Unit II Flashcards
(19 cards)
What are the skills / traits required to be an entrepreneur.
- Vision and Strategi thinking
- Creativity and Innovation
- Risk tolerance and Decision Making
- Resilience and Perseverance
- Adaptability and Flexibility
- Leadership and Team management
- Networking and Communication skills
- financial literacy and Resource management.
What is Creative thnking?
Creative thinking is a cognitive process that involves generating original ideas, exploring new perspectives, and breaking free from conventional approaches.
What are key characteristics of creative thinking ?
- Divergent Thinking
- Lateral Thinking
- Incubation and Insight
- flexibility and adaptability
Skills / Traits required to be an entrepreneur?
- Vision and Strategic Thinking
- Creativity and Innovation
- Risk Tolerance and Decision-Making
- Resilience and Perseverance
- Adaptability and Flexibility
- Leadership and Team Management
- Networking and Communication Skills
- Financial Literacy and Resource Management
- Self-Motivation and Discipline
What is creative thinking?
Creative thinking is a cognitive process that involves generating original ideas, exploring new perspectives, and breaking free from conventional approaches. It is not limited to the arts but is essential across various domains, from business and technology to everyday problem-solving.
What are key aspects of creative thinking?
- Divergent Thinking
- Lateral thinking (Coined by Edward de Bono, lateral thinking involves stepping sideways to view problems from different angles. It’s about challenging assumptions and traditional thought patterns, often by asking “what if?” )
- Incubation and Insight (The incubation phase is when the mind steps away from the problem, allowing insights to emerge naturally. This “aha” moment)
- Flexibility and adaptability()
Phases of creative thinking.
- Preparation:Absorbing knowledge, experience, insight and context, as well as understanding a specific challenge which requires an idea. Each of these will form networks of information in the brain, from which other new random networks can be connected.
- Incubation:Time required for your mind to form new connections, happens best in a low-energy state and often unconscious. Often when time is taken away from thinking about the challenge
- Inspiration:The moment of insight when your mind finds a potential solution and makes you aware of it. The “eureka” moment that seems to come out of nowhere
- Verification:A quick mental check to see if the solution could work and should be investigated further
- Execution:Turning the idea into reality, by creating something
What is design thinking?
Design thinking is a structured, human-centered approach to innovation and problem-solving. It focuses on understanding the user’s needs, generating creative solutions, and iteratively refining ideas until they meet real-world demands.
Phases of design thinking.
Empathize:
The process begins with empathy—immersing oneself in the lives of users to gain deep insights into their needs, challenges, and experiences. This phase involves qualitative research methods like interviews, observations, and shadowing, ensuring that the design process is grounded in real human experiences. For example, when redesigning a public transportation system, designers might ride the bus, interview commuters, and observe daily usage patterns to fully understand the user experience.
Define:
After gathering insights, the next step is to define the problem clearly. This involves synthesizing data from the empathy phase to articulate a precise problem statement or point-of-view that focuses on the user’s needs. A well-defined problem acts as a guiding beacon for the ideation process. For instance, instead of a vague goal like “improve city transport,” a defined problem might be “reduce waiting times for elderly commuters in urban areas.”
Ideate:
With a clear problem statement in place, the ideation phase encourages the generation of a wide range of ideas and solutions. Techniques such as brainstorming sessions, SCAMPER (Substitute, Combine, Adapt, Modify, Put to another use, Eliminate, Reverse), and role-playing are often employed to stimulate creative thinking. The goal is to think broadly and explore multiple avenues without immediate judgment.
Prototype:
Prototyping transforms abstract ideas into tangible, testable models. These can range from simple sketches and paper models to more advanced interactive simulations. Prototyping is essential because it allows designers to explore the feasibility of ideas, identify potential issues, and refine solutions. For example, a tech startup might build a minimum viable product (MVP) to test their app’s usability with real users before full-scale development.
