Business

CHAPTER 4: OPPORTUNITY EXPLORATION

The previous chapter focused on personal enterprise, which is the first quadrant of opportunity centered entrepreneurship. It is assessing ourselves, identifying what we have, and what we are willing to share.

This chapter is about the second quadrant: Creating and Exploring Opportunities. Entrepreneurial opportunities can be created, identified and developed through a process of opportunity exploration. An entrepreneur should know how to find opportunities in the most creative way.

Creative thinking and innovations are important in forming opportunities. When finding a solution to a problem, we are already starting to recognize the opportunity. When satisfying a need, we are also recognizing the opportunity to go into business.

Figure 4.1 Exploring the Opportunity

Creativity and innovation in entrepreneurship

Creativity and innovation involve turning ideas to reality, like theories to practices. Being creative and being innovative are two different things.

Creativity is the process of bringing something new into being. A thing that did not exist before now does. Creativity is the association of ideas, information or materials to form new concepts. It can be a collection of ideas which are formed to be useful in new ways. Creativity enables people to develop completely new ideas and to envision possibilities of ‘new reality’. It is like inventing something. Through creativity, we develop a new way of looking at something. Imagination improves creativity. And this is called strategic creativity, where we put into actions our imaginations. Tactical creativity involves thinking of creative strategies and acting on opportunities and develops it more. The application of creative skill within the business is another aspect to be considered in creativity. Applying your skills let you expand on what there already is. You can continue on an idea and your limited in your ability to create.

Creative...