Entrepreneurs have been described as
people who have the ability to see and evaluate business opportunities, gather
the necessary resources to take advantage of them and initiate appropriate
action to ensure success, Meredith et al (1991). An entrepreneur is a risk-
taker, a man, or woman who bears uncertainty, strikes out on his or her own,
and through natural wit, devotion to duty and singleness of purpose, somehow
creates a business and industrial activity where none existed before.
Entrepreneurs are achievement- oriented, like to take responsibility for
decisions and dislike repetitive and routine work. Creative entrepreneurs
possess high levels of energy and great degrees of perseverance and
inauguration, which combined with a willingness to take moderate, calculated
risk, enable them to transform what began as a very simple ill- defined idea or
hobby into something concrete.
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1. Explain in detail, why creativity and innovation are critical traits of a successful entrepreneur.
Drucker argued that innovation is the
tool of entrepreneurship. He added that both innovation and entrepreneurship
demand creativity. Aiken [1973] defined creativity as the ability to combine
ideas, things, or approaches in a new way. Innovation on the other hand is
defined as the process of translating an idea or invention into a good or
service that creates value or for which customers will pay. Hindles [2002]
defines it as the combination of an inventive process and an entrepreneurship
process to create a new economic value for detailed stakeholders.
Creativity and innovation are both
considered to be overlapping constructs between two stages of the creative
process, both are necessary for a successful enterprise [Martins and Terblanche
2003]. Creativity and innovation are also considered to be inseparable from
entrepreneurship. Therefore entrepreneurs could be then argued by their nature
the essence of creativity and innovation. Innovation begins with
creative ideas, so creativity is the starting point for innovation, so
creativity is thereby necessary for innovation. Innovation is the
implementation of creative implementation of creative, inspiration for example
the creativity by Mark Zuckerberg of Face book only became an innovative after
he commercialized it that is when he put it to use and captured value at the
same time.
Every idea is a product of thinking and
every product is the manifestation of idea naked in a thinkers mind thus
creativity. There are people who see problems as opportunities to improve and
do something mew or something better, these people who keep the two questions
in their minds, “What can l do to make things better, or what can l do to make
better things?”. For example Evan Williams, the CEO of Twitter has helped make
the social network a part of a history. The library of Congress announced they
that they would digitally achieve every tweet ever made, even with more than
fifty million tweets shot off a day [Austin Carr, 2010].
Entrepreneurs implement creative ideas
to introduce innovative products and services, or to deliver products or
services or to deliver it in a new, more efficient and hence innovative way.
Innovation in new product development could include upgrading an existing
product or developing a totally new concept to create an original and
innovative product [Larsen and Lewis 2007]. Henceforth, innovation is not only
measured by the new products or services offered by an enterprise but also by
new and more efficient ways of developing or delivering products or services,
as such it cannot be separated from successful entrepreneurs.
Entrepreneurs do not operate in vacuum,
they usually come from those industries where there are competitors who offer
more or less the same products as theirs. Regardless of the competition,
entrepreneurs need to be creative and innovative, they need to come up with
product differentiation strategy as evidenced by Michael Porter in his
strategies that will help to successfully compete against competitors for
example Sir Richard Branson of Virgin Mobile.
Creativity and innovation are indeed
critical traits of an entrepreneur. Most of the world’s successful
entrepreneurs have exhibited the two inseparable traits beyond reasonable
doubt. Pretorius, Millard and Kruger [2008] maintain that creativity is clearly
part and parcel of the entrepreneurial skills required to successfully start a
venture.
There are great business opportunities
in applying creative thinking to solving
Mankind’s crying need for basic
products and basic support services –better homes, better
Jobs, and a better way of life. There
are going to be tremendous opportunities in education because we need
fundamental and radical changes in Zimbabwe if we are going to be competitive
with other countries. However, being able to adapt ideas is what makes an
entrepreneur successful. There is nothing wrong with learning from others
ideas. Creativity comes in when you expand upon it, when you take an idea and
make it move.
