ENTREPRENEURSHIP

1. ENTREPRENEURSHIP Lecture No: 6 Resource Person: Malik JawadSaboor Assistant Professor Department of Management Sciences COMSATS Institute of Information Technology Islamabad.

2. Previous Lecture Review • Understand Difference between Creativity and Innovation • Understand Paradigms • Barriers to Creativity • How to Spur Imagination .

3. Objectives How to Enhance Organizational Creativity How to enhance individual’s Creativity

4. Tips for Enhancing Organizational Creativity • Include creativity as a core company value • Embrace diversity • Expect creativity • Expect and tolerate failure • Encourage creativity

5. Tips for Enhancing Organizational Creativity • Create a change of scenery periodically • View problems as challenges • Provide creativity training • Provide support • Develop a procedure for capturing ideas

6. Tips for Enhancing Organizational Creativity • Talk with customers • Look for uses for your company’s products or services in other markets • Reward creativity • Model creative behavior

8. Tips for Enhancing Individual Creativity • 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

9. Tips for Enhancing Individual Creativity • 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

10. You Be The Consultant.. CASE STUDY

11. The Creative Side of Entrepreneurship   Consider these situations: • When St. Petersburg, one of the most splendid, harmonious cites in Russia, was being laid out early in the eighteenth century, many large boulders brought by a glacier had to be removed. One particularly large rock was in the path of one of the principal avenues that had been planned. Submitted bids to remove the rock were very high since no modern equipment existed. While the officials pondered what to do, a peasant presented himself and offered to get rid of the rock for a much lower price. The next morning the peasant showed up with a crowd of other peasants carrying shovels. They propped the rock up, dug a large hole and pushed the rock in. This was an early example of creative thinking.   • Managers at the Cleveland Museum used a similar kind of creative thinking to ensure the success of a dazzling exhibit of ancient Egyptian treasures. Taking a different approach to marketing, managers held a free private showing to the town’s taxi drivers. Impress the cab drivers, they reasoned, and the “cabbies” would recommend the new exhibit to their tourist. That’s exactly what happened. During the exhibit’s run in Cleveland, the museum enjoyed shoulder-to-shoulder attendance, thanks to the talkative cab drivers and creative museum managers.   • In the 1968 Olympics in Mexico City, Dick Fosbury forever changed the sport of high jumping. He approached the bar at a different angle and then curved his body over the bar face up, kicking his legs over the end of the jump. “Fosbury Flop,” as the style became known, transfers the weight of the jumper over the bar in stages. He broke the world’s high jumping record by 6cm, but also had the satisfaction of creating a new style used by athletes all over the world today. Q1. What is a paradigm? How does a paradigm stifle creativity? Q2. Identify a local businesss. What impact is this paradigm having on the business? Identify the paradigm and then generate as many creative suggestions. Q3. What can entrepreneurs do to throw off existing paradigms?  

12. How to Enhance Organizational Creativity How to enhance individual’s Creativity Lecture Review Reference: Essentials of Entrepreneurship & Small Business Management, Zimmer, Scarborough &Wilson, 5th Edition