CBSE BoardEnglish MediumSTD 12 CommerceEntrepreneurshipEntrepreneurial Opportunity4 Marks
Question
Explain creative process.
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Answer
Creativity is the first step in the process of innovation, which provides the entrepreneurs stimulus for opportunity discovery and creation of new venture.The creative process involves five steps, which are as follows:
Idea germination: It is the seeding stage where the ideas grow and the entrepreneur recognises the opportunity. Idea germination can take place due to interest and curiosity of the entrepreneur. It can also be due to specific area of study or problems.
Preparation: on the basis of idea germination, the entrepreneur starts looking for a E solution to implement the idea. For this, he takes up market research to check for the future potential of the new product or service.
Incubation: This is the subconscious assimilation, i.e. the absorption of new ideas into an existing cognitive structure. In this stage, he/ she understands the pros and cons of manufacturing the product before he had launched it.
Illumination: The idea re-surfaces in a realistic way and the entrepreneur comes up with viable plan. To give it a practical shape, he/ she arranges for various resources.
Verification: This is also known as the validation or testing stage. This is where the idea is verified to prove that it is of value. This is the most difficult phase as the obstacles begin to appear at this stage.
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