Creativity Is Essential for Development

Nottingham University Business School

MSc Computer Science and Entrepreneurship

Creative Problem Solving (N14G01 UK) (AUT 12-13)

Critically discuss the relationship between entrepreneurship and creativity

Vidit Kishore
Student ID: 4188915

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INTRODUCTION:
Entrepreneurs have several tasks to be carried out and challenges to face, and one of the most preliminary and arguably one of the most important is to recognize or to identify the ideas which have the potential to be transformed into a successful venture or goods. These ideas are opportunities. A successful idea or a feasible opportunity is the one which offer something new to the consumer to catch the attention but also is not too far from reality that it cannot be implemented and may get rejected as claiming it to be very radical.

“Every problem is a brilliantly disguised opportunity” –(John Gardner). Although ideas are opportunity as stated above but like there is a notion in chemistry that all ores are minerals but all minerals are not ores. If we see this in the entrepreneurship context all opportunities have ideas behind them but all ideas cannot be opportunities. An idea, alone which doesn’t have anything new to offer to the consumer and doesn’t have enough potential to catch consumer attention is likely to fail.

Discovery theory assumes that the opportunity to develop new products/services come from the existing structure of an industry. Also it assumes that in the process of creating an opportunity entrepreneurs take the backseat of the car and it’s the exogenous events, which are at the driving seat of the car. In other words entrepreneurs do not come into the main frame until they start exploiting the opportunities, which are created as a result of exogenous events, which affect the present market/industry structure and open the way for new products and services to be introduced by alert entrepreneurs which constantly monitor the happenings of the

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