Creativity and Innovation

         Today in class we started chapter 5 and we spoke about what creativity meant:-it can be defined as the generation of ideas that results in the improved efficiency and effeccttiveness system while innovation was said to be the process of turning opportunities into marketable ideas. The major diference between this two is that creativity is thinking or designing an idea while innovation is putting it into action.
             Some of the sources of Innovative ideas are trends,procesneeds,incongruities,knowledgable-based concepts and so much more. I would like to give brief examples of some of the sources:

• Trends e.g. societal trends-health and fitness growth,technology trends internet advance,economic trends-performance pressures and government trends-terrorism
• Process needs e.g. creation of new medical devices
• Unexpected occurences- These are unplanned events that come up unknowingly e.g. Dana air crash,retrenchment of bank workers.
• Incongruities- When there is a gap or difference between expectations and reality e.g. Fred smith created FedEx.

                                                      TYPES OF INNOVATION

• Invention- This is all about creating and innovating something new. For example the wright brothers were the first to create an airplane.

• Extension: This all about making a new use of an already existing product,service or process . For example Ray kroc the inventor of McDonalds.
• Duplication: Creating the exac thing someone has created.
• Synthesis: Combining of existing concepts and facts into a new formulation or use. For example Fred smith the owner of FedEx.

Co-operate Entrepreneurship

          Entrepreneurship an be defined as the dynamic process of vision, change and creation which requires themapplication of energy and passion for implementing ideas and creative solution. Co-operate Entrepreneurship can be defined as the process of profitability or creating innovation within an organisational setting.
         An Intrapreneur is one who gets the idea for his/her company and his backed up with encouragement and financial support. Example of an intrapreneur is KEN KUTARAGI of the company of sony computer Entretainement Inc.
Some of the reasons for Co-operate entrpreneurship are:-

1. Many competitors, sophisticated, more money invested.
2. A sense of distrust in the traditional methods of co-operate management.
3. An overall desire to improve efficiency and productivity.

Achievers test

A test was conducted in my last entrepreneurship about knowing your stand on the achievers scheme i was graded 69% which kept me in the grade of a mderate achiever. I think i was graded a moderate achiever because i dont really like taking risk and i might consider myself first first before takind any, Feel free to leave your comments.

Introduction to entrepreneur

What is Entrepreneurship?
             Entrepreneurship  is the act of being an "Entrepreneur" or one who undertakes innovations,finance and business acumen in an effort to transform innovatios into economic goods.This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity.The most obvious form or entrepreneurship is that of starting new businesses.
         An entrepreneur is motivated by Innovation(new ideas),growth and Maximizing profit this means that for every sucessul entrepreneur the three listed driving forces of an entrepreneur.Entrepreneurs recognize opportunities where others see chaos or confusion while a small business owner look for small stable profit and growth in thier business.

Myths about entrepreneurship

• Entrepreneurs are doers,not thinkers:It is said that entrepreneurs are tend torwards action,they also think by performing their actions in a specific way in other words they plan thier actions carefully.
• All entrepreneurs need is money:They say money is the venture for every business but in this case if your idea is not authentic then your capital would just be wasted.

Welcome to my precious blog:D

I am a student studying Entrepreneurship at the American University of Nigeria which is soo interesting and fun to study....I really look forward to comments and opinions when i post discussions..