...The general relationship between innovation and entrepreneurship in organization is universally believed as complementing and interacting with each other. From perspective of innovation, it is the base of entrepreneurship. Just as the theory put forward by Ireland, Hitt, Camp and Sexon, that “the successful entrepreneurial venture is usually based on a significant innovation.” It can be proved by a simple model of the entrepreneurial process presented by Brazeal and Herbert revealing that innovation is the foundation of entrepreneurship.In this model, authors considered the ultimate entrepreneurial event is driven by psychological innovation, which is the consequence of creativity plus technical innovation. Meanwhile the original change leading to technical innovation is environmental change (Brazeal Herbert, 1999). From perspective of entrepreneurship, it is the inspiration of innovation. A significant problem that an increasing number of companies have realized is that a strong entrepreneurial approach to innovative activities is necessary to their external market and internal organization (Ortt and Smits, 2006). Obviously, it is a manager rather than an entrepreneur who lacks of entrepreneurship contributes to this problem due to changeless organizational routines combined with entrepreneurial awareness. Consequently, Thornpson accentuated that “if we want more innovation, we need more entrepreneur”. However, consider above all, based on much controversy about “who is the...
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...1. Explain what happened to the Gore-Tex Brand after the patent expired. What activities can firms use to try to maintain any advantage developed during the patent protection phase? Once the main patent on the Gore-Tex fabric expired, the company lost all rights to its invention, and it opened the door for other companies to offer comparative products at a lower price. Many companies make waterproof membranes now, and some have advanced past Gore-Tex in terms of durability and function. Gore no longer has the ability to protect the make-up of The Gore-Tex brand so competitors have flooded their once exclusive market with “generic” versions (knock-offs). These competitors are many and diverse so there is no single company that competes with them in every area. To maintain the advantage of having a superior product, companies can also ensure their packaging and labeling is kept to strict standards that identify them in an unmistakable fashion. Gore-Tex labels all products that carry its brand name with exclusive hangtags so there is no doubt they are Gore-Tex Brand waterproof membrane. Most boots with Gore-Tex have highly visible labels sewn in. Firms with expired patents can develop new ones, and diversify operations to support their existing products and markets. Gore did this by establishing of venture partnerships in Japan, opening European divisions, and developing next generation materials in medicine and science. They have also divided their products into...
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...Style has a significant effect on the way people set about solving problems, making decisions, communicating and relating to each other. And cognitive style refers to our preference for thinking, working and behaving in particular ways. Five key dimensions Under the five key dimensions on which people differ in their degree of openness, organization, sociability, agreeableness and sensitivity, I would compare my strengths and weaknesses with these five domains. Openness and problem solving Differences in the degree of openness follow from the degree of variety people and value and their different ways of viewing the world. I am an implementer rather than an innovator. Strength: I often feel happy working within my company, adapting what problems are and focusing on doing things better. I always take a hands-on approach to get things done and work well with routine. My ideas are usually well-suited and turned into workable ways or policies. I am willing to have changes. Weaknesses: I am not curious enough to think and play with new ideas, and not always present innovative possibilities. The one who is good at coming up with new ideas in connection with an overall picture is seldom me. Organization and priorities Another key difference concerns the value placed on organization versus spontaneity. I am an organizers rather than a spontaneous people. Strength: I value task completion highly and like order. I always prepare things ahead of time. I am highly...
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...success which directly relate to the economic development of a country as well as the global economy. In such a relationship, entrepreneurship with innovation is the major driving force behind the sustainable economic development and thus, entrepreneurs play the key role in manipulating the factors of production that include land, labour, capital and also the natural resources (Econlowdown, n.d.) to cause economic growth. In short, entrepreneurship contributes to the economic performances by introducing innovations, effectively allocating resources and creating changes. Hence, the aim of this essay is to discuss the nexus of entrepreneurship, innovation and economic development as well as the role that creativity and problem solving play in this relationship. From the business point of view, entrepreneurship is referred to the capacity and willingness to develop, organise and manage a business venture along with any of its risks in order to make profit by using the factors of production (BusinessDictionary.com, n.d.). Clearly, entrepreneurs are the people with particular characteristics and traits of behaviours whereas entrepreneurship is the result of what entrepreneurs do and refers to events and their economic impact (Lumsdaine and Binks, 2006). Innovation on the other hand is one of the key tools that could assist entrepreneurs to effectively realise the market opportunities that leads to a sustainable economic development. New ideas that add value to a firm is introduced...
