The Role Of Creativity And Innovation As A Source Of Entrepreneurial Opportunity

[Name of the Institute]

ABSTRACT

This research proposal has focused on identifying the role of creativity and innovation in the entrepreneurship opportunity. In the paper, the emphasis has been given to the concept of innovation and creativity and their importance in the business field. In addition, the relation and influencing factors that are linked with the entrepreneurship have also been highlighted in this research. The problem statement of this research has been based on the identification of the role of creativity and innovation. However, from the review of the literature it has been revealed that creativity feeds the innovation activities and also to research and invention, but these are not synonymous.

ABSTRACTii

Introduction1

Problem Statement1

Literature Review2

Creativity and Innovation in Business2

Role of Creativity and Innovation in Business3

Relation Between Creativity, Innovation Entrepreneurship-Model4

Conclusion8

References9

The Role Of Creativity And Innovation As A Source Of Entrepreneurial Opportunity

Introduction

In the context of the contemporary global corporate environment the entrepreneurship has become a vital component. It allows the companies to ensure that they are able to provide the high value products and services to the customer, in a highly competitive environment. The biggest advantage that the concept of entrepreneurship provides to the global business environment is that it helps the companies to take on risk taking initiatives. This behavior may expose the company to a certain level of risk; however it also ensures that the company can offer high end products and services to the customer base. In the traditional perspective where the companies predominantly have to function in the local business environments, they did not have to enhance the innovation and creative components (Isaksen & Ekvall, 2010). The customer base was relatively stable and the company did not have to compete with a high level of other organizations, targeting the same customer market. However with the process of globalization, entrepreneurship has become an integral part of the majority of the corporate entities. In order to satisfy the highly complex demands of the contemporary customers, the companies must seek innovative and entrepreneurial solutions. If these demands of the customers are not satisfied on a timely basis, the company faces a risk of losing its target market to the other competitive brands.

Problem Statement

Considerieng the significant role of creativity and innovation in the recent times with the emergence of globalization, the opportunities for creative entrepreneurs are prospering. However, the statement of this research work also revolves around “Finding The The Role Of Creativity And Innovation As A Source Of Entrepreneurial Opportunity”.

Literature Review

There is a growing discourse on the importance of promoting creativity, innovation and entrepreneurship as key to progress in a competitive economy and respond to the needs of economic and social development issues. Regionally, this speech is associated with the idea that R & D can invigorate the growth of industrial regions and those engine be in decline or economically disadvantaged. One of the biggest concerns is to seek ways to strengthen regional capacities to specific problems, and in many cases a common denominator ...