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1. Innovations "the act or process of inventing or introducing something new.

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The simplest way to categorize innovation is into two types – incremental and
radical. Incremental innovation is an improvement in an existing thing (e.g. product,
process or service). Radical innovation is finding an entirely new way of doing
something. For example if you had been making spectacles in the 1950s then plastic lenses
instead of glass lenses would have been an incremental innovation. Contact lenses or laser
eye surgery would have been radical innovations.
(a)Mechanical innovation

2. Entrepreneurship is the result of a disciplined, systematic process of


applying creativity and innovation to needs and opportunities in the marketplace.
Entrepreneurship is key to innovating at the individual business level as well as inspiring
overall business-sector growth. Successful entrepreneurship requires a focus
on creativity, integrating innovation and strategic business practices.
It Helps Increase Productivity. Being creative entails disconnecting from the familiar and
moving into uncharted, unfamiliar territories, with an aim of discerning something unique
and useful. It is, therefore, important that not only the leader becreative, but his
employees develop such skills as well.
Creative thinking is a huge part of good business acumen, without which your business
could just go into the stagnation mode.
Here are a few good reasons why entrepreneurs need to be creative to be successful:
· It Fosters Innovation
When you create something and you’re attaching your name to it, you want to make sure
that it not just satisfies customer expectations, but also exceeds them. You need to be
careful and ensure that your product/service will be useful.
Although it may be difficult to see this from the beginning, especially when your offering is
still just an idea, things will get much clearer as the consecutive steps unfold and the idea
starts turning into a reality. This is when you will realize the difference between invention
and innovation.
An idea which is unique is an invention, but an idea which is unique as well as useful is an
innovation. In order to innovate, you need to be creative and look at the same thing
differently. This will help you merge usefulness into a unique idea.
· Leads to Higher Overall Success
We’re always told that our intelligence will see us through everything in life. However, it is
not until we mature that we realize that although intelligent thinking is a necessary quality to
have, creative thinking has an important role to play as well.
The sad fact, however, remains that most educational institutes and businesses still stress
more on intelligence than creativity. This could perhaps be because the former is easier to
measure and manage, whereas the latter can be difficult to spot.
However, times are changing and the world has begun to realize that organizations need
creative people on board as they could bring great benefits if their skills are adequately
shaped and harnessed.
· It Encourages People to Think
We live in a world where creative problem solving is slowly but steadily turning out to be
one of the best ways to mitigate organizational issues. It works best when coupled with
sharp, highly focused and disciplined way of thinking.
People often talk about two modes of thinking – convergent and divergent. It is said that
people can think in either of the two or both the modes.
Convergent thinking is extremely analytical and strives to arrive at one accurate solution to
the problem. Computer systems, accounting software and various other data sources are
considered to come to the solution. Most organizations are adept at this.
Divergent thinking, on the other hand, encourages creative ideas by exploring many
plausible solutions for the same problem. In order to ensure that the organization gets the
best resolution, it is important to combine both the modes of thinking by giving due attention
to divergent pathways.
· It Helps Transcend Boundaries
Most path-breaking discoveries are made when two or more disciplines collide. That’s why
it is essential that the boundaries set by disciplines blur and collisions take place.
This is important in order to get new perspectives towards problems. Creative problem
solving is great because it is actually able to connect two distinct areas or expertise and
enable you to extrapolate probable solutions from one field to an unrelated area.
· It Helps Increase Productivity
Being creative entails disconnecting from the familiar and moving into uncharted, unfamiliar
territories, with an aim of discerning something unique and useful. It is, therefore, important
that not only the leader be creative, but his employees develop such skills as well.
To enable this, an entrepreneur needs to provide them with the time and the resources
necessary to discover innovative ideas and solutions to issues.
This makes for an extremely cost-effective way of increasing productivity. Creativity and
innovation within an organization have always been known to bring it on the path to
success.
· It Can Help Exploit Employee Potential
By not encouraging their employees to be creative, organizations are essentially utilizing
only half of their potential. The good news is that employees are realizing that there is an
ocean of information and creative ideas that are dormant and untapped at all levels.
Tapping all this talent can involve anything – from improving processes, making them more
effective and profitable, solving performance-related issues, developing new financial
strategies, or innovating to stay ahead of the herd.
· It Can Be Developed
While most people used to believe that creativity is an intrinsic trait, it is now believed that
creativity is a renewable resource that can be tapped into anytime and be learned.
We’re all born with creative potential and thought process which can be developed and
reinforced. Inculcating new hobbies and skills is a great way to put your inherent creative
skills to the test as well as hone them. It is also an effective way to train your mind to think
in a manner that leads to creative thinking.
Conclusion
Gone are the days when being an entrepreneur only meant analytically thinking and making
decisions based only on the basis of hard facts. Progressive leaders not only prefer to hire
more creative people on their team, they also work on becoming creative themselves to
exhibit novelty and more usefulness in their ideas. We hope the above tips will help you
understand how creativity augments your business acumen and prospects, and motivate
you to give more emphasis to this aspect of entrepreneurship

Creativity is like raw material for the new and best solution for
problems arising in every sphere.
Importance of Creativity in Entrepreneurship
Why creativity is important in entrepreneurship? or The importance of
creativity in entrepreneurship is as follows:

1. To Face Cut Throat Competition

The entrepreneurs accept new methods, techniques and new ideas


through creativity.

