hello every1, would like to share what i learnt in my entrepreneurship class.

creativity is the generation of ideas that results in the improved efficiency or effectiveness of a system. while

innovation is the process by which entrepreneurs convert opportunities into marketable ideas.

                      here are some sources of innovative ideas;

                              

             TRENDS
Trends signal shifts in the current paradigm (or thinking) of the major population. Observing trends closely will grant an entrepreneur the ability to recognize a potential opportunity. Trends need to be observed in society, technology, economy, and government.
    UNEXPECTED OCCURRENCES
These are successes or failures that, because they were unanticipated or unplanned, often prove to be a major innovative surprise to everyone"

INCONGRUITIES

Incongruities occur when a gap or difference exists between expectations and reality. For example, when Fred Smith proposed overnight mail delivery, he was told, “If it were that profitable, the U.S. Post Office would be doing it.” It turned out Smith was right. An incongruity  existed between what Smith felt was needed and the way business was currently conducted; thus, he created FedEx
PROCESS NEEDS
These occur when an answer to a particular need is required. Venture capitalists often refer to these needs as “pain” that exists in the marketplace—the entrepreneur must recognize an innovative solution, or “painkiller.” Examples include the creation of new medical devices, health foods, pharmaceuticals, and time-saving innovations"
  INDUSTRY AND MARKET CHANGES
Continual shifts in the marketplace are caused by developments such as consumer attitudes, advancements in technology, and industry growth."

DEMOGRAPHIC CHANGES

These arise from trend changes in population, age, education, occupations, geographic locations, and similar factors. Demographic shifts are important and often provide new entrepreneurial opportunities. For example, as the average population age in Florida and Arizona has increased (due largely to the influx of retirees), land development, recreational, and health care industries all have profile.

PERCEPTUAL CHANGES

These are changes that occur in people’s interpretation of facts and concepts. Perceptual changes are intangible but meaningful. Perception can cause major shifts in ideas to take place. The current fitness craze, caused by the perceived need to be healthy and physically fit, has created a demand for both health foods and health facilities throughout the country. Another example is people’s desire to better use their personal time.

KNOWLEDGE-BASED CONCEPTS

These are the basis for the creation or development of something brand new. Inventions are knowledge based; they are the product of new thinking, new methods, and new knowledge. Such innovations often require the longest time period between initiation and market implentation because of the need for testing and modification.