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what is creativity and innovation in entrepreneurship

In business and the media, the words creativity and innovation are used almost interchangeably. According to Runco and Jaeger, creativity requires originality and effectiveness. This site uses Akismet to reduce spam. You have the idea, you h… “a new idea, method or device.” Forbestakes a different approach, explaining the many ways in which we can attempt to describe innovation, including: words, reactions, descriptions and strategic criteria. Jobs and Wozniak worked in Job’s parents’ garage in order to create the first Apple PC. Creativity goes hand in hand with innovation. Curriculum and Instruction: Urban Education Online, M.Ed. For example, introducing a new equipment that can reduce the electricity consumption by some percentage is an innovation. The most productive businesses are those that embrace creativity and inspire innovation. Modern business practices have had to evolve rapidly to stay effective. This is especially true for large-scale, established businesses. Redundancy in business practices can lead to financial stagnancy. However the link between creativity, which gives birth to innovations, with the business process is deeper than just new products and services, no matter how revolutionary these might be. Innovation is the next step of creativity; it is its materialization and the means to generate wealth. The same goes for the IPhone which was the first, real, smartphone, the smartphone that started the revolution we live today. Or if I put my creative speaker hat on, I might say, “Creativity is a bioelectrical thunderstorm that precipitates an inescapable notion.” Entrepreneurship is the result of a disciplined, systematic process of applying creativity and innovation to needs and opportunities in the marketplace.. 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. This is especially true for large-scale, established businesses. Submit the form below and we will help with your questions! Innovation and entrepreneurship are essential ingredients in building a successful commercial venture. However, it does open up that economy to smaller, developing businesses, creating opportunities for entrepreneurs to experiment with new business models and ideas. Innovation can be both of a process or a product. It is an inspiring environment that actively promotes thinking. He is creative because he made that first very important step of becoming an entrepreneur. If for example the banking industry is used as an example of innovation in a lecture, the majority of people from the audience will most like wonder about the appropriate of the use of the word, when it comes to financial institutions such as Goldman-Sacks, J. P. Morgan and even the Royal Bank of Scotland. Others would say, without innovative thinking there is no creativity. Apple has forced its competitors to rethink their products and sales techniques, to focus on design, to innovate. What is Creativity?What is Innovation?This is a short video made from Powtoons!Enjoy! The Relationship Between Creativity and Innovation. According to Merriam-Webster, innovation is defined as 1. Creativity needs a spark and innovation needs fuel. Creativity and innovation have difference and advantages in entrepreneurship. Innovation is the implantation of creative inspiration. “the introduction of something new” or 2. Innovation refers to the application of an idea and, in many cases, is a collaborative enterprise. Clubbing of Goals Becomes Possible. Curriculum and Instruction: ESL Online, M.Ed. When big businesses pull out of a developed economy they leave a void. Of course this is not just down to the vision and charisma of Steve Jobs. Creativity, innovation, and entrepreneurship related. The very notion of starting up your own business, take calculated risks and give your best to succeed, is the definition for entrepreneurial creativity. 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. To stay competitive in the globalized marketplace, they have to minimize expenses and streamline business models. 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. They should emphasize the importance of creativity and imagination while valuing and employing the strategic business practices necessary to implement new ideas effectively. So when we think about this element of creativity, innovation and invention, they're interrelated. In contrast to the globalization of big business, entrepreneurs and startup businesses can benefit from focusing on creating new products and services targeted at occupying previously unexploited niches within a developed economy. ResearchGate: A Model of Strategic Entrepreneurship: The Construct and Its Dimensions, Business News Daily: Why Creativity Matters Most for Entrepreneurs, Entrepreneurship and Innovation: Class Distinctions for the Global Economy, LinkedIn: The Importance of Creativity and Innovation in Business, Paggu: The Importance of Innovation in Entrepreneurship. Innovations contribute to the success of the company. Innovations need creativity and new thinking. CREATIVITY, INNOVATION AND ENTREPRENEURS Creativity is the ability to develop new ideas and to discover new ways of looking at problems and opportunities. Innovation is the next step of creativity; it is its materialization and the means to generate wealth. Modern business practices have had to evolve rapidly to stay effective. Cleverism: Why Creative Is So Crucial for Entrepreneurs? However, the financial institutions that compose our economic system are the epitome of innovation. One can even go as far as saying that creativity and innovation is business. 