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Introduction to Entrepreneurship

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Your Potential as an Entrepreneur

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Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible.

Should You Become an Entrepreneur?

5 Chapter Entrepreneurship and Small Business pp

Contents Click the link below to go directly to the slides for that chapter. Chapter 1 ■ Your Personal Strengths Chapter 2 ■ The Roles You Play Chapter.

 What is an entrepreneur?  An Entrepreneur is a person who recognizes a business opportunity and organizes, manages, and assumes the risks of starting.

Back to Table of Contents pp Chapter 5 Entrepreneurship and Small Business.

Owning and Operating a Business Entrepreneurship Dr. Steven M. Hays Freshman Seminar Bishop Kearney High School Entrepreneurship Dr. Steven M. Hays Freshman.

Chapter 1 8/10/2013Chapter 1 1. $10 If you had $10, would you: 1. Buy lunch 2. Place in savings 3. Go to the movies 4. Buy some new apps for your phone.

The Entrepreneurial Process: It For You? All kinds of people become entrepreneurs.

ENTREPRENEURSHIP. CHARACTERISTICS  64% had some college education  60% use their own money to start or buy their business  a little more than half.

Characteristics Wheel

Your Potential As An Entrepreneur VHS. Key Objectives Describe the rewards of going into business for yourself. Describe the risks of going into business.

PowerPoint Presentation  Section 2.1  Pages

Rewards and Challenges of Entrepreneurship Chapter 5, Section 1.

An entrepreneur is someone who is able to identify opportunities and act on them by entering into a venture (a business enterprise involving some risk)

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Challenges and solutions for entrepreneurs powerpoint guide

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Introduction to Entrepreneurship

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Introduction to Entrepreneurship. 1. Section 1.1 What Is Entrepreneurship? Section 1.2 Characteristics of an Entrepreneur. What Is Entrepreneurship?. 1.1. Define what it means to be an entrepreneur Compare the pros and cons of being an entrepreneur

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Introduction to Entrepreneurship 1 Section 1.1 What Is Entrepreneurship? Section 1.2 Characteristics of an Entrepreneur

What Is Entrepreneurship? 1.1 • Define what it means to be an entrepreneur • Compare the pros and cons of being an entrepreneur • Identify successful entrepreneurs and their achievements Section 1.1: What Is an Entrepreneur?

What Is an Entrepreneur? Someone who creates and runs a business is called an entrepreneur. • When an entrepreneur starts a new business, risk is involved. Risk is the chance of losing something. • Because employees work for someone else and entrepreneurs work for themselves, entrepreneurs risk more than employees. • Small firms employ about half of the U.S. private work force, and they create around 64 percent of all new jobs. • One way you can gain a sense of what business is like is by investigating an internship, or apprenticship. Section 1.1: What Is an Entrepreneur?

Why Be an Entrepreneur? The biggest reward of becoming an entrepreneur is the personal satisfaction that comes from having the freedom to make your own business decisions and then act on them. • Making Your Own Rules. When you own a business, you get to be your own boss. • Doing Work You Enjoy. Since the majority of most peoples’ lives is spent working, why not spend that time doing something you enjoy? • Creating Greater Wealth. There’s no limit to what an entrepreneur can make. • Helping Your Community. Being an entrepreneur lets you make your community and world a better place. Section 1.1: What Is an Entrepreneur?

Risks of Being an Entrepreneur • Potential Business Failure. Being fully responsible means the success or failure of your business rests on you. • Unexpected Obstacles. Problems can happen that you don’t expect. • Financial Insecurity. Many new businesses don’t make much money in the beginning, so you may not always be able to pay yourself. • Long Hours and Hard Work. It’s not unusual for entrepreneurs to work a lot of extra hours to make their businesses successful. This is especially true during the initial start-up process. Section 1.1: What Is an Entrepreneur?

Entrepreneurship in History Here are some well-known entrepreneurs who changed the world. For what is each entrepreneur most famous? • Thomas Edison • P.T. Barnum • Wlliam Harley & Arthur Davidson • Maggie Lena Walker • Ingvar Kamprad • Stephen Wozniak and Steve Jobs • Russell Simmons • Dineh Mohajer Section 1.1: What Is an Entrepreneur?

