ACCTG 1 Lecture Notes - Lecture 8: Numbers Game, Pest Analysis, Blue Ocean Strategy
Document Summary
Innovation is the prime tool entrepreneurs use to create opportunity. Creativity is used to seek out business opportunities, finding unmet needs in the marketplace or finding innovative ways of meeting these needs: all other quadrant than 4 fail to achieve their full economic or commercial potential. In quadrant 3 there is a firm struggling with too many wasted ideas n quadrant 2 there is a firm that lacks creativity but can at least copy and perhaps improve on the creative inventions coming from other firms. Firms in quadrant 1, lacking both creativity and entrepreneurship, are certain never to grow and indeed their very survival may be questioned. People are inherently creative but most of us stifle it because we find questioning leads to change and change is threatening. Blocks and barriers that keep us from being creative: The belief that there is only one solution. The tendency to be practical and logical in looking for that solution.
