CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS

INSPIRING CREATIVE AND INNOVATIVE MINDS

Entrepreneurial Traits

Passion for Business

Execution intelligence

Characteristics of Successful Entrepreneurs

Tenacity despite Failure

Product/Customer Focus

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Common Traits of Successful Entrepreneurs

Seeking Internal Locus of Control

Flexibility
High Energy Team Building Ability to set Vision Tolerance to Failure Drive to Achieve

Initiative &
Responsibility High Commitment Opportunity Orientation Moderate Risk Taker Confidence & Optimistic

Feedback

Independent

Creative and

Skilled at

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Creativity and Innovation

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Creativity
The ability to produce work that is novel (i.e. original and unexpected), high in quality and appropriate (i.e. useful, meets task constraints) Sternberg, Kaufman and Pretz, 2002
Latin = Creare = to make Greek = Kranein = to fulfill

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Creative Process
Incubation

Knowledge Accumulation (Preparation)

Creative Process

Ideas/ Insight

Elaboration

Evaluation

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Barriers to Creativity
Personal
Belief
Over Management Fear of

BARRIERS TO CREATIVITY

Criticism

Stress

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Characteristics of Creative Individuals

GoalHumble & directed Calculated Passionate but Objective Brave to try new things Open minded & willing to accept criticism High Self-control risk taker

Proud

Playfulness & discipline/ responsibility & irresponsibility

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Innovation
the creation of something new in the marketplace that alters the supply-demand equation. Chell, 2001

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Creativity
The ability to produce work that is novel (i.e. original and unexpected), high in quality and appropriate (i.e. useful, meets task constraints)
Sternberg, Kaufman and Pretz, 2002

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Entrepreneurs
Scarborough & Zimmerer (1998) a person who creates a new business in the face of uncertainty for the purpose of achieving profit & growth by identifying opportunities and assembling the necessary resources to capitalise on them

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22

Types of Innovation
Inventions
Synthesis

Expansion

Duplication

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Sources of Innovation
Unexpected events
Change of Demographics

Innovation

New Knowledge Concept

Process Needs

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Barriers to Innovation
Improper Motivation Fear of Change Fear of Making Mistake

Fear of Trying

SelfImage Block Fear of Failure

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Barriers to Innovation

Does not Encourage Innovation Insufficient Sources

Traditional & Conservative Management Behaviour

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The Importance of Innovation

To Ensure an Organisations Survival To Explore New Markets To Exploit Natural Resources

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Strategies to Encourage Innovation

Recognise your own ability Change your Perception Change the Organisational Culture

Dare to Fail

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