Characteristics ofan Entrepreneur 1.2 • Describe who becomes an entrepreneur • List the key characteristics of an entrepreneur • Explore ways to build your business potential • Explain the value of learning about entrepreneurship Section 1.2: Characteristics of an Entrepreneur

Who Are Entrepreneurs? Section 1.2: Characteristics of an Entrepreneur

Characteristics of SuccessfulEntrepreneurs Self-assessment—evaluating your strengths and weaknesses—is an important part of becoming an entrepreneur. • An aptitude is a natural ability to do a particular type of work or activity well. • An attitude is a way of viewing or thinking about something that affects how you feel about it. Entrepreneurs tend to be people with positive attitudes. Section 1.2: Characteristics of an Entrepreneur

Characteristics of SuccessfulEntrepreneurs Personal Characterisitics • Courage • Creativity • Curiosity • Determination • Discipline • Empathy • Enthusiasm • Flexibility • Honesty • Patience • Responsibility Skills A skill is an ability that’s learned through training and practice. • Business Skill • Communication Skill • Computer Skill • Decision-Making and Problem-Solving Skills • Mathematical Skill • Organizational Skill • People Skills Section 1.2: Characteristics of an Entrepreneur

Increasing Your Potential Increase your business and entrepreneurial potential by focusing on six specific areas. • Business Knowledge. Reading magazine and newspaper articles, search the Internet, and talk to business owners. • Financial Skills. Strengthen your math skills. • Career Exploration. Evaluate your strengths and weaknesses, explore careers interest you. • Community Awareness. Look for volunteering opportunities and find out if any companies in your area provide internship programs. • Education. Obtaining a good education benefits you personally and open doors to more career opportunities. • Relationships. Spend time with people who believe in you and inspire you. Section 1.2: Characteristics of an Entrepreneur

Why Study Entrepreneurship? There are two primary reasons why studying entrepreneurship makes sense: you learn to think like an entrepreneur and you develop a vision for your life. Section 1.2: Characteristics of an Entrepreneur

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Exploring Entrepreneurship

• Entrepreneurship is the process of starting a new business.
• Just having a good idea is not enough. Entrepreneurs must be motivated to work hard.
• Thinking like an entrepreneur can also help you do well at school, home, and in your community. When you think you show that you are creative, independent, and responsible.
• Three ways to think like an entrepreneur even when you are not running your own business are.
• Observe. Keep on the lookout for chances to learn new skills and accept new responsibilities.
• Listen. Pay attention to what others have to say.
• Think. Instead of complaining about a problem, analyze it. Then suggest possible solutions.

Chapter Think Like an Entrepreneur

Recognizing�Entrepreneurial Rewards

• Since entrepreneurs have the final say in all business decisions, they are ultimately responsible for success or failure of their businesses.
• An entrepreneur must evaluate whether the potential rewards are worth more than the drawbacks and risks they take.
• A successful business lets entrepreneurs earn enough so that they fulfill their needs and wants without depending on others.
• Entrepreneurs also benefit in other ways:
• Entrepreneurs achieve pride and personal satisfaction from starting and growing a business.
• Entrepreneurs get to make your own rules.
• Being an entrepreneur opens up opportunities that help make their community and the world a better place in which to live.

Recognizing�Entrepreneurial Risks

• Risk refers to the chance of danger or loss. In terms of business, it usually refers to the risk of losing money.
• An entrepreneur invests money, time, and energy in their business in the hope of receiving greater rewards, or benefits.
• Other risks for entrepreneurs include:
• Unexpected problems are challenges for which you are unprepared.
• Unreliable income is when the amount of money you pay yourself changes month to month.
• It’s not unusual for entrepreneurs to work a lot of extra hours to make their businesses successful.

Developing the Characteristics� of an Entrepreneur

• Most entrepreneurs share similar characteristics that make them suited to starting a business.
• Entrepreneurs also have certain skills that help them succeed.
• If you keep a positive attitude and believe in yourself, you can develop many of the characteristics and skills needed to be a successful entrepreneur.
• The qualities of an entrepreneur include:
• Entrepreneurs have courage.
• Entrepreneurs are curious.
• Entrepreneurs are disciplined.
• Entrepreneurs have empathy.
• Entrepreneurs are honest.

