the role of creativity in entrepreneurship
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paper presentation on the role of creativity in enterpreneurshipTRANSCRIPT
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Creativity in Entrepreneurship
Presented by Nikhil Singh
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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, because it is
a factor of nurture as well as nature
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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
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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)
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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."
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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
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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, self-reliance and ability to adapt, and the motivation to excel, ability to use failure experience as a way of learning
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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. Changes in Perception, New Knowledge (Drucker)
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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
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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
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Nurturing Creativity
• Several techniques to encourage creative thinking– Ask Questions, Lateral Thinking, Six Thinking Hats,
Brainstorming, TRIZ etc
• Technology and business incubators– “complete innovation system” – Provide financial, marketing and design support – Generation of new creative ideas and business plans– joint and cross-disciplinary learning
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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”
• Provided with the many benefits and advantages
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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
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Recommendations
• Entrepreneurship education should encourage students to challenge everything– there is no single right answer to choose
– Most educated people are quite good at linear thinking
– The creative person couples this depth with lateral creativity
– Innovative thoughts require more than logical thinking
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Recommendations
• Programs should encourage activity-based projects – increases creativity, positive attitudes toward science,
perception, logic development, communication skills, and reading readiness
– Provides deeper understanding about how they can work better as individuals and together as a team
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Recommendations
• Teamwork should be encouraged in these programs – People who makeup teams have valuable experience
of different domains
– Working in teams focusing on ideas for change, encourages commitment to that process
– Fun to brainstorm in teams, humor and laughter are outcomes, which spur creativity
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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
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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
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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)
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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 nations
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Thank You
Time for Questions and Comments