Entrepreneurship & Innovation: Creativity in Business Ventures

This report examines the crucial role of creativity and innovation in entrepreneurship, highlighting its significance in developing economies and fostering business growth. The report is divided into two parts: the first emphasizes the importance of creativity and innovation in entrepreneurial ventures, discussing how they drive competitive advantages and facilitate new product development. It also addresses the necessity of imagination and adaptability in dealing with uncertainty. The second part proposes a new business idea for a healthy food restaurant named "Hello Restaurant" (Helco) in New Zealand, targeting health-conscious individuals and athletes. This venture aims to provide healthy, tasty food options, differentiating itself from existing market offerings. The report also touches upon the entrepreneurial process and value proposition of such a venture, emphasizing the need for innovation and strategic business practices for success. Desklib provides access to similar reports and study tools for students.

Running head: Entrepreneurship and Innovation 1
Entrepreneurship and Innovation

Entrepreneurship and Innovation 2
Contents
Introduction......................................................................................................................................3
Part A...............................................................................................................................................4
Importance of creativity and innovation in entrepreneurial ventures..........................................4
Part B...............................................................................................................................................9
An entrepreneurial idea that can lead to a successful business venture.......................................9
The entrepreneurial process.......................................................................................................10
Value Proposition of the products and services.........................................................................13
Conclusion.....................................................................................................................................15
References......................................................................................................................................16

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Introduction
The main aim of this report is to emphasize the role of the creativity and innovation in
entrepreneur as it is vital for the business to have the creative thinking at the time of making
innovation within the business. Entrepreneurship cannot be effective without imaginative
thinking and it can come from the creative mind. This report is divided into two parts in which
the first part of the report elaborates the importance of the creativity and innovation in
entrepreneurship. On the other hand, the second part of this assignment is based on the new idea
in which the food industry has been taken. The entrepreneurial process will be mentioned under
this report which would be helpful to gain understanding about the step taken by entrepreneurs.

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Part A
Importance of creativity and innovation in entrepreneurial ventures
The role of the innovation in the entrepreneurship is vital as it is considered as the heart of any
developing economy, particularly in those where existing models have become outdated. The
financial stagnancy can be increased due to unemployment in the business practices.
Entrepreneurship is the major process to innovate new things at the business level of individuals
along with inspiring overall business-sector enlargement. It is required for the successful
entrepreneurship to keep the focus on originality, incorporating innovation and deliberate
business practices. Every sector of the entity is the subject matter of the creativity and
innovation. It is factually strange that why the word creativity is linked with the thinking of
sculptors, painters and photographers and in the reference to innovation, people start to think
about the advancements of technology such as 3D TVs and companies such as Siemens, Toyota,
Apple and many more that are actively engaged in innovation and technology amendments.
Creativity and innovation is the dynamic power of the economy, generally in the shape of digital
and mobile applications and devices. People who have the latest technology phone can do
anything via using their phones. Creativity is related to the innovation as it gives birth to
innovations. It has been found that an entire idea comes from creativity (Gumusluoglu and Ilsev,
2009). Creativity is the spirit of entrepreneurship and innovation is the oxygen that is keeping it
alive. It can be said that the creativity requires a spark whether innovation requires fuel (Baron
and Tang, 2011). These all forms are given in the relation of the rewards and development of
wealth. There is a number of countries that have attached to the attentiveness of entrepreneur to

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attain knowledge in order o use the outcomes and new information. It has been found that the
UNICEF has settled the high value on the development of the SMEs not only in the terms of the
advanced but also in transition and emerging market economies (Marković, Prodanović and
Mutibarić, 2012). It has been analyzed that the contribution of government to the growth of the
business is huge especially for SMEs for the purpose to decrease the challenges. It has been
found in the context of the market economies that the major problems come under SMEs
entailing the transition to the culture of entrepreneurship (Yusuf, 2009). It is required for the
business to have a proper understanding regarding the acquisition of the business and
management skills and technical awareness of the quality of the services as well as the products.
The right connection of these attributions can be more supportive and regulated economic
environment for the sustainability of SMEs.
It is necessary for the entrepreneur to imagine a scenario before implementing any kind of
businessn and it can be done with an effective imagination. The most productive business is
those who are ready to embrace the creativity and inspire innovation. It has been found that the
Incentivizing creative product and strategy development facilitates in providing proper guidance
about the further growth and business (Yar Hamidi, Wennberg, and Berglund, 2008).
It has been found that entrepreneurs surpass at identifying and following opportunities, while
large, recognized companies surpass at creating use of chances and appropriating their value. It is
required for the small businesses to achieve something in a competitive market and find
opportunities and take benefit of them. They should highlight the importance of creativity and
thoughts at the time of valuing and utilizing the strategic business practices require executing
new ideas effectively (Windrum and Koch, 2008). It has been analyzed that ingenuity is

