...Garine Benian Wednesday/ 3:00 10-29-14 Creativity in Business Case Study 1 (pg.35): 1. Prior to starting the EET, what types of things did Michael and Sheena do to help themselves build entrepreneurial knowledge/skills? * Michael and Sheena attended New York University, majoring in management and marketing and communication studies respectively. Prior to this Michael started their own web development company with a partner while he was still in high school. He honed his skills on increased his knowledge of starting and running a small business in the process. Sheena displayed a desire to be independent by establishing her own financial independence at the age of 17. She also funded her own college education, showing a strong work ethic and desire to succeed. While attending college she worked at a venture capital company thus giving her the opportunity to learn entrepreneurial skills. Sheena also taught at a non-profit organization that further increased her educational skills. 2. What motivated Michael and Sheena to start the EET? * They wanted to help college students realize their dreams through entrepreneurship. Michael and Sheena needed to find a way to increase sales and profitability in order to sustain this venture as a viable business. To do this he saw an opportunity in public speaking while promoting his manifesto and formed the EET. 3. How did Michael and Sheena determine that the EET was a sound idea? Did they use a feasibility analysis...
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...Strategic Entrepreneurship Introduction: In this article, the main topic that is covered relates to precisely how strategic and entrepreneurial management are both combined and unified as a single management function. That is, Strategic Entrepreneurship which is a term vaguely coined by many describes the constant need of mangers focusing on objectives such as finding new business opportunities and taking advantage of creating short-term competition. An expectation of meeting such objectives creates a problem that is caused by having a select few elements of strategic management and entrepreneurship that overlap each other. Due to the general obscure understanding of how both strategic management and entrepreneurship are related, many studies have been conducted in order to better define Strategic Entrepreneurship. The article notes that in recent time, only one study goes to show a conceptual model of SE (Ireland 2003), but lacking in formulating a feedback loop between strategic management and entrepreneurship. Even though SE can be defined as simultaneous pursuit of opportunities and strategic advantages, the model presented by most early studies failed to pinpoint the correlation between the two. Due to the fact that SE is a new field of study, the article reviews all information on entrepreneurship, strategic management, and strategic information in order to determine the origin of SE, find the locus of integration, highlight the common components or elements, and...
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...External/Internal Factors Paper Diversity is one of the most important things at The Home Depot. It is the catalyst for innovative thinking, entrepreneurial spirit and new ways of building our communities. To this end The Home Depot uses creativity, fresh thinking, and the experiences of people from different cultures and beliefs. The Home Depot believes that talent comes in many different forms and they celebrate each and every talent, because every talent is cultivated and is considered to be the foundation of our culture in America. At The Home Depot, the executive management team is responsible for diversity and creates a culture that welcomes every associate. The company encourages people from diverse backgrounds in all levels of management, and managers are accountable for attracting diverse candidates. The Home Depot realizes that as they continue to grow locally and globally, they will increasingly need for their associates to continue contributing to their efforts. The Home Depot values diversity because it offers a competitive advantage, makes the company a better place to work; and they can understand better their diverse customers’ needs in this way. The Home Depot gives customers better service and deliver. At The Home Depot, Managers are committed to creating a diverse work environment and in these circumstances all employees are included, respected, supported and encouraged associates to do the best work. The Home Depot recognizes with pride the uniqueness...
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...The three pillars of GCUs College of Business are Entrepreneurial Spirit, Innovation and Servant Leadership. These are three key characteristics that are critical in building a strong foundation for students to succeed in their professional growth and in business. This paper reviews each of these pillars and how they apply personally to my work environment and career development. Entrepreneurial Spirit The entrepreneurial spirit is composed of multiple characteristics including but not limited to passion, vision, creativity, autonomy, and risk-taking. Possessing an entrepreneurial spirit is an important quality not just for individual success but for that of a business as well. For a business to maintain growth and sustainability it must maintain core competencies and have an entrepreneurial value system that it sticks to (Chaifetz, 2010). Chaifetz (2010), discusses how his company encourages the entrepreneurial spirit amongst his employees to be innovative and challenges them to think of new ideas. As his company has grown it has not fallen subject to common problems such as inflexibility, bureaucracy, and standardization that are often seen when companies expand. In fact, the approach is taken to provide employees with the tools and resources necessary to implement innovative ideas and tailor services for their customers. Not only does this method add to the entrepreneurial culture in the company it also lends to enhanced customer service directly impacting its success. I...
