Week 4 (KET 120009)

In week 4, I learned that it is important to have creative ideas in business. We have to think creatively to built a business plan which is attractive to people and would work successfully.

The process of creativity is through:

• Reading, attending workshops to gain knowledge
• Incubator is where you generate your knowledge to ideas
• Ideas! 
• Assess & Implement is to test whether your idea is good (how? exp: Cost Benefit Analysis) 

Where do you start?
Firstly, look out for a problem. Try to think of various creative solution to it, then find opportunities to built your business. These should be in your mind,

• Be objectives oriented, aim for a goal
• Dare to try new object
• Always open to criticism, then only you can ask how can you improve 
• Responsibilities
• Have good self control
• Objective rational
• Prepare for determined risk (exp: Inflation)

Generating great ideas? --- Brainstorming!

1. Implement ->  Define a problem; Open minded / be creative; Identify solution; Transform (DO IT!)
2. Mind mapping-> Start your idea centrally, then from there develop as many ideas, lastly choose the idea you think is the best among all
3. Nominal Grouping-> Discuss and share your ideas with members, and the steps to achieve. All members could then vote to decide the best idea.

Types of Innovation

1. Invention-> create something new
2. Expansion-> Add on to something that has already exist, and form a new business
3. Duplicate-> Copy & add on new functions to an item/ product
4. Integration-> make combinations of different objects (exp: computer + technology = internet)

So, I believe we can be creative in many ways, but most importantly is to trust your own instinct, whether the idea is good enough.

HON CHIEW EE 

KET 120009