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7/30/2019 UNIT 2 Concepts in Entrep Lesson 3
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ENTREPRENEURIAL SKILLSENT3001/3003/4003
LECTURE #3
INTRODUCTION TO ENTREPRENEURSHIP
1
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INTRODUCTION TO ENTREPRENEURSHIP
Objectives
Concept of Intrapreneurship
Creating an Intrapreneurial Environment
Benefits of Intrapreneurship
Rewarding Intrapreneurship
Creativity and BusinessThe creative process
Entrepreneurial rules to live by2
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CONCEPT OF
INTRAPRENEURSHIP
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INTRAPRENEURSHIPWhat is
Intrapreneurship?
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INTRAPRENEURSHIP
Also called Corporate Entrep reneursh ip
Entrepreneurial activities that receive organizational sanction
and resource commitments for the purpose of innovativeresults
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INTRAPRENEURSHIP
6
Existing businesses have the financialresources, business skills, and marketing & distribution system to commercializeinnovation successfully.
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WHAT IS INTRAPRENEURSHIP?
Process involving the promotion of innovation and
creativity with in existing corporations
Innovation and creativity re:
Ideas & products
Processes
Administrative procedures
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DEVELOPMENTS STIMULATING
INTRAPRENEURSHIP
Globalization intense external competition from products & services
from companies all over the world, forces companies to
internal experimentation for growth & survival
Rapid evolution of knowledge and
technology Forces businesses to change internally to retain
relevance
Younger more technology savvy employees available to
drive new developments
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DEVELOPMENTS STIMULATING
INTRAPRENEURSHIP
Greater access to funding-more start-upsemerging – posing challenge to establishedbusinesses
Emergence of smaller more flexible companiesformal & informal eating away market share of established companies
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PROFILE OF INTRAPRENEURS
They are the “dreamers who do”
Take hands- on responsibility for creating innovation
They figure out how to turn an idea into a profitablereality
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PROFILE OF INTRAPRENEURS
Action-oriented and committed to goals of the company-see their future intertwined with that of the company
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CREATING AN INTRAPRENEURIAL
ENVIRONMENT
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CREATING AN INTRAPRENEURIAL
ENVIRONMENT
Tapping into the creative energies and talents of own
workers
Create culture which demonstrates that
responsibility for creating innovation rests not only
on firm’s management
Recognition that innovation is a capability of the
many
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CREATING AND INTRAPRENEURIAL ENVIRONMENT
Worker commitment necessary for Intrapreneurship
Commitment comes when there isencouragement and a feeling of belonging byworkers
Approval and support of goals and vision byworkers of company
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CREATING AND INTRAPRENEURIAL
ENVIRONMENT
Create a system of feedback and positivereinforcement
Emphasize individual responsibility
Give rewards based on results
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FOSTERING AN INTRAPRENEURSHIP
CULTURE
Pre-Requistes for Intrapreneurship
Organization sanction
Flexible management
Adequate budget for entrepreneurialactivities/projects
Setting explicit goals
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FOSTERING AN INTRAPRENEURSHIP CULTURE
Operational Strategies
Identify and motivate intrapreneurs/high achievers
Tolerate failure resulting from entrepreneurial
experimentation
Use failure as a learning experience
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FOSTERING AN INTRAPRENEURSHIP
CULTURE
Operational Strategies
Persist in getting ideas to market
Put people in small project teams
Reward innovative personnel HEART Trust Incentive Scheme
Promote innovative personnel
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FOSTERING AN INTRAPRENEURSHIP
CULTURE
Operational Strategies
Encourage action
Reduce rigid procedure and bureaucratic red tape
Encourage informal communication and meetings
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FOSTERING AN INTRAPRENEURSHIP
CULTURE
Flatten corporate structure
Retrain manager as coach, teacher and mentor
Encourage experimentation, without penalties
Eliminate authoritarian management, replacewith flexibility
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BENEFITS OF INTRAPRENEURSHIP
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BENEFITS OF INTRAPRENEURSHIP
Increased ability of company to compete effectively inlocal and international markets
Development of new products, services, processes and
administrative processes
Expansion and growth of company
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BENEFITS OF INTRAPRENEURSHIP
Financial success
Image & reputation that attracts the best people
Development of a creative work force, able to withstand
competition
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BENEFITS OF INTRAPRENEURSHIP
Promotes climate conducive to high achievers
Retention of best/motivated staff
Low staff turnover
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REWARDING
INTRAPRENEURSHIP
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REWARDING INTRAPRENEURSHIP
Promote and give autonomy
Give recognition and awards tointrapreneurial employees
Create & give leadership responsibility for new divisions
Offer ownership to best workers-stockoptions, profit-sharing etc.
