Introduction to Entrepreneurship Launching New Ventures Allen 5th Edition Chapter 3 Recognizing and Creating Opportunity Entrepreneurship is a creative process CREATIVITY is the basis of invention and innovation fundamental to problem solving and enables entrepreneurs to differentiate their business from competitors Today rapidly changing environment due to speed of changing technology is resulting in uncertainty and new opportunities How to survive in the 21st century PRACTICE CREATIVITY AND INNOVATION Idea 1 2 Business opportunity 3 Opportunity recognition 4 Opportunity creation BUSINESS OPPORTUNITY idea that involves product service method with commercial potential must create value for customer and attached be attached to a viable business model FEASABILITY ANALYSIS developing a business concept and testing it in the market with potential customers OPPORTNITY RECOGNITION innovation based on product service method already in existence OPPORTUNITY CREATION starting from scratch invention of technologies products methods that render those in existence obsolete Creativity Perspectives 1 FUNCTIONALIST PERSPECTIVE 2 OUTCOME BASED PERSPECTIVE useful products and services procedures and processes creativity is the production of novel and useful ideas applied approach creativity is the generation of valuable Inventors must recognize invention process is not formulaic or linear but the creative process has certain patterns Connection 2 ideas brought together Discovery connection is explored in depth Invention product of effort once discovery is made discovery cannot benefit society unless made a product Application for invention to be successful must address specific need and apply to a market CHALLENGES to Creativity 1 Time constraints 2 Lack of confidence 3 Lack of creative skills Confidence accountability collaboration initiative set manageable goals that create small wins Removing Roadblocks to Creativity Design an environment to stimulate creativity Keep track of ideas Start with the familiar Take advantage of a personal network Return to childhood Think in opposites Sources of Innovation future technologies 1 Human Genome Project 2 Nanotechnology 3 Mobile technology Removing Roadblocks to Problem Solving Restate the problem to uncover the real issue Identify the pros cons for potential solutions Develop a decision tree that reflects all possible choices to solve the problem
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