Enterprise Innovation and Creativity Entrepreneurship

ENTERPRISE,
INNOVATION AND
CREATIVITY
ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................1
1. Description on the role of creativity, innovation and enterprise in the organisations.............1
2. Describe between types and forms of enterprise activity. ......................................................3
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
The creative and innovation in the enterprise can be define as to generate the ideas,
alternatives, possibilities and this all are needed to be solved in terms to solving the problems,
communication, solving other issues effectively. The employer to the enterprise are curiously
looking forward to hire the creative individuals so that they are able to contribute maximum to
the enterprise.
The present report will look over the things as role or creativity, innovation and
enterprise culture in the organisations and difference between the types and forms of enterprise
activity. The main aim of this report is to bring high level of creation and innovation in the
enterprise.
1. Description on the role of creativity, innovation and enterprise in the organisations.
The term innovation and creation are one of the best source in order to form the each
thing in the effective manner. In addition to this, it can be said that the innovation is the heart of
the growing economy especially in that part in which it is essential to have standard practices and
existing the business models. Innovation is the process that can be termed out as process of the
collecting any useful ideas in order to solve the problem (Woodside, Bernal and Coduras, 2016).
In this, it can be stated that innovation and the creativity both are the foremost skills in terms to
achieve success in the business. Thus, there is need of creative problem solving has arisen as
more and more management problems requires creative insights in terms to find the suitable
solutions. In this term, it can be stated that it is the ability to produce the new ideas and
innovation is the implementation of the creativity. The creations and innovation plays the greater
role in terms to bring the long term success to the enterprise. This kind of the activities will be
helpful in order to stimulate the business function in the attractive manner. Therefore, the high
innovation the huge amount of productivity and profitability can results. The new ideas,
innovative productive develop all are the key source that helps to bring the systematic working
of the enterprise. This leads to have enhancement in the function or business enterprise.
On the other hand, it can be stated that creativity is the driving force behind the
innovation and looking over the things from the different perspective. Furthermore, it can be said
1

that business creativity is the term that helps the firm to keep the alive and thriving. Creation and
innovation in the enterprise leads to bring the high term sustainability to the enterprise.
The every sector of the life is relates with the creativity and innovation. There are number of the
firm who are taking various initiatives in order to process the new development in their products.
Thus, Apple, Samsung and number of electronic and clothing companies are there who are
adopting the creative and innovation so that they can undertake their business activities in the
attractive manner. In the present scenario, the creativity and innovation is the driving force of the
economy in the form of the digital and mobile applications. In addition to this, there are number
of the products as are iPhones, iPads, tablet PCs, smartphones and millions of applications that
help the user cook a nice meal, pay his bills online or even monitor his diabetes. This all kind of
the tool are helpful in order to consuming the time and process the each thing in the fast manner.
Moreover, they are also taking initiatives steps on which small businesses, utilising the benefits
of the new technologies, digital market place with multinational corporation in the global world
(Edwards-Schachter and et.al., 2015).
Furthermore, it can be understood well with the help of example as a firm Named Apple.
This entity is considered as the most innovative company in the world. Thus, product of this firm
are rapidly teaching the legendary status. In addition to this, the I pad is the good example of the
apple innovation in the market. Thus, it is one of the most profitable company around the world.
There are number of the products as are I pad, the I phone and the I pod, combine the creativity
and vision of the firm. Furthermore, it can be stated that creativity, innovations and design all
are the effective source in terms to bring the greater success to the enterprise. In order to stay
competitive in the globalized marketplace they have to minimise the expenses and streamline the
business models. In addition to this, it can be said that it is the inevitable aspect of the
globalisation and the effective steps are needed to be taken in order to run the business activities
in the systematic manner.
The whole idea of the starting up the new business comes from their own creativity in the
market. Innovation is the process of collecting new ideas that helps to streamline the operations
of the enterprise so that there can be more chances to the growth of the enterprise. With the help
of the formation, adoption and implementation of the new idea in the business it is possible to
bring the long term success in the enterprise. This is only the creativity that allows the new
entrepreneur to process the activities effectively so it is possible to create the competitive
2

