Analysis of Innovation and Creativity in Entrepreneurial SMEs Report

This report delves into the critical roles of innovation and creativity within the realm of entrepreneurship, specifically focusing on Small and Medium Enterprises (SMEs). The analysis explores how these concepts contribute to business development and competitive advantage in a globalized market. The report examines the evolution of marketing techniques, emphasizing the shift from traditional methods to modern approaches that leverage technology and customer engagement. It highlights the importance of adaptability, resourcefulness, and the ability to meet customer needs to ensure financial gains and economic stability. The document underscores the significance of entrepreneurs as innovators, driving market changes and fostering economic growth through the creation of new ideas and the optimization of resources. The report also touches on the importance of training and employee stimulation to foster innovative thinking and maintain a competitive edge, concluding that innovation is crucial for the sustainability and success of SMEs.

ENTREPRENEURSHIP
CREATIVITY AND
MARKETING

Table of Contents
INTRODUCTION...........................................................................................................................1
PART 1 ...........................................................................................................................................1
Covered in ppt.............................................................................................................................1
PART 2............................................................................................................................................1
Individual Assignment................................................................................................................1
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
With the globalization, there is greater emergence latest and new techniques are been
adopted for marketing the products and services. Furthermore, it is not confined to traditional
method and old channels rather they are developing there means so as to attract large number of
customers towards there organization. Further, there is innovation in the dealing with the people
and serving the products to them (Fillis and Rentschler, 2010). Thus, innovation refers to a
successful process which involves large number of ideas to reach the customers. It is a fusion of
both the technology and art which results in attractive methods for marketing the products.
Further, innovation in the companies has highly helped them to attain competitive edge in the
market as they are able to present there products and services in an efficient manner. In the
present report, it will involve the proper understanding of importance of innovation and
creativity in terms of entrepreneurship (Herrmann and Herrmann-Nehdi, 2015).
PART 1
Covered in ppt
PART 2
Individual Assignment
Importance of innovation and creativity in an entrepreneurial SME terms
As per the view point of Phan, Zhou and Abrahamson (2010), innovation can be
determined as coming up with new ideas to present the existing things. Further, it can be said
that it is doing something which can make the things look efficient and more attractive. On the
other hand, creativity is a process in which they develop with new ideas and imaginations to a
greater level. Further, it is can be said that there is vast gap between the innovation and
creativity. This can be stated as creativity starts with imagination of the things rather innovation
refers to coming up with new ideas or methods to present with the same thing. Thus, the putting
down the creative ideas into existence is referred to innovation. Robertson and Wardrop, (2012)
States that, creativity can be measures in figures rather it is just an act of developing the things in
an effective manner. But on the other side terms of innovation can be measures as the impact of
it can be determined easily. Moreover, creativity plays an important role for the development of
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new ideas to produce the things. Thus in terms of creativity, money is not required as it is just the
imagination which can be put to develop the goods. In contrast to this, innovation needs huge
amount to innovate with the existing products to make them more efficient in the market.
According to the (Samuel, Ernest and Awuah (2013), in the modern era of globalization
and development in the industrialization, goods produced in the domestic countries are been
exported to different international countries which highly increases the economy of the place.
Thus, it has become easy assess for the domestic countries to get the products from other places.
Sarri, Bakouros and Petridou (2010) asserted that, with the time, creativity has attained heights
which means that companies are coming up with new ways and ideas to develop with the
products and services with high quality and having unique features. Creativity develops with
most unthinkable ideas as well as bringing innovation in the existing practices. Innovation is
regarded as the procedure that makes creation as well as implementation of new ideas. This helps
in modifying and adding value to the existing products. Further, it can be said that the effective
and efficient ideas which leads to creativity is the major requirement for the innovation process.
In addition to this, creativity is a process of merging with the ideas together which assist in
formulating with the goods.