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considered as the modern entrepreneurship which has taken a good place in growing economies.
It is necessary for the entrepreneur to continuously push the edges of the latest trends by using
the latest ideas and creative approaches. Employees of the organization can learn how to develop
their creativity into innovation with the knowledge of business practice.
There are three central underlying dimensions such as risk-taking, pro-activeness, and
innovation. Innovation is a process in which an entrepreneur searches for new opportunities or
help in finding the ways in which they find ideas for the purpose of concluding the profitable
conclusion. It has been analyzed that the role of the innovation lies in its growth in the
competitive market rather than in its novelty alone. Risk taking elaborates the manner in which
the role of the innovation is incorporated in the community, society and organization. Pro-
activeness is related with creating things happen by adaptability. Creativity includes huge
response to the environment which can entail not only high level but also low-level frequency of
creativity.
Creativity and innovation in entrepreneur are able to create new ideas for competitive advantages
in which the entire process of entrepreneurship is connecting with exploration and creation of the
new ideas. When an entrepreneur has the ability to develop a new idea that is feasible, it provides
him perimeter over the competition. The capability of innovation is good for an entrepreneur to
learn new things in an efficient manner. The role of the creativity improves the new process of
developing an existing service or product. It has been analyzed that every products and service
can be improved in an efficient manner but it is required for the business to have the best idea to
modify products or bring some new products in order to make changes in the competitive
market. Creativity is the process that needs the imagination to generate the most

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incomprehensible ideas. Imagination is required to cross the perimeter of normal as well as usual
to think outside the box.
There is a number of entrepreneurs in the world that are well-known personality because of their
innovative products. Thomas Alva Edison is one of them who invented the radian light bulb and
the phonograph. It has been said by him that “Genius is 1% inspiration and 99% perspiration.
Steve job is another example of a successful entrepreneur as he was invented iphone which is
very successful nowadays. He has a most remarkable contribution as an entrepreneur which is a
revitalization of Apple Company. At the time when Steve was reinstalled as CEO was to prompt
amendments to the existing structure of the organization. The amendments included keeping a
new team of management in place. The main focus of him is on the branding campaigns and
reiterated. It is necessary for the entrepreneur to not stop thinking up to limited way as thinking
should be endless. This kind of strategy of the entrepreneur may lead his business to a higher
level as he would generate new ideas to bring change in the world which will be helpful for the
growth of the business.
Creativity is the process which can be taken in use o deal with the vagueness in decision making
by connecting the response of the entrepreneur to that of the world of the business. Uncertainty is
the major aspect that can involve in every step of the process of an entrepreneur. The role of the
creativity is important in dealing with vagueness. On the other hand, uncertainty shows the lack
of information which should be judged by the entrepreneur before implementing any kind of
business or innovation. It has apparent that the connection between creativity, innovation, and
entrepreneurship in the innovation of t he product is vital. The role of the creativity in the
development of the product is huge as each process of development of the product get influence

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by the creativity. Along with having knowledge about the role of the creativity in the
development of the product, it is required for the entrepreneur to have knowledge that what is not
creative. Innovative product does appear as new at first glance but over time it is seemed as a
daily response because of the application of paradigm. Innovation is considered as the
commercial cannibalisation which has the ability to drive force behind the successful business
performance.
The role of the creativity and innovation in entrepreneurship is integral as they help in bring new
innovative ideas which can lead the business into the success zone. According to Emma, (2010),
the success of the company can be developed with the help of the teamwork that is why it is
required for the entrepreneur to focus on the team instead of focusing on individual talent.
Brainstorming is an effective technique which can be persuaded by the entrepreneur as it helps in
generating a number of ideas on a certain topic which can be reviewed to decide which idea is
effective (Lager, 2010).
It can be concluded from the above discussion that creativity and innovation have a significant
role in the development of the products. Entrepreneurship cannot be effective without
imaginative thinking and it can come from the creative mind. The discussion has been made on
the role of the creativity and innovation in entrepreneurship. It has been analyzed that every
products and service can be improved or modified in terms of bringing change in the
organization but it is required for the business to have the best idea to modify products or bring
some new products in order to make changes in the competitive market.

