(P) Chapter 5. Innovation: The Creative Pursuit of Ideas

Question 1

Sources of Innovative Ideas

Signals shifts in the current population paradigm
Entities that grab the public’s attention

Answer 1

Trends

Question 2

Sources of Innovative Ideas

Unplanned events of either success or failure
An avenue for new services or products to alleviate the feelings of dissatisfaction

Answer 2

Unexpected Occurrences

Question 3

Sources of Innovative Ideas

Gap between expectation and reality
When products don’t deliver their promised level of quality
An inspiration for other companies to provide that level or even higher in their services/products

Answer 3

Incongruities

Question 4

Sources of Innovative Ideas

Stems from the inadequacy of current processes
Companies are able to deliver the promised quality but that is where their limit is reached (people want more innovations)
Other competitors can provide a higher level of service quality than the previously mentioned company

Answer 4

Process Needs

Question 5

Sources of Innovative Ideas

Continuous shifts in the marketplace

Answer 5

Industry and Market Changes

Question 6

Sources of Innovative Ideas

Changes in population size, composition, lifestyle, occupation, etc. (e.g OFWs and the migration of Ukrainians due to the Russian war)

Answer 6

Demographic Changes

Question 7

Sources of Innovative Ideas

Occurs when a new generation dominates the population
The new generation is the new market
The old generation’s preferences will start to become obsolete

Answer 7

Perpetual Changes

Question 8

Sources of Innovative Ideas

Inventions that take time to produce due to testing and modifications
Inventions still undergoing developments despite being in the market already (e.g. COVID vaccine development in less than a year)

Answer 8

Knowledge-based Concepts

Question 9

This requires systematic analysis to transform innovative ideas into actual practice

Answer 9

Creative Thinking

Question 10

What constitutes new venture/actual opportunities?

Answer 10

Unusual sources of innovative ideas +

• General Industry Knowledge
• Prior Market Knowledge
• Specific Interest Knowledge
• Previous Knowledge from Education or Work Experience

= new venture / actual opportunities

Question 11

Adaptive Entrepreneurs (AE) or Innovative Entrepreneurs (IE)?

Disciplined and methodical approaches

Answer 11

AE

Question 12

Adaptive Entrepreneurs (AE) or Innovative Entrepreneurs (IE)?

Solves problems as they arise but doesn’t explore further

Answer 12

AE

Question 13

Adaptive Entrepreneurs (AE) or Innovative Entrepreneurs (IE)?

Refines current practices

Answer 13

AE

Question 14

Adaptive Entrepreneurs (AE) or Innovative Entrepreneurs (IE)?

Means-oriented (finds the most effective solution)

Answer 14

AE

Question 15

Adaptive Entrepreneurs (AE) or Innovative Entrepreneurs (IE)?

Can work for extended periods of time

Answer 15

AE

Question 16

Adaptive Entrepreneurs (AE) or Innovative Entrepreneurs (IE)?

Sensitive to group cohesion and cooperation

Answer 16

AE

Question 17

Adaptive Entrepreneurs (AE) or Innovative Entrepreneurs (IE)?

Uses unusual angles to develop their own approach

Answer 17

IE

Question 18

Adaptive Entrepreneurs (AE) or Innovative Entrepreneurs (IE)?

Discovers problems and predicts potential issues that could later on evolve

Answer 18

IE

Question 19

Adaptive Entrepreneurs (AE) or Innovative Entrepreneurs (IE)?

Questions assumptions about current practices to come up with new strategies

Answer 19

IE

Question 20

Adaptive Entrepreneurs (AE) or Innovative Entrepreneurs (IE)?

More interested in ends (focuses on the solution/goal–may not use the most efficient method)

Answer 20

IE

Question 21

Adaptive Entrepreneurs (AE) or Innovative Entrepreneurs (IE)?

Little tolerance for routine work

Answer 21

IE

Question 22

Adaptive Entrepreneurs (AE) or Innovative Entrepreneurs (IE)?

