Chapter 3 Lecture.docx - Inside the Entrepreneurial Mind...

This preview shows page 1 - 4 out of 15 pages.

Inside the Entrepreneurial Mind: From Ideas to Reality Introduction One of the tenets of entrepreneurship is the ability to create new and useful ideas that solve the problems and challenges that people face every day. As Chapter 1 discussed, entrepreneurs can create value in a number of ways. For example, entrepreneurs invent new products and services, develop new technology, discover new knowledge, improve existing products or services, and find different ways of providing more valuable goods and services with fewer resources. Creativity, Innovation, and Entrepreneurship Creativity is the ability to develop new ideas and discover new ways of looking at problems and opportunities. A study conducted by the U.S. Small Business Administration reports that small companies produce 16 times more patents per employee than their larger rivals. The secret is to apply creativity and innovation to solve problems and exploit opportunities that people face every day.
Image of page 1
Innovation is the ability to apply creative solutions to problems and opportunities that enhance or enrich people’s lives. Entrepreneurs succeed by thinking and doing new things or old things in new ways. Some create innovations reactively in response to customer feedback or changing market conditions, and others create innovations proactively , spotting opportunities on which to capitalize. Innovation is evolutionary , developing market-sustaining ideas that elaborate on existing products, processes, and service. Entrepreneurial innovation encompasses not only new products and service but also new business models. Entrepreneurship is the result of a disciplined, systematic process of applying creativity and innovation to needs and opportunities in the marketplace. Innovation must be a constant process because most ideas do not work and most innovations fail. Creativity – Essential to Survival Creativity is an important source for building a competitive advantage and for survival. Companies that fail to become engines of innovation are more likely to lose ground to their more creative competitors and ultimately become irrelevant and close their doors. Making the leap from what has worked in the past to what will work today (or in the future) requires entrepreneurs to cast off their limiting assumptions, beliefs, and behaviors and to develop new insights into the relationship among resources, needs, and values. Solutions to Figure 2.1. How Creative Are You? Can you recognize the well-known phrases these symbols represent?
Image of page 2
Foot in the door You are right on target Double or nothing Fine line between love and hate Interstate highways Bib overalls Countdown to blast off Splitting headache Poison ivy Breaking Bad Turnover Rate Pushed into a corner Leg up on the competition Jockeying for Position Space probe Earlyrising Water ski Drawn to scale Two sides to every story Sinking felling The last to know Shop online 20,000 Leagues under the sea Female bonding Backhanded compliment Sundown Split second timing Overnight delivery You have a lot to
Image of page 3
Image of page 4

You've reached the end of your free preview.

Want to read all 15 pages?

  • Fall '19

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes
A+ icon
Ask Expert Tutors