Preview

The Role of Creativity and Problem Solving in Entrepreneurship, Innovation, and Economic Development

Good Essays
Open Document
Open Document
1480 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
The Role of Creativity and Problem Solving in Entrepreneurship, Innovation, and Economic Development
Nowadays, with the developing of economic development is facing a new challenge. The notions of entrepreneurship, innovation and creativity become more widely used in business world and Naude (2010) notes that these fields are converging increasingly in recent years. Entrepreneurship has been regarded as the engine of dynamic economic development and growth (Ylinenpaa, 2009). Moreover, Minniti (1999) states that entrepreneurship scholars are catalysts for economic development because of the generation of a network for innovation that promotes the creation of new commercial formations and new ideas. In addition, the importance of creativity is highlighted within the context of economic development dynamics in Schumpeter’s work (1934, 1942) and problem solving is a process which encourages entrepreneurial thinking. Meanwhile, creativity and problem solving are interrelated and interacted on each other. This essay will illustrate the relationship between these significant elements within the market in a particular way. Firstly, definitions of key notions will be given. Secondly, the relationship between entrepreneurship, innovation and economic development will be contributed for a better understanding. In the next part, what role creativity and problem solving plays in that relationship will be introduced with the group project. Further examples will be provided for readers when necessary in the following part of this essay.

Simple definitions of the key issue about entrepreneurship, innovation and creativity will be given in this part and one example related to the notion of creative will be connected. Firstly, start from entrepreneurship with an explanation provided accordingly. The view of entrepreneurship refers to methodologies for business trade that takes the form of new combinations in an attempt to usurp market share. It is the dynamic process of assembling necessary factors of production consisting of human, physical and information resources and doing
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Satisfactory Essays

    OI 361 Definitions Paper 9.01.2014
    • 437 Words
    • 2 Pages

    OI 361 Definitions Paper 9.01.2014

    Innovation, design and creativity is described in different ways depending on the individual or group that is defining the terms. In this paper these terms will be defined as they are used in business. Innovation 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 (Business Dictionary, 2014). Design is the "realization of a concept or idea into a configuration, drawing, model, mold, pattern, plan, or specification and which helps achieve the item 's designated objective(s) (Business Dictionary, 2014). Von Stam defines design "as the conscious decision-making process by which information, as an idea, is transformed into an outcome, be it tangible or intangible" (Von Stam, 2008). According to Business Dictionary online, creativity is defined as "mental characteristic that allows a person to think outside of the box, which results in innovative or different approaches to a particular task" (2014). VonStam describes creativity as "an act of coming up with an idea, is an inherently individual act – it is the development of an idea and the implementation where needed" (Von Stam, 2008).…

    • 437 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Corporation and Small Business
    • 373 Words
    • 2 Pages

    Corporation and Small Business

    In this paper am going to show a compare and contrast on innovation, Design, and Creativity. I feel that all three of these go hand in hand, especially when it comes to running a big or small business. Innovation is the drive that a person has to achieve something, to put forth effort to make something great. That is how most companies become corporations is because of the small amount of innovators that are on that companies team at that time.…

    • 373 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    OI/361 Innovation Design And Creativity Research Paper
    • 428 Words
    • 2 Pages

    OI/361 Innovation Design And Creativity Research Paper

    Innovation, in the business sense of the word, can be defined as the act of introducing a new product or service. Creativity is the cornerstone to innovation; in order to be innovative, one must be creative. In its simplest form, creativity is the propensity to develop or recognize new ideas or alternatives. According to Von Stamm (2008), “creativity is an essential building block for innovation” (pg. 1). Von Stamm (2008) also claims that, “Often ‘creativity’ and ‘innovation’ are used interchangeably.” (pg. 1). While creativity is an essential part of innovation, creativity and innovation are different.…

    • 428 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Powerful Essays

    OI/361: The Role Of Innovation And Creativity In An Organization
    • 1792 Words
    • 8 Pages

    OI/361: The Role Of Innovation And Creativity In An Organization

    Innovation and creativity have been known to go hand in hand when being applied to an organization with the intention of stepping ahead within an industry. When a business develops a strategic model, its strategy, processes, product, and service will be impacted by innovation and creativity. There are many benefits when using innovation in an organization. Reduced development costs can lead to a better bottom line in the long run. Along with utilizing advancements in technology, an organization can harness the already existing qualities it has in order to gain a better understanding…

    • 1792 Words
    • 8 Pages
    Powerful Essays
    Read More
  • Good Essays

    Oedipus Tragic Hero
    • 180 Words
    • 1 Page

    Oedipus Tragic Hero

    "A man doesn't become a hero until he can see the root of his own downfall."- Aristotle…

