Entrepreneurship, Innovation, and Creativity: A Detailed Analysis

This essay examines the significance of creativity and innovation in entrepreneurship, arguing that they are major considerations for success. It defines entrepreneurship as the willingness to develop and manage a business, emphasizing the role of creativity and innovation in navigating a competitive global marketplace. The essay highlights how creativity aids in problem-solving, improves productivity, and shapes effective marketing strategies. It also discusses the challenges entrepreneurs face, such as time management and business growth, and how innovation can provide solutions. The analysis concludes that innovation and creativity are essential skills for entrepreneurs, enabling them to compete effectively, attract customers, and achieve business goals by fostering new ideas and unique approaches.

Entrepreneurship, Innovation and Creativity

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Contents
Introduction...........................................................................................................................................2
Theme 1.................................................................................................................................................2
Theme 2.................................................................................................................................................3
Theme 3.................................................................................................................................................3
Theme 4.................................................................................................................................................4
Conclusion.............................................................................................................................................5
References.............................................................................................................................................6

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Introduction
The capability and willingness to develop, manage, and organize a business along with their own risk
to make a profit is called entrepreneurship. Entrepreneurship spirit can be characterised by creativity
and innovation, which is an essential part of a nation to achieve every changing and increasingly
competitive global marketplace. In the field of entrepreneurship, income can produce by combining
the land, labour, natural, resources, and capital. Innovation is the heart of any growing economy
especially for the entrepreneurship because business can survive in the market with the new
innovative ideas (Kuratko, 2016). Successful entrepreneurship focuses on creativity, innovation, and
strategies. Entrepreneurship encourages creativity within an entrepreneurial business model as well as
methods of implementing new ideas into business development. Innovation and creativity is a critical
skill for achieving success in business. Creativity is the capability to produce the unique ides at the
time. Innovation is the implementation of the creation of new ideas, solution, product, or process. The
role of creativity and innovation is a major consideration for the entrepreneurial work. Without
innovation and creativity, an entrepreneurial cannot work or survive (Anderson, Potočnik, and Zhou,
2014).
In this paper, the discussion will be made in the favour of “role of creativity and innovation in an
entrepreneurship work is a major consideration.” Creativity and innovation is an important part of the
entrepreneurial work.
Theme 1
Creativity and innovation is the path for the success for an entrepreneurship. It helps in solving the
problem with the help of creativity. It improves the process of solving problems with some creative
ideas. Creativity increases the productivity of the business that is essential for expanding the business.
Creativity is the ability of an entrepreneur that helps the entrepreneur in making marketing strategies.
Marketing strategies are the way to compete for the competition level prevailing in the market.
Creativity is a set of tools that allows people to connect with the different people so that it can be easy
to gather the ideas (Taherparvar, Esmaeilpour, and Dostar, 2014). Creation or innovation is related to
the connection that helps to highlight something unique from their competitors. Creative mind help
entrepreneur to improve existing business practices. A brand might be popular in the market but there
is something that can be done differently in a better way to achieve a large market share. An
entrepreneur executes an idea by analysing the available resources of the organization. An
entrepreneur designs model focuses on supporting innovative ideas. Creativity is the skill of an
entrepreneur by which it can be easy to achieve the market segment and goodwill in the market
(Scarborough, 2016).
Entrepreneur earns a profit by emphasizing the market conditions. Entrepreneurs are known by the
name of the innovator of the economy. The innovation is the new way to produce a product or
solution that helps the business to expand in the market (Charter, and Tischner, 2017). Innovation is
the key value for the longevity of a business. Entrepreneur analyses the business resources or
problems so that they can come up with the solution. They grab the opportunity so that proper living
can be offered to the people (Chen, Chang, Wang, and Chen, 2017). The solution given by the
entrepreneurs kept evolving to make it better, easier, and more useful. Entrepreneurs are continuously
innovating to produce more without sacrificing the quality. Innovation is the key to the success of the
organization. Innovation is important to see the solution of their creativity (Cook, 2016). Entrepreneur
encourages their employees to create something innovative, which is useful for others. Competition is
the other factor that shows the major consideration of innovation in entrepreneurs work. It encourages
the entrepreneur to come up with something new that is cost effective and qualitative to compete with
the competitors in lower prices (Kirzner, 2015). An entrepreneur is contributing to develop the
country by producing new products and services with the new ideas that save the cost and improve the
quality. Being innovative helps the entrepreneur to become successful in all endeavours.
The aim is to promote creativity and innovation among customary enterprises to design the feasible
plans relating to innovations. The creativity of an entrepreneur is developing by the business model.