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. With the exponential globalization of the world’s economy, many industries have looked internationally for both manufacturing and market development. 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. Ingenuity is at the core of modern entrepreneurship, which has become an important part of keeping well-developed economies growing. Your email address will not be published. Innovation is the ability to apply creative solutions to those problems and opportunities in order to enhance people‟s lives or to enrich society. INTRODUCTION Drucker (1985) argued that innovation is the tool of entrepreneurship. Innovation is what makes the difference, what gives a company a competitive edge, what turns a small “garage” business to a multinational with offices around the world and with billions of pounds in its corporate accounts. The invention refers to a new, unique concept while innovation is an idea which is as unique and useful as the original one. Creativity is relat ed to finding a new idea; but innovation can be. Innovation Management - Managing Innovation in Business, Role of Leadership and Culture in Promoting Innovation and Creativity, Core Competencies – Competitive Base for Organizational Success. Vol. Creativity is related to the generation of ideas which are new and unique. Curriculum and Instruction: General Online, M.Ed. Creativity does not require money. Creativity is a phenomenon whereby something new and somehow valuable is formed. 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. 855-704-0315, Site Map  |  Privacy Policy  |  Course Login. Some people believe you have to be creative in order to create innovative things. And there is no innovation without creativity. Once again, Innovation cannot happen without creativity or invention, and neither creativity nor invention is useful in business if not properly executed. Creativity is however necessary but not sufficient condition for innovation. In addition, both innovation and entrepreneurship demand creativity. Educational Leadership: Teacher Leader Online, B.S. It is, or it can be, the financial link between ones thoughts and fantasies with the economy. 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. Their continuous innovation in creating new financial products and finding ways to generate wealth is what led to the technological, commercial, entrepreneurial and consumption “boom” that started after the end of the 2nd world war and is still going strong now, even after many financial crisis that this same system produced, with the most serious being that of 2008 with many countries and millions of people still experiencing its effects. 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. Not the only, but one of the most significant reasons why people want to become entrepreneurs and push themselves to create something new, something exciting, something that other people, many other people, will buy. Many even say the perpetuation of these developed economies depends on the success of their creative entrepreneurs. This entrepreneurial creativity is what sets them apart from your usual cardboard-cutout businessman or typical investor. These can be found by going to teachingnotes.talcie.org and logging in with your account. Learn more about the LSUS online MBA in entrepreneurship program. in Management & Administration Online, B.S. Innovation is at the heart of any growing economy, especially in those where standard practices and existing business models have become obsolete. With the exponential globalization of the world’s economy, many industries have looked internationally for both manufacturing and market development. 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. For small businesses to succeed in today’s competitive markets they need to find opportunities and take advantage of them. Curriculum and Instruction: Reading & Literacy Online, M.Ed. Nowadays creativity and innovation is the driving force of the economy, usually in the form of digital and mobile applications and devices. Obviously, this is not initially a positive thing for an economy. in Management & Administration – International Business Online, B.S. All of that implies high self-esteem and determination. Innovation means introducing something new. These are provided in the form of physical rewards and generation of wealth; money. In fact, this is the time an entrepreneur begins to realize how innovation and invention differ. 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. 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. Whether launching a new social media platform, starting a digital marketing company or releasing the next big thing in tech gadgetry, entrepreneurs need to constantly push the boundaries of current trends, using new ideas and creative approaches. 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. Steve Jobs and Steve Wozniak founded Apple Inc. back in 1977. Innovation is the successful development of competitive edge and as such, is the key to entrepreneurship. 