M-Lec 2: Entrepreneurial Skills: Problem-Solving, Innovation, & Creativity

Problem

A matter or situation regarded as unwelcome or harmful and need to dealt or solve and overcome.

Problem-Solving

A systematic process of identifying an issue, analyzing its root causes, generating, evaluating an implementing solution.

Define the Problem

Step 1 out of 6. This step is where the entrepreneur defines the problem they witness. They determine the root cause of the problem and how does this affect his business.

Gather Information

Step 2 out of 6. This step is where the entrepreneur collects valuable insights in relation to the problem.

Identify Various Solutions

Step 3 out of 6. Based on the information gathered, this is where the entrepreneurs creates solutions to put the problem to an end.

Evaluate alternatives & select the best option

Step 4 out of 6. This is where the entrepreneur carefully sees if the solution would really solve the problem. They’ll filter those until it found the one and only solution.

Take action

Step 5 out of 6. With the selected option, they execute it.

Evauate the Outcome

Step 6 out of 6. This is where the entrepreneur evaluates if the outcome was able to satisfy expected outcomes or may need adjustments or retracing to previous steps.

Communicate

A problem solving skill where the entrepreneurs are clear, confident, and always listening to other people.

Critical Thinking

A problem solving skill that allows the entrepreneur to think logically and make a well-reasoned decision.

Creative Thinking

A problem solving skill where the entrepreneur utilizes its creative juice and think outside the box to create solutions.

Flexibility

A problem solving skill where the entrepreneur must adapt solutions as needed.

Creative Thinking

Looking at something in a new perspective or thinking out of the box.

Creativity

Unleashing the potential of the mind to conceive new ideas.

Preparation

First phase in creative thinking where the thinker formulates the problems and collects the facts and materials considered necessary for finding new solutions.

Incubation

Second phase of creative thinking where some ideas may fade due to interference with the solution.

Illumnination

Third phase of creative thinking where creative ideas occur suddenly and the obscure thing becomes clear.

Eureka

Known as “aha!” moment. Its a sudden, clear understanidng of a problem or concept, often experienced as flash of insight.

Verification

Fourth phase of creative thinking where you evaluate the idea or solution if it is correct, appropriate, or effective.

Execution

Fifth phase of creative thinking where the best of the best idea or solution becomes a reality through doing.

Brainstorm

Refers to the individual or group reflecting on a certain subject and coming up with several ideas and thoughts.

White Hat

Represents “Facts”. You look for available data or information, analyze past trends, and learn from it. You look for gaps in your knowledge and try to fill them or take account.

Red Hat

Represents “Feelings”. You look at problems using your intuition, gut reaction, and emotion. You think of how others may react emotionally and try to understand the responses of people who do not fully know your reasoning.

Black Hat

Represents “Judgement” where you look at decision’s potential negative outcomes with caution and defense.

Yellow Hat

Represents “Positivity” where you have a optimistic viewpoint that helps see all benefits of the decision and the value on it. Even when everything looks gloomy and difficult, you keep going.

Green Hat

Represents “Creativity” where you develop creative solutions to a problem. A freewheeling way of thinking, in which there is little criticism of ideas.

Blue Hat

Represents “Analysis” where it is used by a facilitator to manage the thinking process, set the agenda, define the problem, determine the order of other hats, and summarize conclusions and next steps.

Innovation

Process of making changes to something established by introducing something new that adds value to customers.

Invention

Creating something new that has never existed before, novel, and without precedent.

Generation of Ideas

First phase of innovation where ideas are formed through brainstorming from different groups and individuals in the company. All ideas are welcomed but fewer will make it from the filtration process.

Choice of Best Ideas

Second phase of innovation where a few ideas remained will be evaluated and progressed into a concept.

Implementation

Third phase of innovation where the idea for a new product or service be formalized to the extent that some questions such as the size of the potential market and the best way the new product or service can be designed will be considered.