Entrepreneurial Skills

• Some of the basic skills entrepreneurs need include:
• Business skills: Understanding how to create and manage a business
• Communication skills: The ability to listen, write, and speak well
• Computer skills: The ability to use technological tools effectively
• Decision-making and problem-solving skills: Knowing how to apply logic, information, and past experiences to new decisions and problems
• Mathematical skills: Using math to create budgets, keep accurate records, and analyze financial statements
• Organizational skills: The knack of keeping tasks and information in order; the ability to plan well and manage your time
• Relationship skills: The ability to persuade and motivate people; knowing how to be a leader and to work as part of a team

Entrepreneurial Keys�to Success

• You can increase your entrepreneurial potential by focusing on six specific areas:
• Business knowledge. Make a habit of reading magazine and newspaper articles on business topics.
• Financial skills. Strengthen your math skills by taking a course in accounting, personal finance, or investing.
• Career exploration. It’s never too early to start thinking about your career.
• Community awareness. Look for opportunities to become involved in your community.
• Education. Take advantage of opportunities to learn new things, ask lots of questions, and work hard to do your best.
• Relationships. Spend time with people who believe in and inspire you.

Chapter Review

• Rewards are the financial returns an entrepreneur earns from their businesses.

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What Is Creative Problem-Solving & Why Is It Important?

• 01 Feb 2022

One of the biggest hindrances to innovation is complacency—it can be more comfortable to do what you know than venture into the unknown. Business leaders can overcome this barrier by mobilizing creative team members and providing space to innovate.

There are several tools you can use to encourage creativity in the workplace. Creative problem-solving is one of them, which facilitates the development of innovative solutions to difficult problems.

Here’s an overview of creative problem-solving and why it’s important in business.

Access your free e-book today.

What Is Creative Problem-Solving?

Research is necessary when solving a problem. But there are situations where a problem’s specific cause is difficult to pinpoint. This can occur when there’s not enough time to narrow down the problem’s source or there are differing opinions about its root cause.

In such cases, you can use creative problem-solving , which allows you to explore potential solutions regardless of whether a problem has been defined.

Creative problem-solving is less structured than other innovation processes and encourages exploring open-ended solutions. It also focuses on developing new perspectives and fostering creativity in the workplace . Its benefits include:

• Finding creative solutions to complex problems : User research can insufficiently illustrate a situation’s complexity. While other innovation processes rely on this information, creative problem-solving can yield solutions without it.
• Adapting to change : Business is constantly changing, and business leaders need to adapt. Creative problem-solving helps overcome unforeseen challenges and find solutions to unconventional problems.
• Fueling innovation and growth : In addition to solutions, creative problem-solving can spark innovative ideas that drive company growth. These ideas can lead to new product lines, services, or a modified operations structure that improves efficiency.

Creative problem-solving is traditionally based on the following key principles :

1. Balance Divergent and Convergent Thinking

Creative problem-solving uses two primary tools to find solutions: divergence and convergence. Divergence generates ideas in response to a problem, while convergence narrows them down to a shortlist. It balances these two practices and turns ideas into concrete solutions.

2. Reframe Problems as Questions

By framing problems as questions, you shift from focusing on obstacles to solutions. This provides the freedom to brainstorm potential ideas.

3. Defer Judgment of Ideas

When brainstorming, it can be natural to reject or accept ideas right away. Yet, immediate judgments interfere with the idea generation process. Even ideas that seem implausible can turn into outstanding innovations upon further exploration and development.

4. Focus on "Yes, And" Instead of "No, But"

Using negative words like "no" discourages creative thinking. Instead, use positive language to build and maintain an environment that fosters the development of creative and innovative ideas.

Creative Problem-Solving and Design Thinking

Whereas creative problem-solving facilitates developing innovative ideas through a less structured workflow, design thinking takes a far more organized approach.

Design thinking is a human-centered, solutions-based process that fosters the ideation and development of solutions. In the online course Design Thinking and Innovation , Harvard Business School Dean Srikant Datar leverages a four-phase framework to explain design thinking.

The four stages are:

• Clarify: The clarification stage allows you to empathize with the user and identify problems. Observations and insights are informed by thorough research. Findings are then reframed as problem statements or questions.
• Ideate: Ideation is the process of coming up with innovative ideas. The divergence of ideas involved with creative problem-solving is a major focus.
• Develop: In the development stage, ideas evolve into experiments and tests. Ideas converge and are explored through prototyping and open critique.
• Implement: Implementation involves continuing to test and experiment to refine the solution and encourage its adoption.

