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December 12, 2020

what is creativity and innovation in entrepreneurship

New songs, new ideas, new machines are what creativity is about Mihaly(1997). How Innovation Contributes to Competitive Advantage? Many even say the perpetuation of these developed economies depends on the success of their creative entrepreneurs. However, it does open up that economy to smaller, developing businesses, creating opportunities for entrepreneurs to experiment with new business models and ideas. Although some consider the advantage-seeking behaviors of large companies as “creative” solutions to modern problems, these behaviors still prioritize the bottom-line: established products and services and reiterations of old business models. Business, innovation and creativity are interlinked terms. INTRODUCTION Drucker (1985) argued that innovation is the tool of entrepreneurship. Cleverism: Why Creative Is So Crucial for Entrepreneurs? Curriculum and Instruction: Reading & Literacy Online, M.Ed. They keep coming up with ideas and do not settle until they come up with multiple solutions. All of that implies high self-esteem and determination. Your email address will not be published. CREATIVITY, INNOVATION AND ENTREPRENEURS Creativity is the ability to develop new ideas and to discover new ways of looking at problems and opportunities. Innovations need creativity and new thinking. In general, a creative process can be characterized as the formation of new shapes and ideas. Creativity Creativity is of two types: individual and organizational and … The invention refers to a new, unique concept while innovation is an idea which is as unique and useful as the original one. Entrepreneurship is the result of a disciplined, systematic process of applying creativity and innovation to needs and opportunities in the marketplace.. His company does not need to be about revolutionary technology, new designs or new products. So when we think about this element of creativity, innovation and invention, they're interrelated. These are provided in the form of physical rewards and generation of wealth; money. These can be found by going to teachingnotes.talcie.org and logging in with your account. Creativity is however necessary but not sufficient condition for innovation. The combination of creativity and an entrepreneurial spirit in the person of the entrepreneur will inevitably end up into innovation in business and value-creation. Innovation is at the heart of any growing economy, especially in those where standard practices and existing business models have become obsolete. When big businesses pull out of a developed economy they leave a void. Once again, Innovation cannot happen without creativity or invention, and neither creativity nor invention is useful in business if not properly executed. This site uses Akismet to reduce spam. I understand this consent is not a condition to attend LSUS or to purchase any other goods or services. Creativity is a process by which a symbolic domain in the culture is changed. Successful entrepreneurship requires a focus on creativity, integrating innovation and strategic business practices. Nowadays creativity and innovation is the driving force of the economy, usually in the form of digital and mobile applications and devices. Entrepreneurs, however, have to be creative and innovative and take advantage of the ambient needs. Apple has made other companies creative, by changing the market and the consumers. Your email address will not be published. This will be done by investing time, effort and money. The starting up of a business is creation. Despite the differences in definitions almost all researchers since Schumpeter agree on one thing- entrepreneurship is about change in some way, it is about innovation. You should note that not all innovations require an invention. Or if I put my creative speaker hat on, I might say, “Creativity is a bioelectrical thunderstorm that precipitates an inescapable notion.” This is especially true for large-scale, established businesses. in Finance – Financial Analysis Online, B.S. Creativity is the heart of entrepreneurship and innovation is the oxygen that is keeping it alive. Creativity is an imaginative process as opposed to innovation is a productive process. Part of the romanticism of entrepreneurship is the thought that entrepreneurs are creative, innovative, go-getters, risk-takers, driven. Teaching Notes Teaching notes have been created for this topic. This is especially true for large-scale, established businesses. In general, entrepreneurs excel at recognizing and pursuing opportunities, whereas large, established companies excel at making use of opportunities and appropriating their value. Modern business practices have had to evolve rapidly to stay effective. However, Apple has also contributed in the business creativity and innovation field its influence, or the influence its huge success has, to hundreds of other companies, most of them its competitors. And there is no innovation without creativity. To sta… Of course this is not just down to the vision and charisma of Steve Jobs. Many people will refer to any tablet PC as an IPad. CREATIVITY, INNOVATION AND ENTREPRENEURS Creativity is thinking new things, and innovation is doing new things. According to Merriam-Webster, innovation is defined as 1. Apple is a company that its actions reverberate in the entire business and consuming world, as well as in the technological developments of our era. The Relationship Between Creativity and Innovation. Creativity can be seen as process of generating ideas (McLean, 2007). Please contact us. Creativity is the starting point for innovation. Submit the form below and we will help with your questions! Required fields are marked *. Importance of Creativity and Innovation in Entrepreneurship, Case Study of Apple: Strategic Enablers and Barriers to Innovation, The Impact of Innovative Culture on Organizations, Organizational Success through Creativity and Innovation. Creativity is relat ed to finding a new idea; but innovation can be. Ingenuity is at the core of modern entrepreneurship, which has become an important part of keeping well-developed economies growing. 