Enterprise Culture, Creativity and Innovation in Social and Economic Development

This essay defines enterprise culture, creativity, and innovation and discusses their relationship and impact on social and economic development. It emphasizes the importance of fostering a positive working culture and adopting innovative strategies to achieve success. The essay also highlights the role of creativity in decision-making and problem-solving and the significance of innovation in capturing market opportunities and achieving economic acceleration.

BMP5005

Contents
INTRODUCTION...........................................................................................................................3
TASK...............................................................................................................................................3
An essay on the Enterprise culture, Creativity and Innovation are believed to play a vital role
in social as well as economic development. Define these three concepts, discuss the
relationship between them and examine how they contribute to social and economic progress.3
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
The term enterprise can be referred as a legal entity which process right to conduct on its own
(Exposito and Sanchis-Llopis, 2018). There are various undertaken by enterprise in order to meet
expectation of society. In addition to that, it is important for business to identify needs and wants
of customers and produce product which can meet expectation of customers. Along with profit
making, it is crucial for company to adopt sustainable business practice in its process so that it
can avoid penalties. Creativity and innovation within an organisation plays crucial role in social
and economic development. There are various benefits of creativity and innovation in an
organisation and contributes major part in accomplishment of objectives. It is imperative for
business organisation to adopt innovative strategies so that it becomes easier to achieve success.
Business enterprise should have a positive working culture in which employees work with peak
potential to achieve personal and professional targets. This project report is based on various
concepts of enterprise culture, innovation and creativity which plays crucial role in social and
economic development. At last, it will cover relationship between them and how it contributes in
economic and social progress.
TASK
An essay on the Enterprise culture, Creativity and Innovation are believed to play a vital role in
social as well as economic development. Define these three concepts, discuss the
relationship between them and examine how they contribute to social and economic
progress.
It has been evaluated that culture, creativity and innovation within an enterprise plays an
important role in overall development of an organisation. In today’s world, innovation and
creativity helps company in gaining competitive advantage and stand out in target market. It
is imperative for company to bring innovation to product, service or process so that it can
achieve goals in an effective and efficient manner. Adding to this, various companies
emphasise on making process more effective so that they can bring down overall cost of
production and can offer best possible price to its customers. Creativity and innovation are
two crucial elements of an entrepreneur which helps in rising and reforming. It also assists
in achieving both short term and long term success in an organisation. Nowadays,
entrepreneurs commence business by brining uniqueness to their products and services so

that they can capture larger market. Various companies bring innovation to their products so
that they can attract larger customer base. One of the major role of creativity and innovation
within an enterprise is that it facilitates in gaining competitive advantage. It is crucial for
business to bring innovation and creativity to its process so that it can attract customer.
Various strategies regarding innovation are framed within company so that it can improve its
dimensions. Creativity plays crucial role in decision making too as whenever company
struck in any issue then it invites ideas from its employees and best one gets selected.
Solving problem with creativity helps in finding best solution towards problem and makes it
easier to solve cases. At some instances, various approaches of business did not work and in
this context creativity fits in space so as to solve problem. The success and growth of an
enterprise heavily depends on perfect combination of creativity and entrepreneurship
(Santos and et al., 2018). Both the elements help in financial earning of company and drives
workforce towards fulfilment of goals. There are various operational and financial problems
that may arise due to uncertainties and to address this issue, creativity and innovation can
help company in dealing with such issues. Along with innovation and creativity, it is
important to focus on working culture within organisation so that employees can work with
peak potential and contributes their valuable efforts in making enterprise successful. There
are various ways by making employees motivated such as giving monetary benefits, fringe
benefits and promotional opportunities. Every business organisation should create foster
environment in which they feel motivated and comfortable to work.
The culture within an enterprise can be referred as the proposed way to behave in an
organisation. It encompasses with various value as well as beliefs which is formed by
leaders and communicated with workforce through various methods which helps in
maintaining positive working culture. If an organisation focus on optimum utilisation of
resources, then it can lower down overall operational cost and thus enjoys higher profit. Due
to dynamic business environment, it becomes challenging for business to frame accordingly
and can be time consuming too. But if the culture of organisation is positive then workforce
may easily adopt new initiatives and makes process effective. Corporate culture is an
important aspect which needs to be taken into consideration while formulating business
strategies. There should be good ambience, proper ventilation, better working space and
essential facilities along with good salary structure makes positive culture. It becomes easier

for company to accomplish objectives if the workforce is highly motivated. In case of
negative working culture, it becomes difficult to achieve due to low employee morale and
reduced employee engagement (Castillo-Vergara, Alvarez-Marin and Placencio-Hidalgo.,
2018). So it is needed to have foster working environment in which employees feels valued
part of company. Adding to this, it is important for company to apply its key values so that it
can contribute in social development. The culture within an organisation defines the way of
practising various functions. It is being identified that organisational culture should be
ethical and holds positive image in society so that it can gain trust of company. There are
numerous benefits of positive culture that an enterprise can take and grab opportunities.
The creativity can be termed as an ability of an individual who thinks in a unique way. It
involves imagination of individual in an attractive and creative manner. There are various
companies who seeks for individuals who possess this skill and can able to think out of box.
In addition to that, it facilitates in solving problem in a creative manner and it is essential to
think in a unique way so that it can solve critical problem in an easy manner. It plays an
important role in both social and economic development. In relation to technological sector,
it is important to think in a creative manner about new product launches and modification in
order to remain competitive in target market (Madden, 2021). In relation to Apple, its
creativity can be seen in its products and this makes product unique as compared to its
competitors. By brining creativity in its strategies and products, it can lead to social and
economic development. Adding to this, it seeks market opportunities and identifies
customer’s needs and wants and produce product which has potential to meet expectation.
Business is full of uncertainties and companies may encounter with various issues and
challenges which negatively impacts on productivity and profitability of company. So it is
imperative to address issue by creative solution which can minimise negative impact.
Companies hire those candidates who can think out of box and solves problem in an
innovative manner. Further, it solves problem in an effective way and reduces re-occurrence
chance. Creativity can be applied in every business sector and contributes in uplifting
economics of scale (Marouf, 2016). Technology can help company in understanding of
problem from every dimension and makes it easier to analyse root cause as well as provides
best alternative to solve problem. Creativity contributes in both social and economic
development.

