The main aim of this report is to emphasize the role of the creativity and innovation in entrepreneur as it is vital for the business to have the creative thinking at the time of making innovation within the business. Entrepreneurship cannot be effective without imaginative thinking and it can come from the creative mind. This report is divided into two parts in which the first part of the report elaborates the importance of the creativity and innovation in entrepreneurship. On the other hand, the second part of this assignment is based on the new idea in which the food industry has been taken. The entrepreneurial process will be mentioned under this report which would be helpful to gain understanding about the step taken by entrepreneurs.
The role of the innovation in the entrepreneurship is vital as it is considered as the heart of any developing economy, particularly in those where existing models have become outdated. The financial stagnancy can be increased due to unemployment in the business practices. Entrepreneurship is the major process to innovate new things at the business level of individuals along with inspiring overall business-sector enlargement. It is required for the successful entrepreneurship to keep the focus on originality, incorporating innovation and deliberate business practices. Every sector of the entity is the subject matter of the creativity and innovation. It is factually strange that why the word creativity is linked with the thinking of sculptors, painters and photographers and in the reference to innovation, people start to think about the advancements of technology such as 3D TVs and companies such as Siemens, Toyota, Apple and many more that are actively engaged in innovation and technology amendments.
Creativity and innovation is the dynamic power of the economy, generally in the shape of digital and mobile applications and devices. People who have the latest technology phone can do anything via using their phones. Creativity is related to the innovation as it gives birth to innovations. It has been found that an entire idea comes from creativity (Gumusluoglu and Ilsev, 2009). Creativity is the spirit of entrepreneurship and innovation is the oxygen that is keeping it alive. It can be said that the creativity requires a spark whether innovation requires fuel (Baron and Tang, 2011). These all forms are given in the relation of the rewards and development of wealth. There is a number of countries that have attached to the attentiveness of entrepreneur to attain knowledge in order o use the outcomes and new information. It has been found that the UNICEF has settled the high value on the development of the SMEs not only in the terms of the advanced but also in transition and emerging market economies (Markovi?, Prodanovi? and Mutibari?, 2012). It has been analyzed that the contribution of government to the growth of the business is huge especially for SMEs for the purpose to decrease the challenges. It has been found in the context of the market economies that the major problems come under SMEs entailing the transition to the culture of entrepreneurship (Yusuf, 2009). It is required for the business to have a proper understanding regarding the acquisition of the business and management skills and technical awareness of the quality of the services as well as the products. The right connection of these attributions can be more supportive and regulated economic environment for the sustainability of SMEs.
It is necessary for the entrepreneur to imagine a scenario before implementing any kind of businessn and it can be done with an effective imagination. The most productive business is those who are ready to embrace the creativity and inspire innovation. It has been found that the Incentivizing creative product and strategy development facilitates in providing proper guidance about the further growth and business (Yar Hamidi, Wennberg, and Berglund, 2008).
It has been found that entrepreneurs surpass at identifying and following opportunities, while large, recognized companies surpass at creating use of chances and appropriating their value. It is required for the small businesses to achieve something in a competitive market and find opportunities and take benefit of them. They should highlight the importance of creativity and thoughts at the time of valuing and utilizing the strategic business practices require executing new ideas effectively (Windrum and Koch, 2008). It has been analyzed that ingenuity is considered as the modern entrepreneurship which has taken a good place in growing economies. It is necessary for the entrepreneur to continuously push the edges of the latest trends by using the latest ideas and creative approaches. Employees of the organization can learn how to develop their creativity into innovation with the knowledge of business practice.
There are three central underlying dimensions such as risk-taking, pro-activeness, and innovation. Innovation is a process in which an entrepreneur searches for new opportunities or help in finding the ways in which they find ideas for the purpose of concluding the profitable conclusion. It has been analyzed that the role of the innovation lies in its growth in the competitive market rather than in its novelty alone. Risk taking elaborates the manner in which the role of the innovation is incorporated in the community, society and organization. Pro-activeness is related with creating things happen by adaptability. Creativity includes huge response to the environment which can entail not only high level but also low-level frequency of creativity.
Creativity and innovation in entrepreneur are able to create new ideas for competitive advantages in which the entire process of entrepreneurship is connecting with exploration and creation of the new ideas. When an entrepreneur has the ability to develop a new idea that is feasible, it provides him perimeter over the competition. The capability of innovation is good for an entrepreneur to learn new things in an efficient manner. The role of the creativity improves the new process of developing an existing service or product. It has been analyzed that every products and service can be improved in an efficient manner but it is required for the business to have the best idea to modify products or bring some new products in order to make changes in the competitive market. Creativity is the process that needs the imagination to generate the most incomprehensible ideas. Imagination is required to cross the perimeter of normal as well as usual to think outside the box.