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...In this essay, it would be found out that the relationship between entrepreneurship, innovation and economic development is a multidirectional cycle, which means that they affect each other in two directions. From one direction, when there is a problem entrepreneurs would use innovation which comes from creativity to solve it by entrepreneurship. Innovation deliveries new industries or get exist industries developed and both of those actions will lead economic to develop. The births of new industries encourage people with entrepreneurship to organize new economics. From the other direction, the development of economic absorbs new investments. Those investments include not only labour, land and capital, but also innovation which can improve the new good or service. The development in new industry can also offer money or other capital to encourage people with creativity to innovate. Innovation can be protected by entrepreneurship because it relies on innovation. As Thomson Edison* said, his inventions were from seeing a worthwhile need to be met and trailed after it until it came. So it can be seen as innovations are from solving problem and creativity. As an entrepreneur, spotting a problem and turn it into opportunity by creativity is called entrepreneurship. Entrepreneurship sets innovation to processing first and then gets profits from economic development. As Bolton and Thompson (2000) has recognized, entrepreneurship is about change and innovation. So every entrepreneurs...
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...Entrepreneurship and Business (N11440 MY) Title of Work: Discuss the relationship between entrepreneurship, innovation and economic development. What role if any do creativity and problem solving play in this relationship? Refer to both theory and examples from the business world to support your discussion COPY 1 TITLE OF MODULE: Entrepreneurship and Business (N11440 MY) Title of Work: Discuss the relationship between entrepreneurship, innovation and economic development. What role if any do creativity and problem solving play in this relationship? Refer to both theory and examples from the business world to support your discussion COPY 2 Austrian writer, professor, management consultant and self-described “social ecologist,” Peter F. Drucker once said “Innovation is the specific instrument of entrepreneurship. The act that endows resources with a new capacity to create wealth.” (BrainyQuote, 2014) This essay aims to show how innovation, entrepreneurship and economic development are all linked together as shown in the statement above. Even though many a time the spotlight has been shined on entrepreneurship as the propellant towards success, there are still many factors that have to be taken into account such as creativity and problem solving skills. These all shall be the foundation of this particular essay. Entrepreneurs were first introduced...
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...research and literature on CREATIVITY IN EDUCATION Report prepared for the Qualifications and Curriculum Authority by Anna Craft March 2001 2 Contents Page Numbers 1.0 Introduction 1.1 Aims and purposes 1.2 Approach taken and areas covered 4 2.0 A summary of the research and literature on creativity 2.1 Historical overview 2.2 The early part of the twentieth century 2.3 More recent directions in creativity research 2.4 Lines of study stemming from the 1950s 2.4.1 Personality 2.4.2 Cognition 2.4.3 Ways to stimulate creativity 2.4.4 Creativity and social systems 2.5 Background to creativity in education 2.6 Broader claims for creativity in the curriculum 5-12 3.0 What do we mean by creativity? 3.1 Definitions or descriptions of creativity 3.2 High creativity 3.3 Ordinary, or ‘democratic’ creativity 13-15 4.0 The development of creativity in education 4.1 Research into the development of creativity in education 4.1.1 Comprehensive approaches 4.1.2 Educational approaches 4.1.3 Psychodynamic approaches 4.1.4 Humanistic approaches 4.1.5 Behaviourist approaches 4.2 Teaching approaches to developing creativity 4.2.1 ‘Creative cycle’ approaches 4.2.2 Single-strategy approaches 4.2.3 Multi-strategy approaches 4.2.4 System approaches 4.2.5 Overall pedagogic criteria approaches 16-22 3 5.0 Assessment and creativity 5.1 Recording and assessing creativity 23-24 6.0 Conclusions and key findings 6.1 High and democratic creativity 6.2 Domain-specific and...
