combat illiteracy • An Australian film festival
Brainstorm more examples of entrepreneurial activities. Brainstorming technique • Don't criticize another person's ideas. Group members will tend to talk less if this happens. This means fewer ideas will be expressed. Group leaders should discourage such phrases as "That's a dumb idea.“ • Encourage freewheeling. The wilder the ideas the better. It is easier to tame down a wild idea than it is to think up another one. • Try for quantity. The larger the number of ideas the better the chances of getting good ones. • Combine and build on the ideas of others. Group members should state their own ideas. They should also suggest how the ideas of others could be turned into better ideas. Sometimes two or three ideas can be joined to form another idea.
To get you started…. "What new products not now available are needed for the home? Here is your opportunity to dream up all those gadgets, appliances, etc., that you believe would make life more enjoyable."
These are a few ideas generated in a previous session: • Suction cups on the bottom of egg beaters to prevent skidding in the bowl. • Venetian blinds so constructed that the slats in the upper or lower half can be opened or closed independently of the other half. • Switches for doorbells so you can turn them off when children are asleep or when you don't want to be disturbed.
Intelligent innovation http://www.urenio.org/2005/12/01/intelligent-innovation/
"Imagine The Future...Make It Happen"™ Innovative companies understand that individual or special programs such as continuous improvement, brainstorming sessions or creativity training do not make the organization innovative. Rather, the collection or portfolio of these initiatives, wrapped within a well supported climate of innovation, results in an organization loaded with skilled and passionate people who strive to make innovation a part of their daily mind set. http://www.thinkforachange.com/CIModel.htm
Wrap up • Entrepreneurs use innovation as a tool to effect change and to develop better products, services, and processes that are wanted by others. • Innovation is a driving force for change and is given birth by inventors. It is the entrepreneur who brings the innovation to "life" and uses it to make a valuable contribution to change, development, and progress in the economy.
Wrap up cont’ • A new idea is meaningless to the economy unless it is brought to market and made available for others to enjoy and utilize in meeting their wants. • Therefore, it is essential that entrepreneurs focus their ideas on a specific opportunity, a want (perhaps not yet recognized) that needs to be satisfied, a problem that has to be overcome, or a challenge that has to be met.