Importance of Entrepreneurship, Creativity, and Innovation in Business Management

Business Management

Contents
INTRODUCTION.....................................................................................................................................3
MAIN BODY.............................................................................................................................................3
CONCLUSION..........................................................................................................................................9
REFERENCES........................................................................................................................................10

INTRODUCTION
Business management can be defined as a branch of management that provide education
that provides knowledge relating to planning, execution as well as analysis of a business
organization (Bates, Bradford and Seamans, 2018). On the other hand, entrepreneurship can be
defined as the act of creating a business that offers innovative products or solution to an existing
problem with the aim of generating profits. There are many benefits of entrepreneurship to a
business as well as society such as it creates various employment opportunities and also
contributes to the overall development of the economy. The report is based on the organization,
Ennismore which is the owner and developer of unique hospitality properties and experiences
across the world. The organization is based on London, United Kingdom and is focused on
challenging the traditional methods as well as models, making them interesting. The report
explains the concept of entrepreneurship, creativity and entrepreneurial leadership. It also
provides an explanation about the path to creating new ventures and acquiring established
entrepreneurship venture.
MAIN BODY
Entrepreneurship is a concept that has gained popularity over the last few years and
involves developing as well as managing a business in order to gain profits by taking various
risks. It is important because it can help in improving the overall standard of living of the people
within the society as well as drive change along with innovation, wherein new products and
services are developed either for new markets or an existing market. Entrepreneurship helps in
improving the overall productivity of the society and contributes towards its growth. The idea of
entrepreneurial businesses has gained a lot of momentum over the years and many nations today
support such businesses as they not only bring in innovative solutions for the existing problems
of the society, but also contribute to the overall development of the economy. There are various
factors that can affect the success of small and medium-sized organizations (Bhachu, 2017).
Some of these factors can include different entrepreneurial skills, creativity, intelligence,
patience etc. The respective hospitality organization, Ennismore was founded by Sharan Pasricha
in the year 2011. The company offers different services to the customers across different
geographic locations in the world. The organization is based in London, United Kingdom and the