Question

Creativity, Innovation, and Entrepreneurship are closely related concepts and activities.

How would you describe the relationship between these three concepts and activities?

What is the role of innovation in entrepreneurship?

What are the three basic types of innovations? Give concrete examples of each type of innovation

Answer 1

Answer :

We are living in an age where the pace of developments and discoveries in the fields of science, culture, technology and industrialization is faster than any other time in the history of mankind. Entrepreneurship has been described in this period as an engine of economic and social change that can lead to growth and development, productivity increase and job creation. The concept of entrepreneurship, however, is largely combined with concepts such as imagination and innovation. The inventor creates an idea and the innovator then uses it for his commercial benefit. The inventor and the innovator are often the same guys, and those with imagination make use of their innovative ideas for commercial benefit. This is an entrepreneur. The value of innovation and entrepreneurship has been recognized in many organisations and businesses. The three factors of innovation, creativity and entrepreneurship combined to enhance educational and career success. Entrepreneurship has always been associated with the innovation, creativity and entrepreneurship that is so necessary and interdependent. Some studies have shown that entrepreneurs choose new businesses or existing businesses and organizations, not only for economic reasons but principally because there are duties that innovation and creativity will comprehend.

Innovation refers to making processes, goods, and ideas more efficiently. It may mean for a company to introduce new concepts, develop services or build innovative goods. It can serve as a catalyst that can make your company expand, and can help you adapt to the marketplace. Innovation does not always mean creating something new: Innovatives often take something that already exists, improves it, change it, make it better, and make it the best for their clients. What will make a startup successful is new concepts? Let's discuss some roles of innovation in entrepreneurship.

Easily Solve Problems
To solve those problems in your company you need to come up with innovative solutions. You'll also face issues that don't seem to go anywhere. You have to reach outside of the box to find a response that you never got. This way you'll be able to produce your product, store your inventory and find a creative solution to boost your company.

Advantage over Competitors
It gets very easy to beat out your competition when you think innovatively. You just need to put a little creativity into it and you can easily come up with better ways of designing products and connecting with clients. In addition to this, imagination will help you find out the best marketing tactics to help your company expand.

Boost productivity
Think creatively, to work smarter. Reflect on what things to streamline, and what stuff to leave out. Reflect more about the systems and workflows you can use to maximize productivity. The mix of strategies that work together to create productivity plans that work with the business can impress you.

An organization use to innovate varying ways. There are three forms of innovation: product innovation, process innovation, and business model innovation.

Business model innovation:

Innovation in the company model is generally not about incremental improvement but rather a more systemic and organizational transition. Innovation in business models can affect anything from a product to marketing strategies to prices. Organizational innovation refers to the introduction of a new organizational strategy that will fundamentally change the business strategies of a company, as well as how its workforce is structured and its relationship with external stakeholders. Example: the first businesses that have started to use digital technology to enable workers to leave the office and work at home.

Process Innovation:

Process innovation is about implementing a new or improved production or delivery approach, including changes in operating methods, the techniques used and the equipment or software. Example: the first hotels that decided to make decisions based on big data using, for example, insights from the Climber Hotel, changed their approach to decision making.

Product innovation :

Innovation for the product is the introduction of a new or improved good or service. Such inventions or improvements could have to do with the enhancement of the technical specifications, the products or applications used or even improving on UX ( user experience). Technology developments, however, do not need to change all features or performance requirements. However, a technology advancement must be made available to potential customers but does not need to produce sales. Example: the first electric cars introduced on the automotive market is also advancement, and new batteries with longer ranges that continue to appear are also an example of innovation.