1. Creativity in Entrepreneurship
Presented by Nikhil Singh

2. Foreword
Education provides the foundation for creativity, flexibility, and wealth creation in the society.
Motivation
Relating the different topics covered during this course
Application of the knowledge gained in class
Beliefs
Role of system is as vital as the individual in bringing about the successful implementation of an innovative design or idea
Creativity can be developed, sharpened, amplified, because it is a factor of nurture as well as nature

3. Overview
Discussion of the various definitions of creativity and its relevance to entrepreneurship
The role of educational institutions in the success of entrepreneurial culture in US
Current endeavors taken in the developing countries to encourage entrepreneurial skills
Suggestions to encourage creativity in Entrepreneurship development programs, based on the learning of this class

4. What is creativity?
Creative behaviors possessing an element of newness, novelty, and difference (Herrmann, 1996)
Creativity is an act, an idea, or product that changes an existing domain, or that transforms an existing domain into a new one, and creative person is whose thoughts or actions bring these changes. (Csikszentmihalyi)

5. What is creativity?
Wallas’ description of creative thinking, suggests a model in four stages:
Preparation: problem definition
Incubation: resting phase, subconscious mind
Illumination: idea of a solution comes to mind
Verification: solutions are tested
Koestler's premise on the creative process is "bisociation."

6. Creativity and Innovation
Creativity leads to innovation
“Innovation is the specific instrument of entrepreneurship. The act endows resources with a new capacity to create wealth. Innovation, indeed, creates a resource.” (Drucker)
Entrepreneurship is all about innovation
Innovation is economic or social, rather than a technical term

7. Entrepreneurship
“Entrepreneurship is a way of thinking, reasoning and acting that is opportunity obsessed, holistic in approach and leadership balanced.”
Entrepreneurial qualities
commitment and determination, leadership, opportunity obsession, tolerance of risk, ambiguity and uncertainty, creativity, self-reliance and ability to adapt, and the motivation to excel, ability to use failure experience as a way of learning

8. Entrepreneurship and Creativity
Creative in figuring out a way to work in a joint venture
Creativity comes in writing an amazing sales letter or visualizing the perfect logo
For practicing innovation, they need to be aware of change, and creatively use it to their advantage
The Unexpected, Incongruities, Process Need, Industry and Market Structures, Demographics. Changes in Perception, New Knowledge (Drucker)

9. Entrepreneurship and Creativity
Tolerance for ambiguity is related to certain entrepreneurial styles
“Creative destruction”
procedures and destroys or reallocates amassed resources
Creative in identifying the gap in the market and think up a product

10. Role of Educational Institutions
Until 1970, very few universities offered entrepreneurship courses
1980s, entrepreneurship emerges as an important element in the dynamics of modern economics in US
In US, from a base of 16 in 1970, the number of schools offering entrepreneurship courses had grown to over 400 by 1995

11. Nurturing Creativity Several techniques to encourage creative thinking
Ask Questions, Lateral Thinking, Six Thinking Hats, Brainstorming, TRIZ etc
Technology and business incubators
“complete innovation system”
Provide financial, marketing and design support
Generation of new creative ideas and business plans
joint and cross-disciplinary learning

12. Efforts in Developing Countries
Strategy of Entrepreneurship Development programs (EDPs).
Accelerate the industrial development by enlarging the supply of entrepreneurs
Industrial development of rural and less developed areas
Enlarging the small and small-medium enterprise sector
Providing productive self-employment to a number of young men and women
EDPs are functioning in India as a “School for Entrepreneurs”
Provided with the many benefits and advantages

13. Efforts in Developing Countries
Diploma holders of science, engineering and technology are being identified and selected for entrepreneurial training
have technical competency needed to start the new ventures
Attainment of technological self-reliance is the immediate goal

14. Recommendations
Entrepreneurship education should encourage students to challenge everything
there is no single right answer to choose
Most educated people are quite good at linear thinking
The creative person couples this depth with lateral creativity
Innovative thoughts require more than logical thinking

15. Recommendations Programs should encourage activity-based projects
increases creativity, positive attitudes toward science, perception, logic development, communication skills, and reading readiness
Provides deeper understanding about how they can work better as individuals and together as a team

16. Recommendations Teamwork should be encouraged in these programs
People who makeup teams have valuable experience of different domains
Working in teams focusing on ideas for change, encourages commitment to that process
Fun to brainstorm in teams, humor and laughter are outcomes, which spur creativity

17. Recommendations
Different techniques to enhance creativity must be incorporated in the courses
awareness of the different tools available such as TRIZ and Thinker Toys
practice the proper uses of brainstorming
encouragement to use tools for coming up with new ideas
The class should be structured to have elements of surprise for the students

18. Recommendations
Use of IT tools to promote creativity and thinking, should be incorporated in studies
Program should try to present familiar information in unfamiliar context
presenting information in new and innovative ways to help students look for new possibilities
Programs should be exciting and fun
humor encourage innovative thinking

19. Recommendations
Business and technological incubators should be established
Constant creativity and innovation in an appropriately rich environment where novel ideas can be launched and tested
Programs should entail approaches and activities that build the self-confidence of the students
Needed most in the verification step (Wallas)

20. Summary and Conclusion
Creativity plays a very significant role in Entrepreneurship
Educational institutions play a vital role in enhancing creative skills of individuals and teams
The various techniques and tools used to enhance creativity in Entrepreneurial institutes in US can be applied to enrich the entrepreneurial culture of developing nations

21. Time for Questions and Comments
Thank You
Time for Questions and Comments