Which Of The Following Is Not A Creative Thinking Exercise Entrepreneurs Use To Generate Ideas?

Q. Which of the following is not a creative thinking exercise entrepreneurs use to generate ideas?

⬜Challenge The Usual
⬜Draw Idea Maps
⬜Think Backward
✅Judge Each And Every Idea As Realistic Or Not

Ans: Judging the approachability of an idea and determining its realisticness does not actually fall under the creative thinking process of Entrepreneurs.

For Entrepreneurs, judging an idea as being realistic or not is never an option. Creativity always finds ways of giving meaning to new things and bringing ideas to life.

Hence the perfect answer to “Which of the following is not a creative thinking exercise entrepreneurs use to generate ideas” is judging every idea as being realistic or not.

Keep reading till the end to find out more information on the same.

About Entrepreneurs

An individual who creates new businesses while bearing threats/risks and enjoying most of the accumulated rewards is known as an Entrepreneur.

The whole process of setting up such a business is referred to as Entrepreneurship.

These people (entrepreneurs) play a major role in any economy. They make use of their skills and form initiatives for anticipating the needs and bringing new ideas to the market.

Entrepreneurship Importance Of Entrepreneurship

Entrepreneurship is considered to be one of the most important resources that are categorized by economists as an integral part of production.

Entrepreneurs very commonly face a lot of obstacles when building up their companies. The three peak obstacles that people face are – hiring of talent, bureaucracy, and funding.

Even after all of these, many start-ups gain success in the market and become a leader in the niche in which they provide services/products.

Business Planning For Entrepreneurs

The process of business planning for an entrepreneur helps them identify the targets and goals that need to be accomplished. They also have to self-plan out the resources that are required for the implementation of a plan.

Guide To Creative Planning

Here’s a guide to an effective creative planning process that all Entrepreneurs should thoroughly regard:

Curating A Business Plan

Business planning for a startup does not have to be very complicated. You can start by describing your offered services and products in alignment with those of your competitors and something a bit more.

Have to put a unique value proposition that stands out amongst the other competitors who offer the same products and services as you.

You are also going to have to determine the costs of producing the services and products that are going to positively attract the customers.

Knowing Your Customer

It also becomes very crucial for the customers to get a grasp and gain perspective on who exactly their customers are.

Knowing the customers is going to effectively aid the entrepreneurs as that will grant a significant opportunity to target the apt market.

If you know the demographics of the customers then that is going to help you in communicating with your customer base better.

Studying the market is also going to let you know the weaknesses of your competitors and lets you capture those areas from them.

Required Skills For Success

The ability to envision the way you want your company to grow over the immediate next few years is very crucial.

These forms of long-range goals are going to aid you in determining the strategies and steps needed to reach your goals.

Moreover, if you have a basic knowledge about the concepts of finance then that is even going to help you prepare more logically.

As an entrepreneur, the person should have an understanding of all the functional areas of any business so that an accurate projection of the running costs can be determined.

Writing / Planning

Entrepreneurs do not always have an understanding of the whole process itself and its value. They just know that they should formulate a plan so they document it down for presenting it to the potential investors.

You must plan it out. It is going to help you in choosing the best path to reach your goals faster.

It is very important that you give every idea an equal chance by using your creativity.

Financial Calculations

Entrepreneurs very frequently underestimate the difficulty of launching a company. Gaining both the trust and attention of the potential customers takes some time. This often leads to the start-up capital being quickly depleted.

Hence, the entrepreneurs are advised to add 5-10% more capital to the overall startup budget as plan B.

Are You Fit To Be One?

Even though the scope and possibilities might look good, you still need to make sure that you are considering all of the possibilities and situations that being an Entrepreneur entails.

There are a lot of qualities that you would need to inculcate in you! For one, you are going to have to be very innovative and open-minded about things.

You are also going to have to possess leadership qualities if you are thinking of hiring people to help out with your business.

To Wrap It Up!

If you are thinking about becoming an Entrepreneur, then by all means go ahead with it but only after considering all of the possibilities and if you are ready to face it.

I hope you found the answer to “Which of the following is not a creative thinking exercise entrepreneurs use to generate ideas” useful. Thank you for reading up till here. I hope you found the information useful.

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