2.

Creativity & Innovation

Entrepreneurship is characterized by newness or
the specific effort of bringing something new and
something different to the market.
Being creative and innovative are essential
dimensions of newness
Creativity focuses on thinking of new things
while. innovation focuses on doing new things

3. Opportunity Exploitation
Entrepreneurship is focused on taking advantage or exploiting of
previously unexploited opportunities. For example:
1.books - e-book, kindle, tablet, i-pad
2.data storage floppy, CD, USB
The exploitation of opportunities often result in the creation of a
new enterprise or business as well as the wealth associated with it
The new enterprise should be beneficial to the society and make a
positive change

Linking Creativity &

Entrepreneurship
Creative idea flows to invention
and invention flows to innovation.

Creativity can also directly leads

to innovation.
Creativity is turned into a
practical reality such as a product
through innovation.
The entrepreneurial context as
Entrepreneurial Process - The idea generation or idea discovery phase, The
well as perception of opportunity
Definition of Technology Entrepreneurship idea evaluation and development phase, The idea exploitation phase
are necessary to turn it into a
Technology entrepreneurship can be defined as a
Idea Search and Generation Phase
business reality.
form of entrepreneurship and business leadership 1.This phase is also known as the opportunity formation or opportunity
Concept of Window of
focused on identifying high-potential, technologydiscovery phase
Opportunity
intensive business opportunity for possible
2.Both the terms idea and opportunity indicate the possibility of bringing
Often when referring to
exploitation into new products, processes or servicessomething new to the market
opportunities, the term window
3.individuals
or
groups
of
individuals
enter
this
phase
by
either:
Role of Entrepreneurship
of opportunity is used
- Actively searching for business possibilities that they can offer in a better,
Economic growth and vitality can be generated
The entrepreneur must hit the
more
creative
or
efficient
form
or
by encouraging entrepreneurial activity in the
window of opportunity for which
Discovering
a
solution
for
their
own
problem
experienced
at
work,
play
or
society.
the opportunity exists
in the marketplace that has the potential of being shared with others who
Entrepreneurial activity is centered around
Window of opportunity is defined
are
willing
to
pay
for
the
solution
entrepreneurs who act as agents of progress
as that too often short period of
4.In
technology
entrepreneurship,
this
idea
formation
or
discovery
phase
In order to contribute to economic growth,
time during which an opportunity
may be recognizable by the fact that the business idea or problem solution
entrepreneurs must
must be acted on or missed
involves
creating
a
new
technology
or
adapting
an
existing
technology
-Mobilize natural, financial and intellectual
It also describes the time period
5.Technology
refers
to
devices,
processes,
tools,
methods
and
materials
capital as capital inputs in the economy and
in which a firm can realistically
applied to industrial and commercial purposes.
-utilize the capital inputs to create products,
enter a new market
Idea
Exploitation
Phase
processes and services as economic outputs
The window of opportunity is
1.This phase is generally characterized by the decision to pursue the
deemed to be open or close
business opportunity or not
to denote the degree of
2.The decision at this phase can take 3 basic forms (Fig 2):
Economic Outputs
attractiveness or exploitation
-proceed to exploit the opportunity
o Economic progress and growth (outputs) is
possibilities at a particular time
-abandon the current idea and go back to search for other ideas
essentially in two forms of:
The term open refers to the
-terminate the process totally and not pursue any other business ideas
-The beneficial outputs (e.g. increase in new
opportunity lending itself to be
3.If the decision is to exploit the opportunity, among the key activities
business ventures that create new jobs)
exploited at that time because it
include the registering of the business entity (in the case of an own new
-The undesired inefficiencies and waste outputs
has value and potential for wealth
business), hiring workers and starting business operations
(e.g. pollution from growing numbers of
creation
4.In a technology based business, a unique activity at this phase is the
industries)
The term close refers to the
commercialization of the technology-based product, process or service that
-The benefits should be maximized while waste