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...student’s awareness and understanding of some of the key elements of entrepreneurial creativity, as well as entrepreneurship in practice. • Many fundamental principles underpinning successful entrepreneurship can be applied in a much wider variety of situations. • Improve their individual skills in terms of creative problem solving and organisational effectiveness. 3 Entrepreneurship and Business Module Sessions • Combination of lectures and mentored group work sessions. Venue: F1A15, on Wednesday in Semester 1, Time: 11:00 – 1:00 pm. • Mentored group work sessions will be held in separate sittings throughout the day in Four sessions specified in the timetable. It will be announced in Week 5. • Students will be asked to self-select their project teams to fit into one of these four sittings, during which they will work through group work in a mentored environment. Groups will not be allowed to change sittings during the course of the module. Course Time Table • Week 2: Wednesday 25th September 2013 – Lecture – – – – Module Introduction and Rationale Course structure and rationale The importance of an integrative learning approach Why study Entrepreneurship? 4 • Week 3: Wednesday 2nd October 2013 – Lecture – Definitions of entrepreneurship – The main issues of debate • Week 4: Wednesday 9th October 2013– Lecture: – – – – The need for invention and innovation The nature of innovation Creativity in Theory and Practice Entrepreneurship and Innovation from Theory...
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...Creativity and Innovation in Business Prof. Danny Araneta Cabulay Dean – Institute of Accounts, Business and Finance Far Eastern University, Manila, Philippines dcabulay@feu.edu.ph Albert Einstein once said, “Imagination is more important than knowledge.” For most people, creativity is more easily associated with art than business. But the highest art form is business because one can be very creative, dynamic and revolutionary. Creativity is also related to innovation and change. I am fully aware that many of the things we see around us are products of minds of geniuses, creative thinkers. It is hard to imagine a business without a creative mind. A creative mind is essential in any type of business. When we get tired of the old product or technology, as it also becomes obsolete, we long to have, a better product or technology. This is the essence of innovation. It has to be more convenient to customers. The etymology of the word “create” indicates to make something; while “creation” is something that shows skill, imagination or ability; and to be “creative” means the ability to invent, design or develop original ideas. Even in the simplest businesses, creativity can happen. In Manila, for example, a typical bakery would operate from 5:30 a.m. to 9:00 pm. A bunch of students made a feasibility study to inject the idea of a 24-hour bakery. Hence, Pugon de Manila was born. This is an example of an incremental innovation to the traditional bakery...
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...Cruz ET 102 SY 2015-2016 Maria Luisa B. Gatchalian | Maria Theresa S. Cruz MIDTERM PHASE_TASKING MIDTERM PHASE_TASKING NAME: | Time| Section: Venture Idea (s) Category: | ACTIVITIES | TASKS | DUE: SEPTEMBER 23 2015 | PART 1: INDIVIDUAL: ANY READING: ARTICLES ON; (Source use APA Style) CREATIVITY AND INNOVATION(You can research as many articles, book on the topic but get the source and document them)NOTE: ON CREAIVITY:Creativity and innovation are 2 different things that are crucial in the early stage of entrepreneurial mind setting process for aspiring entrepreneurs to later on ignite their passion into action. As Linda Naiman fittingly puts it, Creativity is the act of turning new and imaginative ideas into reality. Creativity involves two processes: thinking, then producing”. “Innovation is the production or implementation of an idea. If you have ideas, but don’t act on them, you are imaginative but not creative.” | PART 1: 1 .1: SYNTHESIS OF THE TOPIC IN A 1 TO 2 PAGES ONLY; THIS INLCUDE THE BIBLIOGRAPHY1.2, Describe how creative and innovative are you (Page 3;) 1.3. If you are to gauge how creative you are; what will be your creativity level (page4) Level 1: High: can put ideas in to action; can spot and identify problems which are not visible; and can solve it; has the passion and initiate to make a change and pursue itLevel 2: Average; Can identify better ways of doing things and make recommendation or changes and can do things without supervision;...
