Chapter 2 Recognizing opportunities and generating ideas : Developing entrepreneurial creativity and innovation

What is creativity The ability to produce work that is novel, high in quality and appropriate -Sternberg, Kaufman & Pratz The ability to imagine and see things other than they seem. It is a thinking process of imagination and creating ideas. -Dr Wilson Tay, CEO MIM-

The process of creativity

Barriers to creativity  Personal beliefs  Fear of criticism  Over-management  Stress

How to generate ideas  Brainstorming  Forced analogy  Do it  Mind Mapping  Nominal group

Characteristics of creative individuals  Creative individuals are remarkably humble and proud at the same time.  Most creative individuals are very passionate about their work, yet they can be extremely objective about it as well.  Creative individuals are brave to try new things.  Creative individuals are open minded and willing to accept criticism from others.

Characteristics of creative individuals  Creative individuals have a combination of playfulness and discipline, or responsibility and irresponsibility  Creative individuals tend to have high self- control.  Creative individuals are goal-directed, deliberate and considerate in making any decision.  Creative individuals are willing to take calculated risks.

What is innovation The process of selecting/ combining, refining and turning the best creative ideas into commercial reality. It is the application of the idea to enhance or improve a process, product or service, or it could be the development of a new product, service, process or model which would add new value to the user or customer -Dr Wilson Tay, CEO MIM-

Sources of innovation  Unexpected events  New-knowledge concept  Changes of demographics  Process needs

Types of innovation  Invention  Extension  Duplication  Synthesis

Barriers to innovation  Organisation does not encourage innovation  Insufficient resources  Traditional management behaviour  Personal behaviour

The importance of creativity and innovation  To ensure an organisation’s survival  To explore new markets  To exploit natural resources

Strategies to encourage creativity and innovation  Recognise your own abilities  Change your perception  Change the organisational culture  Dare to fail