Scott, Gibbons and Coughlan (2010) contended that, the economy is made up of several
enterprises and different businesses. Thus, it is been evaluated that the existence of the economy
is highly due to the leaders of the industry which are coming up with new ideas and techniques to
develop with the products and services for the people. With the pace of changing world they are
accepting the needs and requirements of customers and than making the process for introduction
of the products. Further, every small enterprise plays an important role in adding value to the
economy as by gathering all it becomes an efficient economy. Thus, it becomes important for
every company to evaluate with the needs and requirements of the people so that they can be
aligned with them to develop the products and satisfy them to a greater extent. Slater, Hult and
Olson (2010) stated that, to grow the company it is crucial to be innovative, industrious and
resourceful so that they can serve there services by meeting the needs of the company. In
addition to this, entrepreneurship helps to attain financial gains which help to maintain the
stability in the economy. Moreover, they come up with creativity and innovation in the market in
respect to developing goods and services. Further, entrepreneurs are the real inventor as they
come up with new ideas which adds a higher value to the economy. As per the viewpoint of
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Webb and et.al., (2011), the innovation is having a greater importance in entrepreneurship as
they the ones which ensure some change in the market and seeks the market in different manner.
Thus, in case of service sector industry, they can expand there business by coming up with
innovative methods for serving there services in an efficient way. This will help to fulfil the
needs and requirements of the clients and satisfy them to a higher level. Author stated that (), in
case of production units, they must mould there processing with the same raw materials so that
high quality and unique goods are been produced.
According to the Manning (2016), the upcoming innovations in the entrepreneurship is a
major element behind the longevity of the business in the industry. With the changing period, the
entrepreneurs and the business units have evaluated that for growing there organization they
must acquire with the demands of community as they are the ultimate users of the products. This
provides them the solution to the problems and issues faced by them. (Fillis and Rentschler
(2010) stated that, they take several measures to uphold with greater opportunities so as to make
the lives of the people more easy and comfortable. Further, it is required by the entrepreneurs to
be updated with upcoming needs and trends which are availing in the market. Thus, due to this
manufacturers are developing with the products and services while maintaining its quality.
Herrmann and Herrmann-Nehdi (2015) asserted that, it is been seen that innovation is the
crucial part of the organization which help them to sustain there image in the market. Further, it
is the key for achieving the success in the company. Entrepreneurs come up with continuous
innovative ideas and implement the one which is bets appropriate for the company. Moreover,
they organize with training sessions for the employees to keep there staff members stimulated by
developing something new and success of the same entitles them with financial benefits.
As per the view point of Samuel Ernest and Awuah (2013), innovation and creativity is
also important to entrepreneurship in SME as it assist in attaining competitive edge in the market
over its rivalries. It helps the entrepreneurs to get something much better which ultimately
decreases the prices of the products and achieve high market share. Further, SME with different
innovations are able to compete by the big firms in the industry and attain greater value in the
economy. Further, these firms are successful due to the fact that they are highly linked with the
people of community so they are able to judge with the type of products needed by the people.
They help the economy to attain the financial as well as economic gain to a greater level. (Sarri
Bakouros and Petridou (2010) determines that, the concept of creativity is considered as the
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ability to make production of the new and unique ideas. However implementation of the
creativity is innovation whether it can be new idea, solution, product as well as procedure. The
concept associated with creativity act as driving force behind innovation and it involves looking
at things in varied perspective.
According to the Webb and et.al., (2011), in the recent time of economic world,
entrepreneurship is determined as one of the most important factor which help to develop the
economy to a greater extent. Further, they are striving towards developing with the opportunities
for the industry and enhancing the employment options for the people. This will ultimately have
a positive impact on the economy of the country as the per capita income will increase which
means that they can raise there lifestyle, standards, purchasing power etc. Slater, Hult and Olson
(2010) states that, this is enhancing the sales volume and profit margin of the companies. In
addition to this, the entrepreneurs are taking higher efforts to come up with new ideas and
methods which supports the company to a greater extent. They take regular means to evaluate the
niches and take the risk for entering into it. They examines the existing business workflows on
the regular basis and developing with several ways so as to implement them in an efficient and
effective manner. This will help them to reduce with the time and price of the end products to be
served to the customers. Webb and et.al., (2011) contended that, entrepreneurship is heading
towards optimizing with the resources by using it to the maximum and in an efficient manner.
