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CHAPTER 2 Inside the Entrepreneurial Mind

CHAPTER 2 Inside the Entrepreneurial Mind. MAN 470 – Berk T UNCALI. Video – Apple Inc. (Steve Jobs 2007 Keynote speech). E ntrepreneurs achieve success by combining resources in new and different ways to create competitive edge on rivals. Remember from class, the video was about the

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CHAPTER 2 Inside the Entrepreneurial Mind

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  1. CHAPTER 2 Inside the Entrepreneurial Mind MAN 470 – Berk TUNCALI

  2. Video – Apple Inc. (Steve Jobs 2007 Keynote speech) Entrepreneurs achieve success by combining resources in new and different ways to create competitive edge on rivals. Remember from class, the video was about the announcement of the original iPhone and the text book explanation of entrepreneurship.

  3. Creativity and Innovation • Creativity: the ability to develop new ideas and to discover new ways of looking at problems and oppurtunities. • Innovation: the ability to apply creative solutions to problems and oppurtunities to enhance or to enrich people's lives. (applying creative solutions to problems you face) Theodore Levitt - Professor at Harvard Business School– says; • Creativity is thinking new things, Innovations is doing new things or old things in new ways...

  4. Creativity and Innovation Examples; Linda Turner - Belly Bra! for pregnant women (1991). This idea launched T&J Designs and became a Successful company. Henry Ford - First Mass production Automobile and the moving assembly line. Horse wagons + steam engine… only putting it together!

  5. Unexpectd creativity - Story of the Polaroid camera Edwin Land an american scientist goes to holiday with his family 1943. When taking a family picture, her 3 year old daughter asks why she couldn't see the picture he Has just taken. He thinks about the for hours and comes up with the idea of a Polaroid Camera. (Polaroid,however , filed for chapter 11 bankruptcy in 2001 and bought by JP Morgan.)

  6. Idea Barriers Out of every 3000 new product ideas, only 4 of them make it to development stage and 2 of them make it to the market. But 1 of them becomes a success. Coming up with ideas that will see the light of day is very very hard. Getting them to the stage of success is even harder. However, once a product gets through these barriers, they will need innovations (extension strategies) to stay at the top. This can be seen on the next slide.

  7. Creativity • Creativity is not only the best way to have a competitive advantage but it is also a necessity for survival of companies. (Best defence is OFFENCE) • Creative Thinking: right brain (images,emotion, intuitive, jumps from idea to idea ) - left brain (language, linear, symbols, logic, systematic thinking)

  8. When your right side of the brain is more developed you tend to: • ask is there a better way? • challenge tradition • be reflective - deep thought - stare out of windows • be prolific thinkers - many ideas make it more likely to come up with a good one • play mental games • see mistakes as pit stops on the way to success • see problems as a jumping point to the next ideas • helicopter skill - rise above the daily routine and look at things from above to see the problem

  9. Barriers to Creativity: • Searching for the one right answer • Focusing on Being logical • Blindly following the rules • Constantly being preactica • Viewing play as frivilous

  10. Barriers to Creativity: • Becoming overly specialized • Avoiding ambiguity • Fearing looking foolish • Fearing mistakes and failure • Believing that ''I am not creative''

  11. How to develop and enhance creativity: At Organizations; • Emracing diversity • Expecting creativity • expect and tolerate failure • encourage curiosity – (google work place) • view problems as challenges • providing creativity training • providing support • develop a procedure for capturing ideas • rewarding creativity • digital communications corporation • modelling creative behaviour

  12. How to develop and enhance creativity: Individually; • allow yourseld to be creative • give your mind fresh input every day • recognize the creative power of mistakes • keep a journal to record thoughts and ideas • listen to other people – interaction • talk to a child • keep a toy box in your Office – many CEO’s have this in their Office – google is full of toys. • read books and take classes on creativity • take some time off (holiday is a must)

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

  14. Convergent thinking: the ability to see similarities and the connections among various data and events. • Divergent thinking: the ability to see differences among various data and events. • Mind mapping:a graphical technique that encourages thinking on both sides of the brain, visually displays the various relationships among ideas and improves the ability to view a problem from many sides. • Rapid prototyping: the process of creating a model of an idea, enabling an entrepreneur to discover flaws in the idea to make improvements in the design. • Brainstorming: a process in which a small group of people interact with very little structure with the goal of producing a large quantity of novel and imaginative ideas.

  15. THANK YOU

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