In fact, I think that the best way to get to the top is to get in the game early. Entrepreneurship and Business Management is the best book on the market. Steve Blank, co-author of the popular book The Millionaire Next Door, has written a similar book, which is worth reading even if you are not a millionaire. Steve Blank makes his points in his book with clarity and practicality.
Entrepreneurship is a concept that Steve has tried to explain in his book. He is the founder of both The Millionaire Next Door and the company The Entrepreneurial Millionaire, and has written several other books on the subject.
Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Home Business essentials of entrepreneurship and small business management 7th edition pdf. Post Views: 9. Related Artices. Leave a Reply Cancel reply Your email address will not be published. Previous Post research methods for business a skill building approach. Next Post the legal environment of business 9th edition pdf free. Recognize the creative power of mistakes 7.
Notice what is missing 8. Keep a journal handy to record your thoughts and ideas 9. Listen to other people Listen to customers Watch a movie Talk to a child So something ordinary in an unusual way Keep a toy box in your office Read books on stimulating creativity or take a class on creativity Take some time off Be persistent Chapter 2.
Although new ideas may appear to strike like a bolt of lightning, they are actually the result of the creative process. The creative process involves seven steps: 1. Preparation 2. Investigation 3. Transformation 4. Incubation 5. Illumination 6. Verification 7. Implementation Techniques for Improving the Creative Process. Brainstorming is a process in which a small group interacts with very little structure to produce a large quantity of novel and imaginative ideas. For a brainstorming session to be successful, an entrepreneur should follow these guidelines: 1.
Keep the group small—five to eight members 2. Make the group as diverse as possible 3. Encourage participants to engage in some type of aerobic exercise before the session 4. Company rank and department affiliation are irrelevant 5. Give the group a well—defined problem to address 6.
Provide the group relevant background information about the problem in advance 7. Limit the session to 40 to 60 minutes 8. Take a field trip to visit the scene of the problem 9. Appoint someone the job of recorder Use a seating pattern that encourages communication Throw logic out the window Encourage all ideas from the team, even wild and extreme ones Establish a goal of quantity of ideas rather than quality Forbid evaluation or criticism Dare to imagine the unreasonable.
Mind—mapping is an extension of brainstorming. Mind—mapping is a graphical technique that encourages thinking on both sides of the brain, visually displays the various relationships between ideas, and improves the ability to view the problem from many sides. It relates to the way the brain actually works. Rather than throwing out ideas in a linear fashion, the brain jumps from one idea to another. In many creative sessions, ideas are rushing out so fast that many are lost if a person attempts to shove them into a linear outline.
The mind—mapping process works this way: 1. Sketch a picture symbolizing the problem 2. Write down every idea that comes to your mind — use key words and symbols 3.
When idea flow starts to trickle, stop 4. Allow your mind to rest a few minutes Force Field Analysis addresses the problem to solved, the driving forces, and the restraining forces. Refer to Figure 2. TRIZ is a systematic approach to solve any technical problem and relies on 40 principles and left—brain thinking to solve problems. Rapid prototyping transforms ideas into actual models that point out flaws and lead to improvements.
Protecting Your Ideas. Entrepreneurs must understand how to put patents, copyrights and trademarks to work for them. Inventors who develop a new plant can obtain a plant patent by grafting or cross— breeding, not planting seeds.
Most patents are granted for new product inventions, but design patents, which extend beyond the date the patent is issued, are given to inventors who make new original and ornamental changes in the designs of existing products that enhance their sales. A device cannot be patented if it has been in print anywhere in the world.
Before beginning the lengthy process of applying for a patent, it is best to seek the advice of a patent agent or attorney. Figure 2. Document the device 3. Search existing patents 4. Study search results 5. Submit the patent application 6. Prosecute the patent application A trademark is any distinctive word, phrase, symbol, design, name, logo, slogan, or trade dress that a company uses to identify the origin of a product or to distinguish it from other goods in the market.
