Introduction to innovation,creativity and
1.1 Define Creativity
1.1.1 The ability to develop new ideas and to discover
new ways of looking at problems and
2.1 Define Innovation
2.1.1 The ability to apply creative solutions to problems or
opportunities to enhance or to enrich people’s lives.
2.2 The example of innovation which
leads to product differentiation.
2.2.1 Reliability : The name of Volvo is almost synonymous with
safety. Volvo manufactures the most safe and reliable vehicles
in the world. That is why their buses are so famous. Therefore it
is not surprising that Volvo also sells at a premium. This is
because, here the product differentiation is on the basis of
Reliability, one of the most valued assets a brand can have.
2.3 “Necessity is the mother of invention?”
2.3.1 when the need for something becomes
imperative, you are forced to find ways of
getting or achieving it and necessity is
something that leads to an invention.
3.1.1 The result of a disciplined,
systematic process of applying
creativity and innovation to the
needs and opportunities in the
3.2 Advantages of enterpreneurship
3.2.1 ability to set a personal schedule.
22.214.171.124 choose what hours to work and have
the flexibility to adjust work hours to
spend more time with family
3.2.2 complete control over business decisions
3.2.3 allows you to set your own earnings
3.3.1 Define Entrepreneur
126.96.36.199 One who creates a new business in the face of risk and
uncertainty for the purpose of achieving profit and growth
by identifying significant opportunities and assembling the
necessary resources to capitalize on them.
3.4 Disadvantages of enterpreneurship
3.4.1 dedicate a huge
amount of time.
3.4.3 does not guarantee 100% success.
3.4.4 Being responsible for all decisions
4 Why are creativity and innovation so important
to the survival and success of a business?
4.1 i) Because it Leads to improvements in the process of solving problems
ii) Because it Propel innovation forward iii) Because it Increases the
productivity of the business iv) Because it Gives the competitive edge
that every business is striving to achieve