    • 180 Words
    • 1 Page
    Good Essays
    Read More
  • Powerful Essays

    Managing change and creativity in organisations
    • 2598 Words
    • 11 Pages

    Managing change and creativity in organisations

    Generally speaking, creativity is thinking new things, and innovation is doing new things. And together they work along i.e. Creativity + Innovation = Entrepreneurship. There have also been discussions regarding the complexity of creativity as to why creativity is complex, the fear of making a mistake, the inability to tolerate ambiguity, the inability to incubate, lack of challenge, excessive zeal, and lack of access to areas of imagination (MSDN 2013). Creativity does not just happen in organizations; entrepreneurs must establish an environment in which creativity can flourish – for themselves as well as others. The number of potential barriers to creativity is almost limitless. They include time pressures, unsupportive environment and overly rigid policies and strategies. Perhaps the most difficult hurdles to overcome, however, are those that individuals impose on themselves. Roger Von Oech (1990) identifies ten mental locks‟ that limit individual creativity.…

    • 2598 Words
    • 11 Pages
    Powerful Essays
    Read More
  • Good Essays

    Discipline of Innovation Summary
    • 472 Words
    • 2 Pages

    Discipline of Innovation Summary

    Peter Drucker, in his article of HBS discusses the sources and types of innovation and analyzes through examples where different types of innovations stand. Firstly he asks the question whether innovation is hard work or as believed by many inspiration. He argues that innovation is mostly the resuly of hard, disciplined work as opposed to inspiration. Then he goes on to discuss the profile of innovative organizations and their managers. He thinks that establishing roles and processes, setting goals and measures and reviewing progress step by step in innovation is on end where as hiring right people and getting out of their way is the other. He concludes that innovation is an outcome of an organizational/managerial profile which is in the middle of the these two ends. He discusses that having an entrepreneurial personality is not necessary for innovation to occur; whereas commitment to systematic practice of innovation is required.…

    • 472 Words
    • 2 Pages
    Good Essays
    Read More
  • Best Essays

    Innovation and creativity evaluation of Apple Corporation
    • 2149 Words
    • 9 Pages

    Innovation and creativity evaluation of Apple Corporation

    The process of creativity and innovation is difficult to describe by one definition as it is the way of mental work and thinking in particular ways different from that most of people have experienced to imagine. There are many theoretical approaches were developed since the processes of creativity and innovation have become an essential part of businesses. In particular, Graham Wallas theoretical framework was applied in synthesis with the bright example from the experience of Apple Corporation to deeper evaluate and understand the process.…

    • 2149 Words
    • 9 Pages
    Best Essays
    Read More
  • Good Essays

    The Cognitive Processes of Creativity by Sabrina Rivera
    • 690 Words
    • 3 Pages

    The Cognitive Processes of Creativity by Sabrina Rivera

    Creativity is the process of demonstrating the ability to overcome problems with solutions and or creation of products. Creative individuals are able to “think outside the box” (Robinson-Riegler, 2008, p.476). Creativity is broken into two components novelty and appropriateness. Comparing new ideas against existing ideas is an example of novelty/creative solutions. A new idea or solution is not related to a pre existing idea with similar purposes. The appropriateness of the solution has to do with the relevance of the idea for such purposes. An idea can be created by any such individual without creativity being present. But the relevance and novelty of the idea is what is being deliberated by the beneficiary. A product is always being judged by its society and receivers. The appropriateness of an idea is just as important as its novelty.…

    • 690 Words
    • 3 Pages
    Good Essays
    Read More
  • Powerful Essays

    Entrepreneurship and Innovation Management
    • 9349 Words
    • 38 Pages

    Entrepreneurship and Innovation Management

    The purpose of this study is to analyse the problem that the companies do not use the potential of their employees on innovations and intrapreneurial processes. The source of innovation is usually the entrepreneur. These are individuals that come up with new ideas of what the market is likely to want or desire. These people have usually gathered this knowledge through interaction with consumers. Sometimes it is the imaginative impulsive desire on their part to offer something new or different, at other times it is an improvement on previous knowledge. However in a corporate or large organisation environment it is often the employees who come up with innovative ideas because of their close contacts with consumers of the product or service of the company. They are very close to the ground realities and can be a great source of finding out the consumer desires or preferences. Although they are employees, they have the entrepreneurial spirit to understand the need of urge to meet the expectations. This gives them the same satisfaction an entrepreneur would feel on the success and acceptance of his innovative idea. Therefore being innovative is not the sole domain of the leaders, corporate or individual. The potential of the workers and employees remains unexploited in this direction. This study will try to find out the importance of the mental force of the employee on the survival of the company in this competitive world, from the perspective of innovation and intrapreneurship.…

    • 9349 Words
    • 38 Pages
    Powerful Essays
    Read More
  • Good Essays

    Businesses Need to Invest in Creative Thinking If They Want to Be Successful .
    • 708 Words
    • 3 Pages

    Businesses Need to Invest in Creative Thinking If They Want to Be Successful .

