1/28/23, 7:52 PM Chapter 3-Creativity and Innovation Keys to Entrepreneurial Success

Chapter 3-Creativity and Innovation: Keys to Entrepreneurial Success

Creativity, Innovation, and Entrepreneurship

● There are 6 enablers of small business innovation: i) Passion, ii) Customer connection, iii) Agility
and adaptation, iv) Experimentation, v) Resource limitations, vi) Information sharing and collab
● Innovations can be reactive, proactive, revolutionary, and evolutionary

Creativity-Essential to Survival
● Must go beyond relying in what has worked in the past
○ Cast off limiting assumptions, beliefs and behaviors
○ Develop new insights
○ Change perspectives
○ Look at the world in new and different ways

Creative Thinking
● A skill that can taught and learned
● Left brain handles language, logic, and symbols (narrowly focused and systematic) while the
right side handles emotional, intuitive, and spatial functions (unconventional and unstructured)
● Individuals can learn to turn down the dominant side and turn up the submissive one
● Entrepreneurs need both sides
○ Right side generates innovative ideas and the left side judges market potential

How to Enhance Creativity

● Include creativity as a core value
● Embrace diversity and hire for creativity
● Expect creativity and failure, but learn from it
● Incorporate fun into the workplace
● Encourage curiosity
● Provide creativity training and support
● Monitor emerging trends and identify ways your company can capitalize on them

The Creative Process

● Preparation: educate yourself about factors surrounding your ideas
● Investigation: develop an understanding of the problem/decision/situation
● Transformation: identify similarities and differences among the various data
● Incubation: working on the problem in different environments with different approaches
● Illumination: the lightbulb moment
● Verification: question the idea to determine what needs to be altered
● Implementation: transform the idea into reality

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