2017 Cognitive is the capability to think about and reflect upon comprehend and

2017 cognitive is the capability to think about and

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SU1-15
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BUS357 Entrepreneurship Chapter 2: Entrepreneurial Opportunities Lesson Recording Entrepreneurial Opportunities Opportunity identification is of key importance to entrepreneurship. The entrepreneur is consistently thinking of and looking for prospects for the conception of future products and services by asking “why”, “when” and “how”. 2.1 Sources of Innovative Ideas It is also important to understand the following sources of innovation: • Trends Unexpected occurrences Incongruities (difference between what is expected and reality) Process requirements Trade or business market changes Demographic change Perception changes Knowledge-based concepts” (Frederick et al., 2019, pp.164-166). 2.2 Imagination and Creativity Entrepreneurs have a feel for monetary possibilities by constantly querying ‘What if ... ?’ or ‘Why not ... ?’ They grow an aptitude to identify, realise, and generate prospects where the rest only see difficulties. SU1-16
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BUS357 Entrepreneurship Creativity is generating ideas resulting in enhanced productivity and effectiveness of a system. People and process are significant features in creativity. The course of creativity is the same but the people-aspect results in either adapting or innovating to get a solution. 2.2.1 Creating a Creative Process There are five phases that managers can employ to drive the creative process. “Phase l: Background or knowledge gathering This is done by inquiry and data gathering. Phase 2: The incubation process This phase permits the subconscious to ponder over collected data and to work on something totally unrelated. Phase 3: The insight experience This is when the idea is uncovered. The idea often comes incrementally as a solution is formulated. Ways of speeding idea experience include daydreaming or working in a leisurely environment. Phase 4: Evaluation and implementation Entrepreneurs recognise feasible concepts and ideas, which require the skills they possess to execute. Phase 5: Elaboration: This phase involves the creation of a prototype or a minimum viable product” (Frederick et al., 2019, pp.160-163). 2.2.2 Developing Creativity Besides being aware of mental blocks to creativity, the best development tool is to use some thought habits and practise exercises designed to develop the creative abilities. “The thought habits include: Lateral thinking – purposefully generating new ideas. Thinking outside the box – challenging assumptions and recognising relationships. SU1-17
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BUS357 Entrepreneurship The creative exercises include: Growing a functional viewpoint – to see matters with an eyesight of how to utilise them to meet desires. Using both sides of the brain − the left side which handles rational approaches to problem solving, and the right side which is imaginative and intuitive” (Frederick et al., 2019, pp.151-157). Read You should now read Frederick et al. (2019), Chapter 5. 2.3 Disruptive Technologies This theory of disruptive technologies
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