APPLY INNOVATIVE THINKING TO DEVELOPMENT OF A SMALL BUSINESS

This program is aimed at giving the learners a fundamental understanding of the importance of innovation in business success. The learner will gain knowledge of specific techniques for releasing creativity in the development of a viable business venture.

Unit 1: Develop specific techniques for releasing creativity in developing ideas/opportunities.

• The concept and application of creativity are demonstrated through business-related activities.
• The difference between analytical and creative thinking is demonstrated with examples through problem-solving activities in a new venture creation context. 
• Barriers to creative thinking are identified with examples of their effect on creative thinking.
• Lateral thinking exercises are applied to generate new ideas. 

Unit 2: Determine the role of innovation in the development and growth of a new venture.

• The concept of innovation is described and discussed in relation to new venture creation. 
• Types of innovation are identified and explained with examples. 
• The impact of innovation on a new venture is explained with examples.
• The relationship between successful entrepreneurship and innovation is explained with examples.
• Factors that contribute to the development and growth of a new venture are identified and explained with examples.

Unit 3: Apply principles and practices of innovation to the development and growth of a new venture. 

• Innovative thinking is applied to generate new products that the business can make and/or new services it can provide for greater profitability and/or viability.
• Innovative thinking is applied to generate alternative ways the business can run its operations to cut costs and increase income.
• Innovative thinking is applied to generate ways in which the business can generate more employment opportunities without putting the business at risk.
• Innovate thinking is used to generate ways in which the skills needs of employees can be addressed without risking the venture. 
• Innovative thinking is applied to find ways to minimise the impact of opposition firms on the venture.