Creative problem-solving primarily operates in the ideate phase of design thinking but can be applied to others. This is because design thinking is an iterative process that moves between the stages as ideas are generated and pursued. This is normal and encouraged, as innovation requires exploring multiple ideas.

Creative Problem-Solving Tools

While there are many useful tools in the creative problem-solving process, here are three you should know:

Creating a Problem Story

One way to innovate is by creating a story about a problem to understand how it affects users and what solutions best fit their needs. Here are the steps you need to take to use this tool properly.

1. Identify a UDP

Create a problem story to identify the undesired phenomena (UDP). For example, consider a company that produces printers that overheat. In this case, the UDP is "our printers overheat."

2. Move Forward in Time

To move forward in time, ask: “Why is this a problem?” For example, minor damage could be one result of the machines overheating. In more extreme cases, printers may catch fire. Don't be afraid to create multiple problem stories if you think of more than one UDP.

3. Move Backward in Time

To move backward in time, ask: “What caused this UDP?” If you can't identify the root problem, think about what typically causes the UDP to occur. For the overheating printers, overuse could be a cause.

Following the three-step framework above helps illustrate a clear problem story:

• The printer is overused.
• The printer overheats.
• The printer breaks down.

You can extend the problem story in either direction if you think of additional cause-and-effect relationships.

4. Break the Chains

By this point, you’ll have multiple UDP storylines. Take two that are similar and focus on breaking the chains connecting them. This can be accomplished through inversion or neutralization.

• Inversion: Inversion changes the relationship between two UDPs so the cause is the same but the effect is the opposite. For example, if the UDP is "the more X happens, the more likely Y is to happen," inversion changes the equation to "the more X happens, the less likely Y is to happen." Using the printer example, inversion would consider: "What if the more a printer is used, the less likely it’s going to overheat?" Innovation requires an open mind. Just because a solution initially seems unlikely doesn't mean it can't be pursued further or spark additional ideas.
• Neutralization: Neutralization completely eliminates the cause-and-effect relationship between X and Y. This changes the above equation to "the more or less X happens has no effect on Y." In the case of the printers, neutralization would rephrase the relationship to "the more or less a printer is used has no effect on whether it overheats."

Even if creating a problem story doesn't provide a solution, it can offer useful context to users’ problems and additional ideas to be explored. Given that divergence is one of the fundamental practices of creative problem-solving, it’s a good idea to incorporate it into each tool you use.

Brainstorming

Brainstorming is a tool that can be highly effective when guided by the iterative qualities of the design thinking process. It involves openly discussing and debating ideas and topics in a group setting. This facilitates idea generation and exploration as different team members consider the same concept from multiple perspectives.

Hosting brainstorming sessions can result in problems, such as groupthink or social loafing. To combat this, leverage a three-step brainstorming method involving divergence and convergence :

• Have each group member come up with as many ideas as possible and write them down to ensure the brainstorming session is productive.
• Continue the divergence of ideas by collectively sharing and exploring each idea as a group. The goal is to create a setting where new ideas are inspired by open discussion.
• Begin the convergence of ideas by narrowing them down to a few explorable options. There’s no "right number of ideas." Don't be afraid to consider exploring all of them, as long as you have the resources to do so.

Alternate Worlds

The alternate worlds tool is an empathetic approach to creative problem-solving. It encourages you to consider how someone in another world would approach your situation.

For example, if you’re concerned that the printers you produce overheat and catch fire, consider how a different industry would approach the problem. How would an automotive expert solve it? How would a firefighter?

Be creative as you consider and research alternate worlds. The purpose is not to nail down a solution right away but to continue the ideation process through diverging and exploring ideas.

Continue Developing Your Skills

Whether you’re an entrepreneur, marketer, or business leader, learning the ropes of design thinking can be an effective way to build your skills and foster creativity and innovation in any setting.

If you're ready to develop your design thinking and creative problem-solving skills, explore Design Thinking and Innovation , one of our online entrepreneurship and innovation courses. If you aren't sure which course is the right fit, download our free course flowchart to determine which best aligns with your goals.

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Problem Solving Presentation Templates

Present the problem-solving processes effectively with our premade problem solving powerpoint templates and google slides themes. crafted to guide you from problem identification to resolution, these free templates breathe life into complex strategies. they feature creative, fully editable infographics, like puzzles and light bulb designs..