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CLASS ACTIVITY
Read the fol low ing cases/art ic les:
Studies in Entrepreneurship – 3M
Southwest Air l ines: pos i t ively Outrageous
Leadership
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REFLECTIONS ON THE LESSON
Discuss:
How did the company create an
Intrapreneurial EnvironmentWhat benefits did the company receive (for
creating intrapreneuial culture)
How did the company reward Intrapreneurship
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REFLECTIONS ON THE LESSON
Discuss:
1. What steps would you take to further
promote Intrapreneurship at your place of work or at an organization with which youare familiar?
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CREATIVITY
AND
BUSINESS
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ENTREPRENEURIAL SUCCESS
Achieved by - creating value in the
marketplace through the process of
combining resources in new & different
ways to achieve a competitive edge over rivals
Applying creativity & innovation to solve
problems & exploit opportunities is the
secret for creating value in the
marketplace
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CREATIVITY IN BUSINESS
Is the ability to develop new ideas & discover
new ways of looking at problems & opportunities.
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CREATIVITY – IMPORTANT INGREDIENT IN
ENTREPRENEURSHIP
WHAT IS CREATIVITY
A way of thinking about everything
Openness to change
Willing to try new things
Persistence in seeking possibilities
Open to brainstorming ideas
Dedication to doing it better
Thinking about what you see and hear
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CREATIVITY
Generating somethingfrom nothing – The light bulb
Elaborating on the present
– the keyboard
Putting old thingstogether in new ways – The
innovative vacuum cleaner or southern fried
chicken
Taking something away tocreate something simpler or better – the jitterbug cell phone for elderly
people
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CREATIVITY – QUESTIONS TO SPUR THE IMAGINATION
Is there a new way to do it?Can you adapt it?
Can you give it a new twist?
Can ideas be combined?
Can we put it to other uses?What else could we make fromthis?
Are there other markets for it?
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CREATIVITY – CONCEPTS
Divergent vs. Convergent Thinking
Divergent thinking:
The ability to find as many possible answers to a
particular problem e.g. Brainstorming, or from
mathematics; partition and factorization
Convergent thinking:
The ability to find the best answer to a single problem e.g.
Logical reasoning, or from Mathematics; addition,
subtraction, multiplication and division
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CREATIVITYParadigm
A worldview, a mental model, a preconceivedidea of what the world is, what it should be likeand how it should operate.
To improve within a paradigm – adjust the fringes of what’s known.
To move between or change paradigms – change the
foundations of knowledge and beliefs. Significantbreakthroughs occur here!
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CREATIVITY
Paradigm
Can block creative thinking
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CREATIVITY
Entrepreneurs must
always guard against
traditional assumptions
and perspectives about
how things ought to be.
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READ THE FOLLOWING ALOUD
Past experience shapes the way we perceive theworld around us.
ONCE
IN A
A LIFETIME
BIRD
IN THE
THE HAND
PARIS
IN THE
THE SPRING TIME
CREATIVITY IMPORTANT INGREDIENT IN
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CREATIVITY – IMPORTANT INGREDIENT IN
ENTREPRENEURSHIP
What do you see?
The goblet or the famous twins
CREATIVITY IMPORTANT INGREDIENT IN
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CREATIVITY – IMPORTANT INGREDIENT IN
ENTREPRENEURSHIP
Describe the lady you see in this drawing. How old is she,how attractive, what covering is on her head etc.
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CREATIVITY
Entrepreneurs are able to
throw off these shackles on
creativity and see
opportunities for creatingviable businesses where most
people see what they’ve
always seen (or worse yet,
they see nothing).
Do you see Jesus in this picture?
