Managing Innovations Entrepreneurial Creativity

Question: Discuss about theManaging Innovationsfor Entrepreneurial Creativity. Answer: Introduction Innovation has been a tool for entrepreneurship for as long as the business world is concerned as both innovations and entrepreneurship demand some creativity. Research has proven that no business, regardless of the size or success, can retain its legend unless it acknowledges the rising innovations in the modern business operations. The innovations are to come with expected risks and challenges as well as opportunities that that will mobilize the resources of the enterprise before the impacts of the new ideas are felt in the business. To be successful, the entrepreneur and their business have to have an idea of where their business is headed to and how they will get there. The latter will require a clear definition of the business that will allow it to have a good adoption of the operations to the reality of the market place. All innovations are believed to begin with creativity which also comes as a starting point for the process of innovation. Background Research has proven that no business, regardless of the size or success, can retain its legend unless it acknowledges the rising innovations in the modern business operations. A creative and innovative business person is believed to be the driving force in the firm and a master of motivation who knows how to derive the best out of their colleagues. Many countries believe in entrepreneurs as they are a source of instilling business culture to the people. Entrepreneurship has been the hub holding all the productive units that are not instantly appreciated by the regular wages, interests or the non-routine labor. In any startup innovation, the entrepreneur is always regarded as they key player in the development of the business idea (Blauth, Mauer Brettel, 2014). Innovation has all along been centering on the people, culture, and the structure and technological processes. The success in any entrepreneurial entity in this century is dependence on the seriousness that the innovative acti vities are conducted by the business when it comes to the development of the indigenous products. The generation of the new solutions to the processes and the ability to adopt the new products or the new services for a transforming market are seen to be a part of the capital industry that challenges the enterprise with a competitive edge (Campos, 2016). Entrepreneurs and their Businesses Entrepreneurs are people who become creative through joining some packages of resources that will allow then exploit some opportunity. They have the capacity and capability to come up with something from nothing and they have a belief that they are in position to offer something special and their life is full of fantasies until they actualize their dreams. They are individuals capable of identifying and evaluating business opportunities and gather the necessary resources that will help them ta advantage and initiate appropriate actions to ensure their success (Leonard-Barton, 2011). In their capacities, they are achievement oriented and they like taking the responsibilities for the decisions they make and they never like repetitive and routine work. When it comes to creative entrepreneurs, they can be said to be people with high energy levels and have a great degree of perseverance. The traits help them to take moderate and calculated risks that enable them to transform the simple id eas they had t something concrete (Tsang, 2015). Through their innovations and creativity, the business people are capable of instilling a high enthusiasm in their enterprises. They pass a sense of purpose and determination and in the end; they convince other people that they are in the place of action. In whatever they have seductiveness, competitiveness or their charisma, business men and ladies are highly aware on the ways of leading their enterprises and giving them momentum. A creative and innovative business person is believed to be the driving force in the firm and a master of motivation who knows how to derive the best out of their colleagues (Goodman Dingli, 2013). A country with creative entrepreneurs is rich in a driving force for the nation as they are the persons representing the wealth of a state and the potential to generate employment. They are people who may be trained, and well-educated, possess many skills that others lack. Moreover, they possess unique qualities that distinguish them from the rest of the people in the economic world; They tend to be energetic and resourceful and are always updated on new opportunities With this in mind, it is easy to acknowledge the fact they entrepreneurs are capable of adjusting to the changing conditions and are willing to assume the risks in change and any expansions They are known to introduce advanced technological changes as well as improving the quality of their products They are also good in expanding the scale of operations and undertake allied pursuits alongside reinvesting in their profits. Many countries believe in entrepreneurs as they are a source of instilling business culture to the people. Entrepreneurship has been the hub holding all the productive units that are not instantly appreciated by the regular wages, interests or the non-routine labor. It can as well be termed as the unit dedicated to invest, produce opportunity and organize a business to make new productions giving rise to new capital and formation of new businesses. Elements of Innovation Innovation in itself is a successful implementation of a competitive advantage and a key to business. Business people are known to be the dreamers taking the hands on responsibility for the creation of innovations (Phipps, Prieto Kungu, 2015). The existence of innovation is the mark of difference between entrepreneurs and others. As such, innovations are expected to be giving rise to more competitiveness via the efforts that are aimed at rejuvenating, renewing and redefining companies and their markets if the business is in any case deemed to be entrepreneurial. Innovation has been known to have been composed of various elements as stated below; Challenge- The things that are being changed or accomplished, that can rather be seen as the pull in the process. Customer-oriented- innovation focuses on the creation of value to the customers, also known as the push. Creativity- The generation of ideas and sharing them, also the brain. Communication The flow of information and ideas in the process, the life-blood Collaboration, also known as the heart of innovation- entails people coming together to work on the identified ideas. Completion the implementation of the new ideas, also believed to be the muscle in the process. Contemplation the art of learning and sharing the educative processes that will in turn lead to a higher competency Forms of Innovation In any startup innovation, the entrepreneur is always regarded as they key player in the development of the business idea. He is also the party that acts as the marshal to the resources and creates the enterprise to give birth to new products