CREATIVITY

Creativity is the ability to develop new ideas and to discover new ways of looking at problems.

Innovation is the ability to apply creative solutions to problems and opportunities to enrich peoples life.

CREATIVITY
Creativity is THINKING about new things. Where as Innovation is DOING new things. Entrepreneurs succeed by thinking and doing new things or old things in new ways. Ex: Polaroid instant camera Edwin Land Ruff Rider Carl Goldberg

CREATIVITY
BARRIERS TO CREATIVITY 1.Searching for one right answer. Ex: Farmer 2.Focusing on being logical. Ex: Sea water 3.Blindly following the rules. Ex: Sholes & co Type Writer 4. Fearing mistakes & failure

CREATIVITY
5.Constantly being practical. Ex: Thomas Edison 6. Becoming overly specialized. 7.Fearing looking foolish. Ex: Farmer- apple tree 8.I am not creative 9. Avoiding ambiguity 10. Viewing play as frivolous

IDENTIFICATION AND SELECTION OF BUSINESS OPPORTUNITY

BUSINESS OPPORTUNITY? Attractive project idea which an entrepreneur accepts as a basis for his investment decision (ROI). GOOD BUSINESS OPPORTUNITY? 1. Good market scope i.e., Gap between Demand and Supply. 2. An attractive / acceptable Return on Investment. 3. Viable from the Technical, Marketing and Managerial Dimension

How to generate Business Ideas?

Problem solving / situation Analysis Approach. This approach highlight the need which give rise to many Business opportunities. Thinking of new product / services not in existence. Developing the existing products and services, in terms of design, specializations etc., Selecting products / services which are being manufactured / offered.

CRITERIA FOR EVELUATING THE OPPORTUNITY

Characteristics (Criteria) of a genuine business opportunity. 1.Creates significant value for customers by solving a problem or filling an unmet need for which customers are willing to pay a premium. Ex; CEMEX ready mixed cement.

IDENTIFYING AND EVELUATING THE OPPORTUNITY

2] offers significant profit potential to the entrepreneur and inventor enough to meet their Risk/Reward expectation. ex : 1. Suzlon wind power. 2. Tele medicine. 3. Gaming industry. RISK/RETURN TRADE OFF

IDENTIFYING AND EVELUATING THE OPPORTUNITY

3.Represent a good fit with the capabilities of the promoter [and management team]. Ex: Infosys Narayanmurthy and his team.

IDENTIFYING AND EVELUATING THE OPPORTUNITY

4. Is durable in the sense that the opportunity for profits will persist over a reasonable period of time. Ex: Power Sector. Cell phone service.

IDENTIFYING AND EVELUATING THE OPPORTUNITY

5. The opportunity is amenable to financing.

Where to look for opportunities.

Where things are changing - New knowledge Micro Biology Biotech Enterprises. - Technology (change) - Tele medicine. - online education. - online Tuition.

Where to look for opportunities

- Regulatory change. - Tele communications. - Retailing - Airlines - Insurance - Finance

Where to look for opportunities

- social turmoil and civic failures - Education - Home security systems - Car alarms.

Where to look for opportunities

- Changing tastes/preferences of customers. - F M Radio - Darshini Hotels - PVR Cinema

Where to look for opportunities

- The quest for convenient solutions

discretionary Income. - Bangalore one center 24/7 - Childcare - Nursing care