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...Creativity and Innovation are two different terms and they technically have different meanings. Creativity means originality, imagination and inventiveness that are brought out through resourcefulness. Innovation, on the other hand refers to modernization and improvement over an existing idea. In this way, it is true that creativity and innovation are two different terms and cannot be used interchangeably. Yet, they have been used interchangeably in several areas or walks of life, including business and management as well as technology. In this way the main distinction between creativity and innovation, being the originality has been ignored and as the line between creativity and innovation is thin, it becomes even more difficult to distinguish between these terminologies (Hofstede, 1980). Another important thing required is that there is a managerial transition as well as a cognitive transition. This helps the firm develop and also be open to new ideas. As there is more and more learning in the organization, automatically there would be a chance for a break through innovation (Davila, T., Epstein, M. J., and Shelton, 2006). DIFFERENCES Innovation is an important aspect of growth and development of individuals, organizations, cultures and societies. Innovation and creativity refer to bringing in new ideas to life. Innovation can be achieved strategically through a process of creativity. This helps bring in a lot many new ideas in the firm and also develop a platform...
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...HOW TO FOSTER CREATIVITY IN DECISION MAKING Abstract Creativity is the most critical and important factor for all organizations to take advantage of in order to survive during these challenging times (Kanter, 1983; Tushman and O'Reilly, 1997; Utterback, 1994). Ongoing uncertainties of both the economic and global financial markets, indirectly forces almost all successful companies to adopt a new corporate business model largely based on using individual creativity to facilitate and enhance organizational innovation. In order to build and sustain an effective organizational culture conquered by creativity and innovation, organizations must effectively identify to maximize all creative wealth of their members, develop creative leaders and management teams and provide a kind of work environment that is highly supportive of creative expression. The focus on this paper is to examine the ways to foster creativity in decision-making since it can easily be seen and understood that fostering creativity is not an easy task as there are no easy formulas to make creativity happen. Introduction Creativity is significant in management research (Shalley et al., 2004) and it is well defined as the production of novel ideas, which are not only unique but also useful. They are deemed to be useful when “they have potential for direct or indirect value to the organization, either in the short or long-term” (Shalley et al., 2004). Ideas can always be generated by anyone, and are either...
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...organization or professional development activity you attended: “Nurturing Creativity: An Essential Mindset for Young Children’s Learning” Webinar 4) The web address if it was found online: https://www.youtube.com/watch?v=OCG_2G5FYJM&feature=youtu.be 5) Brief summary of the main focus and ideas presented: The webinar’s main focus are why we need creativity and how we/the children can use of creativity. 6) Three things I learned today were: 1. There has been a major decline in creativity. The reasons they’ve declined are because fewer opportunities for play, less value of the arts, more time constraints, teachers’ concerns, and focus on test-taking. 2. The 21st Century...
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...paper provides a framework for conceptualizing and reviewing the literature on the influences of organizational culture and climate on individual creativity. Although often treated interchangeably, culture and climate are distinct constructs operating a t different levels of meaning; yet a t the s a m e time, they are closely interrelated. Culture is the beliefs and values held by management and communicated to employees through norms, stories, socialization processes, and observations of managerial responses to critical events. The beliefs and values that typify a culture for creativity become manifested in organizational structures, practices, and policies. In turn, these structures, practices, and policies guide and shape individual creativity by creating a climate that communicates both the organization's goals regarding creativity and the means to achieve those goals. The paper concludes with a discussion of issues relating to the development of cultures and climates for creativity and potential new directions for future research. ABSTRACT The important role of creativity in brganizations is attracting an increasing amount of attention from both practitioners and researchers. In business journals and books, practitioners continuously emphasize the need for organizations to create conditions that s u p port creativity a s a means for promoting organizational effectiveness, and even survival, in the face of fierce competition and rapidly changing technological...
