NREM 801.1 Creativity, Innovation and Entrepreunership

NREM 801.1 Creativity, Innovation and Entrepreunership

NREM 801.1










Institute of Natural Resources, Environment & Sustainable Dev.,

University of Port Harcourt,

Rivers State, Nigeria.




Richard Branson is a British entrepreneur, multi-billionaire, and the founder of Virgin Records. Since 1972, Branson has grown Virgin into a multi-billion dollar business empire that now includes Virgin Atlantic Airlines. His first business venture as a sixteen-year old was an opinion and interview magazine called The Student. Despite prominent guest authors like Jean-Paul Sartre and interviewees like Mick Jagger, it failed.






Creativity – the tendency to generate or recognize ideas, alternatives, or possibilities that may be useful in solving problems, communicating with others, and entertaining ourselves and others.

Creativity – the ability to come up with new ideas and to identify new and different ways of looking at problem and opportunities.

A process of assembling ideas by recombining elements already known but wrongly assumed to be unrelated to each other. This definition has several key elements that are worth considering:

Process: Creativity is also a process (implying, among other things, that it is more like a skill than an attitude, and that you can get better at it with practice).

Ideas: Creativity results in ideas that have potential value.

Recombining: The creative process is one of putting things together in unexpected ways.

Examples and Discussion





Need for novel, varied, and complex stimulation

Need to communicate ideas and values

Need to solve problems


– To be creative, you need to be able to view things in new ways or from a different perspective.

Among other things, you need to be able to generate new possibilities or new alternatives. Tests of creativity measure not only the number of alternatives that people can generate but the uniqueness of those alternatives.

The ability to generate alternatives or to see things uniquely does not occur by chance; it is linked to other, more fundamental qualities of thinking, such as flexibility, tolerance of ambiguity or unpredictability, and the enjoyment of things before now unknown.


Therefore, creativity is the development of ideas about products, practices, services, or procedures that are novel and potentially useful to an organization or the society at large









Opportunity or Problem Recognition:A person discovers that a new opportunity exists or a problem needs resolution.

Immersion:The individual concentrates on the problem and becomes immersed in it. He or she will recall and collect information that seems relevant, dreaming up alternatives without refining or evaluating them.

Incubation:The person keeps the assembled information in mind for a while. He or she does not appear to be working on the problem actively; however, the subconscious mind is still engaged. While the information is simmering, it is being arranged into meaningful new patterns.

Insight:The problem-conquering solution flashes into the person’s mind at an unexpected time, such as on the verge of sleep, during a shower, or while running. Insight is also called the Eureka Experience.

Verification and Application:The individual sets out to prove that the creative solution has merit. Verification procedures include gathering supporting evidence, using logical persuasion, and experimenting with new ideas.









Attraction to complexity

Tolerance of ambiguity

Intuitiveness (sharp instinct)

Have broad interests

Are energetic

Drive to achieve

Love their work

Take risks





Excessive focus on extrinsic motivation e.g. external rewards such as money, fame, grades, and praise

Limits set by superiors

Critical evaluation

Close, controlling supervision

Competition in a win-lose situation – focus is on achieving immediate goals, with little or no regard for building the future

Control of decision making

Control of information

Blindly following the rules

Constantly being practical

Becoming overly specialized

Fearing looking foolish

Fearing mistakes and failure





Innovation is the implementation of new ideas at the individual, group or organizational level.

A process of intentional change made to create value by meeting opportunity and seeking advantage.

Process: Innovation is a process (implying, among other things, that it can be learned and managed).

Intentional: That process is carried out on purpose.

Change: It results in some kind of change.

Value: The whole point of the change is to create value in our economy, society and/or individual lives.

Opportunity: Entrepreneurial individuals enable tomorrow’s value creation by exploring for it today: having ideas, turning ideas into marketable insights and seeking ways to meet opportunities.

Advantage: At the same time, they also create value by exploiting the opportunities they have at hand.

Examples and Discussion use examples right inside the class and others




There are four distinct types of innovation viz:


Invention This is the creation of a new product, service or process. Something that has not been tried before.


Extension – The expansion of an existing product, service or process. This would mean that the innovator takes an existing idea and applies it differently (e.g. Gillette razors from single to double etc., Coca-cola zero coke, coke with lime, etc.; cars manual, automatic, keyless etc.)


