Introduction to Innovative Toolsandhowthemindoftheinnovatorworks•Criticalthinking–howdopeoplethinkcreatively?•Decision-making–howdoinnovatorsmakedecisions toprofittheorganisation•Problem-solving-Howdoinnovativeorganisationssolvecomplexproblems•Communication–whatandwhentocommunicateinnovativeideas•Businessplanningtool kit–howdoyousucceed?Readhttps://www.commbank.com.au/business/pds/Business-plan-toolkit.pdfInnovativeThinking-ToolkitThemindof the innovators?Common traits•Originalthinkers•Risktakers•Takeresponsibilityfor ownactions•Feelcompetentand capable•SethighgoalsandenjoyworkingtowardthemCommontraits•Selfemployedparents•Firstborns•Between30-50years old•Welleducated–80% havecollegedegree and1/3havea graduatelevel degreeBUT–any onecanbea successfulentrepreneuranddon’tneeda collegedegreesuch as Steve Jobs andBillGates Seearticle:https://www.entrepreneur.com/article/249683SuccessfulandUnsuccessfulInnovatorsSuccessful•CreativeandInnovative•Positionthemselves inshiftingornewmarkets•Createnewproducts•Createnewprocesses•CreatenewdeliveryUnsuccessful•PoorManagers•Lowworkethic•Inefficient•Failuretoplanand prepare•Poor moneymanagersWhat commoncharacteristicsdothey have?CompanieswhoaregoodinnovatorsRef:logok.comRef:blog.toyota.co.ukRef:. Ja.facebookbrand.comDiscussionWhyare these companiesinnovative and creative ?Are they market leaders?Whendidthey becomemarket leaders? Whatproducts made them market leaders?Are thereany othercompaniesin the same industrythatarenot market leadersbutprovidethesametype ofproducts ?Arethese companiesinnovative?NotsoinnovativecompaniesWhatisthedifferencebetweenthepreviouscompaniesandthese?Ref:Infront.communication.comRef:J obs.siemens-info.comRef:Au.gradconnecton.comArethese innovationsnewto marketproducts?InnovativeproductsRef:Theverge.comIfso whatare not innovative products ?Ref:kogan.comDiscussionLet’sdiscuss•What isainnovativecompany?•Howdoyouidentifythem?•What isnota innovativecompany?•What characteristicsdoinnovativecompaniesshareanddonotshare?•Identifyothercompaniesthatfit theinnovativecharacteristicsandones that do not?Whatis aCreativityExercise?•For our purposes,anythingthatchanges yourwayofthinking abouta problem(oropportunity)•EspeciallytechniquestocultivatenewideasApplicableat anystageof theprocess.Whatis That Good For?•Analysisisnot averygoodmeansof generatingideas•Intuitionis,by definition, not responsivetosystemization•What cannotbe commanded mightstillbecoaxedThingsYou MayAlreadyDo•Manyactivitieschangewhatpartsof yourbrain areworking, andencourageotherpartstorelax•Identifyingthesetriggersandexploitingthemonpurposecan be powerful•Notusually a greatthingfor groups, thoughYour private islandAn entrepreneur is a real individual with passions, experiences and knowledge living in a particular culture and time period.‘Entrepreneurs live in a sea of dreams. Their destinations are private islands–places to build, create and transform their particular dreams into reality.Being an entrepreneur entails envisioning your island and even more important, it means getting in the boat and rowing to your island.’Shefsky, L. E. (1994). Entrepreneurs Are Made Not Born. New York: McGraw-HillTHE entrepreneurial MINDOpportunityNecessitySelf-efficacyWhat drives entrepreneurs to success or failure?What were your best failures?Can you tell us one failure that you learned from?Accept your failures; do not be devastated by them.VCs in Silicon Valley ask: ‘Have you failed yet?’ (You have to answer yes to get funding.)What did you learn from your failures?PLANNED BEHAVIOUR
ENTREPRENEURIAL MOTIVATIONActions tied to foreseeing potential gainsIgnoring traditional weaknessExploiting new alliancesPersistanceThe willingness of an entrepreneur to sustain entrepreneurial behaviour:A choice to continue with a venture, based on entrepreneurial intuition, regardless of counter-constructive, or other enticing alternatives.CAPACITY BUILDINGENTREPRENEURIAL COGNITIONCommitment, determination and perseveranceTo achieve, excel and obtain resultsOpportunity driven, and a belief in self-controlCalculated risk-taking, with a tolerance for failureThe mental processes, including attention, memory, language skills, problem solving, and considered decision making.An ability to seek structure in the fomentation of creative knowledge structures –mental models, subsequently ordered in a fashion that seeks to optimise personal effectiveness within given situations; the basis of entrepreneurship.An ability to marshal required resourcesA tolerance for ambiguous situationsMaintain high energy and workloadsMaintain a passionate vision and develop teamsThe Dark Side of EntrepreneurshipFinancial risk: In most new ventures the individual puts a significant portion of their savings or other resources at stakeCareer risk: Whether would-be entrepreneurs will be able to find a job or go back to their old jobs if their venture should failFamily and social risk: Families exposed to the risk of an incomplete family experience and the possibility of permanent emotional scarsPsychic risk: The well-being of the entrepreneur is perhaps the greatest riskStress & the entrepreneurLonelinessImmersionPeopleAchievementTHE ENTREPRENEURIAL EGO•Entrepreneurs are driven by a strong need to control both their venture and their destiny. Preoccupation with controlling everything.Overbearing need for control•To remain alert to competition, entrepreneurs are continually distrustfully scanning the environment.Sense of distrust•Entrepreneurs believe they are living on the edge of existence, with a strong desire to succeed in spite of the odds.Overriding desire for success•This is the ceaseless optimism that emanates from entrepreneurs (even through the bleak times).Unrealistic optimismAlternate Pathways to an entrepreneurial careerModern approachesIntraprisingIntracapitalalisationEntrepreneurial familiesInnovatorsleverageresourcesto growInnovationis aboutopencollaborationi.e.LeveragedtalentReading:Prahalad,C.K., & Ramaswamy,V. (2003),‘Thenewfrontier ofexperienceinnovation’,SloanManagementReview,Summer,12-18This readingexploreshowcompaniesarenowcollaboratingtodevelopinnovativeideas–howaretheydoingit?ReferencesKim W.Chan.,& Mauborgne,R.(2004).BlueOceanStrategy.HarvardBusinessReview,October,76-84Prahalad,C.K., &Ramaswamy,V.(2003),The newfrontierof experienceinnovation. SloanManagementReview,Summer,12-18Wilson, N. C., & Stokes,D.(2005).Managingcreativityandinnovation:thechallengeforculturalentrepreneurs.JournalofSmallBusinessandEnterpriseDevelopment,12,3,366-378Thankyou.
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