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CREATIVITY – CAN IT BE LEARNT
Research shows that almost anyonecan learn to be creative
The brain has two hemispheres
The Left hemisphere
Responsible for logical thinking
The right hemisphere
Responsible for creative thinking
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CREATIVITY
The right brain hemisphereResponsible for creative thinking
Right brain thinking
Always asks “is there a better way”
Challenges custom routine & tradition
Is reflective, often seen staring out windows deep in thoughtPlay mental games- trying to see issues from a different
perspective
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CREATIVITY
The right brain hemisphereResponsible for creative thinking
Right brain thinking (cont’d)
Realize that there may be more than one “right answer”
Uses seemingly unrelated ideas to develop innovative
solutions to problemsHas the ability to rise above the daily routine to see an issue
from a broader perspective then come back to focus on a
problem area needing change.
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LIMITERS OF INDIVIDUAL
CREATIVITY
Searching for & recognizing only one right answer to a
problem
Focusing on being logical all the time
Blindly following the rules
Constantly being practical
Viewing play as a frivolous waste of time
Becoming overly specialized
Avoiding ambiguity
Fearing looking foolish
Fearing mistakes and failure
Believing that “I’m not creative”
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THE CREATIVE PROCESS
Preparation
Read widely, develop an open mind, ideas come from
cross fertilization of concepts in diverse fields
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THE CREATIVE PROCESS
Investigation
Study the problem & understand its basic components
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THE CREATIVE PROCESS
TransformationAnalyze; break the problem apart, identify similarities &
differences in data collected
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THE CREATIVE PROCESS
Incubation
Take time to reflect (away from the problem). Incubation
occurs while you are involved in some unrelated activity
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THE CREATIVE PROCESS
Illumination
A spontaneous breakthrough occurs (a light bulb turns
on) resulting in an innovative idea.
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THE CREATIVE PROCESS
Verification
Validate the idea by subjecting it to hard cold reality using
a market test, prototyping, or experiment
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THE CREATIVE PROCESS
Implementation
Transform the idea into reality – the true mark of an
entrepreneur.
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CREATIVITYWith practice one can learn to
shift from left brain thinking to right
brain thinking thereby tapping into
their creative pool
Try something new and different
something creative and innovative
this week
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CREATIVITY & BUSINESS
Lesson 2 - Activity 1
A major manufacturer of breakfast cereals is about to
introduce a new multigrain cereal. Its principal selling
point is that it features “three great tastes” in every
bowlful; corn, rice and wheat.
Seeing that a cereal’s name is and integral part of its
marketing campaign, the company has asked you to
come up with the right name for this new product.
Form groups of 3 – 4 and in 10 minutes; list the name
that you think would be appropriate, explaining why.
CREATIVITY & BUSINESS
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CREATIVITY & BUSINESS
Lesson 2 - Activity 2
Given the challenges in the national and international
business environment at this time, identify and list five
businesses or services, which you believe could take
advantage of these circumstances and thrive.
Decide which two of those you list have the best
chance of success.
Use as much creativity as possible in arriving at your
suggestions and say why you believe thesebusiness/services would succeed.
Form groups of 3 – 4 and take 10 minutes do this
exercise.
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ENTREPRENEURIAL RULESTO LIVE BY
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ENTREPRENEURIAL RULES TO LIVE BY
Create, innovate, activatePut your innovations into practice
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ENTREPRENEURIAL RULES TO LIVE BY
Always be on the lookout for new opportunitiesOr finding new ways to create opportunities
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ENTREPRENEURIAL RULES TO LIVE BY
Keep it simpleOften the best solutions are the simple ones
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ENTREPRENEURIAL RULES TO LIVE BY
Try it, fix it, do itBe action oriented, work on your ideas immediately, find out what works,
adjust what doesn't
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ENTREPRENEURIAL RULES TO LIVE BY
Shoot for the topDream big
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ENTREPRENEURIAL RULES TO LIVE BY
Don’t be ashamed to start small Overnight success rarely ever happens
ENTREPRENEURIAL RULES TO LIVE BY
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ENTREPRENEURIAL RULES TO LIVE BY
Don’t fear failure; learn from it
Learn to fail intelligently
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ENTREPRENEURIAL RULES TO LIVE BY
Never give upEntrepreneurs are not quitters
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ENTREPRENEURIAL RULES TO LIVE BY
Go for it You miss 100% of the shots you never take
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RECAPITULATION
What is intrapreneurship
What are the benefits of
intrapreneurship
How is intrapreneurship rewarded
What is the role of creativity in
business
List some obstacles to creativity
What are the components of the
Creative Process