Lec 2 Inside Entrepreneurial Mind Stud

BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)

Lecture 2: Inside the Entrepreneurial Mind – From Ideas to Reality Overview 1. Entrepreneurship 2. Cybrepreneurship 3. Creativity and Innovation - Barriers to Creativity - Tips for Enhancing Individual Creativity - Techniques for improving the Creative Process - Intellectual Property

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BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)

Entrepreneurship

Pg 42-43

• Entrepreneurship – the result of a disciplined, systematic process of applying creativity and innovation to the needs and opportunities in the marketplace. • Entrepreneurs connect their creative ideas with the purposeful action and structure of a business.

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BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)

Cyberpreneurship “. . . one recent form of technical entrepreneurship is using the improvements in computer technology, especially the Internet, to conduct business, promote business or perform the process called entrepreneurship. This whole field has become known as cyberpreneurship, and varies from an organization which merely promotes itself by using an electronic brochure called a home page on the Internet, to companies and organizations which sell their products and services through the use of electronic mail on the Internet.” Knight, R.M. (1996), “Cyberpreneurship or entrepreneurship on the internet”, available at: http://ausweb.scu.edu.au/aw96/business/knight/paper.htm

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BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)

Creativity and Innovation

Pg 42-49

Creativity – the ability to develop new ideas and to discover new ways of looking at problems and opportunities; thinking new things. Innovation – the ability to apply creative solutions to problems or opportunities to enhance or to enrich people’s lives; doing new things. 4

BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)

Failure: Just Part of the Creative Process!

Pg 42-49

• For every 3,000 new product ideas: – Four make it to the development stage. – Two are actually launched. – One becomes a success in the market.

• On average, new products account for 40 percent of companies’ sales!! • Creativity is an important source for building a competitive advantage. 5

BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)

Can we learn to be creative?

Pg 42-49

By overcoming paradigms and by suspending conventional thinking long enough to consider new and different alternatives! Past

Present

Future

You ! Make A Difference Photo Frame

Digital Photo Frame 6

Source: http://www.rttg.org ; http://www.xomy.com

BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)

Barriers to Creativity • • • •

Pg 51-55

Searching for the one “right” answer Focusing on “being logical” Blindly following the rules Constantly being practical

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BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)

Tips for Enhancing Individual Creativity • • • • • • • • • • •

Pg 59-61

Allow yourself to be creative Give your mind fresh input every day Observe the products and services of other companies, especially those in completely different markets Recognize the creative power of mistakes Keep a journal handy to record your thoughts and ideas Listen to other people Listen to customers Talk to a child Keep a toy box in your office Read books on stimulating creativity or take a class on creativity Take some time off 8

BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)

Techniques for improving the Creative Process

Pg 68-72

• Brainstorming – Goal is to create a large quantity of novel and imaginative ideas.

• Mind-mapping – A graphical technique that encourages thinking on both sides of the brain, visually displays relationships among ideas, and improves the ability to see a problem from many sides.

• Rapid prototyping – Transforming an idea into an actual model that will point out flaws and lead to design improvements. 9

BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)

Protecting your ideas an authoritative effort to promote creativity

Pg 74-79

• Patent – a grant from the Patent and Trademark Office to the inventor of product, giving them exclusive right to make, use, or sell the invention for 20 years from the date of filing the patent application. See: Intellectual Property Corporation of Malaysia (http://www.mipc.gov.my/)

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BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)

Protecting Your Ideas

Pg 74-79

• Trademark – any distinctive word, symbol, design, name, logo, slogan, or trade dress a company uses to identify the origin of a product or to distinguish it from other goods on the market. • Servicemark – the same as a trademark except that it identifies the source of a service rather than a product.

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BEN2014 Introduction to Cyberpreneurship (by: TPL) Original Source: Zimmerer & Scarborough (Pearson)

Protecting Your Ideas

Pg 74-79

• Copyright – an exclusive right that protects the creators of original works of authorship such as literary, dramatic, musical, and artistic works. • Copyrighted material is denoted by the symbol ©.

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