Entrepreneurs take bold creative
steps but situations encourage creativity. Creativity is, however, enhanced
when people have some freedom, but not too much, high internal commitment to
the task, but not too high a commitment, high proportion of intense rewards,
but some extrinsic rewards as well, some competition but not winners take all
competition, Thompson (2001). Entrepreneurial activity depends on the process
of innovation following creativity, not on creativity alone.
Enterprises throughout the world are
experiencing what can be legitimately described as a revolution, rising energy
and material costs, fierce international competition, new technologies,
increasing use of automation and computers. All these are major challenges,
which demand a positive response from the entrepreneur and management if the
enterprise is to survive and prosper. At a time when finance is expensive, the
firm’s liquidity is bordering on crisis, the need for creativity and innovation
is more pressing than ever and as competitors fall by the way side, the rewards
for successful products and process are greater.
Joseph Schumpeter (1934) believes that
the concept of innovation, described as the use of an invention to create a new
commercial product or service, is the key force in creating new demand and thus
new wealth. Innovation creates new demand and entrepreneurs bring the
innovations to the market. This destroys the existing markets and creates new
ones, which will in turn be destroyed by even newer products or services.
Schumpeter calls this process “creative destructions.”
Success in business today demands
constant innovation. Generating fresh solutions to problems and the ability to
inherit new products or services for a changing market are part of the
intellectual capital market that gives an enterprise its competitive edge. In a
dynamic environment, success comes from looking for the next opportunity and
having the ability to find hidden connections and insights into new products or
services, desired by the customer.
Successful entrepreneurs place high
premium on attracting and keeping talent because wealth flows directly from
innovation. Creativity is the root of innovation. It is a process and a skill
which can be developed and managed throughout the entire enterprise. One of the
first steps in creating a culture of innovation is unleashing the creativity in
you. The challenge is getting to see the world with fresh ideas and to develop
fresh solutions. Speed innovating is a proven approach for helping you develop
breakthrough solutions in the shortest possible time.
Joseph Schumpeter views innovation as
the source of success in the market economy, a view that is reinforced by
today’s changing and competitive environment. The organization that is not
creative and innovative cannot survive in the market place. Thus, entrepreneurs
and enterprises are continuously creative and innovative to remain relevant to
the customers, which is the purpose of every business.
In conclusion,
entrepreneurship is the vehicle that drives creativity and innovation.
Innovation creates new demand and entrepreneurship brings the innovation to the
market. Innovation is the successful development of competitive edge and as
such, is the key to entrepreneurship. Creativity and Innovation are at the
heart of the spirit of enterprise. It means striving to perform activities
differently or to perform different activities to enable the entrepreneur
deliver a unique mix of value. Thus the value of creativity and innovation is
to provide a gateway for astute entrepreneurship actively searching for
opportunities to do new things, to do existing things in extraordinary ways.
Creativity and Innovation therefore, trigger and propel first rate
entrepreneurship in steering organization activities in whatever new directions
are dictated by market conditions and customer preferences, thereby delighting
the customers to the benefit of the stakeholders.
REFERENCES
1. Drucker
P.F. (1985) Innovation and Entrepreneurship, London: Pan Books Ltd.
2. Drucker P.F. (2002)
Management Challenges for the 21st Century. London: Butter Worth
Heinemann.
3. Harris R. (1998)
Introduction To Creative Thinking. www.vittualsalt.com.
Innovation and Goal –
free Living –Stephen Shapiro. http”//www-24-27
innovation.com/innovationorcle.htn.
4. Sikszent Mihalyi, C.
(1997) Creativity: Flow and the Psychology of Discovery and
Invention, New York:
Harper Will Collins Publishers, Inc.
5. Okpara F.O. (2000)
Entrepreneurship: Text and Cases. Enugu: Precision Printers and
publishers.
6. Drucker P. F. (1995)
Management in a Time of Great Change. Oxford: Butterworth
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