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...An entrepreneurial culture within an organization means having a culture that cultivates behaviors & values and a system that fosters creativity and innovation. “Innovation is the development of new values through solutions that meet new needs, inarticulate needs, or old customer and market needs in value adding new ways.” http://en.wikipedia.org/wiki/Organizational_culture. This culture will sponsor an individual’s need for creativity and higher aspirations. Informing and educating all new employees as they are brought into the fold will foster an environment to create new or improved systems, enhanced products and a more competitive place in the market. Entrepreneurial organizations seek opportunities for innovation: 1. New Products: When a company supports and encourages an innovative environment it tends to lead to new ideas, products and services. These can be tangible or intangible but both will lead to the generation or development of something new. A company can have a research and development department or do a SWOT analysis or consumer marketing to generate new ideas. 2. Improves efficiency: A company when efficient reduces costs or improves their services. A company’s primary goal is to make money. When efficient a company can perform the same objective or end product for less money, time or labor by producing less waste, expense and unnecessary effort. Finding new innovative ways to be efficient can increase profitability and productivity. 3. Product...
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...1. How would you describe the culture at BMW? 2. What model of leadership is illustrated at BMW? How does this impact BMW’s culture? 3. Using the concepts illustrated in the job characteristics model, analyze why employees derive high job satisfaction at BMW. 4. What attributes of organizational creativity are fostered at BMW? SOLUTION 1. BMW has an entrepreneurial culture that is characterized by high levels of risk taking and creativity. There is a commitment to experimentation, innovation, and being on the leading edge. Effectiveness means providing new and unique products and rapid growth. Individual initiative, flexibility, and freedom foster growth and are encouraged and well rewarded BMW’s entrepreneurial culture is rare in corporate Germany where management in Germany is usually top-down. BMW’s 106,000 employees are a network of committed associates with few hierarchical barriers to hinder innovation. From the moment they set foot inside the company, associates are overcome with a sense of place, history, and mission. BMW’s human resources department receives more than 200,000 applications annually. Those who make it to an interview undergo elaborate daylong drills in teams that screen out big egos. For the lucky few who are hired, a Darwinian test of survival ensues. Individuals from all levels of BMW work side by side. 2. BMW uses self-managed teams with team...
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...Entrepreneurship is viewed as a major contributor to economic growth and employment creation while understanding how creativity impacts on the process is also crucial (Baumol 2002). Lee et al. (2004) note that entrepreneurial activity not only requires both a supportive and productive business climate but that it also needs an environment where creativity and innovation can flourish. A successful integration of creativity and technology can then lead to commercialisation of the idea, product or service. The knowledge base can also be utilised in contributing to useful juxtapositionings or bisociations between previously unrelated ideas or domains (Sternberg 2004; Ko and Butler 2006). Creativity involves bringing into existence something new by combining or reapplying existing ideas to form new ones. Entrepreneurs with a creative attitude have a higher ability to accept changes and have a habit turning problems into opportunities. Entrepreneurs use creativity and innovation to deliver unique value to customers. Creative entrepreneur actively search for opportunities to do existing things in extraordinary ways. Successful entrepreneurs have the ability to use their creativity to create an edge over their competitors. Creativity can also be seen as an important condition for innovation, however innovation also includes implementation of creative inspiration (Babu, Krishna & Swathi). file:///C:/Users/User/Downloads/9-36-1-PB.pdf Lateral thinking involves solving problems using...
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...Value Creation Report | April 8 2013 | Course : NBCMI 2010-2011 | | Table of Content 1 Introduction 3 2. Research Problem 3 3. Conceptual Model 4 4 Research Question 5 5 Theoretical Framework 7 6 Methodology 8 7 First Findings 8 8 Conclusion 9 Bibliography ..11 Appendix A: Value Map………………………………………………………………………………………………………………..12 Appendix B: Emotion Map……………………………………………………………………………………………………………13 1 Introduction The following document is concerned with the creation of value, more precisely the creation of value by the utilization of music. Value is a widespread term and in the business world you will hear the words “value added” or “value creation” thrown around. Everyone tells you they can “add value” or that they want to “create value”. But what is value? How is value created? In the following some of the definitions for the term “value” are mentioned. First of all, the different values are to mention such as personal values, which are the beliefs, principles or ideas important to you in your life- often things you are for or against, what you believe in and what you are willing to support and stand up for. (wire.wisc.edu). Moreover, value in economic terms can be, according to many business dictionaries, explained as the performance of action that increases the worth of goods and services or even a business. According to Kotler, Armstrong &Wong, 2010 value is created in order to satisfy the customers´ needs and wants. Irrespective...
