Chapter 2Chapter 2

Recognizing opportunities Recognizing opportunities and generating ideas : and generating ideas :

Developing Developing entrepreneurial creativity entrepreneurial creativity

and innovationand innovation

What is creativityWhat is creativity

The ability to produce work that is novel, The ability to produce work that is novel, high in quality and appropriate high in quality and appropriate

-Sternberg, Kaufman & Pratz 2002--Sternberg, Kaufman & Pratz 2002-

The ability to imagine and see things The ability to imagine and see things other than they seem. It is a thinking other than they seem. It is a thinking process of imagination and creating process of imagination and creating

ideas.ideas.

-Dr Wilson Tay, CEO MIM--Dr Wilson Tay, CEO MIM-

The process of creativityThe process of creativity

Barriers to creativityBarriers to creativity

Personal beliefsPersonal beliefs Fear of criticismFear of criticism Over-managementOver-management StressStress

How to generate ideasHow to generate ideas

BrainstormingBrainstorming Forced analogyForced analogy Do itDo it Mind MappingMind Mapping Nominal groupNominal group

Characteristics of creative Characteristics of creative individualsindividuals

Creative individuals are remarkably Creative individuals are remarkably humble and proud at the same time.humble and proud at the same time.

Most creative individuals are very Most creative individuals are very passionate about their work, yet they can passionate about their work, yet they can be extremely objective about it as well.be extremely objective about it as well.

Creative individuals are brave to try new Creative individuals are brave to try new things.things.

Creative individuals are open minded and Creative individuals are open minded and willing to accept criticism from others.willing to accept criticism from others.

Characteristics of creative Characteristics of creative individualsindividuals

Creative individuals have a Creative individuals have a combination of playfulness and combination of playfulness and discipline, or responsibility and discipline, or responsibility and irresponsibilityirresponsibility

Creative individuals tend to have high Creative individuals tend to have high self-control.self-control.

Creative individuals are goal-directed, Creative individuals are goal-directed, deliberate and considerate in making deliberate and considerate in making any decision.any decision.

Creative individuals are willing to take Creative individuals are willing to take calculated risks.calculated risks.

What is innovationWhat is innovation

The process of selecting/ combining, The process of selecting/ combining, refining and turning the best creative refining and turning the best creative ideas into commercial reality. It is the ideas into commercial reality. It is the application of the idea to enhance or application of the idea to enhance or

improve a process, product or service, improve a process, product or service, or it could be the development of a or it could be the development of a

new product, service, process or model new product, service, process or model which would add new value to the user which would add new value to the user

or customeror customer

-Dr Wilson Tay, CEO MIM--Dr Wilson Tay, CEO MIM-

Sources of innovationSources of innovation

Unexpected eventsUnexpected events New-knowledge conceptNew-knowledge concept Changes of demographicsChanges of demographics Process needsProcess needs

Types of innovationTypes of innovation

InventionInvention ExtensionExtension DuplicationDuplication SynthesisSynthesis

Barriers to innovationBarriers to innovation

Organisation does not encourage Organisation does not encourage innovationinnovation

Insufficient resourcesInsufficient resources Traditional management Traditional management

behaviourbehaviour Personal behaviourPersonal behaviour

The importance of creativity The importance of creativity and innovationand innovation

To ensure an organisation’s To ensure an organisation’s survivalsurvival

To explore new marketsTo explore new markets To exploit natural resourcesTo exploit natural resources

Strategies to encourage Strategies to encourage creativity and innovationcreativity and innovation

Recognise your own abilitiesRecognise your own abilities Change your perceptionChange your perception Change the organisational cultureChange the organisational culture Dare to failDare to fail