ENTREPRENEURSHIP 3
Creativity and innovation are recognizing as a success path. It improves the process of solving the
problem (Teece, 2010). It develops a new strategy to stay ahead in the competitive market. Innovation
can help in business growth by improving the productivity or reducing cost. Business has a risk of
losing market share to competitors or failing productivity and efficiency. If an entrepreneur did not
follow or apply the creative ideas then the business has a risk to losing key staff. An entrepreneur
suffers loss by reducing margins and profit. Introducing innovation helps to establish new partnership
and relationships or increase turnover and improve profitability. Innovation skills of an entrepreneur
help to build the value of the brand in the market. Innovation is the part of the business strategy
(Bilton, and Cummings, 2010). If an entrepreneur gives their delicate time to monitoring trends in
their business sector then they have to focus on innovative efforts. Innovation is not only improving
the chances of business surviving but it helps to increase the profits.
Theme 2
After conducting the survey, it analyses that the entrepreneur creativity affected by many factors such
as organization environment, team climate, time, investment and team climate. There are many good
reasons to implement the creativity in the organization. Secondly, decentralization in the hierarchy
management encourages the entrepreneur to expand the business with creative ideas. The main
objective of the creative entrepreneur is to establish creative friendly environment inside the business.
An entrepreneur makes the friendly environment that helps to make the business plan. Creative
entrepreneur engages the creative activity that makes the work easy or flexible. Creativity helps in
modifying the business model for making a new product. An entrepreneur is always effective to find a
balance between flexibility and control towards the flexibility of their employees (Liu, Gong, Zhou,
and Huang, 2017). Creativity is the process from which an entrepreneur can improve their existing
product where individual or group of people gain the profit. It is the unique idea from which customer
can attract towards the product or increase the sale. Customer attracts toward the product when the
product improves the exiting way of living. Entrepreneurship takes some risk some time for
developing the business in the market. Entrepreneurs grab new opportunities to take the risk of their
money and time (Camacho-Miñano, and Campo, 2017).
Theme 3
Nowadays, an entrepreneur faces many challenges such as capital, hiring employees, business growth,
time management, and others. To make the strategies for the business growth, entrepreneur creativity
is playing a major role in his business growth (Reiter-Palmon, 2017). Time management is the
important task for an entrepreneur to achieve success in business. An entrepreneur faces the challenge
of time, management because of a lack of creativity in the work. For the success, the entrepreneur has
to manage his time in a useful manner to achieve the success (Kaur, 2014). Create lifetime goal list by
breaking the list into the monthly task or week task. Delegate the work for quickly completed the task;
it is also the creativity of an entrepreneur to control the other people and getting things done by others.
If the business cannot grow or business have no capacity to handle the more work than the
entrepreneur has to analysis the strategy and create a new process that focuses on task delegation. The
entrepreneur has to analysis the business environment for making the correct strategies for the
business growth. When something goes wrong in the business, it means the business does not grow
fast. An entrepreneur has to motivate himself for achieving the goals; motivation is a creativity of an
entrepreneur. Innovation is also and major role to solve the challenges of an entrepreneur or to reap
the rewards (Piperopoulos, 2016).
Innovation is fundamentally solving the problem of an entrepreneur. Innovation is to identify the
problem then find the solution. Innovation is the identification of creativity, it identifies the problem
of an entrepreneur by analysing the situation, and then it applies the solution. Entrepreneur facing
many challenges in the way of success but the best entrepreneur is always identifying its weakness
and strength at the time of finding the problem. Finding the problem is the path of the success for an
entrepreneur (Nisula, Olander, and Henttonen, 2017). Innovation helps an entrepreneur to identify the
problem and achieve the business growth in the market. Innovation helps an entrepreneur to add the

ENTREPRENEURSHIP 4
value of customers. Innovation is to add something new to the product and services which is unique in
the market. The new idea helps to attract the customer toward the product and services. Innovation is
a skill of an entrepreneur to achieve the goals of the business. It is a strategy to attract the new
consumers or to expand the business in the market. The customer always wants something new in the
product and services (Storey, 2016). To satisfy the customer or to manipulate them to buy the product,
an entrepreneur has to add some new values. The specific attention of an entrepreneur is to earn more
profit for expanding the business (Galindo, and Méndez, 2014).
Theme 4
In the present days, creativity and innovation are necessary to survive in the market for an
entrepreneur. Innovation and creativity help an entrepreneur to compete with the strong competitor
(Sener, and Hacıoglu, 2017). A little creativity comes up with the better new designs in the product
and services, promote the product, and connect with customers. An innovative thinking can beat the
strong competitor by attracting the customer toward the product and services. New designs also attract
the customer toward the product that also helps an entrepreneur to beat the toughest competitor.
Comes with the unique and good quality, customer remembers the product and services. Creativity
and innovation make the business stand out (Osterwalder, Pigneur, Bernarda, and Smith, 2014). A
unique innovative idea makes the remark in the mind of the customer for example- a new brand story,
work for non-profit, and develop a business personality. Different business personality makes the new
customer of the business.

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Conclusion
From the above analysis, it has been concluded that the innovation and creativity is a major
consideration for entrepreneurs. Innovation and creativity are playing an important role in an
entrepreneur success. Entrepreneurs face many challenges in the way of success that can solve by a
little creativity or a new idea. Through innovation and creativity, an entrepreneur solves impossible
problems by analysing the reasons behind the problems. Creativity and innovation attract the
customers toward the product and services which is beneficial for an entrepreneur. It increases the
workplace productivity by getting things done through others. It helps an entrepreneur to compete
with the competitors by adding something new in the product and services. Innovation and creativity
are the skills of an entrepreneur. If an entrepreneur thinks outside the box, then he can achieve the
success.

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References
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of-the-science review, prospective commentary, and guiding framework. Journal of management,
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Bilton, C. and Cummings, S. (2010) Creative strategy: Reconnecting business and innovation. US:
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Charter, M. and Tischner, U. (2017) Sustainable product design. In Sustainable Solutions. Oxon:
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knowledge management, 18(3), pp. 591-610.

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Teece, D. J. (2010) Business models, business strategy and innovation. Long range planning, 43(2-3),
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