Questions:
1.Evaluate the Concept of Entrepreneurship and its role in Social and Economic Development
2.Distinguish between Types and Forms of Enterprise activity.
The report argues over the importance and challenges in the field of innovation and creativity that the organisation faces. Creativity is the imagination that exists in the mind of an individual. Every person holds on the interpersonal skills that pop up only when certain unspecific activities have been quoted or in the situation of dilemma. Innovation stands firmly on the base of creativity, it is necessary for the entrepreneur to introduce the new things and accordingly make changes in the internal and external environment of the organisation. Innovation and creativity is needed in both interior and exterior environment so that balance gets maintained and simultaneous growth takes place. The relativity between them is that both the terms are interlinked with each other; creativity is the base of innovation. Innovation is not possible if creativity and newness is not added to it and creativity does not make sense if not added to the innovation as it proves to be the gist in the entrepreneurship (Serrat, 2017).
The report involves the importance of innovation and the role it plays within the organisation. Along with innovation the importance of creativity has also been mentioned. Since both innovation and creativity plays a vital role there are certain challenges that need to be fought of. For that sake challenges of innovation and creativity in context of entrepreneurship is developed. It could be concluded that both the challenges and importance need to be discussed so that relativity could be derived out and appropriate measures could be taken to repair the problems on the immediate notice by the employee and the manager.
Importance of creativity and innovation in entrepreneurship
For an economy to ensure the growth there is a need to have innovation. Innovation and modification is necessary for those businesses that are facing the downfall. For entrepreneurship innovation is the key. The entrepreneurs come up with the newness in market and setting up the trend to enhance consumer’s desire (Aranha, Garcia & Dos Santos, 2017). The innovation leads the business to a new level so that development can be made and growth is ensured. In order to gain the popularity and set the brand positioning the successful entrepreneurs have to implement new strategies and adopt certain new dimensions to excel in the particular field. For implementing innovation first of all the study of market has to be made so the niche market is targeted and segmentation took place in order to gain the expertization in every field and thereby establishing the better positioning of products and services in the market. The importance of innovation depicts that there should be certain new ways that need to be implemented to increase the value of the product. Also it is not always possible to invent and launch something new every time thus, modification could also be opted (Garcia, Leles & Romano, 2017). Entrepreneurship is not only about the newness and creativity. Also for setting up the new venture there is a need to have huge investment to make the business progress further. Finance is denoted as the blood of business because without blood body stops functioning similarly without the adequate availability of finance commencement of business will not be possible. Entrepreneur need to arrange the investment from various sources. They could opt for distributing shares and thereby delivering timely dividends to the shareholders, for this IPO has to be launched and essential requirements have to be fulfilled. Also there are different routes through which the business could enter into the new business era. The entrepreneur could change the practices occasionally also new technology should be adopted to cope up with the dynamic environment and accept eth challenge of learning new technology and finding out something creative which could be treated as the opportunity and weakness could be overcome from such an adaptability. The constant study of market has to be made which results in learning various new things and many times it happen that from a single product various by-products are invented which results in more profit than the actual one (Coulson-Thomas, 2017).
As discussed innovation is the key to the entrepreneurship and the key is derived out of creativity. Creativity is the generation of ideas after analysing the situation that is been carried out. It analyses and evaluated the external environment and accordingly takes the wise step. The managers and marketers keep a constant watch on competitors’ activity and thereby select the unique activity to stay ahead in the market (Liu, Gong, Zhou & Huang, 2017). Example Apple is known for its creativity and innovativeness in every product it launches. Though it too has the competitors but Apple proves to be the trend setter and establish the new benchmark for the competitors to achieve. Creativity is not only meant for introducing the new feature or new technique it is also used to solve the problems in the quirky manner. Creativity not only comes up with the product but also with the deeds (Reichert, 2017). Creativity depends upon the communication, the more person interact they exchange the better ideas which lead to the innovativeness and fusion of two minds always come up with something extra ordinary. The communication helps in solving problem quickly and even helps in building up the relations. Through mutual understanding the doubts are better clarified and differences are resolved in the positive manner (Noke & Mosey, 2017). Creativity plays a crucial role in implementing the hobbies and learning new things. It helps in developing the mind and push ups the hidden skills of an individual that need to come out for the development of person along with the up gradation of organisation. It assists in bringing the discipline within the organisation, the learning and knowledge is developed which increases the interest in the job and motivates the employees to work more enthusiastically and devote themselves more towards the work and organisational commitment gets increased resulting in employee engagement. For the creativity there is a need to conduct brainstorming session where the gems could be extracted as many people frankly share their ideas and opinions. They are free to suggest any idea and all the suggestions are duly respected so hesitation is also removed which results in easiness within the environment (McLuskie, 2017). Through creativity even the surplus in production takes place as people gain lot more knowledge and abilities are enhanced which change perspective of employees and even the managers to view the things accordingly. Through creativity the hidden potential of the employees are seen and new talent gets introduced that benefits the employees along with the organisation. Now only hard work and analytical skills do not work to gain the achievements there is a need to have the interpersonal skills and out of the box thinking is needed to attain the desired heights (Connelly & Zaccaro, 2017).