Adaptive Entrepreneurs (AE) or Innovative Entrepreneurs (IE)?

Answer 22

IE

Question 23

Two important components of Creative Problem Solving

Answer 23

Process
People

Question 24

What are the four phases of the creative process?

Answer 24

(1) Background/Knowledge Accumulation
(2) Incubation Process
(3) Idea Experience
(4) Evaluation and Implementation

Question 25

Creative process

Investigation and information gathering to supplement the idea
A creative search for background knowledge

Answer 25

Background/Knowledge Accumulation

Question 26

Creative process

Allow the subconscious to process information

Answer 26

Incubation Process

Question 27

Creative process

The moment when the solution o r breakthrough is discovered.
The “eureka” moment
Often happens while doing an unrelated activity

Answer 27

The Idea Experience

Question 28

Creative process

o The most difficult phase because it required great deal of courage, self-discipline and perseverance to accomplish
o Successful entrepreneurs can identify ideas that are workable and which they have the skills to implement

Answer 28

Evaluation & Implementation

Question 29

Activities of which creative process are these referring to?

 Read variety of fields
 Join professional groups and associations
 Attend professional meetings ad seminars
 Travel to new places
 Talk to people about your subject
 Develop a subject library for future reference
 Carry a small notebook and take notes
 Take time to pursue natural curiosities

Answer 29

Background or Knowledge Accumulation

Question 30

Activities of which creative process are these referring to?

 Engage in routine “mindless” activities (doing chores, engaging in a hobby, etc)
 Exercise regularly
 Play (sports, board games, puzzles)
 Think about the project or problem before falling asleep
 Meditate or practice self-hypnosis
 Sit back and relax on a natural basis

Answer 30

The Incubation Process

Question 31

Activities of which creative process are these referring to?

 Daydream and fantasize about your project
 Practice your hobbies
 Work in a leisurely environment (home, coffeeshop, etc.)
 Put the problem back in the burner
 Keep a notebook to record ideas
 Take breaks while working

Answer 31

The Idea Experience

Question 32

Activities of which creative process are these referring to?

 Increase your energy with proper exercise, diet, and rest
 Educate yourself in the business planning process and all facets of business
 Test your ideas with knowledgeable people
 Take notice of your intuitive hunches and feelings
 Educate yourself in the selling process
 Learn about organizational policies and practices
 Seek advice (from friends, experts, etc.)
 View problems you encounter as challenges

Answer 32

Evaluation & Implementation

Question 33

Three ways to develop your creativity

Answer 33

(1) Recognizing Relationships
(2) Developing a Functional Perspective
(3) Using Your Brains

Question 34

Eliminating Muddling Mind-sets

Black or white thinking
There are actually many shades
Be flexible and open to alternatives
Avoid “win or lose” thinking–envision a “win-win” scenario

Answer 34

Either/Or thinking

Question 35

Eliminating Muddling Mind-sets

The need to be in control
It limits creativity and growth
Avoid playing it safe–be adventurous and take risks

Answer 35

Security Hunting

Question 36

Eliminating Muddling Mind-sets

Always putting entities in a box; generalizing
You miss out on hidden potentials

Answer 36

Stereotyping

Question 37

Eliminating Muddling Mind-sets

Averages and depends on events many times to predict the future
Expect what is least expected to manifest creativity

Answer 37

Probability Thinking

Question 38

Members of a team spontaneously come up with much ideas as possible

Answer 38

Brainstorm

Question 39

Recognizing relationships and make functional thinking

Answer 39

Synetics Thinking

Question 40

Facilities that help the personnel to process the information

Answer 40

THINKubate

Question 41

Socialize other people and work in a team

Answer 41

Connect

Question 42

give a chance for people to experiment and analyze why their projects failed; do not punish them

Answer 42

Celebrate failure

Question 43

inject humor in decision-making

Answer 43

Make them laugh

Question 44

implement health and fitness facilities

Answer 44

Sweat it out

Question 45

embrace unconventionality

Answer 45

Recall the wildest dream