Module 3:INSIDE THE ENTREPRENEURIAL MIND

Question 1

is the ability to develop new ideas and discover new ways of looking at problems and opportunities.

Answer 1

Creativity

Question 2

is the ability to apply creative solutions to problems and opportunities thatenhance or enrich people’s lives.

Answer 2

Innovation

Question 3

One entrepreneur explains,

Answer 3

“Creativity is only useful if it is channeled and directed.”

Question 4

Leadership expert says, “Today’s successful companies live and die
according to the quality of their ideas.”

Answer 4

Warren Bennis

Question 5

is the result of a disciplined, systematic process of applying creativity
and innovation to needs and opportunities in the marketplace.

Answer 5

Entrepreneurship

Question 6

The Difference between Creativity and Innovation

Answer 6

❖ Creativity doesn’t lead to company inventions and growth, innovation
does. However, innovation doesn’t happen without creative people on
board.
❖ Creativity is an imaginative process as opposed to innovation is a
productive process.
❖ Creativity can never be measured, but Innovation can be measured.
❖ Creativity is related to the generation of ideas which are new and unique.
Conversely, Innovation is related to introduce something better into the
market.
❖ Creativity does not require money. On the other hand, innovation requires
money.
❖ There is no risk involved in creativity, whereas the risk is always attached to innovation

Question 7

Making the inferential leap from what has worked in the past to what will work today
(or in the future) requires entrepreneurs to cast off their limiting assumptions, beliefs, and behaviors and to develop new insights into the relationship among
-

Answer 7

resources, needs, and values.

Question 8

is an important source for building a competitive advantage and
for survival.

Answer 8

Creativity

Question 9

is a continuous process that needs to be followed by an
entrepreneur to plan and launch new ventures more efficiently.

Answer 9

Entrepreneurship

Question 10

are two related but separate notions, and each is required for workplace success. Here’s the difference, and how you can inspire both.

Answer 10

Creativity and innovation

Question 11

-is a preconceived idea of what the world is, what it should be like, and
how it should operate. These ideas become so deeply rooted in our minds that they become blocks to creative thinking, even though they may be outdated, obsolete, and no longer relevant.

Answer 11

paradigm

Question 12

A paradigm may also be defined in the following ways:

Answer 12

• A shared set of assumptions
• An overarching model
• A set of rules and regulations, written or unwritten

Question 13

• The way we perceive the world helping to explain and predict its behavior.

Answer 13

A shared set of assumptions

Question 14

A concept that is either so widely accepted, or applicable to so many different areas, that it can be used as a type of template for understanding.

Answer 14

An overarching model

Question 15

• It establishes or defines boundaries and tells you how to behave inside the boundaries.

Answer 15

A set of rules and regulations, written or unwritten

Question 16

lateral thinking is somewhat unconventional, unsystematic, and
relies on kaleidoscope/lateral thinking. This describes the process of considering
a problem from all sides and jumping into it at different points.

Answer 16

Right-brained

Question 17

vertical thinking is narrowly focused and systematic, proceeding
in a highly logical fashion from one point to the next.

Answer 17

Left–brained

Question 18

is guided
by a linear, vertical thought process progressing from one logical conclusion to the
next. It counts on convergent reasoning, the ability to evaluate multiple ideas
and to choose the best solution to a problem.

Answer 18

Left–brain thinking

Question 19

Barriers to Creativity

Answer 19

1. Fear of Failure
2. Unclear Direction
3. Doubts and Confusions
4. Image Risks
5. Financial barriers

Question 20

– The foremost barrier to creativity in entrepreneurship. He/She feels apprehended that his/her new ideas or commodities
may not be accepted by society and not being creative enough, fear of being
judged.

Answer 20

Fear of Failure

Question 21

– One of the most frustrating barriers to creativity. Without a starting point orfinish line, energy that could be spent
imagining new concepts is instead applied to figuring out mundane details.

Answer 21

Unclear Direction

Question 22

Often, most of the entrepreneurs and their
subordinates and think and say, whether the new
ideas will be applicable in practice, or not, new products will be developed or
not, this will be accepted by the consumers or not, etc.

Answer 22

Doubts and Confusions

Question 23

are where people worry about the impression that
people will have of them after suggesting an idea. If an individual’s role does
not specifically call for creativity or innovation then they believe that co-workers
will think negatively of them if they try and come up with better ways to do
things.

