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Premium member Presentation Transcript Creative Entrepreneurship : Creative Entrepreneurship Anjali Verma Anshu Singh Stuti Pandey Swati huria FMS III Spheres of creative entrepreneurship: : Spheres of creative entrepreneurship: Who—new ventures, serial entrepreneurs, existing ventures (by themselves), existing ventures (together with others), regions, and networks. What—new products/services based on innovations or technology, new markets, new processes, or new business models. Challenges hindering the growth of creative entrepreneurship and how enterprises overcame them on their own or with assistance from the private sector and/or government Creative Entrepreneurship : Creative Entrepreneurship According to Peter F. Drucker, “ a commitment to the systematic search for imaginative and useful ideas is what successful entrepreneurs share…entrepreneurship can occur in a business of any size or age because…it has to do with…innovation, the disciplined effort to improve a business’ potential…from a conscious, purposeful search for opportunities – within the company, industry and larger social and intellectual environment…from pulling together different strands of knowledge, recognizing an underlying theme in public perception, or extracting new insights from failure. The key is 5 to know where to look .” Creative Entrepreneurship : Creative Entrepreneurship Mr. Drucker went on to identify seven key areas in which entrepreneurs should look for innovation opportunities namely: a. Unexpected occurrences , including failure; for example Ford learnt from the Edsel failure that the automotive market was segmented by lifestyle instead of income group and promptly produced the Mustang; b. Incongruities were used to explain Alcon Laboratories’ monopoly for its enzyme product to dissolve the ligament in cataract removal. The enzyme was readily accepted by eye surgeons because the product resolved the problem of having to cut off the ligament, a step that eye surgeons were not comfortable in performing; c. Process needs – for example linotype made it easy to produce newspapers quickly and advertising allowed news to be distributed practically free of charge; d. Industry and market changes - Drucker attributed the success of brokerage firm Donaldson, Lufkin & Jenrette to its founders’ recognizing that the market for institutional investors would predominate in future; Slide 5: e. Demographic changes , such as when the Japanese were quick to recognize the baby bust and education explosion around the 1970s and used the change to move strongly ahead into robotics; f. Changes in perception , which could dramatically bring about innovations as with the Americans’ obsession with health and keeping fit. Their obsession had launched magazines, health foods and exercise classes; g. New knowledge that could require long lead times and convergence of other kinds of technologies, such as an operational digital computer, which did not materialize until 1946 despite knowledge about it being available by 1918. Interplay among entrepreneurship, Creativity & Innovation : Interplay among entrepreneurship, Creativity & Innovation Interplay of entrepreneurship, creativity and innovation must be supported by leadership having the following qualities: a. Having the professional will to succeed; b. Being prepared to continuously invest in new technologies; c. Learning, unlearning and relearning skills sets to enhance competency; and d. Direct contact with the market, transacting business under their own brandname and through their own showrooms/booking facilities. Conditions For Entrepreneurship : Conditions For Entrepreneurship Creating the Conditions for Entrepreneurship Fuller (1995) identified the typical process of empowered innovation as encompassing the following steps: 1. Generation of a new idea 2. Discussion with a facilitator 3. Questions asked by the facilitator 4. Submission of an idea proposal to the facilitator 5. Review and comment by a group of consultants 6. Review of consultants’ contributions 7. Development of implementation plan 8. Search for sponsorship The innovative process can only take place smoothly if it is well supported by conducive organizational climate that encourages entrepreneurship. Conclusion : Conclusion There is a growing realization that creative entrepreneurship is needed in corporations. A growing enterprise needs to sustain its competitiveness. An established business can ill afford not to continue to find new capabilities, strengths, products and services to build its competitive advantage. In this paper, we have examined some of the factors in a corporation’s internal environment that may be needed. You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.