• Analytical Thinking: Breaking down a problem into smaller parts to understand its nature.
• Creative Thinking: Thinking outside the box to find unique and effective solutions.
• Decision Making: Choosing the best course of action among different alternatives.
• Team Collaboration: Working together to generate diverse perspectives and solutions.
• Communicate the problem statement clearly to stakeholders.
• Exhibit potential solutions and their implications.
• Rally teams around a unified strategy.
• Track progress and outcomes.

In such scenarios, the design and layout of your presentation matter as much as its content. And this is where Slide Egg steps in!

• Diverse Designs: From representing problem identification, business solutions, problem-solving techniques, and strategies to process steps, our slides have it all.
• Creative Infographics: Our slides are adorned with multicolor infographics like puzzle pieces, human brains, ladders, bulbs, stars, magnifiers, locks, and keys to captivate your audience.
• User-Friendly: Our problem solution slides  offers 100% editable features, allowing you to tailor the content to fit your narrative seamlessly.
• Cost-Efficient: For those on a budget, we provide free problem and solution slides so you can experience the quality of our offerings.

Become an expert with SlideEgg

How To Build A Problem Solving PowerPoint

We're here to help you, what is problem solving presentation templates.

Problem Solving Presentation Templates is a set of pre-designed PowerPoint slides that you can use to present and explain problem-solving strategies. The templates provide visuals and text that you can use to describe the problem-solving process, from identifying the problem to finding a solution.

Where can we use these Problem Solving Slides?

You can use these Problem Solving Slides for corporate meetings, educational classes, team-building events, or workshops. You can also use them to help facilitate brainstorming sessions and critical thinking activities.

How can I make Problem Solving PPT Slides in a presentation?

Start by creating a slide that outlines the problem. This should include the problem statement and a brief description of the context. Including brainstorming, researching, listing potential solutions, analyzing the data, and finally arriving at a solution. Suppose you want to create slides by yourself. Visit Tips and tricks for detailed instructions.

Who can use Problem Solving Presentation Templates?

Anyone can use Problem Solving PPT Templates to present a problem-solving strategy or process visually engagingly. These templates can be used by professionals, educators, students, business owners, and anyone looking to share a problem-solving approach with an audience.

Why do we need Problem Solving Presentation Slides?

Presenting a problem-solving Presentation slide helps illustrate complex concepts and issues. It can also engage an audience, provide visual context and simplify data. Problem-solving slides can convey ideas and solutions effectively and explore different solutions and alternatives.

Where can I find free Problem Solving Presentation Templates?

Many websites offer free Problem Solving Presentation Templates. Slide egg is one of the best PowerPoint providers. Our websites have uniquely designed templates that allow you to share the problem and help to track progress towards a solution.

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Class 11 Entrepreneurship NCERT Solutions

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4.1 Tools for Creativity and Innovation

Learning objectives.

By the end of this section, you will be able to:

• Describe popular, well-supported, creative problem-solving methods
• Understand which innovation or problem-solving methods apply best in different settings
• Know where to look for emerging innovation practices, research, and tools

Creativity, innovation, and invention are key concepts for your entrepreneurial journey. Fostering creativity and innovation will add essential tools to your entrepreneurial toolkit. In this chapter, first you’ll learn about a few practical tools that can assist you in your efforts to create and innovate. Then, we’ll define and distinguish creativity, innovation, and invention, and note the differences between pioneering and incremental innovation. Finally, we’ll cover models and processes for developing creativity, innovation, and inventiveness. The science, study, and practice of creativity and design thinking are constantly evolving. Staying on top of well-documented, successful approaches can give you a competitive advantage and may remind you that entrepreneurship can be fun, exciting, and refreshing, as long as you keep your creative spirit alive and in constant motion.

Creative Problem-Solving Methods

Creative thinking can take various forms ( Figure 4.2 ). This section focuses on a few creative thinking exercises that have proven useful for entrepreneurs. After discussing ideation practices that you can try, we conclude with a discussion of an in-depth innovation exercise that can help you develop a habit of turning creative ideas into innovative products and services. In this section, outcomes are vital.

