Analysis of Innovation, Creativity and Entrepreneurship in Business

This essay delves into the critical roles of innovation, creativity, and entrepreneurship in today's dynamic business landscape. It begins with an executive summary highlighting the importance of adaptability and strategic innovation for entrepreneurial success. The essay explores various kinds of innovation, including invention, extension, duplication, and synthesis, along with the tools used, such as lateral thinking, and divergent and convergent tools. It provides examples from diverse industries like food, fashion, and electronics, showcasing how technologies like AI and 3D printing are driving innovation. The essay further discusses the application of tools like mind maps and the use of AI in various industries. The essay also includes a reflection on the importance of microeconomic understanding and strategic thinking for entrepreneurs, emphasizing the need to adapt to market changes and solve customer issues. The paper concludes by highlighting the importance of continuous learning and adaptation for entrepreneurs to maintain a competitive edge in the market.

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).

Kinds of innovation and creativity
It is significant to ponder over the innovation tools in the company in every five years. In
order to modify every organisation follow one kind of innovation or a combination of
innovation types (Sigala, & Kyriakidou, 2015). It includes invention, duplication, synthesis,
and extension (Cook, 2016).
Invention- it is elaborated as creating new ideas, product, and service.
Extension- it is used to describe the invention of new ideas with an aim to expand it through
the processes (Sigala, & Kyriakidou, 2015).
Duplication- it includes copying the present service, product, and process through which.
Mixture can be used as the blend of existing concepts including the factors for the preparation
(Sigala, & Kyriakidou, 2015).
Tools
It is using different tools and methods in order to achieve the innovation tools named as
convergence, divergent, and the creativity as a round process.
Circular process that has been growing to attempt to examine, combine ideas, and screen
thoughts so that it can select one of the best alternative. Divergent tools such as analogy
cards, which produces 80% of the thoughts with the ideation meeting themself (Cook, 2016).
This concept refers to repetition the idea form other businesses and soon adjusting it for the
own company. It is considered a model in order to produce the corporate ideas and review the
business model even when it is closely linked to the organisation. Analogy cards such as
BMT organisation shape of cards that is a getaway to enhance the analogy thinking (Cook,
2016).

Another more methods includes technological benchmarking and current trends in which the
technology is practised. For instance- block chain, Artificial intelligence, and the
brainstorming procedure in order to emerge with business ideas by considering the current
request (Cook, 2016).
Lateral thinking
This tool is used to run the ideation session that brings another methodology. This includes
several types of thinking that depends on the stepping the sideways from current business
strategy. Another well-known tool is known as “ifs” used to examine the variations in the
perspective and certain challenges related to the assumption. This includes combining the
analogy with the concept of lateral thinking, which can be used to introduce the AI equal to
value intention (The GUARDIAN, 2015). Mind maps is an excessive way through which it
can generate ideas and you can used them while expanding it is used to collect all the ideas
from all the aspects of ideations where thinking is more popular like technique which is used
to explore the aspects of the idea (The GUARDIAN, 2015). Circular process and creativity
are used as an instrument, through which both convergent and divergent, where it is a phase
of innovation (Khalili, 2016). Application of these tools will result designates the alteration in
the outlook for the different thinking, well organized thoughtful of organising the
information, necessities of an expert. In this way, a person will strive to identify the original
explanation to the problems, which is an important way that finally leads to formation of
groups on the way to creativity (Khalili, 2016). People have strived to identify the original
explanation to issues where it is important to prime the teams to the creativity and the
innovation. These small-scale innovations in the industry and the sector will be used with the
help of 3D printers and artificial intelligence through which it can take permanent advantage
(Snyder, Hammond, Grohman, & Buonincontro, 2019). The idea of Artificial intelligence is
approved by several businesses. For example- ZMorph multitool 3D printers that has been

used in shoes, jewellery designing, and fashion related innovation (Sarooghi, Libaers, &
Burkemper, 2015). As per electronic industry, this is no to worry to surprise when it has
happened consuming printed quad copter parts. Another instance can be looking at the year
of AI innovations. Organisation have often applied AI and machines in order to learn
everything also from the experience of the customers such as success programs for the
healthcare (Gajda, Karwowski, & Beghetto, 2017). To become strategic and readiness to
adopt the value of artificial intelligence to motivate further with the pioneering the AI
projects which can generate sales, great level of customer service, and its unforgettable
experiences (Kraus, Soriano, & Schüssler, 2018). For instance- grand view research says that
global Chatbot market will reach to $ 1.25 billion by the end of 2025 (Hunter, Abraham,
Hunter, Goldberg, & Eastwood, 2016). Chatbots will help to build the brand by delivering
better customer service while addressing the standard FAQ and pointing out the buyers while
producing what actually it seek for (Gajda, Karwowski, & Beghetto, 2017). Chatbots have
led to severe strike and balance between human interaction and automation where stepping
into the brands will lead to perfect manufacturing of the chatbot (Gajda, Karwowski, &
Beghetto, 2017). In today`s ear, technology has made many things possible such as machine
learning helps to grow faster enabling with smart learning (Snyder, Hammond, Grohman, &
Buonincontro, 2019). By using the large datasets system, machine-learning programs are
associated with finding the problems and explore the solution and streaming the operations.
For many brands, 2018 is considered as a year of identifying that AI is as good as the storage
of data it uses. Organisations who understand the value and great job that leads to managing
the data infrastructure that fully rely on interviews that define leaders in AI line with full
leverage (Hunter et al., 2016). Great companies often commit to legacy and other complex
systems, which have not made for long commitment in order to manage the data that will get
the value by using AI. It leads to another level of experience such as with the help of personal