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Part B
An entrepreneurial idea that can lead to a successful business venture
Business is considered as the term that elaborates the activities which are organized in order to
earn profits. It has been analyzed that it is required for the business to have an effective idea for
the business because growth of the business is entirely dependent on the adaption of the latest
technology (Davila, Foster and Oyon, 2009). People have become conscious about their health
and they have proper knowledge of the ingredients that can harm their health. The new business
idea is opening a restaurant without taking consideration of the healthy products that name would
be “Hello Restaurant”. Helco can be considered an an acronym as it will refer to health
conscious. This restaurant serves the market with healthy food such as multigrain products,
salads and healthy food with low carbohydrate and air fryer foods. This new idea will run in the
market of New Zealand by targeting the sports people and young people who are diet conscious.
This restaurant provides the healthy food by taking consideration of the taste as well which will
lead this business into the growth of the business. This idea is innovative in nature as there is no
such business exists in the market of New Zealand that serves the people with healthy food
(Baucus, Norton, Baucus and Human, 2008).
It is the idea in which the customers of this restaurant will be segmented as per the preference of
their food. As mentioned that this restaurant will provide diet food and healthy food products to
the people who eat healthy products. That is why the customer will be segmented on the basis of
food preference. Along with that Helco Restaurant targets the sports people as it is required for
the theme to have those foods which help them to stay healthy. it has been analyzed with the help
of other food outlets in the market of New Zealand that serving the diet food in efficient way

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outcomes in fetching attention of the food lovers to have food (Fillis and Rentschler, 2010). The
customer relationship can be maintained by the company by dealing with offline and online
mediums (Lober, 2015). There are different resources such as human resource, financial
resources, and physical resource.
It has been analyzed that the key resources of the company are keeping great value in the growth
of the business. The role of the physical resource in the restaurant is huge as it involves the
ambiance (Boone and Kurtz, 2009). The infrastructure of the restaurant is made as per the theme
of the innovative idea in which the wall of the restaurant is covered with the pictures of the big
sportsmen. It would be helpful for the business to motivate the customers to have a healthy diet
(Zott and Amit, 2013). Along with that the menu of the dishes in the restaurant provides detailed
information regarding the dishes in which the description with healthy ingredients mentions on
the menu. Human resource has a significant role in Helco Restaurant in which the salesperson at
the store, waiters, IT department and management are the main part of handling the operation of
the management. Chef is the major part of the restaurant as entire dishes is dependent on the chef
that is why it is required for the restaurant to have skilled employees and chef in the restaurant so
that they can connect with customers for a long period (Tukker and Tischner, 2017).
The entrepreneurial process
The entrepreneurial process is vital for the development of the new products as well as business.
it is the process that helps the entrepreneur to move towards the growth of the business step by
step. Without planning, business cannot sustain in the competitive market for the long term. This
innovative idea of the healthy food restaurant in the market of New Zealand is different as an
entrepreneur needs to invest a lot of time and investment in the growth of the business for the
purpose of getting an effective growth for the business. The entrepreneurial process encompasses

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some steps such as developing a business plan, resourcing, managing company, harvesting, and
discovery. As it is discussed that the new business is opening of the restaurant which is good at
providing healthy food to the sporty people as well as to them who are health conscious. The
discussion on the entrepreneurial process is defined below:
Discovery:
The process of entrepreneurial is commencing with the generation of the idea, wherein the
opportunities for the business is identified by the entrepreneur. It has been found that it is not
easy to recognize the opportunity every time. An entrepreneur can measure the efficiency of an
opportunity by constantly asking specific questions to himself, like, whether the opportunity is
good investing in, would it be attractive. In this process, an entrepreneur discovers the idea for
the new business which was recognized by him of opening a new venture of a healthy food
restaurant which full of healthy foods.
Developing the business plan:
It is required for an entrepreneur to make a comprehensive plan after identifying the opportunity.
The business plan acts as the benchmark for the organization as it helps to describe about the
next step to attain the set target of the business (Cascetta, Carteni, Pagliara and Montanino,
2015). It should entail the vision, mission, and objectives of the company which should be
cleared to the employees of the restaurant. The mission of the new business will be “to provide
healthy food with high quality in order to connect with the customer for a long-term”. The vision
of the company is “ to be a leading restaurant in healthy food field in entire New Zealand”.
Resourcing:

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Resourcing is the third step of the entrepreneurial in which the entrepreneur is focused towards
collecting the resources such as from where human and finance resource will be arranged. In
such a process, entrepreneur explores the investors for the new venture and the key personnel to
bring the activities of the business (Leyden and Link, 2015).
Managing the company:
It is the step in which the entrepreneur looking forward to those concepts and strategy that helps
in managing the company. In this process, Helco Restaurant will focus on the employees and the
funds. It is necessary for the entrepreneur to decide the structure of the management of the
hierarchy that is needed to resolve the problems of the operation at the time of arising (Zahra and
George, 2015).
Harvesting:
It is the final step of the process in which an entrepreneur determines the potential perspectives
of the business that is growth and development. In this process, the comparison between actual
growth and the planned growth are considered with respect to the stability or the enlargement of
the operation of the business is undertaken.