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The document discusses entrepreneurial opportunity through the lens of discovery and creation theories. It describes discovery theory as opportunities arising from external market changes that entrepreneurs discover, while creation theory posits that entrepreneurs actively create opportunities through experiments and actions. The document also explains how creativity and problem-solving skills allow entrepreneurs to shape opportunities to extract more value, and how developing creative skills like cultivating new ideas and contexts can help generate opportunities.
The document discusses entrepreneurial opportunity through the lens of discovery and creation theories. It describes discovery theory as opportunities arising from external market changes that entrepreneurs discover, while creation theory posits that entrepreneurs actively create opportunities through experiments and actions. The document also explains how creativity and problem-solving skills allow entrepreneurs to shape opportunities to extract more value, and how developing creative skills like cultivating new ideas and contexts can help generate opportunities.
The document discusses entrepreneurial opportunity through the lens of discovery and creation theories. It describes discovery theory as opportunities arising from external market changes that entrepreneurs discover, while creation theory posits that entrepreneurs actively create opportunities through experiments and actions. The document also explains how creativity and problem-solving skills allow entrepreneurs to shape opportunities to extract more value, and how developing creative skills like cultivating new ideas and contexts can help generate opportunities.
Understand the nature of entrepreneurial opportunity through discovery and
creation Discuss creativity, its challenges and how to develop creative skills Explain problem solving as it relates to creativity and entrepreneurship Understand types of innovation and the innovation process
DR. YOSHIRO NAKAMATSU -> a genius inventor (3,218 inventions)
ex. floppy disk, cd, disk player, digital watch, water-powered engine, gravity controller that made autopilot possible
Entrepreneurs, in addition to having ideas, they know how to extract
value from those ideas and turn them into opportunities that have commercial potential.
Difference between Idea and Opportunity
Ideas - are commodity, everyone has them, dozens of them
everyday.
Opportunities have potential for extracting value
We normally talk about creativity and problem-solving, it is in the
context of ideas. Creativity and problem solving skills are critical to entrepreneurs ability to shape an opportunity in such a way that more value is extracted from it.
Two Theories of Entrepreneurial Opportunity: (how opportunity
happens)
1. Discovery theory - sees opportunity arising from shifts in
external factors in in the market or industry Ex. regulation, technological changes, changes in customer preference) opportunities out there waiting to be discovered they require a more systematic approach to scanning the environment alertness or awareness of the entrep make them better at discovering or recognizing opportunities when they see it.
2. Creation theory ->
entrepreneurs are the actors, that is, entrep create opportunities via their actions, reactions, and experiments around new products, services and business models. Opportunities do not necessarily emerge out of existing industries or markets Search is not associated with creation theory Entrep act and then monitor how customer respond to those actions There are no seeds for opportunities in the industry/market environment Can emerge without any planning or foresights Creation entrep are willing to generalize from small samples, take more risk with less information and rely on their own abilities to develop opportunities
CREATIVITY-> enables entrep to differentiate their business from
competitors so that customers will notice them the basis for invention (discovering something that did not exist previously) the basis for innovation (finding a new way to do something or improving on an existing product or service) fundamental to problem solving
CHALLENGES TO CREATIVITY
1. No time for creativity
2. No confidence
DEVELOPING CREATIVE SKILLS
1. Design an environment to stimulate creativity
2. Log Ideas 3. Put the familiar into a new context 4. Take advantage of a personal network 5. Return to childhood