This will ultimately enhances the wealth of the company and also adds on to the development of
economy to a greater extent. Moreover, innovation in new ideas help to improve with the product
and conditions of the business at higher level. As they are serving with high quality products and
services which attracts large number of customers towards it. Innovation rises with the reviews
and feedback taken by the customers for the use of products and services. Fillis and Rentschler
(2010) has stated that data collected by there viewpoints will give valuable insight into potential
areas for betterment and for areas where it is successful. Other perspective may consist of
vendors, persons from other industries or consumers using products and services of rival
companies. It is clear to see that promoting creativity and innovation in the cited organisation can
prove beneficial for everyone. Further, the terminology of creativity is an efficient tool which
help the to develop with an efficient connection with the customers and develop with the goods
according to it. Moreover, this will also be beneficial for the employees to work under new
technology or ideas which will motivate them to enhance with there efficiency and achieve the
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objective of the company. This has been determined that creativity is the core function of
knowledge, curiosity, imagination as well as evaluation. Moreover, it also help to attain
knowledge, curiosity level, the greater are the ideas, patterns as well combinations that can be
achieved which is then correlation towards creation of new and innovative products as well as
services.
CONCLUSION
From the above critical analysis it can be concluded that in the present and upcoming
time, innovation and creativity is playing an important role in the development of the SME.
Further, with the effective process of adopting with new ideas and process will help to develop
with the products and services with higher efficiency and of greater. Further, it is been analysed
that whether it is small or big firm, both equally requires the innovations in there operations to
ensure with there performance. This will help to sustain there business in the industry and attain
higher competitive edge. It has been identified by the present investigation that creativity comes
with learning various things whether or not they are associated with industry. There no structure
needed in case of creativity and its successful execution to a greater extent. In the present time,
the entrepreneurs need to develop with there services so that they can meet the needs of the
people to a greater extent.
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REFERENCES
Journals and Books
Fillis, I. and Rentschler, R., 2010. The role of creativity in entrepreneurship. Journal of
Enterprising Culture, 18(01), pp.49-81.
Herrmann, N. and Herrmann-Nehdi, A., 2015. The Whole Brain Business Book: Unlocking the
Power of Whole Brain Thinking in Organizations, Teams, and Individuals. McGraw
Hill Professional.
Phan, P., Zhou, J. and Abrahamson, E., 2010. Creativity, innovation, and entrepreneurship in
China. Management and Organization Review, 6(2), pp.175-194.
Robertson, M. and Wardrop, K.M., 2012. Events and the destination dynamic: Edinburgh
festivals, entrepreneurship and strategic marketing. Festival and Events Management,
p.115.
Samuel, Y. A., Ernest, K. and Awuah, J. B., 2013. An assessment of entrepreneurship intention
among Sunyani Polytechnic Marketing students. International Review of Management
and Marketing, 3(1), p.37.
Sarri, K. K., Bakouros, I. L. and Petridou, E., 2010. Entrepreneur training for creativity and
innovation. Journal of European Industrial Training, 34(3), pp.270-288.
Scott, P., Gibbons, P. and Coughlan, J., 2010. Developing subsidiary contribution to the MNC—
Subsidiary entrepreneurship and strategy creativity. Journal of International
Management, 16(4), pp.328-339.
Slater, S. F., Hult, G. T. M. and Olson, E. M., 2010. Factors influencing the relative importance
of marketing strategy creativity and marketing strategy implementation effectiveness.
Industrial Marketing Management, 39(4), pp.551-559.
Webb, J. W and et.al., 2011. Where is the opportunity without the customer? An integration of
marketing activities, the entrepreneurship process, and institutional theory. Journal of
the Academy of Marketing Science, 39(4), pp.537-554.
Online
Manning, H, 2016 The importance of creativity and innovation in business Available
through:<http://www.2creativemedia.com.au/blog/the-importance-of-creativity-and-
innovation-in-business>. [Accessed on 1st February 2017]