BUS-W 212 Chapter 5: Chapter five class prep
Document Summary
This chapter is all about creativity and innovation. We start off the chapter by first learning the term opportunity identification which is about, the knowledge and learning needed to recognize good ideas. Opportunity identification is central to the domain of entrepreneurship and understanding this process is one of the primary challenges for entrepreneurs. Then we learn about innovative ideas, the most important ideas come from the 4 trends in the population which are; societal, technology, economic, and government. After that the creativity process is explained and broken down into its own four phases which include; background or knowledge accumulation, the incubation phase, the idea experience, and evaluation and implementation. Lastly, we learn about innovation which is the process by which entrepreneurs convert opportunities into marketable solutions. There are 4 different types of innovation; invention, extension, duplication, and synthesis.
