Entrepreneurial Insights: Avoiding Common Mistakes and Embracing Creativity
Explore the key aspects of entrepreneurship through lessons on common mistakes, perspective on failure, pitfalls to avoid, feasibility analysis, creativity, innovation, and the essence of entrepreneurship. Learn how to navigate entrepreneurial challenges and foster creativity in business endeavors.
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ENTREPRENEURSHIP Lecture No: 7 Resource Person: Malik Jawad Saboor Assistant Professor Department of Management Sciences COMSATS Institute of Information Technology Islamabad.
Deadly Mistakes of Entrepreneurship Management mistakes Lack of experience Poor financial control Weak marketing efforts Failure to develop a strategic plan 2
Ten Deadly Mistakes of Entrepreneurship Uncontrolled growth Poor location Improper inventory control Incorrect pricing Inability to make the entrepreneurial transition 3
Putting Failure into Perspective Entrepreneurs are not paralyzed by the prospect of failure. Failure a natural part of the creative process. Successful entrepreneurs learn to fail intelligently. 4
Avoiding the Pitfalls of Small Business Failure Know your business in depth Develop a solid business plan Manage financial resources Understand financial statements Learn to manage people effectively Keep in tune with yourself 5
Objectives Conducting a Feasibility Analysis The Feasibility Study Five Forces Model Product or Service Feasibility Analysis Financial Feasibility Analysis
Creativity and Innovation Creativity the ability to develop new ideas and to discover new ways of looking at problems and opportunities; thinking new things. Innovation the ability to apply creative solutions to problems or opportunities to enhance or to enrich people s lives; doing new things.
Entrepreneurship Entrepreneurship the result of a disciplined, systematic process of applying creativity and innovation to the needs and opportunities in the marketplace. Entrepreneurs connect their creative ideas with the purposeful action and structure of a business.
Failure: Just Part of the Creative Process! For every 3,000 new product ideas: Four make it to the development stage. Two are actually launched. One becomes a success in the market. On average, new products account for 40 percent of companies sales!! Creativity is an important source for building a competitive advantage.
Can We Learn to Be Creative? Yes! By overcoming paradigms and by suspending conventional thinking long enough to consider new and different alternatives!
Left-Brained or Right-Brained? Entrepreneurship requires both left-and right- brained thinking. Right-brained thinking draws on divergent reasoning, the ability to create a multitude of original, diverse ideas. Left-brained thinking counts on convergent reasoning, the ability to evaluate multiple ideas and to choose the the best solution to a problem.
Barriers to Creativity Searching for the one right answer Focusing on being logical Blindly following the rules Constantly being practical Viewing play as frivolous
Barriers to Creativity Becoming overly specialized Avoiding ambiguity Fearing looking foolish Fearing mistakes and failure Believing that I m not creative
