How Did Creativity and Innovation in Business Become the Best? Find Out
Entrepreneurs view things in new ways and from different perspectives. They do not follow the crowd. Creativity and innovation are necessary for the birth and growth of a business.
For example, generation of a feasible business idea requires a great deal of creativity. Also, conversion of a viable business idea into a new enterprise or a new product different from other products in the marketplace requires some degree of innovativeness.
What stands an entrepreneur out from others in the marketplace is his/her ability to offer new and superior products or services to satisfy customers’ needs.
What is Creativity?
Creativity and Innovation are often used interchangeably. However, as similar as they may seem to be, the two terms are different but related. Creativity is the soul of an entrepreneur. It is the foundation upon which entrepreneurship is built.
Creativity is crucial for idea generation and opportunity recognition. It is needed for the development of innovative business concepts.
Also Read creativity and innovation quotes from top entrepreneurs that would motivate you to take your startup business to the next level.
Creativity is the process of generating and solving problems in different phases, seeing possibilities others have not seen, and activating changes to it. To be creative is to see the same thing as everybody else but think differently.
The Processes Involved in Creativity
There are four (4) steps involved in the creative process, namely:
- Knowledge Accumulation: gathering information is the foundation upon which to build creativity and innovation. This is the preparatory stage that puts the individual in a better position to understand what the problem is all about. The individual can acquire information through attending seminars, reading books, workshops, and conferences.
- Incubation Process: this state allows the creative individual subconscious mind to ponder over information, skills or knowledge acquired.
- Idea Experience: In this phase, the idea or answer to a problem revealed. Furthermost, the idea emanates gradually and slowly until it becomes richer.
- Evaluation and Implementation: this is the stage where the idea generated is investigated to regulate if it is attainable. Evaluation ensures that the new idea will work and practical to implement. At this stage, it requires a great deal of courage and perseverance because the idea might not work out in the first place.
What is Innovation?
Innovation is the process of spinning ideas or opportunities into beneficial products, services, or processes. It is the process of fashioning or introducing something new.
Note: Innovation brings creativity into reality.
Unlike Creativity, Innovation does not just happen by accident; it goes through a method.
Firstly, produce new ideas. This idea could come from diverse sources, such as encouragement, user’s basic need or research. Secondly, hand-picked the best out of the ideas generated. This might sound simple but it can be pretty challenging since innovation is fraught with uncertainty and guesswork. Thirdly, a gadget the idea, by transforming the idea into real product or service that people use.
Types of Innovation
Here are diverse types of innovation. Therefore, the following types of innovation are well-known.
- Creation: this kind of innovation has to do with the creation of an entirely new product, service, or process different from existing products, facilities and processes.
- Extension: this includes making an amendment to existing products, service or process.
- Duplication: this refers to the reproduction of an existing product, service, or process. It does not simply mean photocopying
- Synthesis: this is the mixture of existing concepts and factors to form a new concept. It involves taking a number of ideas already invented and finding a way that they can form a new application.
In addition, innovation can also be classified as radical or discontinuous innovation and incremental or continuous innovation. Radical innovation means total breakthrough, a break away from existing products, services or processes. Incremental innovation, on the other hand, means, making strategic and significant improvements to existing products, services or processes.
Importance of innovation
Innovation is the key to economic development of any Country or organization. Investigation result confirms that innovation is absolutely related to organizational growth. Innovative energies which result in new products and technologies increase the efficiency of all elements of a society.
Principles of Innovation
Innovation is one distinguishing of entrepreneurship that can be learned. This involves guzzling positive moralities of innovation. Innovation principles, when combined with opportunity, enable individuals to innovate.
- Aim high. Dream big. Continuously see success at the end of the innovative effort.
- It takes effort not intellect to innovate efficaciously.
- Start small. Small, they say, is beautiful.
- Try, test, and revise. This sanctions you to work out any imperfections in the product or service.
- Learn from failures. Innovation itself does not warranty success.
- Reward courageous activity. This applies to people involved in looking for and motivating others to innovate.
Creativity and Innovation in entrepreneurship are some distinctive attributes of an Entrepreneur, it makes a business stands out. Introducing something new in an organization is quite beneficial to a firm.