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...Technological innovation has made a great contribution on economic development. However, entrepreneurship, another concept, also has essential consequences in terms of economic performance. The concept of the “entrepreneur as innovator” which was established by Schumpeter (1911) drives economic development. Therefore, it can be inferred that entrepreneur is a key source which leads to the increasing of economic growth. This essay will discuss the relationship between entrepreneurship, innovation and economic development in four sections. The first section will focus on the relationship between innovation and entrepreneurship. Section two will show the advantages of innovation in economic development. Section three will describe the impact of entrepreneurship on economic growth which divided into three parts: the regional, industry and global levels. The final section will concentrate on the role creativity and problem solving play in this relationship. The relationship between innovation and entrepreneurship is mutual. On the one hand, innovation is a precondition of entrepreneurship to drive entrepreneurial establishments to succeed. In order to prove this, Hitt, Ireland, Sexon and Camp (2002) point out that a successful entrepreneurial establishment cannot leave the help of essential innovation. Many innovations are produced by individual entrepreneurs; it usually takes place in large companies in developed countries. Therefore, a large amount of entrepreneurial opportunities...
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...entrepreneurship, innovation and economic development. What role do creativity and problem solving play in this relationship? Refer to both theories and examples from the business world to support your discussion. Since last century, entrepreneurship and innovation have been heavily discussed. Entrepreneurs create new business and provide the job opportunities to society as well as promote the economic development. However, with the increasing global economic competition, normal entrepreneurship becomes less competitiveness, government committed to develop innovative entrepreneurship in recent years (Cukier, 2006). Therefore, the relationship between innovation and entrepreneurship becomes one of the most significant topics in the business field. Economists do a large number of researches to explore the connection between entrepreneurship and innovation as well as the position they related in economic development. During the process of exploring, a considerable amount of definitions are put forward by experts based on their research knowledge and the analysis of entrepreneurs developed in recent decades. This essay will list the definitions put forward by different economists, then support the ideas that innovation, entrepreneurship and economic development are deeply connected and interacted. Finally, combine with the experience of university group entrepreneurship project, attempt to explain importance role that the creativity and problem solving played in this process...
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...Cognitive Development | 1. Here teacher helps children in thinking logically, comparing, contrasting and matching patterns. Teacher takes care of phonological development and language acquisition of child by involving them in singing, reading, talking and playing with the sound of words. 2. Teacher keeps educational materials around the children to invoke their sensory organs and generate curiosity in them. And this curiosity takes them toward their cognitive development. 3. Pupils are kept engaged in puzzles and play. Puzzles develop problem solving skill in children. They also learn sequence and organization. While solving puzzles children come up with questions as how it can be organized further? This way they construct knowledge and lead toward cognitive development. 4. Some senior Montessori teachers are also expected to design their own material to educate and help children in their cognitive development. | 1. Here teacher helps children to recognize concepts, thoughts and theories to generate new meaning. 2. Teacher gives many opportunities to child for exploration and cognitive development such as presentation of concepts in variety of ways like art, music, shadow play. 3. In Reggio Emilia model teacher keeps open ended material around children. Things which can be self defining are emphasized more by Reggio Emilia teachers. Children manipulate them, give them new meaning and through all these they progress toward their cognitive development. 4. In...
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...The history of human development has been affected by many factors such as environment, trade and science. There is no doubt that inventions or creations of something new have had a significant influence in the historical process of human beings. Creativity is the source of innovation, and all the inventions, science and technology which promoted the advancement of human civilization, are inspired by creative ideas. Without creativity, there would be no development, and the world might be the same as hundred years ago. “Creativity, understood as fruitful originality, not mere novelty, is omnipresent in human experience, from the brilliant artistic works, inventions and discoveries that change the course of one life or many to the everyday efforts of problem solving seen in verbal or mechanical wit” (Caramenico & Goodman, 2013). On the other hand, commercial and trade also play a substantial role in the development of society. Moreover, the method of payment, which is a crucial part of business, has had a tremendous impact on individual’s lives. This essay will analyse the creativity of payments in two aspects which are motivation and imagination by examing the development of human society. This essay will also provide two real world examples to give a critical analysis of how creativity is applied in payments. The methods of payments are everywhere in people’s lives, such as shopping or transfer accounts. According to Babbush & Charles (2008), “payment is the performance...
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