Introduction to innovation,creativity and entrepreneurship

Introduction to innovation,creativity and entrepreneurship

1. Creativity

   • Define Creativity
     • The ability to develop new ideas and to discover new ways of looking at problems and opportunities.

2. Innovation

   • Define Innovation
     • The ability to apply creative solutions to problems or opportunities to enhance or to enrich people’s lives.
   • The example of innovation which leads to product differentiation.
     • 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.
   • “Necessity is the mother of invention?”
     • 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. Entrepreneurship

   • Define Entrepreneurship
     • The result of a disciplined, systematic process of applying creativity and innovation to the needs and opportunities in the marketplace
   • Advantages of enterpreneurship
     • ability to set a personal schedule.
       • choose what hours to work and have the flexibility to adjust work hours to spend more time with family
     • complete control over business decisions
     • allows you to set your own earnings
   • Entrepreneur
     • Define Entrepreneur
       • 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.
   • Disadvantages of enterpreneurship
     • dedicate a huge amount of time.
     • unpredictable work schedules.
     • does not guarantee 100% success.
     • Being responsible for all decisions

4. Why are creativity and innovation so important to the survival and success of a business?

   • 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