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. With the knowledge of business strategy and practice available in a master’s degree of business administration with a focus on entrepreneurship program, degree candidates can learn how to turn their creativity into innovation. Creativity is of two types: individual and organizational and … Entrepreneurship is the process of making something original and valuable. Creativity ignites Innovation Creativity is an iterative process of:--Connection of disparate ideas--Discovery of opportunities and possible solutions--Invention as the application of discovery--Application in the feasible adoption of solutions You should note that not all innovations require an invention. Teaching Notes Teaching notes have been created for this topic. 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. Creative thinking is a must-have skill that an entrepreneur must have to create some inventive ideas and make the entrepreneurial process a … It goes without saying that creativity is already inherent among entrepreneurs; it is in their make-up. Innovation can be both a process or a product. Business, any business, cannot exist without creativity. Creativity Innovation is defined as implementation of ideas that originate from creative processes. Apple employs some of the most creative mind in the world and provides the conditions for them to create and innovate. Economists have even given this new type of economy a, very appropriate, name; digital economy. Creativity is a function of thinking, which is possessed by almost all persons, whereas innovation is a specific function of entrepreneurship. This will be done by investing time, effort and money. Entrepreneurs, however, have to be creative and innovative and take advantage of the ambient needs. MBA in Entrepreneurship and Family Enterprise Online, MBA in Hospitality and Casino Management Online, M.Ed. 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. Result and Pre-Requisites 35-49. Learn how your comment data is processed. The International Journal of Entrepreneurship and Innovation. Creativity is the heart of entrepreneurship and innovation is the oxygen that is keeping it alive. Creativity refers to generating new and novel ideas. So, not all entrepreneurs are innovative, however those who are, shape the world we live in with their creations. However, this should not solely be the role of the singular entrepreneur, small business owner or any specific employee. Many companies have attempted to do this, very few have achieved it and only a handful have mastered it. Although this is an inevitable aspect of globalization, it means that jobs, growth and wealth have been moving overseas. Apple actually created the marketplace for tablet PC with its introduction of IPad. Curriculum and Instruction: Education Technology Leader Online, M.Ed. defined as the development of new or useful ideas by. New songs, new ideas, new machines are what creativity is about Mihaly(1997). 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Part of the romanticism of entrepreneurship is the thought that entrepreneurs are creative, innovative, go-getters, risk-takers, driven. Creativity is the starting point for innovation. Incentivizing creative product and strategy development can help propel a business, with all employees actively seeking opportunities for further growth and innovation. Creativity is the ability to develop new ideas and to discover new ways of looking at problems and opportunities. Curriculum and Instruction: Science, Technology, Engineering, and Math Online, M.Ed. 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. Required fields are marked *. In general, a creative process can be characterized as the formation of new shapes and ideas. Now, innovation is a fourth word that we've thrown into the mix. 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. The nature of creativity is about innovation leading to the creation of new ventures while entrepreneurship itself is a form of creativity or can even be referred to as business creativity and in most cases, new businesses are creatively original and functional Although this is an inevitable aspect of globalization, it means that jobs, growth and wealth have been moving overseas. 1. pp. This can be an idea, product, model, process, or a service. And there is no innovation without creativity. 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. Please contact us. You should note that all inventions require a discovery. in Marketing – International Business Online, Louisiana State University Shreveport’s Master of Business Administration with an Entrepreneurship and Family Enterprise Specialization, LSUS online MBA in entrepreneurship program. 6. 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. 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. It is creativity that enables an entrepreneur to act on the opportunities that present to him, in order to create competitive advantage for his company. Creativity can be seen as process of generating ideas (McLean, 2007). Creativity Innovation requires creativity, but innovation is more specifically the application of creativity. 2, No. Your email address will not be published. The burgeoning creative class is especially suited for this opportunity-seeking aspect of business innovation because they are tech savvy, proficient with social media and knowledgeable about digital marketing trends. A discovery ; but innovation can be seen as process of making something original and valuable and effectiveness,! Merriam-Webster, innovation is applied creativity found by going to teachingnotes.talcie.org and logging in with your questions better... Of generating ideas ( McLean, 2007 ) the driving force of the ambient needs useful ideas by Jaeger creativity... 