Lesson 2 Flashcards
is the process of bringing
the best ideas into reality, which
triggers a creative idea, which
generates a series of innovative events.
Innovation
is the creation of new value.
Innovation
is the process that
transforms new ideas into new valueturning an idea into value.
Innovation
You cannot ___ without creativity.
Innovation
is marked by the ability to
create, bring into existence, to invent
into a new form, to produce through
imaginative skill, to make to bring into
existence something new.
Creativity
Some ___ ideas are astonishing
and brilliant, while others are just
simple, good practical ideas that no one
seems to have thought, of yet
Creative
Three components of Creativity
• Expertise
• Creative Thinking
• Motivation
encompasses everything that a person
knows and can do in the broad domain of his or her
work- knowledge and technical ability
Expertise
Relates to how people approach
problems and depends on personality and
thinking/working style.
Creative Thinking
is generally accepted as key to
creative production, and the most important
motivators are intrinsic passion and interest in the
work itself.
Motivation
is a leap in capability beyond
innovation.
invention
Some __ combine several
innovations into something new.
invention
certainly requires creativity, but it goes beyond
coming up with new ideas, combinations of
thought, or variations on a theme.
invention
__ build.
Inventors
Developing something users and customers
view as an ___ could be important to
some entrepreneurs, because when a new
product or service is viewed as unique, it can
create new markets.
invention
Types of innovation
• technological innovation
• venture model innovation
is a change made in
response to a new or modified technology.
technological innovation
is a change made in
response to a new or modified venture model, or
some component of a venture model (such as the
value chain, the approach to distribution, the choice
of mainstream customer and other such concepts
that we will look at later).
venture model innovation
The Elements of Innovation
- Challenge
- Customer focus
- Creativity
- Communication
- Collaboration
- Completion
- Contemplation
- Culture
- Leadership
- People
11.Basic values
12.Context
What we are trying to change or accomplish the “pull”
Challenge
Creating value for your customers – the “Push”
Customer focus
Generating and sharing the idea(s)- the “brain”
Creativity
The flow of information and ideas –the “life blood”
Communication
People coming together to work together on the idea(s) – the
“heart.”
Collaboration
Implementing the new idea-the “muscle”
Completion
Learning and sharing lessons lead to higher competencythe “ladder”
Contemplation
The playing field of innovation
Culture
sees the possibilities and positions the team for action-the role
model
Leadership
diverse groups of radically empowered __ innovate –the
source of innovation
People
trust and respect define and distinguish an innovative
organization-the backbone
Basic values
Innovation is shaped by interactions with the world.
Context
in processes, including changes and
improvement to methods.
Innovation
in products or services.
Innovation
in management and work organization,
and the exploitation of human resources, together
with the capacity to anticipate techniques.
Innovation
refers to the concept of developing
and managing a business venture in order to gain
profit by taking several risks in the corporate world.
Entrepreneurship
is someone who is willing to work for
himself and by himself.
entrepreneur
A person who organizes and
operates a business or businesses, taking on greater
than normal financial risks in order to do so.
entrepreneur
Skills Required by Entrepreneurs
- Curiosity.
- Time management.
- Strategic thinking.
- Efficiency.
- Resilience.
- Communication.
- Networking.
- Finance.
- Branding.
- Sales.
Types of entrepreneurship
• Small Business
• Scalable startups
• Large Company
• Social Entrepreneurship
could be any company, restaurant, or retail store that’s launched by
a founder, without any intention of growing the business into a chain, franchise, etc.
Small Business
are less common than small businesses, though they tend to
attract a lot of media attention.
Scalable startups
Sometimes, entrepreneurs work within the context of a larger, Established company.
Large Company
“are willing to take on the risk and effort to create positive
changes in society through their initiatives.”
Social Entrepreneurship
Characteristics of Small Business
Entrepreneurship
• Small business entrepreneurs focus initially on a
single product, market, or locality.
• The initial goal of small business entrepreneurs is to
make a profit.
• Most small businesses are either self-funded or
funded through small business loans.
Challenges small business entrepreneurs face
• Ensuring a steady cash flow without relying on third-party
investments
• Finding time for family and friends
• Staying abreast of technology and market changes that
affect the business
• Devising a marketing strategy to attract the company’s
target audience
• Maintaining a solid reputation for their brand
• Keeping an eye on the competition
Goals of Start-up entrepreneurs
- Innovative product or service
- Venture capital funding
- Talented Staff
- Strong marketing and sales strategy
- Rapid operational growth
- Return on investment
Characteristics of Start-up Entrepreneurs
• Like small business entrepreneurs, scalable startup
entrepreneurs start their companies on a modest
scale. But unlike small business entrepreneurs,
scalable startup entrepreneurs have a vision for
growth from the outset.
• Scalable startup entrepreneurs look not just to make
profits but also to generate revenues they can
invest back into the business, fueling growth.
• The most common way to fund a scalable startup is
through the pursuit of venture capital.
Large Company Entrepreneurship
• Large company entrepreneurs address the needs
and opportunities of an existing business through
innovation. This may include a new product line or
division.
• Large company entrepreneurs look to branch into
new customer markets, broadening the reach of an
established business.
• Large company entrepreneurship may entail the
acquisition of new companies and resources, or
investment into research and development.
Challenges large company entrepreneurs
• Ensuring that the firm’s new and innovative products are
first to market
• Protecting and growing the market share of existing
products while promoting the new offerings
• Building a cohesive corporate culture that is easy for newly
acquired organizations to adopt
• Overcoming the inertia that can prevent large firms from
acting on and responding to changing markets and
innovative technologies faster than the competition
• Failing to scale sustainably (growing too much, too soon)
The final model to consider is _ , which seeks innovative solutions
to community-based problems.
Social Entrepreneurship
The Visions of Social Entrepreneurs
- Environmental sustainability
- Economic, gender, and racial equality
- Healthy living
- Community improvement
Challenges social entrepreneurs
• Innovation requires experimentation, but funding for social
entrepreneur projects focuses on results, so there’s little
incentive to pay for unproven approaches.
• All enterprises require a steady flow of capital, but social
entrepreneur projects tend to provide investors with lower
returns than other opportunities.
• Relations between social entrepreneurs and investors can
become strained by conflicting goals and a lack of
financial transparency.
