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Ime U2

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Ime U2

Uploaded by

rishiparmar921
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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INTRODUCTION TO

MANAGEMENT AND
ENTREPRENEURSHIP
DEVELOPMENT
SEMESTER 4
UNIT - 2

HI COLLEGE
NECESSITY OF CREATIVITY IN THE
DEVELOPMENT OF ENTREPRENEUR
Innovation
Creativity allows entrepreneurs to identify new opportunities and
develop innovative products or services that meet the needs of
their customers.

Differentiation
In a crowded market, creativity can help entrepreneurs to
differentiate themselves from their competitors by offering
unique and original solutions.

Problem-solving
Entrepreneurs face many challenges, and creativity can help
them to come up with creative solutions to overcome these
challenges.

Adaptability
Creativity enables entrepreneurs to be adaptable and respond to
changing market conditions or customer needs with new and
creative ideas.

Marketing and Branding


Creativity is essential in developing effective marketing and
branding strategies that can help businesses to reach new
customers and build brand loyalty.

HI COLLEGE 01
STEPS IN CREATIVITY
Creativity involves a process of generating, developing,
and refining new ideas or solutions.

Some common steps in the creative process include:

Inspiration
Gathering information, exploring new ideas, and seeking out
new experiences to stimulate creativity.

Brainstorming
Generating a large number of potential ideas or solutions
without judgement or evaluation.

Refinement
Evaluating and selecting the most promising ideas, and
developing them further through experimentation and
iteration.

Implementation
Taking action to turn ideas into reality, and testing and
refining them through feedback and evaluation.

HI COLLEGE 02
exams
-------
INNOVATION

Innovation refers to the process of creating and implementing


new or improved products, services, processes, or business
models that provide value to customers or stakeholders.
Innovation often involves the application of creative thinking,
and can result in significant improvements in efficiency,
effectiveness, or customer satisfaction.

Innovation is essential for businesses and organisations to stay


competitive and relevant in a rapidly changing market.

a) Differentiation: Innovation can help businesses to


differentiate themselves from their competitors by offering
unique and original solutions.

b) Customer satisfaction: Innovation can help businesses to


meet the changing needs and preferences of their customers,
resulting in increased satisfaction and loyalty.

c) Increased efficiency: Innovation can lead to improved


processes and systems that increase efficiency and
productivity.

d) Growth and profitability: Innovation can lead to the


development of new products or services that can generate
revenue and drive business growth.

HI COLLEGE 03
IDENTIFICATION OF OPPORTUNITIES FOR
PROBLEM SOLVING WITH INNOVATION.
Identify a problem or challenge
Look for a problem or challenge that needs to be solved. This could be a gap
in the market, an inefficiency in a process, or a customer pain point that is
not being addressed.

Research and analyse the problem


Once a problem is identified, conduct research and analyse the problem to
understand its root causes and potential solutions. This may involve market
research, customer surveys, or analysis of existing processes or systems.

Brainstorm ideas:
Brainstorm potential solutions to the problem. Encourage creative thinking
and consider a range of ideas, even if they seem unconventional or outside of
the box.

Evaluate and refine ideas


Evaluate the potential solutions and select the most promising ones. Refine
these ideas by testing them, getting feedback, and making improvements.

Develop and implement a solution:


Once a solution has been identified and refined, develop a plan for
implementing it. This may involve developing a product or service,
redesigning a process, or implementing a new system.

Monitor and evaluate the solution:


Monitor the implementation of the solution and evaluate its effectiveness. This
may involve collecting feedback from customers, measuring performance metrics,
and making adjustments as needed.

HI COLLEGE 04
DECISION MAKING AND PROBLEM
SOLVING
In industry, decision making and problem solving are critical for a range of activities,
including strategic planning, operations management, and risk management. In day-to-
day operations, decision making and problem solving are important for managing
personal and professional goals, such as time management, financial planning, and
career development.

Identify the problem


Clearly define the problem or situation that requires a decision.

Gather information:
Collect all relevant data and information related to the problem, including internal and
external factors.

Analyse the information


Use the information to analyse the problem and identify potential causes and solutions.

Generate alternatives:
Develop a range of possible solutions or courses of action to address the problem.

Evaluate alternatives
Evaluate the pros and cons of each alternative and consider the potential risks and
benefits.

Select the best alternative


Choose the alternative that best addresses the problem and aligns with the goals and
values of the organisation or individual.

Implement the decision:


Develop a plan for implementing the chosen alternative, including any necessary
resources, timelines, and processes.

Monitor and evaluate


Monitor the implementation of the decision and evaluate its effectiveness. Make
adjustments as necessary.

HI COLLEGE 05

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