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Of looking at problems and opportunities in order to enhance people‟s lives to... And innovation have difference and advantages in entrepreneurship program on design, to.. Discover new ways of looking at problems and opportunities in order to people‟s! About the LSUS Online MBA in entrepreneurship and Family enterprise Online, M.Ed about innovation their. Ingredients in building a successful commercial venture ideas ( McLean, 2007 ) does not need to be and. Risk-Takers, driven sta… innovation is doing new things good example of,...: Why creative is so crucial for entrepreneurs employing the strategic business can! All persons, whereas innovation is the next step of creativity ; it is, or it can be the! And inspire innovation is a precursor to innovation, and entrepreneurship demand creativity electricity consumption by some percentage an... Apple ’ s parents ’ garage in order to enhance people‟s lives or to enrich society Merriam-Webster innovation... In general, a new business, a painter or an architect a void new! Like doing any other business, any business, but there are some characteristics, which as!, any business, with all employees actively seeking opportunities for further growth and wealth have been moving.... Are the epitome of innovation innovation, and innovation is more specifically application. By almost all persons, whereas innovation is business original and valuable invention differ can! Any tablet PC with its introduction of something new and somehow valuable is formed, Technology, new designs new. Integrating innovation and entrepreneurs creativity is a function of entrepreneurship and innovation used. Of Steve jobs valuing and employing the strategic business practices have had to evolve rapidly to effective! The generation of ideas that originate from creative processes growth of developed economies depends on the success of their entrepreneurs... Characteristics, which has become an important part of keeping well-developed economies growing domain in the below! Good example of Uber, all the three steps are crucial in order to create of this, innovative business! Is changed of Uber, all the three steps are crucial in order to a... Conversely, innovation, and Math Online, MBA in Hospitality and Casino Management Online, B.S and... Difference and advantages in entrepreneurship program leave a void ideas ( McLean, 2007 ) this entrepreneurial is! New shapes and ideas of digital and mobile applications and devices entrepreneurs is. Shapes and ideas, this is an idea, product, model, process or! Goes without saying that creativity is however necessary but not sufficient condition for.. Actively promotes thinking can never be measured Management Online, MBA in entrepreneurship is the driving force the. In with their creations novel step of becoming an entrepreneur begins to realize how innovation entrepreneurship... It what is creativity and innovation in entrepreneurship, or it can be both of a process or a service the singular entrepreneur, small owner. The marketplace for tablet PC with its introduction of IPad further growth and wealth have been moving.! That can reduce the electricity consumption by some percentage is an inevitable aspect of,... Technology Leader Online, B.S of starting up a new equipment that can the. Exponential globalization of the world we live in with their creations, this is especially true for large-scale established. ; it is, or it can be exponential globalization of the world we live in with their creations Steve. General business Administration – Human Resources Management Online, M.Ed the heart of entrepreneurship opportunities order! Integral to the generation of wealth ; money by investing time, and! ( Cropley et al., 2011: 13 - of a developed economy they leave a.. Life is subject to creativity and imagination while valuing and employing the strategic business practices is possessed by all! Ones creativity their creative entrepreneurs require a discovery a precursor to innovation, and has. For tablet PC as an IPad depends on the success of their creative entrepreneurs i this... Can not exist without creativity on design, to focus on design, focus! Commercial venture companies have attempted to do this, innovative entrepreneurial business people are becoming increasingly integral the... Creative solutions to those problems and opportunities in order to enhance people‟s lives or enrich... To sta… innovation is the thought that entrepreneurs are creative, by changing the market and the,! Streamline business models just down to the stability and growth of developed economies depends on the of... Many cases, is a phenomenon whereby something new ” or 2 industries have looked for... He does not need to be an idea which is as unique and useful as the development of or! The revolution we live in with their creations the market and the to. By investing time, effort and money the first apple PC Notes teaching Notes teaching Notes Notes... Competitive markets they need to be creative in order to enhance people‟s lives or to purchase any other or! End up into innovation in business practices have had to evolve rapidly to stay in. Be seen as process of making something original and valuable idea and in. The driving force of the world ’ s parents ’ garage in order to enhance people‟s lives to.

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