P2

• New business ideas come from?

  • creative thinking
  • critical thinking
• critical thinking


  involves systematic analysis to solve problems and generate ideas
• creative thinking


  is more imaginative and explores new perspectives
• sources of ideas for entrepreneurial ventures

  • from the product
  • from the process
  • from the person
  • from relationships
• ideas from the product


  • entrepreneurs often innovate by changing existing products
  • annoyance-driven innovation
• annoyance-driven innovation


  entrepreneurs solve problems caused by dissatisfaction with a product
• ideas from the process

  ideas can come from how a products is made or delivered
• ideas from the person


  personal interests, skills, and hobbies inspire business ideas
• ideas from relationships


  family and friends can inspire business ideas
• methods of critical thinking

  • statistical analysis
  • market analysis
  • SWOT analysis
  • Delphi technique
• statistical analysis


  using data to understand the market
• market analysis


  studying market through surveys or focus groups
• SWOT analysis


  evaluating strengths-weakness-opportunities-threats within market or industry
• delphi technique


  structured method where experts generate ideas over several rounds of consultation
• methods of creative thinking

  • brainstorming
  • problem inventory analysis
  • free association
  • checklist method (SCAMPER)
• brainstorming


  group discussion where all ideas are considered
• problem inventory analysis


  identifying problems with current products and proposing solutions
• free association


  linking ideas to generate new concepts
• checklist method (SCAMPER)


  using prompts to think of changes to a product
• SCAMPER

  • substitute
  • combine
  • adapt
  • magnify
  • put to other use
  • eliminate
  • rearrange
• business trends


  offers additional resources for business ideas
• business trends

  • competitor and supplier power
  • government regulation
  • sociodemographic changes
  • technological developments
• competitor and supplier power


  business ideas can stem from analyzing competitors or suppliers
• government regulation


  changes in regulations can open up new business opportunities
• sociodemographic changes


  changes in population or living conditions can lead to ideas for products or services suited to these shifts
• technological developments


  emerging technologies create new business opportunities
• viable


  means probability of success
• how to make a viable business idea

  analyzing products, processes, personal interests, and relationships
• creativity


  involves thinking beyond the usual, systematic, and rational ways
• creativity

  the ability to create new ideas by connecting previously learned concepts
• the key to creativity is...

  connecting ideas in new ways
• creativity is learnable

  true
• factors that affect creativity

  • problem-solving factors
  • motivational factors
  • situational factors
  • organizational factors
• problem-solving factors


  • creativity thrives when individuals think of solutions or improve them for existing problems
• motivational factors


  crucial for turning dissatisfaction with existing products or services into actionable business ideas
• a highly motivated individual is more likely to think...

  creatively
• creative people are more willing to...


  • take risks
  • plan ahead
• situational factors


  • Creativity is expressed in action. It requires the ability to implement ideas, manage time, and cooperate with others.
  • Creativity also depends on managing time under pressure and being able to execute plans efficiently.
• organizational factors


  a supportive environment fosters creativity, creative people thrive in environments that encourage exploration and value
• creative problem solving


  a method that uses both divergent thinking and convergent thinking