ed lecture 4

8/7/2019 ED Lecture 4

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Entrepreneurship Management

(Lecture 4)


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Content Covered

yCreativity

y Types of entrepreneur


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Creativity

y Creativity is the ability of creation, that is the causing of a new thing

to exist.

y Creating a new product for which the entrepreneur has anticipated

future sales.

y Improving a product, that is adding or modifying something that makes

the product better according to certain criteria like consumers needs.

y Painting, writing, sculpting.

y Interpreting information in a different way


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Key elements

y Process: Creativity is also a process (implying, among other things, that

it is more like a skill than an attitude, and that you can get better at it

with practice)

y Ideas: Creativity results in ideas that have potential value

y Recombining: The creative process is all about putting things together

in unexpected ways

y Creativity is Thinking up New things Innovation is Doing new things.

When you bring something new into existence you can say you created

it. You cannot say you innovated it. And again when you improve

something that already exists you cannot say you created it but you

can say you innovated it.


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Conclusion

Creativity = Invention

while

Innovation = improvements = changes to make it effective

and efficient = making it practical = researching new ways to

produce and improve creativity = the act of producing the

same concept in a newer and improved form.


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Types of entrepreneur

y Social entrepreneur - A Social entrepreneur is motivated by a desire

to help, improve and transform social, environmental, educational

and economic conditions.

Ambition/Emotional Desire Reduce Poverty or EducationDeprivation, Stopping Child Trafficking etc.

Aim to accomplish targets that are social and/or environmental as

well as financial.

y Serial entrepreneur - more likely to take risks and recover from

business failure - continuously comes up with new ideas and starts

new businesses.


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y Lifestyle entrepreneur - This individual creates abusiness around their passions but their primary goal is not vast

profits but rather a rich and flexible lifestyle. The business allows

them to work extremely flexible hours, travel the world and afford

a life that you associate with millionaires.

y He combines hobby with a profession Zaakir Hussain, M. F.

Hussain are some the examples.

y A lifestyle entrepreneur may decide to become self-employed in

order to achieve greater personal freedom, more family time and

more time working on projects or business goals that inspire them

Types of entrepreneur cont

ed lecture 4

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