The Role of Creativity in Entrepreneurship

Creativity in Entrepreneurship
Presented by Nikhil Singh
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
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
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)
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."
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
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
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)
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
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
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
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
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
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
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
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
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
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
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)
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
Thank You
Time for Questions and Comments

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What are the different definitions of creativity discussed?

What are the different definitions of creativity discussed?

What are the stages of the creative process according to Wallas' model?

What are the stages of the creative process according to Wallas' model?

Creativity in Entrepreneurship

Presented by Nikhil Singh

The role of educational institutions in the success of entrepreneurial culture in US

Koestler's premise on the creative process is "bisociation."

Creativity and Innovation

Entrepreneurship is all about innovation

Entrepreneurship and Creativity

Entrepreneurship and Creativity

Creative in identifying the gap in the market and think up a product

Role of Educational Institutions

1980s, entrepreneurship emerges as an important element in the dynamics of modern economics in US

Technology and business incubators

Efforts in Developing Countries

Efforts in Developing Countries

Attainment of technological self-reliance is the immediate goal

The creative person couples this depth with lateral creativity

Programs should be exciting and fun

Summary and Conclusion

Time for Questions and Comments

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