opportunity potential diminishes
may or may not require the creation of a new business venture.
and inefficiencies need to be minimized for
due to it being exploited by
entrepreneurship to have the desired impact on
another entrepreneur or at that
Creativity Techniques
What is creativity - Creativity can be defined as
period of
has
become out-ofPROBLEM REVERSAL look at the opposite of things, see things inside out, backwards
or time
upside
down.
the production of new and useful ideas as well
or obsolete
FORCED ANALOGY - gain new insights by forcing a relationship between almost date
anything.
as the ability to discover new ways of looking at
ATTRIBUTE LISTING - break down the thing into smaller parts or characteristics and develop ideas to
problems and opportunities.
improve on them.
Six Resources of Creative Team/Enterprise
MIND MAPPING - starts in the centre of the page with the main idea, and works outward in all directions,
1.Knowledge in the required domain and fields
producing a growing and organized structure composed of key words and key images.
i.e. in-depth knowledge of your industry.
BRAINSTORMING generating ideas based on the principle of suspending judgments.
2.Intellectual abilities to recognize connections,
LATERAL THINKING - exploring multiple possibilities and approaches from different perspective rather than
redefine problems, and envision and analyze
pursuing in a conventional, logical, step by step single approach. i.e. by changing concepts and perceptions,
possible practical ideas and solutions.
and generating new ones.
3.Inventive thinking about the problem in novel
Incremental Innovation
Blocks to Creativity
Basic Types of Innovation
ways
Steady improvements
Searching for the only
INVENTION - Creating a totally new product,
4. Motivation towards action
Based on sustaining
one right answer
service or process. Examples: aeroplanes
5.Opportunity-oriented personality and
technologies
Focusing on being
(Wright brothers), light bulbs (Thomas Edison),
openness to change.
Obedience to cultural
logical
personal GPS (Peter Maire)
6. Contextual understanding that supports
routines and norms
Blindly following the
EXTENSION -Introducing different application or
creativity and mitigates risks
Can be rapidly
rules
new use of existing product, service or process
implemented
Examples: laptop, PDAs, Walkman
Three Components of Creativity
Immediate gains
DUPLICATION - Creative replication of an
Creativity has three basic components:
Develop customer loyalty
existing concept Examples: Franchise
Knowledge
Impact of Innovation
businesses such as Chicken Rice Shop
-Knowledge refers to a confident understanding of a subject with the ability to
Low market uncertainty
SYNTHESIS - Combining existing concepts or
use it if applicable. It encompasses expertise, skills, familiarity and practical &
Low technical uncertainty
factors into a new formulation or use. Example:
theoretical understanding of a subject.
Low organization
combining functions of a telephone, video and
-Knowledge is gained by an individual through study or experience
uncertainty
Opportunity
Discovery
Motivation
Low resource
uncertainty
Sources of business ideas include:
-Motivation is in two forms:
Patent office
o Extrinsic motivate
The Intellectual Property Corporation of Malaysia is an agency under the Ministry
comes from outside a person, whether the motivation is a carrot or a stick
of Domestic Trade, Cooperative and Consumerism. This agency can be a good
o Intrinsic motivation
source of business ideas that can be retrieved easily from their online patent
a persons internal desire to do something. Satisfaction is derived from
search and patent gazette hosted on its website
overcoming the challenge
University Research & Development
Creative thinking skills
Provides an endless stream of research findings that can be commercialized.
-Creative thinking skills is the use of creative intelligence to approach problems
Local universities play an important role in providing knowledge that will help
and find solutions
businesses grow into new market segments and develop new products
-Four styles of creative intelligence:
Research Institutes
o Intuitive focuses on results and relies on past experience to guide actions
Considered as reliable sources of business ideas on various fields. Examples of
o Innovative concentrates on-problem solving, is systematic, and relies on
research institutes in Malaysia include the Malaysian Agricultural Research &
data
Development Institute (MARDI), Standards and Industrial Research Institute of
oImaginative is able to visualize opportunities, is artistic, enjoys writing, and