Creativity in Entrepreneurship

Foreword

Education provides the foundation for creativity, flexibility, and wealth creation in the society.

Motivation

Relating the different topics covered during this course Application of the knowledge gained in class

Beliefs

Role of system is as vital as the individual in bringing about the successful implementation of an innovative design or idea Creativity can be developed, sharpened, amplified,

Overview

Discussion of the various definitions of creativity and its relevance to entrepreneurship

The role of educational institutions in the success of entrepreneurial culture in US Current endeavors taken in the developing countries to encourage entrepreneurial skills Suggestions to encourage creativity in Entrepreneurship development programs, based on the learning of this class

What is creativity?

Creative behaviors possessing an element of newness, novelty, and difference (Herrmann, 1996)

Creativity is an act, an idea, or product that changes an existing domain, or that transforms an existing domain into a new one, and creative person is whose thoughts or actions bring these changes. (Csikszentmihalyi)

What is creativity?

Wallas description of creative thinking, suggests a model in four stages:

Preparation:

problem definition Incubation: resting phase, subconscious mind Illumination: idea of a solution comes to mind Verification: solutions are tested

Koestler's premise on the creative process is "bisociation."

Creativity and Innovation

Creativity leads to innovation Innovation is the specific instrument of entrepreneurship. The act endows resources with a new capacity to create wealth. Innovation, indeed, creates a resource. (Drucker) Entrepreneurship is all about innovation Innovation is economic or social, rather than a technical term

Entrepreneurship

Entrepreneurship is a way of thinking, reasoning and acting that is opportunity obsessed, holistic in approach and leadership balanced. Entrepreneurial qualities
commitment

and determination, leadership, opportunity obsession, tolerance of risk, ambiguity and uncertainty, creativity, selfreliance and ability to adapt, and the motivation to excel, ability to use failure experience as a way of learning

Entrepreneurship and Creativity

Creative in figuring out a way to work in a joint venture Creativity comes in writing an amazing sales letter or visualizing the perfect logo For practicing innovation, they need to be aware of change, and creatively use it to their advantage
The

Unexpected, Incongruities, Process Need, Industry and Market Structures, Demographics.

Entrepreneurship and Creativity

Tolerance for ambiguity is related to certain entrepreneurial styles Creative destruction

procedures

and destroys or reallocates amassed resources

Creative in identifying the gap in the market and think up a product

Role of Educational Institutions

Until 1970, very few universities offered entrepreneurship courses 1980s, entrepreneurship emerges as an important element in the dynamics of modern economics in US

In US, from a base of 16 in 1970, the number of schools offering entrepreneurship courses had grown to over 400 by 1995

Nurturing Creativity

Several techniques to encourage creative thinking

Ask

Questions, Lateral Thinking, Six Thinking Hats, Brainstorming, TRIZ etc

Technology and business incubators

complete Provide

support Generation of new creative ideas and business

innovation system financial, marketing

and

design

Efforts in Developing Countries

Strategy of Entrepreneurship Development programs (EDPs).

Accelerate the industrial development by enlarging the supply of entrepreneurs Industrial development of rural and less developed areas Enlarging the small and small-medium enterprise sector Providing productive self-employment to a number of young men and women

EDPs are functioning in India as a School for Entrepreneurs

Efforts in Developing Countries

Diploma holders of science, engineering and technology are being identified and selected for entrepreneurial training
have

technical competency needed to start the new ventures

Attainment of technological self-reliance is the immediate goal

Recommendations

Entrepreneurship education should encourage students to challenge everything

there Most

is no single right answer to choose

educated people are quite good at linear thinking The creative person couples this depth with lateral creativity

Recommendations

Programs should encourage activity-based projects

increases

creativity, positive attitudes toward science, perception, logic development, communication skills, and reading readiness deeper understanding about how they can work better as individuals and together as a team

Provides

Recommendations

Teamwork should be encouraged in these programs

People

who makeup teams have valuable experience of different domains change, encourages commitment to that process to brainstorm in teams, humor and laughter are outcomes, which spur creativity
Working in teams focusing on ideas for

Fun

Recommendations

Different techniques to enhance creativity must be incorporated in the courses

awareness

of the different tools available such as TRIZ and Thinker Toys practice the proper uses of brainstorming encouragement to use tools for coming up with new ideas

The class should be structured to have elements of surprise for the students

Recommendations

Use of IT tools to promote creativity and thinking, should be incorporated in studies Program should try to present familiar information in unfamiliar context
presenting

information in new and innovative ways to help students look for new possibilities

Programs should be exciting and fun

humor

encourage innovative thinking

Recommendations

Business and technological incubators should be established

Constant

creativity and innovation in an appropriately rich environment where novel ideas can be launched and tested

Programs should entail approaches and activities that build the self-confidence of the students

Needed most in the verification step (Wallas)

Summary and Conclusion

Creativity plays a very significant role in Entrepreneurship Educational institutions play a vital role in enhancing creative skills of individuals and teams

The various techniques and tools used to enhance creativity in Entrepreneurial institutes in US can be applied to enrich the entrepreneurial culture of developing

Thank You
Time for Questions and Comments