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Entrepreneurship And Innovation Business Assignment

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Added on  2020-01-16

Entrepreneurship And Innovation Business Assignment

   Added on 2020-01-16

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Entrepreneurship Creativity andMarketing1
Entrepreneurship And Innovation Business Assignment_1
TABLE OF CONTENTSPART 2 INDIVIDUAL ASSIGMENT ...........................................................................................3INTRODUCTION ..........................................................................................................................3Importance of innovation and creativity in an entrepreneurial SME context .................................3CONCLUSION ...............................................................................................................................7REFERENCES ...............................................................................................................................82
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PART 2 INDIVIDUAL ASSIGMENT INTRODUCTION The concept of innovation is regarded as the successful exploitation of the new ideas.Innovation does not necessarily imply the commercialization of the only main advancementwithin the technological state of the art. But it also involves use of even smaller scale changes intechnological know how (Addis, 2009). Companies can attain competitive edge by the means ofcreativity and innovation. Another concept is regarded as creativity which demonstrates theability to think as well as act in a manner that is new and novel. The present study is comprisedof demonstration of understanding in relation to importance of innovation as well as creativity inentrepreneurial context. IMPORTANCE OF INNOVATION AND CREATIVITY IN ANENTREPRENEURIAL SME CONTEXT Innovation is referred to as thinking in creative manner regarding something that alreadyhas presence. In other words it is the introduction of something new as well as effective in themarket. In contrast to this Creativity is regarded as the act of creation of the new ideas,imaginations as well as possibilities. The procedure of creativity is imaginative. Moreover underinnovation the procedure is productive. There is greater number of difference that exists betweencreativity as well as innovation. Creativity is referred to as the quality of thinking new ideas aswell as putting them into real terms (Bassett‐Jones, 2005). Further the act of execution of thecreative ideas into practice is considered as innovation. It has been assessed that creativity cannever be measured. However the measurement of the innovation can be made in an effectivemanner. The role creativity can be greatly viewed towards generation of the ideas that are new aswell as unique. While innovation is related with introduction of something that is better in themarket. This has been gained that the creativity does not need money. In contrast to thisinnovation to a greater extent requires money. In the today's world because of globalization as well as excessive industrialization theproducts are being manufactured as well as exported to international markets. There is easyaccess towards every product. The base of the customer is able to access several; kind ofproducts that range in type as well as quality (McLean, 2005). By the means of creativity one is3
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