Test:
The final phase is testing, where prototypes are shared with users to gather feedback. This phase is iterative; based on user input, the design is refined and improved repeatedly until it effectively addresses the identified needs. Testing not only validates the solution but also uncovers new insights that can lead to further innovation.
What is the entrepreneurial decison process?
The entrepreneurial decision process is the cognitive and practical journey an individual undertakes to decide whether to start a business or pursue a specific opportunity. It integrates rational analysis, intuition, and creativity to balance risks and rewards.
What are the key stages of the entrepreneurial decision process?
- Opportunity identification
- Opportunity Evaluation
- Decision to Proceed
- Resources Mobilization
- Action and Implementation
- Evaluation and Iteration
Explain opportunity identification in entrepreneurial process?
◦ Description: Recognizing a potential business idea or market gap, often sparked by personal experiences, market trends, or creative thinking.
◦ Key Activities: Observing customer needs, analyzing trends, brainstorming solutions, or leveraging personal skills. This aligns with the “preparation” and “illumination” stages of creative thinking.
◦ Example: Noticing a demand for eco-friendly packaging and ideating a biodegradable solution.
◦ Role: Sets the foundation by pinpointing a viable entrepreneurial opportunity.
Explain Opportunity Evaluation in entrepreneurial decision process.
◦ Description: Assessing the feasibility and attractiveness of the opportunity using data, intuition, and critical thinking.
◦ Key Factors:
▪ Personal Fit: Does the opportunity align with the entrepreneur’s skills, passion, and resources?
▪ Market Potential: Is there sufficient demand, growth potential, and competitive advantage?
▪ Financial Viability: Can the venture generate profit, and are funding sources available?
▪ Risk Assessment: What are the potential obstacles (e.g., competition, regulation)?
◦ Tools: SWOT analysis, market research, financial projections, or feasibility studies.
◦ Example: Conducting surveys to validate demand for the biodegradable packaging and estimating startup costs.
◦ Role: Filters ideas to focus on those with the highest potential, akin to the “evaluation” stage in creative thinking.
Explain decision to proceed
◦ Description: Committing to pursue the opportunity or abandon it based on evaluation outcomes.
◦ Key Considerations:
▪ Personal Motivation: Confidence, risk tolerance, and alignment with goals (e.g., lifestyle vs. scalable startup).
▪ External Support: Access to mentors, networks, or funding (e.g., venture capital, incubators).
▪ Timing: Is the market or personal situation conducive to launching now?
◦ Example: Deciding to launch the packaging venture after securing seed funding and positive market feedback.
◦ Role: Marks the transition from ideation to action, requiring a balance of analysis and gut instinct.
Explain Resource Mobilization
◦ Description: Gathering the necessary resources—financial, human, and physical—to launch the venture.
◦ Key Activities: Securing funding (e.g., loans, investors), building a team, acquiring technology, or setting up infrastructure.
◦ Example: Partnering with a manufacturer and hiring a small team to produce the biodegradable packaging.
◦ Role: Translates the decision into actionable steps, aligning with the “implementation” stage of creative thinking.
Explain Action and Implementation
◦ Description: Launching the venture and executing the business plan while adapting to challenges.
◦ Key Activities: Developing products/services, marketing, scaling operations, and monitoring performance.
◦ Example: Releasing the packaging product to a pilot market and refining it based on customer feedback.
◦ Role: Brings the opportunity to life, requiring ongoing decision-making and problem-solving.
Explain evaluation and iteration
◦ Description: Continuously assessing the venture’s performance and making decisions to pivot, scale, or exit.
◦ Key Activities: Analyzing metrics (e.g., sales, customer retention), gathering feedback, and adjusting strategies.
◦ Example: Expanding the packaging line to new markets or pivoting to a different material based on cost or demand.
◦ Role: Ensures long-term viability through adaptive decision-making.
what are some entrepreneurial success story
Apple Inc
Microsoft
Amazon
tesla and space x
Airbnb
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