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...Study: IDEO Consulting ‘Culture drives creativity’ Angus Beattie S3365681 Executive summary Most of us are creative however it is often suppressed at an early age. The realisation that we are born creative; can take action to change our current ways of thinking; apply tools and concepts from design thinking to assist us in our quest; and accept that failure is acceptable, should enable most people and organisations to be more creative and therefore more innovative. In today’s hyper-connected and competitive business environment, organisations need to innovate or perish as creativity is today’s competitive advantage. Firms like IDEO have become successful in assisting businesses innovate through harnessing the power of design thinking which centres on empathy, ideation, proto-typing and testing. Creativity and innovation need to be driven at all levels of the organisation and businesses can easily look to adopt some of the practices of design thinking to gain this competitive advantage. The award winning design firm IDEO exemplifies an organisation with a unique culture with a strong bias towards creativity and innovation and presents a role model for businesses wanting to learn how they can become more creative themselves. Contents Executive summary 2 Creativity is competitive advantage 4 IDEO & Design Thinking 5 Culture as a driver of creativity 7 Creativity for all? 9 References 11 Creativity is competitive advantage In today’s fast...
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...Reflective portfolio Module: Creative thinking Task: Final assignment Campus: ESE Rome Tutor: John Wyse, MBA, MA Student: Nadezhda Novikova Deadline: 12-12-2012 Amount of words: 4 470 Table of contents Introduction……………………………………………………………………………………..3 1. The important role of creativity and innovation in the entrepreneurial process………...4 2. Creativity and marketing strategy……………………………………………………….6 3. Development of creative skills…………………………………………………………..8 4. Creative thinking and solving problem…………………………………………………11 5. Companies which foster creative processes……………………………………………..12 Conclusion……………………………………………………………………………………….13 References…………………………………………………………………………………….....14 Introduction Creative thinking is the significant part of humans’ characters. Creative people are more balanced and tolerant of others, because they know that everyone sees the world differently. Using of creative skills means not only to develop new and interesting ideas (for a better life or some of its aspects), but also for the improvement and development of the whole person. Any creative activity helps us to find personal meaning and to comprehend the own values. And this is the most important spiritual need of man, which distinguishes it from other living creatures. By studying the biographies and stories of successful people, David Galenson (economist, researcher) concluded that the peak of creative abilities can be achieved at any age. Galenson identified...
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...Why entrepreneurial organizations seek opportunities for innovation. In today’s business world, the organizations that fair the best in business society are often those organizations that strive to be more creative and innovative. These organizations do not follow in the footsteps of other companies; instead, they often use innovative ideas from others as a way to birth new ideas, products, or services of their own. Entrepreneurial organizations often distance themselves from their competition rather than compete with them. If another organization duplicates their ideas, products, or services—an entrepreneurial organization that is rich with innovation won’t back down, instead they create something new and better, adding a creative twist to what was old or duplicated. This level of creativity and strong determination allow these organizations to achieve long-term success. With that said, there are many reasons why entrepreneurial organizations seek opportunities for innovation. These reasons are: 1. Competitive Advantage: Organizations that maximize their creative and innovative skills often gain a competitive edge against their competitors. Developing a new edge or making a product or service better can mean survival or a way to stay ahead of the competition. The main element for staying ahead of the rest is innovation. Organizations that become more innovative, see things from a new perspective, take calculated risks, and become more agile. Gaining a competitive advantage...
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...Page Creativity is in every one of us; some people choose to use it and other’s put it to the side thinking that they are not smart enough, or don’t have the ability to be creative. Creative thinkers, those that think outside of the box and have the ability to create and get done what needs to get done (freedictionary, 2010), are set apart from all the rest, because they don’t sit back and wait for change, they create change. This is the case of Larry Page, the co-creator of one of the largest and most innovative internet search engine sites, Google. Larry Page wasn’t the type of guy who sat around waiting for something to change, he seen what needed to be done and created change, and came up with innovative ways in creating the largest and most profitable internet based company in the world today. Starting out in his friend’s garage, Larry’s creative thinking led them to come up with innovative ways to make money, such as selling advertisements, and even creating a web based email called Gmail, to allow users to set up email accounts that tailor to their needs and can hold more storage than any other email carrier (San Juan, 2010). The impact that Larry’s creative thinking has had on Google has been tremendous. Starting out from a garage to becoming one of the largest internet companies in the world today proves that living on the idea to be creative and innovate, you will always grow, and that is exactly the motto Larry thrives on day in and day out. Creativity is in everyone...
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