Entrepreneurial Opportunity — Entrepreneurship STD 12 Commerce — Question

Creativity means bring something new into existence. Creativity is the ability. Creativity is a process leads to evolution of idea. Those ideas are further enhanced and developed by the entrepreneurs. It consists of five stages:

Idea Germination:

1. It is the first stage or seeding stage of new idea.
2. In this stage an entrepreneur recognises that an opportunity exists in an environment.
3. The first stage takes a shape only when an entrepreneur shows an interest and curiosity according to which opportunity is explored and exploited to its best potential.
4. Creative idea germinates on the basis of needs and problems of people and according to the area of study.

For example: Mansukhbhai Prajapati, who thought of a non-stick pan made from clay and a clay refrigerator that works without electricity. He wanted to explore the idea of making the refrigerator which will be eco-friendly. He conceived this idea in 2001, but the final product could take shape only in 2004.
Preparation:

1. More interest and curiosity, the need is adjudged by the entrepreneur and he starts looking for the answer to implement the idea.
2. Again market research is to be conducted, if the idea is to launch a new product or service.
3. Market research helps an entrepreneur to foresee the future of the product. For example, in the aforesaid story of Mansukhbhai since his wife could not afford to buy a non-stick TAVA (pan). Mansukhbhai’s brain stormed immediately that, not only his wife but other housewives are also in need of a non-stick-TAVA. And he decided to go ahead.

Incubation:

1. This is the subconscious assimilation of information.
2. It is also considered as the transition period (Change of one stage to another stage).
3. The entrepreneur starts thinking about the idea, imaginating and thinking about implementation in his sub-conscious mind.

For example: Manshukhbhai went through the process of studying the pros and cons of manufacturing the product before he had launched it.
Illumination:

In this period of illumination the idea re-surfaces in realistic way and entrepreneur comes out with viable plan to give practical shape by collecting raw-material, arranging funds, policy-making for the implementation of idea.

In this case of Mansukhbhai it was important to have enough of funds in hand to buy and keep in store enough raw-material.
Verification:

Also called the validation or testing stage. This is where the idea is verified to prove that it has value. This is the most difficult phase of creativity as obstacles begin to appear. This is the developing stage in which knowledge is developed into application.