A service mark is the same as a trademark, except that it identifies and distinguishes the source of a service rather than a product. A copyright is an exclusive right that protects the creators of original works of authorship such as literary, dramatic, musical, and artistic works. This includes motion pictures, software, choreography, books, and recordings. Protecting intellectual property is imperative.
Unfortunately, not every businessperson respects the rights of ownership to products, processes, names, and works. The dynamics of the global market makes protecting intellectual property even more challenging. The primary weapon is efficient use of the legal system. Before bringing a lawsuit, an entrepreneur must consider the following issues: 1. Can the opponent afford to pay if you win?
Will you get enough from the suit to cover the costs of hiring an attorney? Conclusion The creative process is a tenant of the entrepreneurial experience. Success, and even survival itself, requires entrepreneurs to tap their creativity. The seven steps of the creative process allow the entrepreneur to transform an idea into a business reality.
Implementation Chapter 2. Creativity results in value and value provides a competitive advantage. Entrepreneurs should protect their creative ideas through patents, trademarks, servicemarks, and copyrights to sustain a competitive edge.
Do you agree? Expect students to recognize the ability of a small business to be more responsive to customers, markets and environmental changes compared to larger and businesses. Small businesses may be more adept to apply creative solutions and be innovative to better solve problems and pursue opportunities.
Small businesses can change procedures and processes faster and be more nimble to respond in spite of their potentially limited resources. Select one of the three businesses featured above and use the creativitystimulating techniques described in this chapter to generate ideas for transforming their businesses and getting them back on the pathway to profitability.
Write a brief memo to the business owner s that describes your ideas. Students should consider one or more of these creativity-stimulating options: Brainstorming — This may generate a list of new ideas for these businesses to explore. Mind—mapping — This graphical technique may improves the ability to view the problem from many sides. TRIZ - This systematic approach to problem solving relies on 40 principles and students may want to refer to Figure 2.
Rapid prototyping — Product-based businesses may benefit from transforming ideas into actual models that point out flaws and lead to improvements. Part 4: Chapter Discussion Questions 1. LO 1 Creativity is the ability to develop new ideas and to discover new ways of looking at problems and opportunities. Entrepreneurship is the ability of the entrepreneur to apply creative ideas into a business model and succeed by doing things in an innovative way.
How are creativity, innovation, and entrepreneurship related? LO 2 Creativity is a core business skill that develops new ideas and discovers new ways of looking at problems and opportunities, and entrepreneurs lead the way in developing and applying that skill. Successful entrepreneurs come up with creative ideas and then find ways to make them work to solve a problem or fill a need. Why are creativity and innovation so important to the survival and success of a business?
LO 2 Creativity offers the potential to generate something from nothing. LO 2 Yes, creativity is only useful if it is channeled and directed in a viable business concept.
The definition of innovation addresses the importance of applying this creativity to bring value to others. Expect students to leverage information from the chapter to support their decision. Can creativity be taught or is it an inherent trait? LO 3 Creativity can be taught. Research indicates that anyone can be creative.
Each person can be taught techniques and behaviors that can help them generate new and creative ideas to solve problems and pursue opportunities. How does the human brain function?
What operation does each hemisphere specialize in? LO 3 Each hemisphere of the human brain processes information differently and one side of the brain tends to be dominant over the other. The left brain is guided by linear, vertical thinking and handles language, logic, and symbols.
The right brain takes care. Give an example of a situation in which you subjected yourself to one of these mental locks. LO 4 The ten mental blocks are: 1. Searching for the one right answer 2. Blindly following the rules 4. Encourage them to express and describe that mental lock. What can entrepreneurs do to stimulate their own creativity and to encourage it among workers? LO 5 Enhancing individual creativity: Allow yourself to be creative Give your mind daily input Keep a journal Read books that stimulate creativity Take a class on creativity Take some time off Ways to enhance creativity: Expect it Tolerate and expect failure Encourage curiosity View problems as challenges Provide creativity training Provide support Reward creativity Model creative behavior.
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