Innovation can be defined as way and adoption of new technology in product, process
and services within an organisation. It is important for business to focus on bringing
innovation to its product line, after sales services and opt latest technology so that it can
minimise overall operational cost of company. In addition to that, company should focus on
rendering quality products and services so that it can capture larger market. Innovation in
technological aspect has tons of benefits as it helps in reducing human effort and makes
process more effective and efficient. Innovation can help in meeting expectation of society
and contributes in fulfilling needs and wants (Wojan, Crown and Rupasingha, 2018).
Innovation has positive impact on company’s performance and builds brand equity in target
market. The economic development of an organisation can be possible through innovation
and companies come up with new product line and ideas in order to capture larger audience.
The core aim of innovation is to capture larger market and to bring economic development.
Many business organisation seeks for market opportunities and how they can be captured. It
is crucial for business to bring modification in its process and product and provide unique
customer service experience.
Enterprise culture, innovation and creativity collectively plays an important role in
overall development of an organisation. In addition to that, all three concepts positively impact
on company’s performance and productivity (Runco and Pritzker, 2020). There can be seen a
significant impact on culture on the social development as fostering a positive working
environment leads to effective attainment of goals. While on the other hand, creativity helps in
development of minds of people so that they can think out of box and solves problem in a
creative manner.
There can be seen an inverse relationship between creativity & innovation and enterprise
culture which enhances both economic and social aspects. All these elements are interrelated to
each other and facilitates in development of society. It is mandatory for company to have a
positive working culture so that employees can feel valued part of organisation and takes
participate in decision making process. The social development is highly dependent on various
job opportunities which an organisation offers. Innovation contributes in social development as
expectation can be met of society by bringing innovation to products and process within an
organisation. Advancement in technology can help company in economic development as
company can generate more revenue by opting latest and high tech machineries (Rangus and

Slavec, 2017). It will lower down operational and functional cost of organisation by which it can
offer bets price to its customers. Innovation facilitates in economic acceleration and makes it
easier to attain objectives. Innovation also leads to sustainable business practices and contributes
in social and economic development. It is important for company to think in a creative manner so
that it can solve problem in an innovative way. This approach can be useful in flexible situation
where it becomes difficult to apply scientific approach. Technology plays vital role in innovation
as it makes process faster and easier in dynamic business environment and to gain competitive
advantage. In changing business environment, it is imperative for business to focus on framing
innovative strategies so that it can accomplish objectives in a well manner.

CONCLUSION
From the above project essay, it was concluded that enterprise culture, creativity and innovation
has a significant impact on business organisation and it is crucial for enterprise to focus on
organisational culture. By fostering positive culture within an organisation can contribute in
effective attainment of objectives and employees can work with peak potential to achieve
personal and professional objectives. All the elements collectively influence functioning of
company and makes it easier to achieve success. Culture can be defined as values and beliefs
which are incorporated within establishment so as to serve best for society. There are various job
opportunities that an organisation provides which leads to economic development. Creativity,
innovation and culture and their impact on social and economic development are discussed in
this essay. Innovation within an organisation accelerates economic development faster.

REFERENCES
Books and Journals
Castillo-Vergara, M., Alvarez-Marin, A. and Placencio-Hidalgo, D., 2018. A bibliometric
analysis of creativity in the field of business economics. Journal of Business Research, 85, pp.1-
9.
Exposito, A. and Sanchis-Llopis, J.A., 2018. Innovation and business performance for Spanish
SMEs: New evidence from a multi-dimensional approach. International Small Business
Journal, 36(8), pp.911-931.
Madden, R., 2021. Creativity in business. In Creativity and Innovation (pp. 235-246). Routledge.
Marouf, L., 2016. The role of knowledge sharing culture in business performance. VINE Journal
of Information and Knowledge Management Systems.
Orta, A., 2019. Making global MBAs: the culture of business and the business of culture (Vol.
47). University of California Press.
Rangus, K. and Slavec, A., 2017. The interplay of decentralization, employee involvement and
absorptive capacity on firms' innovation and business performance. Technological Forecasting
and Social Change, 120, pp.195-203.
Runco, M.A. and Pritzker, S.R. eds., 2020. Encyclopedia of creativity. Academic press.
Santos and et al., 2018. Critical success factors in the management of ideas as an essential
component of innovation and business excellence. International Journal of Quality and Service
Sciences.
Wojan, T.R., Crown, D. and Rupasingha, A., 2018. Varieties of innovation and business
survival: Does pursuit of incremental or far-ranging innovation make manufacturing
establishments more resilient?. Research Policy, 47(9), pp.1801-1810.