The invention refers to a new, unique concept while innovation is an idea which is as unique and useful as the original one. 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. So, not all entrepreneurs are innovative, however those who are, shape the world we live in with their creations. Creativity is the heart of entrepreneurship and innovation is the oxygen that is keeping it alive. However, it does open up that economy to smaller, developing businesses, creating opportunities for entrepreneurs to experiment with new business models and ideas. Curriculum and Instruction: ESL 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. in Management & Administration – International Business Online, B.S. 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. Your email address will not be published. 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. Successful entrepreneurship requires a focus on creativity, integrating innovation and strategic business practices. 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. iphones, ipads, tablet PCs, smartphones and millions of applications that help the user cook a nice meal, pay his bills online or even monitor his diabetes are the life-line of the post 2008 crises economy. Entrepreneurs, however, have to be creative and innovative and take advantage of the ambient needs. The most productive businesses are those that embrace creativity and inspire innovation. Creativity can be seen as process of generating ideas (McLean, 2007). Innovation is extremely important that … This site uses Akismet to reduce spam. Curriculum and Instruction: Reading & Literacy Online, M.Ed. 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. Innovations contribute to the success of the company. 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. In a nutshell, that’s how creativity, innovation, and entrepreneurship are related. With the exponential globalization of the world’s economy, many industries have looked internationally for both manufacturing and market development. individuals, teams and organisations (Cropley et al ., 2011: 13 -. 6. Apple is a level above them. With the exponential globalization of the world’s economy, many industries have looked internationally for both manufacturing and market development. Entrepreneurship is the result of a disciplined, systematic process of applying creativity and innovation to needs and opportunities in the marketplace.. He is creative because he made that first very important step of becoming an entrepreneur. Entrepreneurship may play a role in each of those, or these all may come together, to play a role in some entrepreneurial venture. 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. 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. Modern business practices have had to evolve rapidly to stay effective. The very notion of starting up your own business, take calculated risks and give your best to succeed, is the definition for entrepreneurial creativity. 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 people will refer to any tablet PC as an IPad. 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. This can be an idea, product, model, process, or a service. Curriculum and Instruction: Urban Education Online, M.Ed. Entrepreneurship is like doing any other business, but there are some characteristics, which distinguish it from traditional business techniques. Part of the romanticism of entrepreneurship is the thought that entrepreneurs are creative, innovative, go-getters, risk-takers, driven. Creativity goes hand in hand with innovation. Innovation can be both a process or a product. His company does not need to be about revolutionary technology, new designs or new products. Innovation requires creativity, but innovation is more specifically the application of creativity. Creativity needs a spark and innovation needs fuel. Creativity refers to generating new and novel ideas. Creativity and innovation in entrepreneurship is the ability and urges to create. Creativity is the heart of entrepreneurship and innovation is the oxygen that is keeping it alive. 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. Innovations need creativity and new thinking. 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This entrepreneurial creativity is what sets them apart from your usual cardboard-cutout businessman or typical investor. Jobs and Wozniak worked in Job’s parents’ garage in order to create the first Apple PC. 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. Incentivizing creative product and strategy development can help propel a business, with all employees actively seeking opportunities for further growth and innovation. 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. New songs, new ideas, new machines are what creativity is about Mihaly(1997). Innovation and entrepreneurship are essential ingredients in building a successful commercial venture. 35-49. Economists have even given this new type of economy a, very appropriate, name; digital economy. They should emphasize the importance of creativity and imagination while valuing and employing the strategic business practices necessary to implement new ideas effectively. Have a question or concern about this article? You should note that not all innovations require an invention. Modern business practices have had to evolve rapidly to stay effective. 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. Innovation is the next step of creativity; it is its materialization and the means to generate wealth. CREATIVITY, INNOVATION AND ENTREPRENEURS Creativity is thinking new things, and innovation is doing new things. Or if I put my creative speaker hat on, I might say, “Creativity is a bioelectrical thunderstorm that precipitates an inescapable notion.” Curriculum and Instruction: Education Technology Leader Online, M.Ed. “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. Innovation means introducing something new. Apple employs some of the most creative mind in the world and provides the conditions for them to create and innovate. You should note that all inventions require a discovery. 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. What is Creativity?What is Innovation?This is a short video made from Powtoons!Enjoy! 2, No. Curriculum and Instruction: General Online, M.Ed. 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