advantage for the enterprise. In addition to this, it ca be said that innovation is the next step of
the creativity. Hence, it can be stated that creativity and innovation both are the heart of
entrepreneurship and innovation is the oxygen that allow the business to keep alive. There are
four sources of innovation and it has been defined in the following manner as are-
1. Introduction of the new products or bring the changes in the existing products.
2. Creation of the new market.
3. Finding the new sources of the raw materials and other input suppliers
4. To bring the changes in the industrial enterprise.
2. Describe between types and forms of enterprise activity.
In this, it can be said that there are various kind of new business venture. Hence, there are
some examples of the most common form of business has been defined in the following manner
as are-
 Sole proprietorship- This is the type of the firm that is owned by the single person. It is
one of the easiest kind of business that can be start even with the help of the paper work.
In addition to this, it can be said that running the business as a sole proprietorship has the
very low reporting requirements, less expenses and simplified tax reporting. Therefore, it
can be said that being the sole proprietorship will not able to protect the personal assets
from the business related law suits (The Basics of Business Structure, 2018.).
 Partnership- The partnership is the firm that is carried out by the two or more person. In
this, it can be said that setting up of the general partnership has the very lower amount of
the start up fees. There are various types of partnership and that has been defined in the
below contexted manner as are- limited liability partnership, limited partnership and
some of the liability protection for their owners so that they re able to conduct the things
in the effective manner. Under this, it can be said that the partner divides the profits of
the business among themselves. This kind of the activities will be helpful in order to lead
the business function in the flexible approach. This is effective way to conduct the
business activities in the more effective manner.
 Limited liability company- This is also one of the attractive way in terms to carry out the
business activities in the effective manner. Thus, it can be said that the forming the
corporation requires the appropriate paperwork. This kind of corporation are required to
file the return in the separate manner. Therefore, it can be said that LLC will be helpful to
3

protect the personal property and the assets from the lawsuit and other kind of the
business obligations.
 Incorporation- This can be classified into the two categories as are S corporation and c
Corporation. In order to forming the corporation will require the appropriate paper work
so that each thing can be carried out in the well and attractive manner. This enterprise
also requires to file the separate tax returns. Therefore, it can be said that this kind of firm
will be easier to attract the investors and it can also work as to protect the personal
property and assets from the law suits and other kind of the business regulations. In
addition to this, it can be said that the corporation are the more expensive to set up as
compare to sole proprietorship and partnership. In addition to this, it can be said that the
corporation can have the unlimited life. This business can be for with the help of the
member as are shareholders, directors, officers, and managers.
On the other hand it can be said that there are three type of the business venture that has been
defined in the following manner as are-
 Service business- The service type of the business works as to provides the intangible
products. Thus, the service type firm works as to offer the professional skills, expertise
and other similar products. It can be understood with the help of the example as are-
salons, repair shops, schools, accounting firms and law firms.
 Merchandising business- Under this kind of the business, they buy their products at the
whole sale price and sell the same products at the retail price, this kind of firm can be
termed out as the buy and sell business (Ratten, 2014). In addition to this, it can be said
that they work as to make their profits with the help of the selling the products at the
prices higher than the purchase prices. Thus, it can be understood with the help of the
example as are- The merchandising firm uses to sells a product without having the
changes in this form of structure. The good example as are Grocery stores, distributors,
convenience stores and other resellers.
 Manufacturing business- It is just like the merchandising business. Thus, it can be said
that the manufacturing business buys the product with the intention of the using them as
the materials in manner to make the new commodities. In addition to this, it is the kind of
the transformation of the product purchased (Dentchev and et.al., 2016 ). On the other
hand it can be said that the manufacturing business combines the various things as are
4

raw materials, labours, factory overhead in ins production process. Thus, this kind of the
manufacturer good will be sold out to the customers.
 Hybrid business- This are the companies that may be classifies into the more than one
kind of the business. In addition to this, restaurant can be taken as the example as are-
there are various combined ingredients in making the fin meal, sells out the cold bottle of
wind and providing the dining service (Dees, 2017). This are of the nature that provides
the multiple services in order to run out the business function in the appropriate manner.
CONCLUSION
Based on the above report it can be concluded that innovation and creation in the
enterprise are the bet two source that helps to develop the enterprise activities effectively. Thus,
report has covered the various things as are role of creativity and innovation and different types
of the business.
5

REFERENCES
Books and Journals
Dees, J.G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social
Entrepreneurship and Sustainability. Routledge.
Dentchev, N and et.al., 2016. Embracing the variety of sustainable business models: social
entrepreneurship, corporate intrapreneurship, creativity, innovation, and other approaches
to sustainability challenges. Journal of Cleaner Production.
Mazzucato, M., 2015. The entrepreneurial state: Debunking public vs. private sector myths.
Anthem Press.
Ratten, V., 2014. Future research directions for collective entrepreneurship in developing
countries: a small and medium-sized enterprise perspective. International Journal of
Entrepreneurship and Small Business. 22(2). pp.266-274.
Woodside, A.G., Bernal, P.M. and Coduras, A., 2016. The general theory of culture,
entrepreneurship, innovation, and quality-of-life: Comparing nurturing versus thwarting
enterprise start-ups in BRIC, Denmark, Germany, and the United States. Industrial
Marketing Management. 53. pp.136-159.
Edwards-Schachter, M and et.al., 2015. Disentangling competences: Interrelationships on
creativity, innovation and entrepreneurship. Thinking Skills and Creativity. 16. pp.27-39.
Wu, C.W. and Huarng, K.H., 2015. Global entrepreneurship and innovation in
management.
ONLINE
The Basics of Business Structure. 2018. [online]. Available
thorough:<https://www.entrepreneur.com/article/200516>.
6