The document discusses various aspects of entrepreneurship and creativity. It covers topics like: - Entrepreneurship requires applying creativity and innovation to identify opportunities. - Creativity is necessary for survival and competitive advantage. - The killer of creativity is self-imposed restrictions. - Developing the right brain hemisphere can enhance creativity. - Both logical and lateral thinking are important for entrepreneurs. - Barriers to creativity can be overcome by techniques like brainstorming.

1. Inside the
Entrepreneurial Mind:
From Ideas to Reality
(The Sixes)

2. ENTREPRENEURSHIP
• Entrepreneurship is the result of a disciplined , systematic process of
applying creativity and innovation to needs and opportunities in the
marketplace .

5. CREATIVITY-NECESSITY FOR SURVIVAL
Creativity is not only source for building competitive advantages but also
necessary for survival
History is not a reliable predictor so should develop new insight

6. KILLER OF CREATIVITY
Entrepreneur must always guard against traditional assumption and
perspective about how things should be
Actually killer of creativity is our own self , self impose restriction and
paradigms are killer of creativity

7. WHAT GLOBAL ENVIRONMENT REQUIRES
Requires following :
• Tap their activity constantly
• Develop unique ideas
• Create solution of problems
• Fill a need of time
To staying leadership position requires constant creativity, innovation and
entrepreneurship

8. CAN CREATIVITY BETAUGHT
• RESEARCH SHOWSTHAT ANYONE CAN LEARNTO BE CREATIVE
“Every person can be taught techniques and behaviors that helps them
generate more ideas”
[ JoyceWycoff ]

9. CREATIVETHINKING
• research shows that brain has divided into two hemisphere
• the human brain develop asymmetrically , and each hemisphere tends to
specialized in certain function
• This phenomenon is known as split-brain phenomenon
The brain has divided into following parts :
Left hemisphere
Right hemisphere

11. LEFT HEMISPHERE
 linear, vertical
thinking
 handle languages
logic, symbols
 process information
by steps
 narrowly focused
and systemmatic
RIGHT HEMISPHERE
kaleidoscopic, lateral thinking
body emotions spatial functions
process information intuitively
Unsystematic, unconventional,
unstructured

12. HOWTO DEVELOP RIGHT HEMISPHERE
By lateral thinking that lies at the heart of the creativity process, by following we develop right hemisphere :
Always ask question.
Challenge customs
Staring out the window
Generate lot of ideas
Realize more than one answer
Play mental games
See problems as springboard for new ideas
Have a helicopter skills

13. HOWTO CONTROL ON IT ?
• BOTH BRAINTHINKING:
Right brain draws on the power of divergent reasoning which is ability to create a multitude
of original, diverse ideas .Left brain thinking counts on convergent reasoning , the ability to
evaluate multiple ideas and chose the best solution to a given problem.
• RELY ONTHINKING :
Entrepreneur need to rely on right hemisphere to generate innovative product, services or
business ideas.Then they rely on left hemisphere to judge the market potential of the ideas
they generate .

14. BARRIERSTO CREATIVITY
The number of potential barriers to creativity is virtually limitless .There are 10 mental lock which limit individual
creativity are as follows :
Searching for the one
Focusing on being logical
 blindly following the rules
Constantly being practical
Viewing play as frivolous
Becoming overly specialized
Avoiding ambiguity
Fearing looking foolish
Fearing mistakes and failure
Believing that I m not creative

15. How to Enhance Creativity?
Embracing diversity
Expecting Creativity
Expecting andTolerating failure
Encouraging Curiosity
Providing CreativityTraining
Providing Support
Rewarding Creativity

16. Enhancing Individual Creativity (EIC)
•Allow yourself to be creative
•Fresh input everyday
•Allow mistakes
•Handy Authentic info
•Listen to others
•Talk to a child
•Keep a toy
•Read books for ideas
•Take some time off

17. The Creativity Process
Preparation
Investigation
Transformation
Incubation
Illumination
Verification
Implementation

18.  Attitude
 Reading
 Articles
 Discuss with others
 Join Associations
 Analyse Cultures andTraditions
 Develop Listening skills
 Look into the matter.
 Research about the thing.
 Explore Regarding World.

19. It involves viewing the similarities and differences in
information collected.
* ConvergentThinking.
* DivergentThinking.
 Subconscious step
 Waiting for the right idea
 Might be boring
 Relax and play regularly
 Waiting is always worthwhile

21. Step 5: Illumination
o Most awaited phase of process
o Happens in between incubation
o Happens all of a sudden
o Real fruit of being creative

22. It is verifying the authenticity of information.
• Ask others
• Build prototype
• Run simulations
• Test marketing
• Time for Execution
• Need not to wait
• Converting idea into reality.
Ready, Aim, Fire!!!!!!!!!!

23. IMPROVING
CREATIVITY
PROCESS
Brainstorming
Rapid
prototyping
Mind-
mapping

24. • Keeping the group small
• No ranks (equality)
• Well defined problem
• Time limitation
• Seating pattern
• Throw logic out of the window
• Quantity over quality.