Three ideation practices are discussed here. Several others are offered in links at the end of this section. The first ideation practice comes from Stanford’s Design School. 2 The objective is to generate as many ideas as possible and start to develop some of those ideas. This practice is the quintessential design thinking practice, or human-centric design thinking exercise, and it consists of five parts: accessing and expressing empathy, defining the problem, ideating solutions (brainstorming), prototyping, and testing ( Figure 4.3 ). Empathy is the human ability to feel what other humans are feeling, which in the context of creativity, innovation, and invention is essential to beginning a process of human-centric design. Practicing empathy enables us to relate to people and see the problem through the eyes and feelings of those who experience it. By expressing empathy, you can begin to understand many facets of a problem and start to think about all of the forces you will need to bring to bear on it. From empathy comes the ability to proceed to the second step, defining the problem. Defining the problem must be based on honest, rational, and emotional observation for human-centric design to work. Third in the process is brainstorming solutions. The other two ideation exercises or practices in this section delve more deeply into brainstorming (also discussed in Problem Solving and Need Recognition Techniques ), what it means, and how you can brainstorm creatively beyond the basic whiteboard scribbling in almost every organization. Designing for other people means building a prototype—the fourth step—and to test it. Once you apply this process to developing a product or service, you need to return to the empathetic mindset to examine whether you have reached a viable solution and, thus, an opportunity.

Link to Learning

Watch this video on human-centered design for more information, including an explanation of the phases involved.

To delve more deeply into ideation as a practice, we introduce here the Six Thinking Hats method ( Figure 4.4 ). 3 There are different versions of this ideation game, but all of them are quite useful for encouraging thought by limiting the mindset of those involved in the game. Being encouraged to embody one mode of thinking frees you from considering other aspects of a problem that can limit creativity when you are looking for a solution. The six hats are:

• White Hat: acts as information gatherer by conducting research and bringing quantitative analysis to the discussion; sticks to the facts
• Red Hat: brings raw emotion to the mix and offers sensibilities without having to justify them
• Black Hat: employs logic and caution; warns participants about institutional limitations; also known as the “devil’s advocate”
• Yellow Hat: brings the “logical positive” of optimism to the group; encourages solving small and large problems
• Green Hat: thinks creatively; introduces change and provokes other members when needed; new ideas are the purview of the Green Hat
• Blue Hat: maintains the broader structure of the discussion and may set the terms by which progress will be judged; makes sure the other hats play by the rules, or stay in their respective lanes, so to speak

You can apply the Six Thinking Hats exercise to force structure on a discussion where, without it, several members of the group might try to wear several hats each. This game is not always easy to implement. If members cannot follow the rules, the process breaks down. When it works best, the Blue Hat maintains control and keeps the practice moving quickly. What you and your group should experience is a peculiar freedom arising from the imposition of limitations. By being responsible for only one mode of thinking, each participant can fully advocate for that point of view and can think deeply about that particular aspect of the solution. Thus, the group can be deeply creative, deeply logical, deeply optimistic, and deeply critical. This practice is meant to move entire groups past surface-level solutions. If you practice this exercise well, the challenges of implementing it are well worth the effort. It gives you the opportunity to vet ideas thoroughly while keeping many personality clashes at bay. If the participants stay in character, they can be accused only of acting in the best interests of their hat.

Your instructor may have your group members try different hats in different ideation exercises so you all can more fully develop each mindset. 4 This exercise forces you out of your most comfortable modes of thinking. You and your classmates can recognize in each other skills that you may not have realized you possess.

The third ideation practice is quite simple. If stagnant thinking has begun to dominate an ongoing discussion, it can be helpful to inject an ideation framework. This is the “ statement starters ” method. 5 Ask, “How might we ________?” or “What if we ________?” in order to open up new possibilities when you seem to have reached the limits of creativity. This method is more than simply asking “Why not?” because it seeks to uncover how a problem might be solved. For entrepreneurs, the simplest form of framing a problem in the form of a question can be eye opening. It assumes open possibilities, invites participation, and demands focus. Statement starters assume that, at least, there might be a solution to every problem. Ideation is about starting down new paths. This mode of thought applies to social problems as well as consumer pain points (discussed later). Creating a list of statement starters can help entrepreneurs examine different possibilities by simply adopting different points of view when asking questions. For example, the question, “How might we keep rivers clean?” is similar to the question, “How might we prevent animal waste runoff from entering our city’s waterways?” but the implications of each question are different for different stakeholders. Recall that stakeholders are individuals who have a vital interest in the business or organization. Statement starters almost always lead to a discussion of stakeholders and how they might be involved in finding solutions, offering support, and perhaps one day purchasing or contributing to dynamic, disruptive inventions or changes in social practice.

