Inside the Entrepreneurial Mind from ideas to reality

Creativity, Innovation, and Entrepreneurship

Creativity The ability to develop new ideas and to discover new ways of looking at problems and opportunities.

Innovation The ability to apply creative solutions to problems and opportunities to enhance or to enrich people’s lives

Barriers to Creativity Searching for one right answer Searching for one right answer Focusing on ‘being logical’ Focusing on ‘being logical’ Blindly following the rules Blindly following the rules Consistently being practical Consistently being practical Viewing play as frivolous Viewing play as frivolous Becoming overly specialized Becoming overly specialized Fearing looking foolish Fearing looking foolish Fearing mistakes and failure Fearing mistakes and failure Believing ‘I’m not creative’ Believing ‘I’m not creative’

Enhancing Organizational Creativity Include creativity as a core company value Include creativity as a core company value Embrace diversity Embrace diversity Expect Creativity Expect Creativity Expect and tolerate failure Expect and tolerate failure Encourage curiosity Encourage curiosity Create a change of scene periodically Create a change of scene periodically View problems as challenges View problems as challenges Provide creativity training Provide creativity training Provide support Provide support Develop a procedure for creating ideas Develop a procedure for creating ideas Talking with customers Talking with customers Looking for uses for your products/services in other markets Looking for uses for your products/services in other markets Rewarding creativity Rewarding creativity Modeling creative behavior Modeling creative behavior

Questions to Spur Imagination Is there a way to do it? Is there a way to do it? Can you borrow or adapt it? Can you borrow or adapt it? Can you give it a new twist? Can you give it a new twist? Do you merely need more of the same? Do you merely need more of the same? Less of the same? Less of the same? Is there a substitute? Is there a substitute? Can you rearrange the parts? Can you rearrange the parts? What if you do just the opposite? What if you do just the opposite? Can you combine ideas? Can you combine ideas? Can you put it to other uses? Can you put it to other uses? What else should we make from this? What else should we make from this? Are there any other markets for it? Are there any other markets for it? Can you reverse it? Can you reverse it? Can you rearrange it? Can you rearrange it? Can you put it to another use? Can you put it to another use? What ideas seem impossible but if executed would revolutionize your business? What ideas seem impossible but if executed would revolutionize your business?

Ten ‘Secrets’ for Leading Creativity They think. They think. They are visionaries. They are visionaries. They listen to customers. They listen to customers. They understand how to manage ideas. They understand how to manage ideas. They are people-centered. They are people-centered. They maintain a ‘culture of change’ They maintain a ‘culture of change’ They maximize team synergy, balance, and focus. They maximize team synergy, balance, and focus. They hold themselves and others accountable for extremely high standards of performance. They hold themselves and others accountable for extremely high standards of performance. They refuse to take ‘no’ for an answer. They refuse to take ‘no’ for an answer. They love what they do and have fun doing it. They love what they do and have fun doing it.

Enhancing Individual Creativity Allow yourself to be creative. Allow yourself to be creative. Observe the products and services of other companies, especially those in other markets. Observe the products and services of other companies, especially those in other markets. Recognize the creative power of mistakes. Recognize the creative power of mistakes. Keep a journal handy to record your thoughts and ideas. Keep a journal handy to record your thoughts and ideas. Listen to other people. Listen to other people. Listen to customers. Listen to customers. Talk to a child. Talk to a child. Keep a toy box in your office. Keep a toy box in your office. Read books on stimulating creativity or take a class on creativity. Read books on stimulating creativity or take a class on creativity. Take some time off. Take some time off.

Evaluating Ideas for their Market Potential What benefits does the product or service offer customers? Is there a real need for it? What benefits does the product or service offer customers? Is there a real need for it? Have you pinpointed the exact problems or difficulties your idea aims to solve? Have you considered the problems or difficulties it might create? Have you pinpointed the exact problems or difficulties your idea aims to solve? Have you considered the problems or difficulties it might create? On a scale of 1 to 10, how difficult will it be to execute the idea and sell it commercially? On a scale of 1 to 10, how difficult will it be to execute the idea and sell it commercially? Does the product or service have natural sales appeal? Can customers afford it? Will they buy it? Why? Does the product or service have natural sales appeal? Can customers afford it? Will they buy it? Why? What existing products or services would compete with your idea? Is your product or service superior to them? How? What existing products or services would compete with your idea? Is your product or service superior to them? How? On a scale of 1 to 10, how easily can potential customers understand the benefits of your new product or service? Are they obvious? On a scale of 1 to 10, how easily can potential customers understand the benefits of your new product or service? Are they obvious? On a scale of 1 to 10, how complex is the product or service? If it is a product, can you prototype it yourself? On a scale of 1 to 10, how complex is the product or service? If it is a product, can you prototype it yourself? On a scale of 1 to 10, how complex is the distribution or delivery system needed to get the product or service into the customers’ hands? On a scale of 1 to 10, how complex is the distribution or delivery system needed to get the product or service into the customers’ hands? How unique is your product or service? How easily can other companies imitate your idea? How unique is your product or service? How easily can other companies imitate your idea? How much will it cost to produce or provide the product or service? To distribute it? To market it? How much will it cost to produce or provide the product or service? To distribute it? To market it?

The Creative Process Preparation Preparation Investigation Investigation Transformation Transformation Incubation Incubation Illumination Illumination Verification Verification Implementation Implementation

Techniques for Improving the Creative Process Brainstorming Brainstorming Mind-Mapping Mind-Mapping TRIZ TRIZ Rapid Prototyping Rapid Prototyping

Intellectual Property: Protecting Your Ideas Patents Patents Trademarks Trademarks Copyrights Copyrights

The Patent Process Establish the invention’s novelty. Establish the invention’s novelty. Document the device. Document the device. Search existing patents. Search existing patents. Study the search result. Study the search result. Submit the patent application. Submit the patent application. Prosecute the patent application. Prosecute the patent application.

Characteristics of Patents, Trademarks, and Copyrights Copyright Works of original 2 weeks $30 authorship-books or software authorship-books or software Trademark Logos, names, phrases 6 months $900 to to 1 year $1,500 to 1 year $1,500 Design The look of an up to 2 $5,000 to Patent original product years $20,000 Utility How an original 2-5 years same Patent product works Business A business process same same Method Patent or procedure