25. PROTECTINGYOUR IDEAS
Patents
Trademarks
Copyrights

26. PATENTS
Patents is grant from the government to the inventor of product, giving the
exclusive right to make, use or sell the product.
Limited legal monopoly granted to an individual or firm to make, use
and sell its invention, and to exclude others from doing so is called patents.

27. TRADEMARKS
Trademark is a recognizable insignia, phrase or other symbol that denotes
a specific product or service and legally differentiates it from all other
products.
Trade dress is the overall commercial image (look and feel) of a product or
service that indicates or identifies the source of the product or service and
distinguishes it from those of others.

28. DIFFERENCE BETWEENTRADEMARK
&TRADE DRESS
TRADEMARK TRADE DRESS
A “trademark” is any word,
name, symbol, or device, or
any combination thereof, used
by a party to identify and
distinguish its goods from
those manufactured or sold by
others and to indicate the
source of the goods.
A “trade dress” is used by a
party to identify and
distinguish the product of that
party from the product of
others and to indicate the
source of the product.

29. COPYRIGHTS
Copyright is a legal instrument that provides the creator of a work of art or
literature, or a work that conveys information or ideas, the right to control how the
work is used.The intent of copyright is to advance the progress of knowledge by
giving an author of a work an economic incentive to create new works.
(IPO Pakistan)
It is an exclusive right that protects the creator of original works of authorship such
as literary, musical and artistic work.

30. PROTECTING INTELLECTUAL PROPERTY
Following points ought to be consider an
Entrepreneur before bringing lawsuit;
Can the opponent afford to pay if you win?
Do you expect to get enough from the suit to cover the costs?
Can you afford loss of time, money and privacy?

31. STRATEGIC MANAGEMENT
AND ENTREPRENEURSHIP
CHAPTER#3

32. INTELLECTUAL CAPITAL
Collective knowledge of individuals in an
Organization is called intellectual capital.
3 Components of intellectual capital;
1) Human Capital
2) Structural Capital
3) Customer Capital

33. STRATEGIC MANAGEMENT
Strategic management is nothing but planning for both predictable as well
as unfeasible contingencies.
Strategic Management is identification and description of the strategies
that managers can carry so as to achieve better performance and a
competitive advantage for their organization.

34. COMPETITIVE ADVANTAGE
A competitive advantage is an advantage over competitors gained by
offering consumers greater value, either by means of lower prices or by
providing greater benefits and service that justifies higher prices.

35. STRATEGIC MANAGEMENT
•the process of developing a game
plan to guide a company as it
strives to accomplish its vision,
mission, goals, and objectives and
to keep it from straying off course

36. The Strategic Management Process
• Develop a Vision statement and translate it into a meaningful Mission statement.
• Strengths and weaknesses.
• Significant opportunities and threats facing the business.
• Identify the key factors for success.
• Analyze the competition.
• Create company Goals and Objectives.
• Strategic options and Appropriate strategies.
• Translate Strategic into Action plans.
• Establish accurate controls.

37. Step 1.Vision Statement
• A vision is the result of an entrepreneur’s dream of something that does not exist
yet and the ability to paint a compelling picture of that dream for everyone to see
• Vision provides direction
• Vision determines decisions
• Vision motivates people

38. Mission Statement
• What business am I in?
• The purpose of the company:What are we in business to accomplish?
• The business we are in: How are we going to accomplish that purpose?
• The values of the company:What principles and beliefs form the foundation of the
• way we do business?.

39. Step 2. Strengths and Weaknesses
• Strengths, positive internal factors that a company can use to accomplish
its mission, goals, and objectives.
• Weaknesses ,negative internal factors that inhibit the accomplishment of
a company’s mission, goals, and objectives.

40. Step 3. Opportunities andThreats
• Opportunities, positive external options that a firm can exploit to
accomplish its mission, goals, and objectives.
• Threats, negative external forces that inhibit a company’s ability to
achieve it mission, goals, and objectives.

41. Step 4.Key Factors for Success
• Tight cost control
• Trained, dependable, honest in-store managers
• Close monitoring of waste
• Careful site selection

42. Step 5.Analyze the Competition
•Competitive intelligence
•Competitor analysis
•Competitive profile matrix
•Knowledge managemnt

43. Step 6.Goals and Objectives
• Goals , the broad, long-range attributes a business seeks to accomplish;
they tend to be general and sometimes even abstract.
• Objectives, more specific targets of performance, commonly addressing
areas such as profitability, productivity, growth, and other key aspects of a
business.

44. SMART Goal System
•Specific
•Measureable
•Attainable
•Realistic
•Timely

45. Step 7: FORMULATE STRATEGIC
OPTIONS AND SELECTTHE
APPROPRIATE STRATEGIES

46. WHAT IS A STRATEGY?
A strategy is a road map of the
actions an entrepreneur draws
up to fulfill a company’s
missions, goals and objectives.

