Creative Mind for a Better One...

This time, I will talk about the Creativity and Business Idea. This process is very important especially when you want to put up your own business. In the book of Hisrich, Peters, and Shepherd. They tackled the creativity and Business Idea in Chapter 5. They discussed the sources of new ideas and methods of generating ideas. According to them, creativity is an important attribute of a successful entrepreneur.

We also have reading activities with regards to this chapter. The first one is the one that I have mentioned in my first blog which is “Knowing a Winning Business Idea when you see One” written by W. Chan Kim and Renée Mauborgne

This article is very helpful because it give examples that really happened. Also here, you will encounter the three tools, which are the buyer’s utility map, the price corridor of the mass, and the business model guide, that may help you to invest wisely. In putting up a new venture, it is very important that you have knowledge with regards the Six Utility Levers and Six Stages of the Buyer Experience Cycle which are also known as Buyer’s Utility Map. In here, managers can clearly see how the new idea creates a different from existing products. I remember when we had activities with regards to this. Our professor let us think about a new product and identify where it was located in the buyer’s utility map. And of course, that’s not the end yet, we have to find the right price for our new product and therefore we must identify the price corridor of the mass that is, the price bandwidth that captures the largest groups of customers. And definitely, buyer’s utility map and price corridor of the mass are still not complete without the business model. Every company or enterprise wants a profit and therefore should have developed a model that they want for the business. With regards to business model, there is another article that was given to us from our professor which is written by Michael Rappa. It talks about business model on the web and I think I would help a lot in forming business model for the enterprise. Every piece that we have learned in this course will definitely help us in the near future especially if we have the opportunity to put up our own business. But as now, being a student, it helped us so much because we can relate every single thing discussed in our business plan. As we were young, we should put ourselves in a mature roll as being an entrepreneur. Age doesn’t matter. You can put your own business whatever your age is. As long as you follow some guidelines that will truly help you and lead you to success especially nowadays, every people experience this crisis that we have so we should not stop thinking on how to earn money, of course, in a good manner and on the other hand, will help other people. I hope this another blog will help you, my readers.

Step by Step

As a student, I have in my vision to put up my own business in some future time. But I know it’s not that easy. There are a lot of things that I have to know so that if ever put up my own business, I will become a successful one. I am lucky because in our school, Asia Pacific College, we have this subject entrepreneurship which will teach us how to be entrepreneurs. With our Prof. Ramon Duremdes, we learned a lot of things from him. In our class, we use the book Entrepreneurship of Hisrich, Peters, and Shepherd.

An entrepreneur is one who recognizes opportunities and organizes resources to take advantage of the opportunity. They are also known as an innovator.

Entrepreneurs are builders of a society and create great influence. Many developing countries owe their success to those entrepreneurs who despite their comfort working in a company jumped out to build an enterprise to give jobs to other people and to help.

In chapter 2, in the book of Hisrich, Peters, and Shepherd, they enumerate the entrepreneurial process which involves all the functions, activities, and actions associated with perceiving opportunities and creating organizations to pursue them. The processes are:

1. Identify and Evaluate the opportunity
2. Develop a Business Plan
3. Determine the Resources Required
4. Mange the Enterprise

Managerial and Entrepreneurial also differ when it comes in decision making. It can be viewed from five key business dimensions which are the strategic orientation, commitment to opportunity, commitment of resources, control of resources, and management structure. Managerial styles are called the administrative domain.

There is also such word as intrapreneur which means is the practice of entrepreneurial skills and approaches by or within an organization.

Interest in intrapreneurship has resulted from events occurring on social, cultural, and business levels. The four key elements or activities in intrapreneurship are:

1. New business venturing
2. Organizational innovativeness
3. Self-renewal
4. Pro-activeness

The difference between corporate and intrapreneurial culture are also give details in this chapter. The guiding directing in a traditional corporate culture is: adhere to the instructions given, do not make any mistakes, do not fail, do not take initiative but wait for instructions, stay within you turf, and protect your backside. This restrictive environment is not conductive o creativity, flexibility, independence, ownership, or risk taking which are the guiding principles of intrapreneurs. The goals of an intrapreneurial culture are quite different: to develop visions, goals and action plans, to be rewarded for actions taken; to suggest, try, and experiment; to create and develop regardless of the area; and to take responsibility and ownership.

As I observe, there are many entrepreneurs who are very successful today, but there are also people inline with business who failed. Especially as of now, wherein our country is in crisis, many big companies are turned down and closed. Many people lost their jobs and have a hard time to find new one. People should be wise today; people should be wise in spending their money. In business, we should know what are people’s need just like on what we have in the buyer’s utility map, price mass corridor, and business model guide. ( W. Chan Kim and Renee Mauborgne)