There is a number of entrepreneurs in the world that are well-known personality because of their innovative products. Thomas Alva Edison is one of them who invented the radian light bulb and the phonograph. It has been said by him that “Genius is 1% inspiration and 99% perspiration. Steve job is another example of a successful entrepreneur as he was invented iphone which is very successful nowadays. He has a most remarkable contribution as an entrepreneur which is a revitalization of Apple Company. At the time when Steve was reinstalled as CEO was to prompt amendments to the existing structure of the organization. The amendments included keeping a new team of management in place. The main focus of him is on the branding campaigns and reiterated. It is necessary for the entrepreneur to not stop thinking up to limited way as thinking should be endless. This kind of strategy of the entrepreneur may lead his business to a higher level as he would generate new ideas to bring change in the world which will be helpful for the growth of the business.
Creativity is the process which can be taken in use o deal with the vagueness in decision making by connecting the response of the entrepreneur to that of the world of the business. Uncertainty is the major aspect that can involve in every step of the process of an entrepreneur. The role of the creativity is important in dealing with vagueness. On the other hand, uncertainty shows the lack of information which should be judged by the entrepreneur before implementing any kind of business or innovation. It has apparent that the connection between creativity, innovation, and entrepreneurship in the innovation of t he product is vital. The role of the creativity in the development of the product is huge as each process of development of the product get influence by the creativity. Along with having knowledge about the role of the creativity in the development of the product, it is required for the entrepreneur to have knowledge that what is not creative. Innovative product does appear as new at first glance but over time it is seemed as a daily response because of the application of paradigm. Innovation is considered as the commercial cannibalisation which has the ability to drive force behind the successful business performance.
The role of the creativity and innovation in entrepreneurship is integral as they help in bring new innovative ideas which can lead the business into the success zone. According to Emma, (2010), the success of the company can be developed with the help of the teamwork that is why it is required for the entrepreneur to focus on the team instead of focusing on individual talent. Brainstorming is an effective technique which can be persuaded by the entrepreneur as it helps in generating a number of ideas on a certain topic which can be reviewed to decide which idea is effective (Lager, 2010).
It can be concluded from the above discussion that creativity and innovation have a significant role in the development of the products. Entrepreneurship cannot be effective without imaginative thinking and it can come from the creative mind. The discussion has been made on the role of the creativity and innovation in entrepreneurship. It has been analyzed that every products and service can be improved or modified in terms of bringing change in the organization but it is required for the business to have the best idea to modify products or bring some new products in order to make changes in the competitive market.
Business is considered as the term that elaborates the activities which are organized in order to earn profits. It has been analyzed that it is required for the business to have an effective idea for the business because growth of the business is entirely dependent on the adaption of the latest technology (Davila, Foster and Oyon, 2009). People have become conscious about their health and they have proper knowledge of the ingredients that can harm their health. The new business idea is opening a restaurant without taking consideration of the healthy products that name would be “Hello Restaurant”. Helco can be considered an an acronym as it will refer to health conscious. This restaurant serves the market with healthy food such as multigrain products, salads and healthy food with low carbohydrate and air fryer foods. This new idea will run in the market of New Zealand by targeting the sports people and young people who are diet conscious. This restaurant provides the healthy food by taking consideration of the taste as well which will lead this business into the growth of the business. This idea is innovative in nature as there is no such business exists in the market of New Zealand that serves the people with healthy food (Baucus, Norton, Baucus and Human, 2008).
It is the idea in which the customers of this restaurant will be segmented as per the preference of their food. As mentioned that this restaurant will provide diet food and healthy food products to the people who eat healthy products. That is why the customer will be segmented on the basis of food preference. Along with that Helco Restaurant targets the sports people as it is required for the theme to have those foods which help them to stay healthy. it has been analyzed with the help of other food outlets in the market of New Zealand that serving the diet food in efficient way outcomes in fetching attention of the food lovers to have food (Fillis and Rentschler, 2010). The customer relationship can be maintained by the company by dealing with offline and online mediums (Lober, 2015). There are different resources such as human resource, financial resources, and physical resource.
It has been analyzed that the key resources of the company are keeping great value in the growth of the business. The role of the physical resource in the restaurant is huge as it involves the ambiance (Boone and Kurtz, 2009). The infrastructure of the restaurant is made as per the theme of the innovative idea in which the wall of the restaurant is covered with the pictures of the big sportsmen. It would be helpful for the business to motivate the customers to have a healthy diet (Zott and Amit, 2013). Along with that the menu of the dishes in the restaurant provides detailed information regarding the dishes in which the description with healthy ingredients mentions on the menu. Human resource has a significant role in Helco Restaurant in which the salesperson at the store, waiters, IT department and management are the main part of handling the operation of the management. Chef is the major part of the restaurant as entire dishes is dependent on the chef that is why it is required for the restaurant to have skilled employees and chef in the restaurant so that they can connect with customers for a long period (Tukker and Tischner, 2017).