    Recent years, due to the burst of the businesses, the competition between companies is becoming increasingly fierce. Therefore, creative thinking catches more attentions from businessmen. Serrat (2009) argues that compared with the past time, importance of creative thinking in products, service, procedures, and processes increases. This argument states that the creative thinking plays a significant role in current situation (the fierce competition). The objective of this essay is to discuss the significant role of creative thinking plays in modern enterprises where exist a large requirement of improving quality and function of products, a more energetic workplace, and a sort of ability to solve the problems the company may confront in developing process.…

    • 708 Words
    • 3 Pages
    Good Essays
    Read More
  • Best Essays

    The Cultural Contribution on the Expression of Creativity
    • 3972 Words
    • 11 Pages

    The Cultural Contribution on the Expression of Creativity

    What is creativity? Some may define creativity as the capacity to produce something innovative, new, and clearly artistic, something the world has yet to see. Cross culturally, this loose definition could not fully extend to other cultures, like Eastern cultures. Since the expansion of the study of creativity into a field in itself, many psychologists would define creativity in two segments, novelty and appropriateness. For a product to be novel it must be original, meaning it is completely different from other products created before. The next aspect a product must have to be creative is appropriateness. The product must be relevant to the task presented and accomplish attempted goals. Creativity is more than an expression of art and utility, creativity is an expression of culture. Creativity is an outlet for cultures to stand out amongst other nations. Through creativity, culture’s can express their value system, what is considered right and wrong in and socially acceptable. Creativity is also a preview to the potential of certain societies and cultures. This means, that the products that are being produced by certain societies are clues to even greater innovations in the future. The expression of creativity also plays into the world economy, fueling competition between eastern and western cultures. Which side of the world can be the most innovative, fastest, who can appeal to the masses, cross culturally and who can be the most futuristic as well as sustain the upper hand in the eyes and pockets of consumers. Although eastern and western economies [China and America], have fused together slightly, making the desire for capital a collective one, there are still differences in the types of products being produced by the different societies.…

    • 3972 Words
    • 11 Pages
    Best Essays
    Read More
  • Good Essays

    Creativity and Innovation - Essay 1
    • 829 Words
    • 4 Pages

    Creativity and Innovation - Essay 1

    While creativity and innovation are similar, there is a lot of confusion in regard to separating the two. Creativity can be defined as “the enabling process by which something new comes into existence” (Schaper et al. 2011, 54–65). In this respect, innovation can be defined as the action or process of putting those ideas into effect. According to the term, “the 4 P’s (persons, process, press, products) of Creativity” (Rhodes, 1961) coined by Mel Rhodes – creativity consists of four strands or categories. Persons are a broad term which covers emotional and intellectual characteristics essential to creativity. This essay will argue that the characteristic perseverance is an important personal attribute in relation to great innovators such as Henry Ford and Thomas Edison, resulting in the highly successful endeavours they’re known for today.…

    • 829 Words
    • 4 Pages
    Good Essays
    Read More
  • Powerful Essays

    The Fate of a Creative Person
    • 1834 Words
    • 8 Pages

    The Fate of a Creative Person

    What is creativity? Who are creative people? What role do they play in our society? Creativity refers to the phenomenon whereby a person creates something new (a product, a solution, a work of art etc.) that has some kind of value. According to this definition we may conclude that creative persons are those people who are able to produce something new that has some kind of value, both personal and public. On the one hand, many scholars are sure that people reveal their creative abilities only when they are surrounded by positive things, when they have a loving family, good friends. On the other hand, some researches show that many people can create something only when their life is full of hardships and difficulties.…

    • 1834 Words
    • 8 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Developing Creativity - Sony
    • 4002 Words
    • 17 Pages

    Developing Creativity - Sony

    Creativity is the use of an original idea to create something. Businesses should encourage creativity and innovation as it ensures the future success of a company. The creative process is fundamental and should be well guided and directed. Creativity occurs on the boundary of things, where a theory meets a fact. It offers a glimpse of a new era and new possibilities. This new possibility is often misty and unclear and is usually fragmented between what one knows and what has already been discovered (Ibbotson 2008).…

    • 4002 Words
    • 17 Pages
    Powerful Essays
    Read More

Related Topics