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Innovation and Creativity in a Business | Report

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Added on  2020-02-17

Innovation and Creativity in a Business | Report

   Added on 2020-02-17

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EntrepreneurshipCreativity andMarketing
Innovation and Creativity in a Business | Report_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK ............................................................................................................................................1What is entrepreneurship, creativity and innovation?............................................................1Key challenges........................................................................................................................4Advantages and disadvantages...............................................................................................5CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7
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INTRODUCTIONEntrepreneurship is related to the business which is set up by an individual or inpartnership. In this, entrepreneur has to take some risks to increase their profits in the market ascompare to other small businesses. Along with this, innovation and creativity plays an importantrole in the entrepreneurship. On the basis of their ideas, they will be able to increase their profitsin the market (Schaltegger and Wagner, 2011). The present report is based on Austin Fraserwhich performs their operations in the recruitment field. The consultancy firm focuses on theirinnovative services so that they can attract number of customers. The below mentioned report isbased on the innovation and creativity in a business. TASK What is entrepreneurship, creativity and innovation?According to the Santos (2012), entrepreneurs are the people who initiate the business toincrease the economy. It is not only related to the business but business with some innovationand creativity so that people can fulfil their needs. They have to take some risks in their businessso that they will be able to get high returns on the basis of their investments. As per the viewpoint of George and Bock (2011), he said that entrepreneur can be defined as a person whoidentify some situations in the market so that economy can be improved. Along with this, theyhave to perform some actions before establishing any business like:They have to identify opportunities in the market for making profitable investments.Exploring the business which they are going to start so that the growth can be achieved inthe United Kingdom.The entrepreneur has to arrange their initial capital so that business can be established.It has been critically analysed by the Navis and Glynn (2010), every person whoestablished their business for a specific purpose they have to become more creative andinnovative so that high quality services can be provided to the customers. Creativity is related tothe generation of new ideas by involving all the employees in the decision making process. Onthe other hand, innovation is the transformation of ideas into physical products so that overallperformance can be improved (Fillis and Rentschler, 2010). Creative people are more productivethan any other because they will be able to generate more revenues. On the other hand,innovation is an ability through which these ideas can be implemented in the environment. Along1
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