Are you curious about ways to improve your ability to think creatively? Consider trying out some of the creative thinking exercises provided at this site.

Matching Innovation Methods to Circumstances

Searching for innovation methods will often reveal many of the same, or similar, creativity exercises as we’ve just discussed. To go beyond ideation exercises, we will conclude with a foundation of thinking that can help when you are tackling all sorts of innovation problems. Simply put, open innovation involves searching for and finding solutions outside of the organizational structure. Open innovation is somewhat difficult to pin down. The educator and author Henry Chesbrough was one of the first to define it: “Open innovation is ‘the use of purposive inflows and outflows of knowledge to accelerate internal innovation, and expand the markets for external use of innovation, respectively.’” 6 In other words, firms built on a structure of open innovation look beyond their own research and development capabilities to solve problems. This outlook can guide all sorts of product and service development processes. Open innovation models also allow innovations to be shared widely so that they can seed other innovations outside the original firm or institution.

Open innovation takes an optimistic view of sharing information and ideas across a society connected by instantaneous communication networks. It is also a shift from the classic research and development model. In a sense, you allow others to solve problems in your business, startup, or social entrepreneurship project. In this reciprocal world, you are open to the reality that information is difficult to keep under wraps. You may seek patents for your intellectual property, particularly in fixed product or service practice form, but you should expect, or even encourage, the widespread circulation of key elements of your solutions. This makes sense: If, as an entrepreneur or an innovative corporation, you are going to look beyond your own ideation, research, and development capabilities for solutions, you must expect that others will look to your solutions for ideas to borrow.

The open innovation model is far easier to describe in idealistic terms than it is to put into practice without ethical consequences. Unfortunately, industrial and corporate espionage, theft of intellectual property, and lawsuits are commonplace. Nevertheless, inspiration in innovation can come from myriad sources when constant streams of information are available to anyone with a high-speed data connection. Open innovation is a simple but essential framework for future innovation and for managing, even possibly guiding, disruption in an industry as discussed previously (i.e., disruptive innovation). Table 4.1 provides some examples of companies using disruptive technology.

Another element of the open innovation model is the connection between academic research and practical solutions. Reciprocal influence between academia, which often moves slowly, and leading corporate and entrepreneurial forces, which often focus too narrowly on short-term gains, could offer the balance this rapidly changing world needs. If you can manage to plug into the exchange of ideas between longstanding institutions and disruptive technological innovators, you may be positioned to effect positive change on society and to develop products that are received as useful and elegant, wildly new and creative, and essential to the human experience at the same time.

Staying on Top of Emerging Practices

Consider searching for ideation and innovation practice links using a web browser and comparing those results to what you can find in the academic literature via Google Scholar or other academic databases. To adopt a truly open innovation mindset, it is essential to leave yourself open to all sorts of influences, even if it demands time and much cognitive energy. The financial, social, and personal rewards may be great.

• 2 Stanford d.school. https://dschool.stanford.edu/
• 3 “10 Creative Techniques for You and Your Team.” MiroBlog . n.d. https://miro.com/blog/creative-techniques/
• 4 “Six Thinking Hats.” The de Bono Group . n.d. http://www.debonogroup.com/six_thinking_hats.php
• 5 Michelle Ferrier. “Ideation.” Media Innovation and Entrepreneurship . n.d. https://press.rebus.community/media-innovation-and-entrepreneurship/chapter/ideation-2/
• 6 Henry Chesbrough. “Everything You Need to Know about Open Innovation.” Forbes . March 21, 2011. https://www.forbes.com/sites/henrychesbrough/2011/03/21/everything-you-need-to-know-about-open-innovation/#1861dd5275f4

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• Authors: Michael Laverty, Chris Littel
• Publisher/website: OpenStax
• Book title: Entrepreneurship
• Publication date: Jan 16, 2020
• Location: Houston, Texas
• Book URL: https://openstax.org/books/entrepreneurship/pages/1-introduction
• Section URL: https://openstax.org/books/entrepreneurship/pages/4-1-tools-for-creativity-and-innovation

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