Innovation and Creativity in Business

INNOVATION AND
CREATIVITY

Executive summary
This report brings out a discussion on innovation, creativity, and entrepreneurship. In today’s
era, an entrepreneurship who has dynamic skills have the talent to adapt the strategies of
innovation rapidly can become successful. Innovation and creativity has become integral part
of the current business. This is due to the increasing competition in various industries, but
with the increase in technological usage, the market has become more competitive.

Contents
Executive summary....................................................................................................................1
Introduction................................................................................................................................3
Kinds of innovation and creativity.............................................................................................4
Tools...........................................................................................................................................4
Lateral thinking..........................................................................................................................5
Reflection...................................................................................................................................8
Conclusion..................................................................................................................................9
References................................................................................................................................10
Appendix..................................................................................................................................12

Introduction
Creativity refers to new things and thinking process, which an entrepreneur can, derives
solution to the issues and find many other ways to look into the opportunities and grab them.
With the increasing competition, it is necessary for the organisation to employ innovation
because it is said that in every five years the business process changes (Amabile, & Pratt,
2016). In order to adopt with the changes, the organisations adopt a plan of innovation so that
it can achieve competitive advantage. This essay brings out a discussion on innovation and
creativity in the small companies and this essay reflects the example of each industry with its
innovation approach in both national and international company (Unsworth, & Luksyte,
2015). Entrepreneurship often promotes innovation and creativity in the organisation by
developing new ideas, and testing it through a process of innovation. The essay undertakes
the example from different industries such as food industry, jewellery, and architectural
industry, fashion designing and electrical industry. Emerging technology had become
revolution in bringing the innovation and creativity in the company (Amabile, & Pratt, 2016).
Innovation is a process of thinking, trying, planning, and then executing a creative solution to
existing problems, which can become an opportunity for the people and society to experience
something new, which might meet their needs. Entrepreurneurship is a result of the process
that includes the application of creativity and innovation so that he/she can capitalise the idea
after using the market opportunities (Unsworth, & Luksyte, 2015). It is necessary to evaluate
the risk associated with the innovation and creativity processes, so that the entrepreneur can
focus on blind following, logical reasoning, and coming overspecialised, which may not be
needed. Solution to such barriers can be created overnight; it is a process of long thinking’s
that includes professional conferences, reading, and visit to the library. Process of evolution
implies a statement that says that sleep on it and wake on it that means an entrepreneur has to
be very activate the experience and makes the answer (Unsworth, & Luksyte, 2015).