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Unformatted text preview: Maquersha Davis Small Business Management Outline: I nside the Entrepreneurial Mind: F rom Ideas to Reality A. Creativity and I nnovation 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 peoples 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. 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. Bar riers to Creativity a. Becoming overly specialized b. Avoiding ambiguity c. Fearing looking foolish d. Fearing mistakes and failure e. Believing that Im not creative F. Questions to Spur the I magination a. Is there a new way to do it?...
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