Key challenges to innovation and creativity
As discussed innovation is the base for the entrepreneurship and for the development innovation and creativity has to be there. Since everything comes up with a dual aspect therefor there are certain challenges as well that need to be studied. The challenges that are likely to appear is that innovation needs to have a set procedure that has to be followed but the thing that generally happens is Performa to implement the innovation is not specified and thus the appropriate application does not takes place (Miller & Breton-Miller, 2017). There should be the innovative rewards awarded to the employees to boost up the morale so that they come up with variety of ideas but such activities are not performed so the employees do not take the pain to make a thought over such process. With the inculcation of innovation the changes occurs and the employees need to cope up with these dynamism that is been taking place. Such a thing increases the load and the staffs has to learn new things every time the newness appears that brings lot of distraction and break the connectivity of work. Also there is high risk involved with every innovative technique that is inaugurated and organisations have to consider and measure the parameter of risk and take the further step accordingly (Biragila & Kadile, 2017). In innovation another challenge that appears is the focus is over internal factors and improvement of internal structure of organisation. The external environment get ignored at times and company is not able to cooperate with the exterior challenges and this is likely to create mismanagement when the internal changes are incorporated without having the knowledge in context to the external environment (Goodman & Dingli, 2017). Innovation is derived out of the creativity and the person cannot always be creative for that there is a need to hold the sessions and training to impart creativity and focus on the individual so that latent potential is recognised and to implement such training time, energy and cost investment is needed. For imparting the idea and share the opinion the hierarchy is followed and when the idea reaches to the management level it get manipulated to the high extent and also the time is consumed and seriousness of the topic is lost (Rick, 2017).
The challenges related to the creativity in entrepreneurship are lack of directions. For getting the better idea there is a need to have a focussed objective so that better ideas are developed and the mind get directions to move in a particular direction and it does not oscillate in various ways and extract out something irrelevant that might become the cause for adverse situation. Also creativity curbs when fear of loss or failure is there. When the fear gets into the mind than the freeness of thoughts get limited (Wright, Siegel & Mustar, 2017). The freshness is not developed and mind gets occupied with the tensions and unrest in the mind does not lead to deliver the creative thoughts. Another most common challenge that is generally faced by the employees and entrepreneurs is that there is a fear of getting criticised upon the ideas they suggest so they do not take chances to speak out their views and in such a case most of the intellect opinions are avoided that unknowingly become the cause of big loss. At times there occurs the situation that people do not take creative steps just because of the failures that took place in the past. Due to the adverse conditions that occur in past the employees loose courage to take a further step in the near future (Blundel, Lockett & Wang, 2017). They get collapsed and stop trying the next time with more efforts. Such people do not learn after they fail and get demotivated and this turn out to be the cons in context of creativity. These are the people that stay in their comfort zone and do not move a step ahead of their comfort zone. This sought of situation is known as Homeostasis where the potential and energy of person is lost and they do not pursue risk with the fear of failure without considering the positive point and the profitable situation that probably occurs (Cravenho, 2017). Another challenge that the entrepreneur faces in the creativity is that people might react in the passive manner where they follow their routine and never try to induce any sought of change in it. They do not introduce anything new in the daily routine thus the effect on performance could be seen. Entrepreneur who follow the blueprint which has been set could not progress much while following the similar pattern there is a need to implement certain twists and turn to make the work interesting and worth adding efforts to it (Brain Tracy, 2017).