47. IMPORTANCE OF STRATEGY
A strategy is the master plan that covers all of the
major parts of the organization and ties them
together into a unified whole.
A sound strategy, implemented without error,
wins every time.
The mission , goals and objectives spell out the
ends, and the strategy defines the means for
reaching them.

48. CHARACHTERISTICS OF A SUCCESSFUL
STRATEGY
Comprehensive
Well integrated
Focusing on establishing key success factors
Executable

49. Strategic Option

50. • KeyTerms
• Business-Level Strategy :
Integrated and coordinated set of commitments and
actions the firm uses to gain a competitive advantage by
exploiting core competencies in specific product markets
Business-Level Strategy
–

51. Types of Business-Level Strategy

52. • Can be used across industries
• Two distinct types of competitive advantage:
• Low Cost
• Differentiation
• Choice of scope:
• Broad
• Narrow (niche)
Features of the Five Business-Level Strategies

53. •KeyTerms
•Cost Leadership Strategy :
A strategy in which a company strives to be the low-
cost producers relative to its competitors in the
industry.
Cost Leadership Strategy

54. • Low-cost position is a valuable defense against rivals
• Powerful customers can demand reduced prices
• Costs leaders are in a position to absorb supplier price increases and relationship
demands, and to force suppliers to hold down their prices
• Continuously improving levels of efficiency and cost reduction can be difficult to
replicate and serve as significant entry barriers to potential competitors
• Cost leaders hold an attractive position in terms of product substitutes, with the
flexibility to lower prices to retain customers
Cost Leadership Strategy and the Five Forces of
Competition

55. • Low cost leadership does not eliminate any of these forces, it just allows the
low costs firm to more easily deal with these forces, or offset the power of
these forces, and potentially, remain profitable.
How can Low Costs protect against…?

56. •Processes can become obsolete
•Focus on cost reductions can come at the expense of
understanding customer perceptions and needs
•Strategy could be imitated, requiring the firm to
increase the value offered to retain customers
Risks of Cost Leadership Strategy

57. •KeyTerms
•Differentiation Strategy :
Strategy in which a company seeks to build customers
loyalty by positioning its good and services in unique
or different fashion
Differentiation Strategy

58. • Unusual features
• Responsive customer service
• Rapid product innovations
• Technological leadership
Differentiation Strategy – Features
• Perceived prestige and
status
• Different tastes
• Engineering design
• Performance

59. • To create uniqueness in mind of customer
• Cross-functional product development teams
• Strong focus on marketing and product
• Superior customer service
• Product reliability
• Creating value in customers eye
• Informal rules and procedures
Differentiation Strategy Features

60. •Quick imitation
•No value in uniqueness
•Premium price or costs are too high
•Costs/Price become more important than uniqueness
•Unwillingness to offer true differentiation
•Sustainability
Risks of Differentiation Strategy

61. • Customer loyalty provides the most valuable defense against rivals
• Uniqueness products reduce customer sensitivity to raised prices
• High margins (for differentiated products) insulate from supplier influence
• Customer loyalty and product uniqueness serve as significant entry barriers
• Firms with customers loyal to their products are positioned effectively
against product substitutes
Differentiation Strategy and the Five Forces of
Competition

62. Differentiation does not eliminate any of these forces, it just allows the
differentiated firm to more easily deal with these forces, or offset the power
of these forces, and potentially, remain profitable.
How can Differentiation protect against…?

63. •KeyTerms
•Focus Strategy :
Set of actions designed to produce or deliver goods or
services to a target consumer based on their needs
want and interest in the market
Focus Strategy

64. • Large firms may overlook small niches
• Firms may lack resources to compete in the broader market
• Firms may be able to serve a narrow market segment more
effectively than larger, industry-wide competitors
• Firms may direct resources to certain value chain activities to
build competitive advantage
Focus Strategy – Reasons

65. • A competitor may be able to focus on a more narrowly defined competitive
segment and "out focus” the focuser.
• Focus strategy brings risk .
• Small volume of business that some niches support can raise production
cost.
• The needs of customers within a narrow competitive segment may become
more similar to those of industry-wide customers as a whole
Risks of Differentiation Strategy

66. Strategies of small business depends upon its competitive advantage in
the market segments.
Well defined strategic advantage may pursue highly aggressive growth.
Strategies is an attempt to increase growth and market share
Strategy In Action

67. • Customer needs
• Flexibility
• Constant Innovation
• Building market niches
• Act with lightening speed
• Take risk
• Maintain cost
Facts of Strategic Development

69. Strategic plan:

70. Action plan:

71. • Assign priorities to project
• Implement the strategic plan
• Delegate adequate authorities
• commitment
Points of Action Plan:

72. Establish Accurate Controls.

73. Balanced scorecard:

74. The balanced is a simple performance measurement framework to a full
Strategic Planning and Management System.
A set of measurement, unique to a company that includes both financial and
operational measures and give true picture of Company’s performance.
Balanced scorecard (cont.)

75. .