Role of Creativity and Innovation in Entrepreneurship

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Innovation,

POSTED

May 23, 2022

Today creativity and innovation are the core of everything that goes into making good organizations great. Creativity and innovation enable entrepreneurs to rise and reform! These organizations are the ones able to leverage their creativity and their innovative capabilities to attain long-term success.  Creativity and innovation play a major role in Entrepreneurship, be it from banking to construction to food and marketing.

 

Stay Ahead with Innovation

When you apply creativity and innovation to every aspect of entrepreneurship, you can stay ahead in a dynamic marketplace. Nowadays, creativity and innovation is the driving force in entrepreneurship to achieve business goals. Continuous innovation has led to the technological, commercial, entrepreneurial, and consumption “boom” in the new era.

 

Role of Creativity

The entrepreneurship process is deeper than just new products and services. The whole idea of starting up a new business is a creation in itself. Leveraging the opportunities to their benefit is the idea drawn by creativity. It is the innovation that can give a competitive advantage to the entrepreneur over other players in the market. Creativity may not necessarily be about revolutionary technology, new designs, or new products. It is about innovating and profiting on already existing ideas.

 

Competitive Advantage through Innovation

Businesses can gain a competitive advantage only through innovation and creativity. Decision-making plays a significant role in the process of creativity and innovation, where entrepreneurs need to think and learn from past experiences and then analyze before deciding on the best possible idea. Any idea can be implemented successfully after creative analysis. The success of a business depends on a perfect combination of entrepreneurship and creativity.

Now is the time for entrepreneurs to realize that creativity plays an integral role in the success of any business. Unfortunately, a lot of leading institutions stress more on intelligence rather than creative thinking and innovation. Employees with a creative bent of mind play a crucial role in any organization. They can be an asset if only the company can shape their skills adequately. Creativity allows an entrepreneur to try out unchartered territories to get innovative solutions to various problems faced by the business.

 

Revenue Gains through Innovation

Creativity and innovation also enable an enterprise to stay ahead of the curve with improved financial earnings and increased profitability. Innovation is the answer to path-breaking discoveries. Creativity and innovation give a new perspective on solving a financial or operational problem. An in-depth analysis to find the most feasible solution is possible only through creative thinking.

The aim of any organization is to exceed customer expectations, which can be achieved through out-of-the-box thinking. It is important to execute innovative ideas to bring any project to life. The more creative and innovative team members in your organization, the more long-term success you’ll achieve; this can only be possible by hiring people from the institutes that focus on instilling creativity and innovation among their students. Traditional companies and educational institutions are more inclined towards intelligence as the most important factor in solving business problems rather than focusing on creativity and out-of-the-box thinking.

 

Upskill with Creativity and Innovation

MIT ID Innovation is one such institution that aims at making innovative leaders of the future, offering varied courses in innovation. Their cutting-edge curriculum is designed to encourage people to grow and develop in their ways of thinking. Creativity and innovation work best when it is practiced more often. Entrepreneurs can thrive on creativity and innovation for their businesses to succeed and achieve their long-term goals. MIT ID Innovation believes that creativity and innovation can lead to novel ideas and concepts that can drive a business’ growth in the right direction.

Reference:

https://online.queens.edu/resources/article/creativity-and-innovation-in-business

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