2. Creativity And Innovation
• Creativity is a act of channeling imagination into
something concert
• It is the first stage of design, where actually take from,
and a plan can be Developed.
Example : In case of uber, creativity was nessasary in
producing the
concept of ride sharing and making
driving jobs accessible
to any individual.
3. Role of Creativity
1. Success high overhall
2. Increase productivity
3. Exploit employee potential
4. Transcend boundaries
5. Encourage critical thinking
4. Innovation
• Innovation is upgrading or creating something new better
than we have right now.
Innovation is the process of turning a new concept into
commercial
success or widesprade use.
Example: UBER channlled invention in creating a solid and
working business model. Based upon the ideas they had
formed in creation stage.
5. SOURCES OF IDEAS
• Basic Research on their Knowledge, skill and experience
can come out with new ideas for product de: All firms are
engaged in some kind of basic research and
development.
• Production stage: Workers actively engaged in the
production of products can suggest certain modifications
and improvments.
• Sales force: Sales representative are directly in touch
with customers and are thus better equipped to take
note of cusomers needs by this they can provide better
product development idea.
• Management: Management team based velopment.
6. CONCEPT DEVELOPMENT
• Develop a business plan: A detailed personal describing the
business idea.
1.Choose Business location
2.will a patent orbtrademarks be required ?
7. RESOURCING
The stage in which the entrepreneur identifies and
acquire the financial human and capital resources needed
for the venture startup etc.
8. HARVESTING
The stage in which the entrepreneur decided
on business future growth or development, or
demise
9. BUSINESS MODEL
• Business model is a framework for how a company will
create value. Ultimately,it distills potential of a business
down to its essence. A business model answers
fundamental questions about the problem you are going
to solve, and the growth opportunity with in a given
market.
• “ a business model is a national or symbolic
representation of a characterstics of a successfullynfurnish
value to the customers .
