Maquersha Davis Small Business Outline

Maquersha Davis Small Business Outline - M aquersha Davis...

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Maquersha Davis Small Business Management Outline: Inside the Entrepreneurial Mind: From Ideas to Reality A. Creativity and Innovation a. Creativity – the ability to develop new ideas and to discover new ways of looking at problems and opportunities; thinking new things. b. Innovation – the ability to apply creative solutions to problems or opportunities to enhance or to enrich people’s lives; doing new things. B. Entrepreneurship a. Entrepreneurship – the result of a disciplined, systematic process of applying creativity and innovation to the needs and opportunities in the marketplace. b. Entrepreneurs connect their creative ideas with the purposeful action and structure of a business. C. Failure: Just Part of the Creative Process! a. For every 3,000 new product ideas: Four make it to the development stage. Two are actually launched. One becomes a success in the market. b. On average, new products account for 40 percent of companies’ sales!! c. Creativity is an important source for building a competitive advantage.
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D. Right-Brained, Creative Thinkers a. Always ask, “Is there a better way?” b. Challenge custom, routine, and tradition. c. Are reflective. d. Are prolific thinkers. e. Play mental games. E. Barriers to Creativity a. Becoming overly specialized b. Avoiding ambiguity c. Fearing looking foolish d. Fearing mistakes and failure e. Believing that “I’m not creative” F. Questions to Spur the Imagination a. Is there a new way to do it?
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