Conclusion
In the essay entrepreneurial activities have been discussed which include the importance of innovation and creativity within the organisation. The definition of innovation and creativity has been given which states the level where the businesses require certain newness in the environment to encourage the growth and increase the pace of development. Thereafter the analysis has been made which quotes the importance of innovation and creativity. Innovation is needed so that the business could compete in the running market and set the trend proving to be unique. Innovation is the essence of business and without it the venture could not survive for the longer period of time. For every business there is a need to have certain changes also the employees need to be trained in such a manner that they are adaptable to such dynamism and count out the opportunity from such changes by accepting them in a positive manner and taking the challenge to convert the opportunity into the firm’s strength. The importance of creativity has also been elucidated which argues that the creativity is the base for innovation, without the creative mind new ideas could not be generated. Innovation is said to be the idea generation while creativity is the application of such idea and turning it out into the reality. The challenges of creativity and innovation has been quoted as well which depicts the level of adaptability and reward on suggesting the ideas should be given to the employees so that they get motivated. Training of resistance to change has to be given to employees so that they learn new things without getting frustrated and dual development takes place simultaneously.
References
Aranha, E.A., Garcia, N.A.P. and Dos Santos, P.H., 2017. Fostering Entrepreneurship, Creativity and Innovation in Cities. International Business Research, 10(4), p.92.
Biraglia, A. and Kadile, V., 2017. The role of entrepreneurial passion and creativity in developing entrepreneurial intentions: Insights from American homebrewers. Journal of Small Business Management, 55(1), pp.170-188.
Blundel, R., Lockett, N. and Wang, C., 2017. Exploring entrepreneurship. SAGE.
Brain Tracy, 2017, 6 obstacles to creative thinking and how to overcome them: Develop problem solving skills for business success, viewed on 10th November 2017, <https://www.briantracy.com/blog/business-success/6-obstacles-to-creative-thinking-and-how-to-overcome-them-develop-problem-solving-skills-for-business-success/>.
Connelly, S. and Zaccaro, S.J., 2017. 19. Leadership and creativity in military contexts. Handbook of Research on Leadership and Creativity, p.401.
Coulson-Thomas, C., 2017. Stimulating creativity, enabling innovation and supporting entrepreneurship. Management Services, 2017(Summer), pp.26-29.
Cravenho. A., 2017, Reasons why it is important for entrepreneurs to be creative, viewed on 10th November 2017, <https://blog.eonetwork.org/2015/04/reasons-why-it-is-important-for-entrepreneurs-to-be-creative/>.
Garcia, D.H., Leles, A.D. and Romano, R.R., 2017. Program Entrepreneurship and Innovation: Education as the Core of Innovation. In Advances in The Human Side of Service Engineering (pp. 235-244). Springer International Publishing.
Goodman, M. and Dingli, S.M., 2017. Creativity and Strategic Innovation Management: Directions for Future Value in Changing Times. Taylor & Francis.
Liu, D., Gong, Y., Zhou, J. and Huang, J.C., 2017. Human resource systems, employee creativity, and firm innovation: The moderating role of firm ownership. Academy of Management Journal, 60(3), pp.1164-1188.
McLuskie, P. and McLuskie, P., 2017. Innovation and Entrepreneurship. International Journal of Entrepreneurial Behavior & Research, 23(1), pp.159-162.
Miller, D. and Breton?Miller, L., 2017. Underdog Entrepreneurs: A Model of Challenge?Based Entrepreneurship. Entrepreneurship Theory and Practice, 41(1), pp.7-17.
Noke, H. and Mosey, S., 2017. 4 Entrepreneurial culture and leadership. Building an Entrepreneurial Organisation, p.47.
Reichert, A., 2017. The Management of Creativity and Innovation: Is It Possible and How?. In handbook of the management of creativity and innovation: Theory and Practice (pp. 155-173).
Serrat, O., 2017. Harnessing creativity and innovation in the workplace. In Knowledge Solutions (pp. 903-910). Springer Singapore.
Wright, M., Siegel, D.S. and Mustar, P., 2017. An emerging ecosystem for student start-ups. The Journal of Technology Transfer, pp.1-14.
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