1. Islamia University Bahawalpur
Entrepreneurship
Delivered in:
Islamia University Bahawalpur
Presented By:
Tasawar Javed

2. Creative thinking
Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world (Albert Einstein)
Creativity is the power to connect the seemingly unconnected (willaim plomer)

3. Inside the entrepreneurial mind: From Ideas to Reality
Creativity:
The ability to develop new ideas and to discover new ways of looking at problems and opportunities
Thinking new things
Innovation:
Is the ability to apply creative solutions to problems and opportunities to enhance or to enrich people’s lives
Doing new things

4. Innovation:
Mintzberg describes innovation as “the means to break away from established patterns, doing things really differently”.
According to a professor at Kenan Flagler Business School, the University of North Carolina, innovation is:
An important tool for a company’s survival today
There is no incremental innovation, it is just innovation and it is a radical
It is beyond invention
Innovation should meet customers’ expected as well as unexpected needs
Is not complexity
Better if innovation fits in with customers’ lives other than having customers
adjusting their lives to innovation
It is not just a company’s R&D domain, but it is a philosophy that should be imbibed in the company’s culture (Malhotra, A., 2006)

5. Innovation:
Dosi defines innovation as, “ the search for, the discovery, experimentation, development, imitation and adoption of new products, new processes and new organizational set-ups. It is a social process that transforms ideas or inventions into successful market products and services.”
It covers a wide range of ideas:
* New or improved products: First transistor
* New production methods: Henry Ford
* New distribution channels: Amazon
* New forms of business organizations: Franchising
(Innovation Examples, 2007)

6. Did you know? When do you think the credit card was invented?
The credit card was used in Babylon and Egypt 3000 years ago. Bill of exchange was established in the 14th Century.
Paper money followed only in the 17th Century.
From the 18th Century until the early part of the 20th Century, tallymen sold clothes for small weekly payments. They were called, “tallymen” because they kept a record or tally of what people bought on a wooden stick. On one side was marked with notches to represent the amount of debt and the other side was to record payments.
In 1950 Diners Club and American Express launched their charge cards in the USA, the first plastic money.
In 1951, Diners club issued the first credit card to 200 customers.
Magnetic strips on the card were introduced in the 1960s. (didyouknow, 2007, online)

7. Sources of innovation:
The seven sources of opportunity & innovation
With in the firm:
The unexpected
The incongruity
The inadequacy
The changes in industry or market structure
The outside world
Demographic changes
Changes in perception, mood and meaning
New knowledge

8. Types of innovation Category Type Description Example Finance
Business model
changing the way business is done in terms of capturing value
Dell
Networks and alliances
join forces with other companies for mutual benefit
Sara Lee
Process
Enabling process
support the company's core processes and workers
Starbucks
Core processes
create and add value to company's offerings
Wal-Mart

9. Types of Innovation: Category Types Description Examples Offerings
Product performance
design company's core offerings
The VW Beetle
Product system
link and/or provide a platform for multiple products.
Microsoft Office
Service
provide value to customers and consumers beyond and around company's products
Singapore Airlines
Delivery
Channel
get company's offerings to market
Martha Stewart
Brand
communicate company's offerings
Lucozade

10. Types of Innovation Traditional classification of innovation
Incremental innovations
Radical innovations
General purpose innovations

11. Entrepreneurship and innovation
Need of entrepreneurial activity to exploit opportunities
Innovation contribute to growth of the economy because entrepreneurs produce innovation (Schumpeter, 1934)
Entrepreneurship is about innovation
Innovation requires three basics components :
Infrastructure
Capital
Entrepreneurial capacity (Herbig et al., 1994)
People who lead teams and organisations to introduce innovation are entrepreneurs (Legge and Hindle, 1997)

12. Bottom line!!!
Entrepreneurship and innovation are closely related to each other and are complementary
Corporate entrepreneurship = The effort of promoting innovation in an uncertain environment
Entrepreneurial behaviour can add significant value to the organisation (compétitive advantage)
Entrepreneurship and innovation should be regarded as an ongoing everyday practice

13. Thank You!!!!
Q&A