The entrepreneurial process is vital for the development of the new products as well as business. it is the process that helps the entrepreneur to move towards the growth of the business step by step. Without planning, business cannot sustain in the competitive market for the long term. This innovative idea of the healthy food restaurant in the market of New Zealand is different as an entrepreneur needs to invest a lot of time and investment in the growth of the business for the purpose of getting an effective growth for the business. The entrepreneurial process encompasses some steps such as developing a business plan, resourcing, managing company, harvesting, and discovery. As it is discussed that the new business is opening of the restaurant which is good at providing healthy food to the sporty people as well as to them who are health conscious. The discussion on the entrepreneurial process is defined below:
The process of entrepreneurial is commencing with the generation of the idea, wherein the opportunities for the business is identified by the entrepreneur. It has been found that it is not easy to recognize the opportunity every time. An entrepreneur can measure the efficiency of an opportunity by constantly asking specific questions to himself, like, whether the opportunity is good investing in, would it be attractive. In this process, an entrepreneur discovers the idea for the new business which was recognized by him of opening a new venture of a healthy food restaurant which full of healthy foods.
It is required for an entrepreneur to make a comprehensive plan after identifying the opportunity. The business plan acts as the benchmark for the organization as it helps to describe about the next step to attain the set target of the business (Cascetta, Carteni, Pagliara and Montanino, 2015). It should entail the vision, mission, and objectives of the company which should be cleared to the employees of the restaurant. The mission of the new business will be “to provide healthy food with high quality in order to connect with the customer for a long-term”. The vision of the company is “ to be a leading restaurant in healthy food field in entire New Zealand”.
Resourcing:
Resourcing is the third step of the entrepreneurial in which the entrepreneur is focused towards collecting the resources such as from where human and finance resource will be arranged. In such a process, entrepreneur explores the investors for the new venture and the key personnel to bring the activities of the business (Leyden and Link, 2015).
It is the step in which the entrepreneur looking forward to those concepts and strategy that helps in managing the company. In this process, Helco Restaurant will focus on the employees and the funds. It is necessary for the entrepreneur to decide the structure of the management of the hierarchy that is needed to resolve the problems of the operation at the time of arising (Zahra and George, 2015).
It is the final step of the process in which an entrepreneur determines the potential perspectives of the business that is growth and development. In this process, the comparison between actual growth and the planned growth are considered with respect to the stability or the enlargement of the operation of the business is undertaken.
The value proposition is the part that put in more value to the products or what value the products put in for the customers (Osterwalder, Pigneur, Bernarda and Smith, 2014). The concept of the Helco is different from other as it provides services to those who are health conscious and want to be fit. Along with that those people who are ill and having the disease can take food from this restaurant as it keeps the value of the customer by providing them a high quality of food services which would be helpful to increase the demand of the customers. The method of serving the diet food within the restaurant is different as it contains the different method of serving. It has been found that the customer segments of customer who are health conscious are switching to diet food. It would be a good idea for the management of the restaurant to serve the people with the diet food in the restaurant. People in New Zealand are health conscious and that is why the business does not require making a lot of efforts in the process of convincing people.
The value proposition is considered as the statement which tells the reason why a customer will buy products and services from the restaurant (Boyd, et. al., 2017). Helco Restaurant is famous for healthy food and diet and it is required for the business to have the significant value of the customers. The value proposition is the major part of the business plan and it is considered as the valuable tool that to guide the marketing efforts. It has been analyzed that there should be a unique selling proposition in the business because it helps to grow the business in a more progressive manner. Helco Restaurant focuses on the unique selling proposition in which the company needs to do something different from their competitors. Helco is providing different services to the customer in which the restaurant provides the healthy diet food which is a unique selling proposition.
Customer relationship is necessary for the company as it helps in the growth of the business. Helco is dealing with different mediums in order to connect with the customer for the long period in which it is handling with offline as well as online mediums. The restaurant is delivering the food at home as well for the purpose of securing the time of the customers. Online mediums are helpful for the restaurant to run their business in a more significant manner (Brown and Duguid, 2017). Along with that for the purpose to keep the value of the customer, the company has some additional criteria in which they have hired specialists in nutrients who are able to make the diet chart of the person. However, it would charge some additional cost but the customers would get all information regarding health at one place which can attract them towards buying the services again and again. This kind of strategy and techniques facilitates the company to make the customer loyal which would be helpful for the company to increase the revenues.
Conclusion
It can be concluded that the connection between entrepreneur and creativity and innovation are integral as it helps to make new innovative products. This report is made on the role of the entrepreneur in the development of the product in which they should encompass the creative thinking. In the context of the first part, the relation importance of creativity and innovation in entrepreneurship has been elaborated in a sophisticated manner. Creativity and innovation in entrepreneur are able to create new ideas for competitive advantages in which the entire process of entrepreneurship is connecting with exploration and creation of the new ideas. The second part of this assignment has made on the innovative ideas in which healthy diet food restaurant has been chosen as a new idea for opening the business. The role of the entrepreneurial process in innovating new business is huge as it helps in providing step by step process. The step of the entrepreneurial process has been elaborated in this assignment in order to gain a better understanding regarding the process. At last, the value proposition of the products and service to the customers have been mentioned which would be helpful to attain better knowledge about the role of the customers for the new business.
References
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