Duplication adaptation of an existing product or service and then adding the innovators own creative touch in order to improve it (e.g. in franchising).


Synthesis – A combination of more than one existing products or services into a new product or service. This means that several different ideas are combined into one new product or service (e.g. fax machine telephone + photocopier = fax; printer, scanner, photocopier, etc.).

Examples and class discussion






Analytical planning Carefully identifying the product or service features, design as well as the resources that will be needed.

Resource organization Obtaining the required resources, materials, technology, human or capital resources.

Implementation Applying the resources in order to accomplish the plans

Commercial application The provision of value to customers, reward employees, and satisfy the stakeholders.







Derived from French word Entreprendre which means to undertake.

Jean-Baptiste Say (1767 1832): A French economist and businessman defined entrepreneur as an economic agent who unites all means of production – land of one, the labour of another and the capital of yet another and thus, produces a product. By selling the product in the market he pays rent of land, wages to labour, interest on capital and what remains is his profit. He shifts economic resources out of an area of lower and into an area of higher productivity and greater yield.

Peter Ferdinand Drucker (1909 2005): an Austrian-born American management consultant stated thus, An entrepreneur searches for change, responds to it and exploits opportunities. Innovation is a specific tool of an entrepreneur hence an effective entrepreneur converts a source into a resource.

Ronald May (2013): An Entrepreneur is someone who commercializes his or her innovation.

Joseph Schumpeter An Austrian American – Entrepreneurs are innovators who use a process of shattering the status quo of the existing products and services, to set up new products.They employ “the gale ofcreative destruction” to replace in whole or in part inferior offerings across markets and industries, simultaneously creating new products and newbusiness models. Thus, creative destruction is largely responsible for the dynamism of industry and long-termeconomic growth.







Creativity is thinking new things, and innovation is doing new things.

Creativity is the ability to develop new ideas and to discover new ways of looking at problems and opportunities.

Innovation is the ability to apply creative solutions to those problems and opportunities in order to enhance peoples lives or to enrich society.

Entrepreneurship = creativity + innovation











Creativity is the ability to develop new ideas and to discover new ways of looking at problems and opportunities.

Innovation is the ability to apply creative solutions to those problems and opportunities in order to enhance peoples lives or to enrich society.

Entrepreneurship is the result of a disciplined, systematic process of applying creativity and innovation to needs and opportunities in the marketplace.

Entrepreneurs are those who marry their creative ideas with the purposeful action and structure of a business.


Researchers believe that entrepreneurs succeed by thinking and doing new things or old things in new ways.






The change that entrepreneurs bring about is through creativity and innovation. Therefore, it is not surprising to see that entrepreneurs are among the more creative and innovative players of organizational change.

Creativity requires someone (like an entrepreneur) to add value in the marketplace through the innovation process.

From the idea generation to the successful product development and launch, innovation is the seed-bed for change. Charged with the coordination of the innovation process are the entrepreneurs.

It is the job of the entrepreneurs to be creative in identifying the gap in the market and innovate a product to fill this gap.




Top 15+ Richest Nigerian Entrepreneurs – some did not attend University

1.Late Alhaji Alhassan Dantata Kolanut trader. He was the wealthiest man in West Africa during his time. He started the Dantata dynasty and his descendants are some of the richest people in Nigeria (Dangote / Dantata family).

2.Olorogun Michael Ibru founder of theIbru Organizationand head of one of the richest families in Nigeria.

3.Orji Uzor Kalu billionaire founder ofSlok Group. He was rusticated from university for his participation in a student protest. Though he was later granted Amnesty by the school authority, he rejected it and chose to become an entrepreneur.

4.High Chief Olu Benson Lulu Briggs silent billionaire founder ofMoni Pulo.

5.Femi Otedola Chairman ofForte Oil, SeaForce, etc (largest diesel importer in Nigeria, also owns the largest fleet of ships).

6.Rasaq Okoya founder ofEleganza Group. Did not attend university

7.Cosmos Maduka founder of Coscharis Group (sole distributor of BMW vehicles in West Africa), dropped out of elementary school

8.Cletus Madubugwu Ibeto founder of the Ibeto Group (Petrochemicals, Cement manufacturing)



9.Innocent Ifediaso Chukwuma Founder ofInnoson Group, manufacturers of IVM motors and Innoson Plastics.

