Sania C. Charlery Hospitality Studies Department Entrepreneurship Assignment

Sania C.
Charlery Hospitality Studies Department Entrepreneurship Assignment

Entrepreneurs are achievement- oriented persons. They like to take responsibility for decisions and usually dislike repetitive and routine work. . Creativity in relation to entrepreneurship, is seen as the ability an entrepreneur possess to make or otherwise bring into existence something new, whether it be a new solution to a problem, a new method or device, or a new artistic object. Creativity is marked by ones ability to create or produce through imaginative skill something unique .Creative entrepreneurs do not create out of nothing but generate new ideas by combining, changing, or reapplying existing ideas. Some creative ideas are astonishing and brilliant, while others are sometimes simple, practical but yet great ideas that no one seems to have thought of, as yet. Creativity is also seen as a process; here-by implying, among other things, that it is more like a skill than an attitude, and that one can get better at it with practice. This process puts together Ideas which have the potential to become something great and of value in an unexpected ways. It has been said that everyone has substantial creative ability, a willingness to play with ideas and possibilities. Creative entrepreneurs possess high levels of energy and great degrees of perseverance which when combined with a willingness to take calculated risk, enable them to transform what began as a very simple ill- defined idea or hobby into something great. Within all entrepreneurs, creativity has three main components: Expertise Creative thinking skills Motivation. Expertise is basically everything that a person knows and can do in his/her field of work, which includes technical ability. Creative thinking in essence refers to how the entrepreneur approaches problems and finds solutions- and then use his experience elevate existing ideas/ products into something greater. The skill itself depends quite a bit on their personality as well as on how he/she thinks and works. Expertise and creative thinking are the entrepreneurs raw materials or natural resources. Motivation is basically the drive and desire to do something. It could be an inner passion and interest. When people are intrinsically motivated, they engage in their work for the challenge and enjoyment of it not for the monetary gain, as a lecturer informed us. The work itself is motivating. People will be most creative when they feel motivated primarily by the interest, satisfaction and the challenge of the work itself-the labour of love, love of the work- as it is so-called.
Innovation is the successful development of competitive advantage and as such, it is the key to entrepreneurship. In addition, both innovation and entrepreneurship demand creativity.Innovation involves creating value by bringing together resources that are hard to come by. It applies to small businesses, existing businesses and a range of other types of entrepreneurial ventures such as non-profit ventures. It also applies to you as an individual. The entrepreneurs are the dreamers, who take hands on responsibility for creating innovation. It is the presence of innovation that distinguishes the entrepreneur from others. Innovation is defined as adding something new to an existing product or process. The key words are adding and existing. The product or process has already been created from scratch and has worked reasonably well. When it is changed so that it works better or fulfils a different need, then there is innovation on what already exists. Innovation is the successful exploitation of new ideas. All innovation begins with creative ideas. Creativity is the starting point for innovation. Innovation, must therefore, increase competitiveness through efforts aimed at the rejuvenation, renewal, and redefinition of organizations, their markets or industries, if business are to be deemed entrepreneurial. Drucker in (1985) argued that innovation is the tool of entrepreneurship. The Elements Of Innovation Fiona Fitzpatrick identified the following elements of innovation: 1. Challenge This begs the question: What we are trying to change or accomplish? Here the entrepreneurs source out a problem in society and try to figure out how they can change or improve on it. They are driven to succeed and will not rest until they have accomplished their task. 2. Customer focus This is defined as creating value for your customers. Entrepreneurs ensure that all their hard work does not go to waste. So they try to create products which has significant value. One which wont disappoint their customers and at the same time discredit their name. 3. Creativity An entrepreneurs creativity is essential to him/her. This is their way of generating and sharing ideas in-order to help differentiate him/her as an entrepreneur from the rest. This creative streak also helps them generate ideas on how to improve on products, software, ideas etc. : Classic examples of technological innovation are the internet, the digital camera and cell phones, the Nintendo Wii and technologies like Apples' iTunes and iPhone, instagram to name just a few. While technological advances were required to enable the success of these examples, it was the unique changes to the venture models that made them successful and will keep on making them successful.
Bibliography
1. http://www.abhinavjournal.com/images/Arts_&_Education/Oct12/1.pdf 2. http://www.asiaentrepreneurshipjournal.com/AJESIII2Okpara.pdf 3. http://resources.talcie.org/topics-and-activities/creativity-innovation-andentrepreneurship 4. http://www.abhinavjournal.com/images/Arts_&_Education/Oct12/1.pdf 5. http://www.forbes.com/sites/innovatorsdna/2012/06/04/are-you-aninnovative-entrepreneur/ 6. http://www.kashflow.com/ 7. http://www.comqi.com/about/comqi/

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