ENTREPRENEURSHIP AND BUSINESS MANAGEMENT MODULE 2: CREATIVITY AND IDEA GENERATION 2. Creativity Is the ability to see the world in naw ways, find hidden patterns, end make connections between unconnected things. You use your imagination or original ideas to create something new. ‘An enterprise must be creative and Innovative to survive in the market it serves. To keep its share of the market, the enterprise constantly needs to come up with the new ideas to remain competitive and satisfy the needs ofits customers. Therefore, it needs to identify opportunities before its competitors do. 2.4 Ideas and opportunities Idea: A conéept that emerges, which might have the potential to be converted into an opportunity. i Opportunity: an identified idea that can be developed as there is a market for it. Creativity involves coming up with the new ideas. ‘What if you wantto start your own business, but do not have a business Idea? Entrepreneurs are people who ate always listening and looking around for business ideas to develop into business opportunities to satisfy their customers. Allopporiunities are based on an idea but not all ideas are real opportunities. Opportunities are ideas that work and can be turned into successful businesses. ‘An idea becomes an opportunity when: © Customers will buy the product or service based on the idea. _ «+ Thereis place in the market for the idea (There may already be competitors that satisfy this need). ‘+ Youwill profit from the idea. ‘+ Anidea only becomes an innovation if it can be put into practice (be implemented) 2.2 The importance of innoGation and creativity Consumer needs are constantly changing and competitors are always looking for new ways to meet consumer demands. The key to starting a business and making it succossfulis to know What consumers want, what competitors are doing, and implementing ideas to meet the ‘consumer needs and wants botter than your competitors identifying better ideas involves creativity and the willingness to be innovative in the face of risks. Innovation is when you change (convert) a new idea into a new product or service. This unique product must have commercial value. Ifyou're unsure about whether your idea has potential, you can ask yourself these questions: © Will customers be willing to spend money on it?(b) Media When watching TV or scrolling through your social networks, think about the products: advertised. Ask yourself if they can be improved or promoted in a better way. (c) Socialise with people ‘Ask your family and friends ifthey have thought of any ideas for new products or service, Are there any existing products that they feel are poor quality or can be Improved? (a) Household duties ‘Think of business opportunities while doing household duties like gardening, cooking, washingclothes, sweeping etc. what ideas can you come up with to make these activities easier? (e) Watching children and babies Can you design new toys? Think of children parties. What services could you provide? 2.3.2 Other sources (a) Check foreign products/services ‘You can often import, copy or change overseas products that are not yet available in your country. {b) Copy others Look for ways to improve on businesses that already exist. Do things better or differently to gain competitive advantage. (0) Reverse or modify an old product Look at items that are no longeriin style and see how you can improve them and bring them back. e.g. Clothing _ (¢) Examine import and export statistics ‘The Department of Trade and Industry can give you information about products that are imported into South Africa. Instead of importing, perhaps these products can be made in South Africa. (0) Examine expired patents ‘Sometimes people invent new products and get them patented, butfor various reasons never put them into production. The time limit on the licence for the patent may have ‘expired. Perhaps now is the right time to put the idea into production. 2.3.3 GenericNeeds (2) Matching touristsneeds with products «Make list of the basic needs that tourists have «Try to think of as many ways as possible that each need can be satisfied + Take one of the needs from your list. Break this need down into a number of more specific needs and then try to find ways to satisfy each of these specificneeds. (b) Matching tourists’ problems with products Make a list of problems. Thinkof things that cause you and other tourists to worry, become frustrated, angry or depressed. Then think of ways that these problems can be removed, reduced and cured. (0) Matching tourists’ needs to market segments ‘* Make a list of basic needs or problems of tourists «Make a list of possible market segments of the tourism industry «Match needs and/or problems to market segments to create possible opportunitiesenemies you can get ideas, for solving the problem of personal COP and household security. ‘Animals Tsing this protection a Now thinkot some of the ways of protection than ean De turned into seourity products. Eg. women cancarty @ bad ar eting spray to prevent Personal attacks. 2.5 Protectingyourideas 254 2.5.2 253 secrecy ‘As excited as you may De aboutyour new product, pe careful not to disctose oF tall anyone about the product. Somebody ‘aise may steal your ides and implementit. Draw up contract of confidentiality oF gecrecy before | revealing any facts to others, so that you can’ protect your! idea. Patents ‘Apatentis a) right granted by the| governmentto an inventor. Itgives the inventor the ‘exclusive (sole) right, for 8 timited period, to stop ‘others from making, Using OF selling the inventor's product without the: permission of the inventor. This means | thatyou can gota licence that gives you the right to produce and market the product for 20 years. When a patents granted, ‘the invention becomes the property of the inventor. Like any other form of property oF ‘business asset, a patent can ‘pe bought, sotd, 0! nced. ‘Something can only be patented ifitis new. something that has existed before and has just been discovered iS notnew. Which procedure needs to be followed to have @ product patented? « Filea provisional application: The applicant may undertake this | with orwithout the assistance of an attorney. «Flea complete application: ‘Apatent attorney must sign this Filea PCT (Patent Cooperation Treaty) application (if applicable), Trademarks Atrods markis 2 unique maricthet distinguishes Your goods or services from others. Before you can register Your product, you must ‘comply with specific ‘requirements. ‘Competitors may try to imitate: {copy) your product. Therefore, itis very! important that you register your product or ve igoto make sure thatthe PUPUC does not confuse your product or service swith those of Your ‘competitors. Atrade: mark mustbe renewed every 40 years to stay in force. Copyright Copyright applies to any writing, alworks of art, music, television of radio broadcasts andfitms. How to obtain copyright You can simply create your copyright by: ‘putting the words ‘copyright’ and or the: symbol @ andthe year on your original work. 26 ‘Tunningidess inf-onpartunitias ‘You need to docide ifyour ideas ere goad, workable business ‘eas ifyou can make @ profit fromthem.