efficiency - system - organized - speed
effectiveness - result - output
Who is an entrepreneur?
> entrepreneur() n. A person who organizes, operates, and assumes the risk for a business venture (www.answers.com)
> originates from the French word, "entreprendre"which means "to undertake"
In a business contest, it means to start a business (www.quickmba.com)
Creativity
Creativity Process> If someone/some people are born creative and talents, can creativity be developed?
Creativity can be developed in a person and improved in those who already have it. The Creative Process:
> it can be developed in many ways
> creative process do not always occur in the same order for every creative activity
PHASE I: BACKGROUND/KNOWLEDGE ACCUMULATION
PHASE II: INCUBATION PROCESS
PHASE III: THE IDEA EXPERIENCE
PHASE IV: EVALUATION & IMPLEMENTATION
PHASE I: BACKGROUND
> Prof. Reading and groups, discussion
> seminars and traveling
> files and references
> jotting notes
> curiosity
PHASE II: INCUBATION
> Allow the subconscious mind to work (sleep/do mindless activities/think of problems before sleeping)
PHASE III: IDEA PROCESS
> Bright Ideas - pops after incubation
> mistakes as only component of creativity
> Ideas - spring into minds - doing unrelated activities
> Daydream, hobbies, jotting notes, work breaks
PHASE IV: EVALUATION & IMPLEMENTATION
> Phase where successful entrepreneurs identify ideas that are practical, feasible and workable
>Requires great deal
discipline, courage, determination, perseverance, and confidence
The INNOVATIVE PROCESS
Sources of Innovation
Innovation and Entrepreneurial Activities
What is innovation?
It means by which the entrepreneur either creates new wealth-producing resources or endows existing resources with enhanced potential for creating wealth.
1. Invention
2. Extension
3. Duplication
4. Synthesis
1. Invention
> New products, services, or processes are created
> Novel or untried
e.g. airplanes - Wright Brothers; light bulb - Thomas Edison; Telephone - Alexander Graham Bell
2. Extension
> existing products, services, or processes are expanded
> a different application of current idea is tried
e.g. Ray Kroc - Mc Donald's, Nolan Bushnell - Atari, Kemmons Wilson - Holiday Inn
3. Duplication
> existing products and services are replicated
> own touch is added to improve/enhance the product
e.g. Lucy Goldstar- Personal Computer, Jollibee - fast food, Likha Papaya - whitening soap, Kalde-Kaldero, Kawakawali, aawitan Kita-Filipino restaurant
4. Synthesis
> existing concepts and factors are combined into a new formulation
> gathering of existing ideas/items
> finding ways to make them from a new use/application
e.g. shopwise * 3-1 printer * casio-wrist watches
Sources of Innovation
Make use of innovations to exploit rather than create change following are external and internal areas that serves as sources of innovation:
1. Unexpected occurrences
> unanticipated/unplanned
> success/failure
> prove to be major surprise
2. Incongruities
> results happen when there's a gap between expectation and reality
3. Process Needs
> demands innovation & answers particular need
e.g. manufacture health product, food, convenience, time-savers
3. Industry & Marketing Changes
> consumer attitudes, advancement in technology, industrial growth
> develop that cause consistent shifts in the market
e.g. Industrial sewing machines - RTW
5. Demographic Changes
> result of changes in population, age, education, geographic location, etc.
e.g. influx of trendy fads is caused by an increasing teenage population like cellular phones & personal computer
6. Changes in perception
> people's interpretation of facts and concepts
> intangible and meaningful
e.g. fitness craze, flawless skin, white skin
7. Knowledge
> based concepts
> invention
> inventions - products of new thinking, new methods and new knowledge
> longest time - initiation and market implementation
> testing & modification to ensure success
Innovation and Entrepreneurial Activities
What is innovation?
It means by which the entrepreneur either creates new wealth-producing resources or endows existing resources with enhanced potential for creating wealth.
1. Invention
2. Extension
3. Duplication
4. Synthesis
1. Invention
> New products, services, or processes are created
> Novel or untried
e.g. airplanes - Wright Brothers; light bulb - Thomas Edison; Telephone - Alexander Graham Bell
2. Extension
> existing products, services, or processes are expanded
> a different application of current idea is tried
e.g. Ray Kroc - Mc Donald's, Nolan Bushnell - Atari, Kemmons Wilson - Holiday Inn
3. Duplication
> existing products and services are replicated
> own touch is added to improve/enhance the product
e.g. Lucy Goldstar- Personal Computer, Jollibee - fast food, Likha Papaya - whitening soap, Kalde-Kaldero, Kawakawali, aawitan Kita-Filipino restaurant
4. Synthesis
> existing concepts and factors are combined into a new formulation
> gathering of existing ideas/items
> finding ways to make them from a new use/application
e.g. shopwise * 3-1 printer * casio-wrist watches
Sources of Innovation
Make use of innovations to exploit rather than create change following are external and internal areas that serves as sources of innovation:
1. Unexpected occurrences
> unanticipated/unplanned
> success/failure
> prove to be major surprise
2. Incongruities
> results happen when there's a gap between expectation and reality
3. Process Needs
> demands innovation & answers particular need
e.g. manufacture health product, food, convenience, time-savers
3. Industry & Marketing Changes
> consumer attitudes, advancement in technology, industrial growth
> develop that cause consistent shifts in the market
e.g. Industrial sewing machines - RTW
5. Demographic Changes
> result of changes in population, age, education, geographic location, etc.
e.g. influx of trendy fads is caused by an increasing teenage population like cellular phones & personal computer
6. Changes in perception
> people's interpretation of facts and concepts
> intangible and meaningful
e.g. fitness craze, flawless skin, white skin
7. Knowledge
> based concepts
> invention
> inventions - products of new thinking, new methods and new knowledge
> longest time - initiation and market implementation
> testing & modification to ensure success
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