855-704-0315, Site Map  |  Privacy Policy  |  Course Login. Creativity is related to the generation of ideas which are new and unique. It goes without saying that creativity is already inherent among entrepreneurs; it is in their make-up. ©2020 Louisiana State University Shreveport, One University Place, Shreveport, LA 71115  |  855-704-0315 They also provide a platform on which small businesses, utilizing the benefits of the new technologies and the new digital marketplace, can compete even with multinational corporations in a global marketplace. It is, or it can be, the financial link between ones thoughts and fantasies with the economy. Creativity and innovation in entrepreneurship is the ability and urges to create. Apple employees are encouraged to think “outside the box”, to speak up and always share their thoughts, opinions, as well as projects and ideas with their colleagues. Creativity, realized through innovation is what drives our economy, is what capitalism is built on, is what creates companies like Apple, Microsoft, and Dyson and Goldman-Sacks. Creativity does not require money. By submitting this form, I am providing my digital signature agreeing that Louisiana State University Shreveport (LSUS) may email me or contact me regarding educational services by telephone and/or text message utilizing automated technology or a pre-recorded message at the telephone number(s) provided above. Redundancy in business practices can lead to financial stagnancy. individuals, teams and organisations (Cropley et al ., 2011: 13 -. Economists have even given this new type of economy a, very appropriate, name; digital economy. Entrepreneurship may play a role in each of those, or these all may come together, to play a role in some entrepreneurial venture. Nowadays, Apple employs more than 73,000 people around the world, has its headquarters in a 130,000 square meters in Cupertino, California, USA and generates an annual turnover in excess of 156 billion US dollars. Some people believe you have to be creative in order to create innovative things. Obviously, this is not initially a positive thing for an economy. The new entrepreneur wants to be independent, to do what he enjoys and believes he is best in doing, to leave his mark, to create. Now, innovation is a fourth word that we've thrown into the mix. Innovation and entrepreneurship are essential ingredients in building a successful commercial venture. Imagination is essential to starting a business, whether coming up with exciting new products and services or using modern forms of target-market analysis and engagement. Apple Inc. is not just a huge, very successful, very profitable company; it is one of the very few companies in the world that successfully combines, promotes and excels in creativity, innovation and design. 6. Many companies have attempted to do this, very few have achieved it and only a handful have mastered it. The most productive businesses are those that embrace creativity and inspire innovation. Innovation Management - Managing Innovation in Business, Role of Leadership and Culture in Promoting Innovation and Creativity, Core Competencies – Competitive Base for Organizational Success. Creativity refers to generating new and novel ideas. Creativity goes hand in hand with innovation. Apple employs some of the most creative mind in the world and provides the conditions for them to create and innovate. And rightly so, as they provide incredible flexibility and utility to the users, improving their way of life and quality of life, and at the same time generating new jobs and money. in General Business Administration – International Business Online, B.S. With the exponential globalization of the world’s economy, many industries have looked internationally for both manufacturing and market development. Innovation means introducing something new. Money has been blamed for many things, and most of the times rightly so, however, together with an inherited ability and need for humans to be creative, it is the most common motive for business creativity and innovation. in Management & Administration – Human Resources Management Online, B.S. Creativity goes hand in hand with innovation. Innovation is the ability to apply creative solutions to those problems and opportunities in order to enhance people’s lives or to enrich society. Although this is an inevitable aspect of globalization, it means that jobs, growth and wealth have been moving overseas. Curriculum and Instruction: Urban Education Online, M.Ed. As large-scale industry has traditionally accounted for the majority of revenue in developed economies, the out-sourcing of their manufacturing and market distribution can reduce stability and growth in those economies. The image of Steve Jobs walking around the office barefooted, chatting with his employees about ideas he or they has is characteristic about the company culture. 35-49. In building nurseries, a small clinic, dentist, even a virtual reality game suits and more than twelve restaurants are but some of the benefits that Apple employees enjoy. This can be an idea, product, model, process, or a service. Its products are rapidly reaching legendary status, with their names being used, in many occasions, to define an entire market sector and not just a product. Products like the Ipad, the Iphone and the Ipod, combine the creativity and vision of a company, and of a very charismatic man, Steve Jobs, who sought to develop (create) new revolutionary products, with innovation of continuously updating and upgrading, introducing new and improved versions with design, aesthetically pleasing, trendy, fashionable devices that are more than a “mobile phone” or a “portable PC”, they are status enchanting, life-style items. So creativity and innovation are fundamental factors of wealth generation which is the cornerstone of our capitalistic economic system, which is the only applicable economic system in the world, as we speak. Apple actually created the marketplace for tablet PC with its introduction of IPad. Creativity and innovation have difference and advantages in entrepreneurship. What is Creativity?What is Innovation?This is a short video made from Powtoons!Enjoy! “the introduction of something new” or 2. Creativity is the novel step of being the first to identify that something might be possible in the first place. If is strange that when the word creativity is mentioned most people think of painters or sculptors or even photographers and when the word innovation is used they think of technological advances, like 3D TVs, and companies like Apple and Siemens. Innovation is the successful development of competitive edge and as such, is the key to entrepreneurship. Conversely, Innovation is related to introduce something better into the market. Creativity is a function of thinking, which is possessed by almost all persons, whereas innovation is a specific function of entrepreneurship. Creativity, in general, is a precursor to innovation, and Entrepreneurship has always been about innovation. Creativity can never be measured, but Innovation can be measured. Over time, entrepreneurship has become associated with creativity, the ability to develop something original, particularly an idea or a representation of an idea. While creativity is the ability to produce new and unique ideas, innovation is the implementation of that creativity – that’s the introduction of a new idea, solution, process, or product. Creativity in Entrepreneurship: Importance and Types: The major contributor to economic growth is the Entrepreneurship but there is a huge impact of creativity on it. For small businesses to succeed in today’s competitive markets they need to find opportunities and take advantage of them. Innovations contribute to the success of the company. Apple Inc. is nowadays considered the most innovative company in the world. The very notion of starting up your own business, take calculated risks and give your best to succeed, is the definition for entrepreneurial creativity. 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