As a result, on the one side, maximum production at minimum costs


become possible and on another side, the sale of commodities also
gets increased.

Not only that, none serious competitors remove from the market
because creative persons bring several new products.

In the market at low prices and also makes people aware of its use.

2. Clubbing of Goals Becomes Possible

The creativity is of two types: individual and organizational and both


areessential for entrepreneurship.

Individual creativity includes Discovery, thoughts, imaginations, and


Novelty of the individual, which helps in the smooth operation of the
organization.

By creativity, individual and organizational goals may be clubbed


together. This is called creativity and entrepreneurship theory.
3. Entry of New Products in the Market

An important problem of the organizational problems is to introduce


the new products in the market.

But, it may be made possible by creativity, since these are based on


new thoughts and perceptions, recognition and likings. As a result,
consumer reality accepts them.

4. Best Communication

Through Creativity, the employees are encouraged for constructive


suggestions and creative ideas, so that they may also present the
weakness and strengths of their organization.

By that, the managers get knowledge about the ideas of


the employees about their organization.

Not only that, by use of group creativity techniques, communication


between the members substantially increase, social barriers get
removed and cooperation also increased.

5. Forecast of Changes

Creativity is also helpful in forecasting of internal and external


changes taking place in the organization, the reason being that in
today’s complex environment, the business conditions of the markets
are also fast changing, in several ways.

As a result, old products, techniques, old production methods


become useless.

So, in this emerging dynamic, aggressive and complicated


environment, the forecast of the changes may e possible only
by creativity, which is essential to minimize the risks.
6. Integration with Firm

Acquaintance with the firm and creativity move together.

When the employed develops new ideas, he automatically associates


himself the reputation, problems, and goals of the firm.

He gets integrated with the firm. It develops feelings of joint sharing


and collective excess in him. Top 15 Characteristics of Creativity
(Creativity as a skill).

7. Establishment of Cordial Relations

Cordial relations are developed in the organization through creativity


because on the one side, it nicely affects their feelings by the
combination of new idea and on the other side, fresh results of
activities start becoming visible.

Thus, the success of an organization also becomes visible.

From this creativity apply to entrepreneurship.

8. Building up Feelings of Continuity in the Group

Creativity creates a feeling of continuity in the group or Organisation.

The Creativity is that ideas which builds continuously emerging


feelings of the group.

19 Role And Importance Of Managerial Economics (Step-by-Step)

9. Abundance of Resources in Place of Scarcity

The resources of production are Limited, which are sure to exhaust


some days.

In such conditions, which source and from where should be made


available, makes the question mark.
In response it, creativity is the only at the alternative, which facilitates
searching of some source, by studies and thinking.

Thus, abundance may be made possible in place of scarcities.

10. Success in Reducing Cost of Labour and Production

Presently, the cost of labour and production has gone high in all
spheres. Its ill effect is that the profits of the producers get reduced
and purchasing power of the consumers also goes down.

But, by creativity, both types of costs may be lowered down,


since creativity gives new ideas, combines them and also brings out
new discoveries and concepts.

Bonus: 17 Importance and Role of Small-Scale Industries (Economy).

11. Increasing the Power to Make Organisation Capable

Establishment of an organization is for certain objectives and goals.

However, it is possible only when new commodities are produced,


problems of workers are solved and new principles and methods and
techniques are used in the organized and also when all these are well
coordinated.

All these may be made possible through creativity, which increases


the power to make the organization more capable and strong.

12. Search of New Opportunities Becomes Possible

An entrepreneur has to take various steps to make the decisions, like


knowledge of opportunities, familiarity with the problem, development
of alternatives, follow up etc.
In all these steps, creativity has an important role, because these
steps may be used first, with the help of Ideas, concepts, and
imaginations emerging, on the basis of creativity.

Thus, search for new opportunities becomes possible through


creativity. Top 11 Real Reasons Startups Fail (What To Do About It).

13. Success of Employees

We know that creativity is a distinct human capacity and pre-


conscious system which creates new and unique ideas, concepts and
imaginations when the persons work in the conditions of
consciousness.

As a result, the employees use their knowledge, works on the basis


of experience and also gets an honorarium.

Besides, their new and useful ideas are also incorporated in the work,
and hence they put their heart into the work.

Thus, employees of the organization get success.

14. Settlement of Disputes

In every organization, there are mutual disputes.

A conflict exists between the persons because some persons have


Belief in the traditions and some belief in modern thoughts. In such a
situation, disputes may be easily settled through creativity.

New and unique ideas, concepts and imaginations are created and
attention is paid to studies and thinking.

Thus, creativity is helpful in solving the organizational problems by the


settlement of mutual disputes.
15. Solution of Problems

In business and non business organizations, creativity has an


important role in solving problems, the reason is that on the basis of
creativity, the entrepreneur will not only be able to solve the problems
in all spheres, through unique as well as traditional ideas, concepts,
and imaginations, but taking of practical decisions will also be made
easy.

So, a noted thinker has rightly observed that “To develop various
alternatives to solve the problem depends upon the creativity of the
decision taker.” So, Common barriers to creativity in entrepreneurship.

Now, You all know the importance of creativity in entrepreneurship.


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