Creativity and Innovation

Creativity and Innovation

Creativity is the generation of ideas that results in the improved efficiency or effectiveness of a system.

Innovation is the process by which entrepreneurs convert opportunities into marketable ideas.

Sources of Innovation Ideas

1. Trends: It signals shift in the prevailing style of the major population. Close observation of these trends will help an entrepreneur recognize an opportunity. Examples include; Societal trends, Economic trends, Government trends and technology trends.
2. Unexpected Occurrences: These are successes or failures that, because they were unforeseen, they become major innovative surprise to everyone example Apple Computer (microcomputers) and 9/11 terrorists attack in the united States which produced an influx of innovative solutions to the newly created challenge of homeland security.
3. Incongruities: These occur when a gap exists between expectations and reality. for example; Overnight Package Delivery.
4. Process Needs: These occur when an answer to a particular need is required and an entrepreneur has to recognize an innovative solution. Example; Sugar-free products, Caffeine-free coffee and Microwave ovens.
5. Industry and Market changes: Industries and Markets undergo changes in structure or design which is mainly caused by developments such as consumer attitudes, advancements in technology and industrial growth. For example; Health care industry changing to home health care.
6. Demographic changes: This arise from trend changes in population, age, education, occupations, geographic  locations and similar factors. Demographic changes are important and often provide new entrepreneurial opportunities. For example; Rest homes or retirement centers for older people.
7. Perceptual changes: These are changes that occur because people are more educated and sophisticated. For example; perceived need to be healthy and physically fit has created a demand for both health foods and health facilities throughout the country and there is growing need for fitness making people to exercise.
8. Knowledge-based concepts: These are inventions, new thinking, new methods. For example Mobile (cell phone) technology, pharmaceutical industry and Robotics.    

Social Entrepreneurship

                      SOCIAL ENTREPRENEURSHIP

Social entrepreneurship is a new form of entrepreneurship that exhibits characteristics of nonprofits, governments, and businesses. It applies traditional (private-sector) entrepreneur ship’s focus on innovation, risk taking, and large-scale transformation to social problem solving. The social entrepreneurship process begins with a social opportunity that is translated into an enterprise.

Examples of social entrepreneurs and their profiles

Rebecca Onie. Her organization is health leads, she is 34 years old and the headquarters is at Boston.

Profile:                                                                                                                                                                                                                                                                                                                                     Getting healthy isn't just about pills and doctors—lots of sick poor people can't really get well unless they also address basic ­issues, like having enough food, getting someone to watch the kids or turning the heat back on. That's where Health Leads comes in. The program's 1,000 or so volunteers (all college ­undergrads) work with hospitals and clinics to help patients navigate language barriers and the bureaucratic jungle to get the services they need.

J. B. Schramm. His organization is College summit, he is 48 years old and the headquarters is at Washington DC.

Profile:                                                                                                                                                                                    Lots of smart high school kids from low-income neighborhoods never even consider attending college, particularly ones who don't have top grades but are otherwise well equipped to succeed at the post-secondary level. College Summit partners with 175 high schools around the country to identify these bright, mid tier students. During the summer before their senior year the kids spend four days in a workshop, living on a nearby campus, jump-starting the admissions process and getting exposed to college life. The program follows up with a for-credit "College Summit" class that focuses on the application process.