recommendation services like those that Netflix has become possible (Gajda, Karwowski, &
Beghetto, 2017). It is seen as deeper customisation of organisation’s algorithm that points out
towards how intelligent and various customer services have been becoming popular. Netflix
have ensured that customers and viewers will enjoy on the basis of viewing certain past
habits (Robbins, & Devitt, 2017). Netflix has been recommending that viewers may enjoy by
seeing their past habits. Further, in 2018, it is seen as the customisation of the packaging and
finally choosing the thumbnails to display which is based on consumer preferences. The
organisation can unveil the update in accordance with the algorithm which personally
thumbnail the images which viewers sees very often (Gajda, Karwowski, & Beghetto, 2017).
With the use of AI, it is seen as the enticement to watch the recommended programs. In this
era, AI has solved the issue of lack of labour in various industries. As the worker from
various fields use AI innovations in order to work smarter rather than harder (Schachter,
Granero, Barrioluengo, Pineda, & Amara, 2015). It is devoted all in one 3D printer has
permissible that the developers to project a next age group 3D archetype cast-off as integrated
circuit technology through the cloud software, fused declaration demonstrating, ground-
breaking conductive in silver ink, and allowed with pneumatic straight writing technology
enabling with 200 microns layer firmness. Engineers wondered people with the individual 3D
printing workshops in removals. For instance- AI and future role of salesperson are highly
related that explores the insight and other analytics from the AI powered objects that helped
to manage the administrative packages and projects. Labours are allowed to do higher-value
and artistic work which makes it a bigger effect on the bottom line and lower level
management. As a level of personalisation, AI has experienced creativity and innovation as
of now heading towards 2020, AI tools and other programs will shape the sales, customer
experience and customer service in crucial ways (Cropley, 2015). Business that has emerged
as new with new services are yardarm technologies that has incurred gun legislations and has

a front in centring the topic in the mid. It has come up with high technological ideas that is an
wireless which allow the gun owners to disable the gun remotely. One the gun is removed, it
has been triggered on the phone of the person so that then disable the weapon remotely. 3-D
printing is the technology that has enabled the fabrication of the objects based on digital
models. AMA Americas is a company-compressed natural gas where the substitute fuel
market has sufficiently of businesses, which call them as creative. This is true only if they
convert it from the cow manure. Another example is the changing diaper activity, which
creates a ripe chance for a practical entrepreneur to transform the practice through thrashes
squirms. She has interactive diaper changing pillow describing the twist in the lives of the
parents and changing the table accordingly.
Reflection
It is undoubtedly true that the understanding of the micro economic understanding can
enhance the market phenomenon that are tracked for individual`s market decisions. As a
entrepreneur, I should develop knowledge base so that it will be easy for me to undertake the
analysis of the current market (Chen, 2018). The introduction of entrepreneurship for the
micro economist theories which the theorist opens when the new world comes up new
disequilibrium principles as either pure profit or pure loss, innovation, technological and
further dramatic shifts in the way of thinking innovation (Noworol, Žarczyński, Fafrowicz, &
Marek, 2017). Design thinking and lean start-ups have revalorised the approach, which I
define as complex business decisions that have led to problem solving. It is important to
redefine the issue and solving the customer`s issue (Chen, 2017). I see that it is important to
manage both the approaches together that does not overlap and have blind spots. By using the
tools, my journey begins to learn the way that suggests that you can make sense of only
customer`s experiences and designing them so that it can add delight and fix the things
accordingly (Cook, 2016). I think it is easily to understand the concepts of intangible events

such as communicating to understand my own thoughts. In future, I plan to communicate my
plans to my seniors so that I can analysis my weaknesses in undertaking the critical
understanding and finally undertaking the decision as its action (Chang, Chen, Hsu, Chan, &
Chang, 2015). One of the small-scale industry example is Juicero, which is an San Francisco
and has a single mission that is to become the “keurig of the juices”. Building and testing
prototypes was an important work for this business as the company recently launched in order
to eliminate the annoying barriers (Cook, 2016). Winne is a mobile application that has been
launched to become a family friend version of yelp (Cook, 2016). Rather than starting from
the company of the square ones they have started to do and drive through the innovation.
Warby parker has launched an e-commerce company that only sells glasses now but it has
dreamed of diverse line of products. Kim has offered with simple pricing model and to
meditate which she is offering the Netflix style subscribers to pay a week or a month (Cook,
2016).
Conclusion
From the discussion carried out above, it is seen that it is crucial to select a single type of
innovation, which the business will relate. It is quite visible, where illustrations are related AI
that has become most popular that has been observed during severe changes. AI and sense
mover have upgraded the smooth of innovation to other level. Other than above illustration,
AI has assisted to limit the cost of labour. This essay has described as reflection on
entrepreneurship, creativity, and innovation. Intense discussion and brainstorming are
conducted on the basis of creativity and innovation.

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