10.Sir Tony Ezenna CEO ofOrange Drugs, Inherited a patent shop from his father and grew it into a conglomerate.

11.Vincent Obianodo founder,The Young Shall Grow Motors(the largest transport company in Nigeria), RockView Hotels.

12.Emmanuel Isichei Ugochukwo OjeiNuel Ojei Holdings LTD(Sole distributor of Mazda, Nuel Autos, Emo Oil). Did not attend university

13.Ladi Delano CEO of Bakrie Delano, (a $1billion investment firm). Did not attend high institution

14.Bode Akindele (Modandola Group). Did not attend high institution.

15.Michael Collins Ifeanyi Enebeli Ajereh(aka Don Jazzy) famous music producer and co-founder of defunctMoHits Records. Now CEO ofMarvin Records. Dropped out of Ambrose Ali University Ekpoma after his first year.

16.Mrs Folorunsho Alakija (Famfa Oil) Richest woman in Africa, did not attend university.



















Steps in the Entrepreneurial Process


Concept Development












Steps in the Entrepreneurial Process

Discovery: The stage in which the entrepreneur generates ideas, recognizes opportunities, and studies the market

An idea is a concept for a product or service that does not exist or is not currently available in a market niche. It may be a brand-new concept or an improvement of a current product or service.

In contrast, an opportunity is an idea for a new product or service with a market that is willing to pay for that product or service so that it can form the basis of a profitable business

Remember Creativity and Creative Thinking









Steps in the Entrepreneurial Process



An opportunity has four essential qualities









Steps in the Entrepreneurial Process


Three Ways to Identify an Opportunity



Food/Fruits, Power Supply/Energy Issues


Alternative Fuel etc.










Steps in the Entrepreneurial Process



In addition

Consider consumer needs and wants

Conduct Surveys and questionnaires test the market

Study demographics/Market research




Steps in the Entrepreneurial Process


2. Concept Development:

Develop a business plan: a detailed proposal describing the business idea

Clearly set out your –


Mission Statement

Executive Summary





Steps in the Entrepreneurial Process


Important Components of Business Plan Executive Summary Mission Company Overview Product The Market Marketing plan Competition/competitors Risk/Opportunity Employees Management Capital Requirements Conclusion



Concept Development


Choose business location

Will a patent or trademark be required?

Atrademarkis a word, phrase, symbol or design, or a combination of words, phrases, symbols or designs, that identifies and distinguishes the source of the goods of one party from those of others

Acopyrightprotects works of authorship, such as writings, music, and works of art that have been tangibly expressed.

A patent for an invention is the grant of a property right to the inventor, issued by the Patent and Trademark Office




Steps in the Entrepreneurial Process

3. Resourcing: The stage in which the entrepreneur identifies and acquires the financial, human, and capital resources needed for the venture startup, etc.


Start-up resources





Identify potential investors

Apply for loans, grants and assistance

Hire employees






4. Actualization: The stage in which the entrepreneur operates the business and utilizes resources to achieve its goals/objectives.

Steps in the Entrepreneurial Process




Steps in the Entrepreneurial Process

5. Harvesting: The stage in which the entrepreneur decides on businesss future growth/ development, or demise

What is your 5-year or 10-year plan?

Consider adding locations or providing different products/services

Will you go public?





You are collecting, reviewing, and interpreting surveys you distributed last week about your new business idea. What stage of the entrepreneurial process are you in?


Concept Development







2. You are currently seeking people and companies to invest in your business venture. What stage of the entrepreneurial process are you in?


Concept Development






3. What is an example of an activity for a business

person who is entering the harvesting stage of


Considering opening a second store

Gathering market research data about the product

Having a grand opening for the business

Seeking financial assistance from the Small Business Administration




4. Preparing a business plan for a new business, renting a building for the new store, and copyrighting the website for the new business are all classified as which stage of the entrepreneurial process?


Concept Development





5. Offering shares of stock to public investors and planning goals for the business during the next

five years are examples of activities in which stage of the entrepreneurial process?


Concept Development







Thank You

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