WESLEYAN UNIVERSITY-PHILIPPINES

COLLEGE OF BUSINESS AND ACCOUNTANCY

ENTREPRENEURSHIP

PREPARED FOR 4BSAT1

SEARCH FOR BUSINESS
OPPORTUNITY,
IDEATION, INNOVATION,
AND CREATIVITY
IDEATION

The beginning of a business endeavour is ideation. This should be

the first investment of anyone who seeks to be an entrepreneur; and to be
called an entrepreneurial business opportunity, such idea has to be new,
or if not, should be innovative. The best source of ideas are the
consumers in general, since they are the ones who are in need for certain
product or service.

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IDEATION

The more idea a person produces, the more original and the better
quality ideas one will find among them.

The most common way of developing ideas is as follows:

 Recognizing the need

Develop an idea or a product that can satisfy a need, and
respond to the need by establishing business concern.

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IDEATION

 Improving an existing product

The result of consumer dissatisfaction to existing product could
open the door to introduce innovations or improvements.

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IDEATION

 Improving an existing product

The result of consumer dissatisfaction to existing product could
open the door to introduce innovations or improvements.

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IDEATION

 Recognize trends
Entrepreneurs should be able to recognize the opportunity to
develop a product and set trends that can make them leading
entrepreneurs.

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IDEATION

 Be aware of everything
There is no other way to know about what is happening around you,
but to research and read.

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IDEATION

 Questions and assumptions

Anybody can question the relevance or quality of any product or
services, provided, that there is an effort to improve the product.

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IDEATION

Once you generate an idea, it has to be protected because It can

make you a potential millionaire, like in the case of Bill Gates. There are
many ways of protecting your idea from being stolen or claimed by others,
and losing opportunity to be known as the creator and the originator of the
ideas. Aside from this, no company will pay you a royalty if the idea
presented is not legally protected.

CHAPTER 2.2
IDEATION

This following are the ways of protecting your ideas:

 Confidentiality Agreement
It specifically provides that a signer will not share the idea to
anyone. This is a typical agreement or contract where one should
ask advise to a patents attorney or those with experience and
expertise in the intellectual property.

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IDEATION

 Patents
These gives the inventor exclusive legal rights to exclude anyone
else from manufacturing, selling, importing, or using an invention
during the life of the patent. The three general classifications are:
Design, Utility, and Plants Patents.

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IDEATION

 Trademarks
This is a word, name, symbol, or device used by manufacturers on
merchants to identify their goods and distinguish them from others
sold in the market. This should be sed in conjunction with a
business or a product, otherwise, this will not be granted.

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IDEATION

 Copyrights
A copyright protects the creative works of composers,
authors/writers, artist, and others. This is the easiest form of
protection for intellectual property.

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CREATIVITY

ENTREPRENEURIAL CREATIVITY
Creativity, innovation, and entrepreneurs are inseparable. Creativity
is an essential part of innovativeness, the starting point of a
process, which is skilfully managed, and brings an idea into
innovation. It is considered as a characteristics that is innate or
inherent to every individual, but the social environment can
influence both the level and frequency of creative behaviour.

CHAPTER 2.2
INNOVATION

THE CONCEPT OF INNOVATION

Innovation is doing something different. It could be introducing
either something new or different. Innovativeness is a characteristic
of an individual, team, or organization. This is also the capacity to
create ideas and develop them to usable products or services.

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INNOVATION

IMPACTS OF INNOVATION
Efforts on innovation must have impacts-positive impacts. It must
have a positive implication that is supportive of organizational goals and
objectives. The innovative accomplishment exists if the following
happens:
1. Effecting a new policy- creating change or orientation or direction
2. Finding new opportunities- developing an entirely new products or
opening a new market.

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INNOVATION

3. Designing a new structure- Changing the formal structure,

reorganizing or introducing a new structure.
4. Devising a fresh method- Introducing a new process, procedure,
or technology for continued use.

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INNOVATION

Innovation is not only for a change, but also for the search in
excellence, not only in producing a product, but also in the form of
innovative systems and services. The innovativeness and creativity
of an individual could be the greatest assets any business could
have, so this should be developed and properly taken care of.

CHAPTER 2.2
-END-