and services to the industry. In the competitive environment, the business and the owner are to go ahead and seek opportunities making the necessary arrangements aiming at converting them to new goods and services (McMullan Kenworthy, 2015). The innovation is expected to impregnate the whole business for the creation and invention of competitive edge and relevancy in the market place. The process of innovation can take many forms; It can be innovation in the process that will host all the changes and the improvements to the existing methods of operations. These aspects are expected to increase the productivity that will in the process lower the cost and assist in increasing the demand. Innovation can be done in the products and services. Considering that progressive innovation is predominant, the radical innovations have been proven to be a pavement to new markets. These will lead to an increase in the effective demand that will be encouraging a rise in the investment and employment. The process of innovation can as well be done in the management and work organization, aside from the exploitation of the human resources and their capacity to anticipate the techniques. Innovation has all along been centering on the people, culture, and the structure and technological processes. Challenge for Innovation Innovation in any commercial success is the adoption of new ideas and agenda that will lead to an increase in the organizational performance and associated benefits. In a more sense, it is concerned with the implementation of new ideas and is also the means that the ideas are exploited for a competitive advantage. The success in any entrepreneurial entity in this century is dependence on the seriousness that the innovative activities are conducted by the business when it comes to the development of the indigenous products. The society is bound to benefit from the personal businesses that are involved in the innovation processes rather than abandoning them to the government agencies. In the cases where the innovation process is channeled through the competing businesses, there is a high encouragement of the risk as well as the social curse of the unsuccessful implementation of the new ideas can be limited (Edwards-Schachter et al., 2015). The society can though afford to have a busine ss failure but cannot take it easy to have a failing government. the economic planners of the stage government for any country have no flexible means that can be compared to a market that they can reach the probabilities of any given risk as well as measuring its associated results. However, there I no business entity, regardless of the size can rest of their past achievements. It is found imperative and a continuous challenge for a business to be getting new and better means of conducting its old activities or in other cases creating new ways of doing new processes. The successes that are being witnessed in businesses today have been demanding a recurring innovation process (Carayannis Dubina, 2016). The generation of the new solutions to the processes and the ability to adopt the new products or the new services for a transforming market are seen to be a part of the capital industry that challenges the enterprise with a competitive edge. One of the major steps in the creation of a culture of innovation is the unleashing of the creativity in oneself. The challenge seen in this process is getting to witness the world with fresh ideas and developing fresh solutions. To develop a breakthrough in an innovation, it is recommended to use a speed innovation approach in the business in the shortest time practically possible. As much as the creativity may seem to be a new dawn to a business, it is never enough for the survival of a business. One will need to have a process organization and a culture that will be helping in maximizing the creative asset on the line. Being capable to initiate innovative processes will only help an entrepreneur to put together the best thinking in their business and also allow them to connect to the organizational dots (Chua, Roth Lemoine, 2015). Creativity and Innovation in Business The process of growth and development can never be sustained in the absence of the innovations. The innovations that are implemented in a firm assists the firm in becoming glamorous as the introduction of the new products is usually considered to be among the innovation process that can be termed as the driving gear for the continued growth and development (Von, 2003). To become a winning performance in a business and an innovative firm, the focus has to be directed on the competition on the quality and not the prices of the commodities, dominating on a market niche, launching a competition on an area of strength as well as having tight financial and operational controls (Chan Mann, 2011). Researchers have been arguing that even though successful business entities having launched their, they came to achieve the beneficial advantages through their acts of innovation. The processes of learning and problem solving have been a common activity in the many working environments in this bus iness and economic world. However, most of the people have believed that real entrepreneurship happens when the individuals do not take note of the evolving ways of thinking and acting to meet the customers needs. Small businesses are said to be having higher probabilities to become innovative than their larger partners and are thus crucial in helping a country to react to the economic changes, the changes in technology and the social environment (Birla, 2014). Conclusion Innovation has been a tool for entrepreneurship for as long as the business world is concerned as both innovations and entrepreneurship demand some creativity. Through their innovations and creativity, the business people are capable of instilling a high enthusiasm in their enterprises. Innovations are expected to be giving rise to more competitiveness via the efforts that are aimed at rejuvenating, renewing and redefining companies and their markets if the business is in any case deemed to be entrepreneurial. The success in any entrepreneurial entity in this century is dependence on the seriousness that the innovative activities are conducted by the business when it comes to the development of the indigenous products. To develop a breakthrough in an innovation, it is recommended to use a speed innovation approach in the business in the shortest time practically possible. The innovations that are implemented in a firm assists the firm in becoming glamorous as the introduction of the new products is usually considered to be among the innovation process that can be termed as the driving gear for the continued growth and development. The processes of learning and problem solving have been a common activity in the many working environments in this business and economic world. It is found imperative and a continuous challenge for a business to be getting new and better means of conducting its old activities or in other cases creating new ways of doing new processes. 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