Answer 23

Image Risks

Question 24

– Finance and funding can be something that people feel
hinders their freedom to be creative in their business.

Answer 24

Financial barriers

Question 25

There are a few key things that you can do to develop your creativity. To be creative, you need to have a mindset open to growth. Here are some practices to be more creative:

Answer 25

1. Have a growth mindset.
2. Be open to new ideas.
3. Practice creative thinking.
4. Take risks.
5. Think outside the box.
6. Be passionate about what you do.
7. Be willing to experiment.
8. Practice freestyle writing regularly.
9. Engage in right-brain activities regularly.
   10.Last but not least, surround yourself with other creative and innovative
   people.

Question 26

is a belief that your abilities and
intelligence can be developed through effort, good teaching and learning from
mistakes.

Answer 26

Have a growth mindset

Question 27

is a must for
innovation.

Answer 27

Be open to new ideas.

Question 28

. To be creative, you need to be able to think outside
the box. You need to be able to see things in new ways and make connections
between seemingly disparate things.

Answer 28

Practice creative thinking

Question 29

is vital to being creative and innovative, but don’t
forget the importance of planning. A plan gives you a roadmap to follow and helps
ensure you take the proper steps to reach your goals.

Answer 29

Take risks.

Question 30

You also need to be able to
come up with new solutions to problems. Do not take the beaten path.

Answer 30

Think outside the box.

Question 31

. It shows in your work when you . In addition, passion helps you think creatively and
outside the box, two main components of being an innovative entrepreneur.

Answer 31

Be passionate about what you do

Question 32

Try new things and see what works. Don’t be afraid of
failing.

Answer 32

Be willing to experiment.

Question 33

Writing is a right-brain activity, especially
creative writing. It helps you access the information that your left brain cannot.

Answer 33

Practice freestyle writing regularly.

Question 34

These activities include but are not
limited to drawing, painting, playing music, creating music, reading, singing, games
that require imagination, etc.

Answer 34

Engage in right-brain activities regularly.

Question 35

. This will help to stimulate your thinking and give you new ideas to work with.

Answer 35

Last but not least, surround yourself with other creative and innovative
people.

Question 36

Techniques for Improving a Creative Process

Answer 36

Brainstorming
Mind–mapping
Improvisation
The Five W’s technique

Question 37

is a process in which a small group interacts with very little structure
to produce a large quantity of novel and imaginative ideas.

Answer 37

Brainstorming

Question 38

is an extension of brainstorming. is a graphical
technique that encourages thinking on both sides of the brain, visually displays the
various relationships between ideas, and improves the ability to view the problem from many side.

Answer 38

Mind–mapping

Question 39

1. Sketch a picture symbolizing the problem
2. Write down every idea that comes to your mind –use keywords and symbols
3. When idea flow starts to trickle, stop
4. Allow your mind to rest a few minutes

Answer 39

mind–mapping

Question 40

involves writing, speaking, and composing without prior preparation.
This process usually opens up new ways of doing things.

Answer 40

Improvisation

Question 41

can be used as a checklist when trying to solve a particular
problem or come up with ideas.

Answer 41

The Five W’s technique

Question 42

Protecting Your Ideas

Answer 42

Patents
Trademark
Copyright

Question 43

– a grant from the government’s Patent and Trademark Office (PTO),
to the inventor, giving the exclusive right to use or sell the invention in for 20 years
from the date of the patent application.

Answer 43

Patents

Question 44

– is any distinctive word, phrase, symbol, design, name, logo,
slogan, or trade dress that a company uses to identify the origin of a product or
to distinguish it from other goods in the market.

Answer 44

Trademark

Question 45

Is an exclusive right that protects the creators of original works of
authorship such as literary, dramatic, musical, and artistic works. This includes
motion pictures, software, choreography, books, and recordings.

Answer 45

Copyright

Question 46

is a tenant of the entrepreneurial experience. Success, and

even survival itself, requires entrepreneurs to tap their creativity.

Answer 46

creative process

Question 47

results in value and value provide a competitive advantage. Entrepreneurs should protect their creative ideas through patents, trademarks, servicemarks, and copyrights to sustain a competitive edge.

Answer 47

Creativity