...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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...In the business world, there are a number of interlinking factors to achieve certain goals such as the most important goal, attaining industry 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...
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...Nottingham University Business School Undergraduate Programmes 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 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...
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...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 needs to understand how to...
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...Map……………………………………………………………………………………………………………13 1 Introduction The following document is concerned with the creation of value, more precisely the creation of value by the utilization of music. Value is a widespread term and in the business world you will hear the words “value added” or “value creation” thrown around. Everyone tells you they can “add value” or that they want to “create value”. But what is value? How is value created? In the following some of the definitions for the term “value” are mentioned. First of all, the different values are to mention such as personal values, which are the beliefs, principles or ideas important to you in your life- often things you are for or against, what you believe in and what you are willing to support and stand up for. (wire.wisc.edu). Moreover, value in economic terms can be, according to many business dictionaries, explained as the performance of action that increases the worth of goods and services or even a business. According to Kotler, Armstrong &Wong, 2010 value is created in order to satisfy the customers´ needs and wants. Irrespective of the different definitions of personal and economic values it is important to keep in mind that value can be interpreted differently by every individual, interest group or business and it remains a term in many contexts. Starting the research assignment every student wrote down everything they relate to their personal core-values and everything he or she connects with emotions....
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...sentence “ Creativity and innovation are essentially perceived as the building blocks toward the achievement and success of entrepreneurs”. The sentence is mention with regard to creativity and innovation in term of business. There are many confusion theories concerning creativity and innovation in term of firms and partnerships. Therefore, the writer is going to find out and explain the sentence. Then, this essay will give the definition of creativity and innovation, and determine the key word of the sentence. Why the creativity and innovation are important for successful for entrepreneurs as the building blocks of company and organizational firm. In addition, the writer will provide an example case study that support of how significant of those two words is. Many theories of Creativity and innovation in term of business can be cause of confusing in the sense of creativity and innovation. However, Creativity and innovation are two different terms and they technically have different sense. Fist of all, creativity in term of business is described, as “Mental characteristic that allows a person to think outside of the box, which results in innovative or different approaches to particular task” (BusinessDictionary.com, n.d.). Therefore, creativity is a result processing of knowledge including curious, experience, imagination, and evaluation. Base on the theory of Burrus (2013), “the creativity is divided into three steps: Discovery: the lower level of creativity is discovery...
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...Record: 1 Title: HOW TO KILL CREATIVITY. (cover story) Authors: Amabile, Teresa M.1,2 Source: Harvard Business Review; Sep/Oct98, Vol. 76 Issue 5, p76-87, 11p, 1 diagram, 3 color Document Type: Article Subject Terms: *CREATIVE ability in business *MANAGEMENT styles *BUSINESS planning *MANAGEMENT science *EMPLOYEE motivation *PSYCHOLOGY, Industrial *INCENTIVES in industry *WORK environment *QUALITY of work life *SUPERVISION of employees Abstract: The article addresses the topic of business creativity, its benefits, and how managers can inspire it. The author's research shows that it is possible to develop the best of both worlds: organizations in which business imperatives are attended to and creativity flourishes. The author observes that creativity is a function of three components: expertise, creative-thinking skills, and motivation. She believes managers can influence these components through workplace practices and conditions. The author sees managerial practices affecting creativity as falling into six general categories: challenge, freedom, resources, work-group features, supervisor encouragement, and organization support. INSET: The creativity maze. Author Affiliations: 1M.B.A. Class of 1954 Professor Business Administration, Harvard Business School, Boston, Massachusetts 2Senior Associate Dean for Research, Harvard Business School, Boston, Massachusetts Full Text Word Count: 6833 ISSN: 0017-8012 Accession Number: 1048966 Persistent link to...
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...Definition Paper This paper will compare and contrast the topics of innovation, design and creativity. The importance of these three topics in meeting organizational objectives is innovation creates new technology and ideas. Design is important to meeting organizational objectives because design is the way products are made. Without design, nothing could be produced. Creativity is important to meeting organizational objectives because without creativity, no new products or services could be offered to customers. This could hurt any business profit that suffers from a lack of creativity. Innovation is defined by Dictionary.com as “something new or different introduced” (Dictionary.com, 2014). Innovation is important to any business that strives to be successful. Innovation brings new technology and new life into business. The down side of innovation could be the unwillingness of people to change. Some people could resist the changing of business and procedures, therefore, blocking innovation. People need to be approached in gentle ways that show the business and procedures are changing for the better and their job and job security are more secure with these changes. “Design is the conscious decision-making process by which information (an idea) is transformed into an outcome, be it tangible (product) or intangible (service) (Stamm, 2003). Design plays into innovation and creativity greatly. Design changes the way things are constructed or planned. The alternative side...
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...Creativity and Innovation in Business Prof. Danny Araneta Cabulay Dean – Institute of Accounts, Business and Finance Far Eastern University, Manila, Philippines dcabulay@feu.edu.ph Albert Einstein once said, “Imagination is more important than knowledge.” For most people, creativity is more easily associated with art than business. But the highest art form is business because one can be very creative, dynamic and revolutionary. Creativity is also related to innovation and change. I am fully aware that many of the things we see around us are products of minds of geniuses, creative thinkers. It is hard to imagine a business without a creative mind. A creative mind is essential in any type of business. When we get tired of the old product or technology, as it also becomes obsolete, we long to have, a better product or technology. This is the essence of innovation. It has to be more convenient to customers. The etymology of the word “create” indicates to make something; while “creation” is something that shows skill, imagination or ability; and to be “creative” means the ability to invent, design or develop original ideas. Even in the simplest businesses, creativity can happen. In Manila, for example, a typical bakery would operate from 5:30 a.m. to 9:00 pm. A bunch of students made a feasibility study to inject the idea of a 24-hour bakery. Hence, Pugon de Manila was born. This is an example of an incremental innovation to the traditional bakery...
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...CREATIVITY and INNOVATION “My worthiness is all my doubt – His merit – all my fear – Contrasting which my quality does however – appear.” - APJ Abdul Kalam Creativity is necessary for Innovation. Innovativeness is made, not born. Creativity can be inborn or comes in sparks .Creativity is the prerequisite for Innovation. In an essay on Creativity Teresa Amabile and others describe innovation as “the successful implementation of creative ideas within the an organization”Creativity which includes invention is the starting point of innovation , a necessary but not sufficient condition of it. we can never segregate the two terms and it goes hand in hand creativity and innovation are like sparks of the same thunder or lightning-if the fire of creativity is taken up it is innovation,and sometimes the same fire can even destroy the existing creative ideas taking up new ones. According to political scientist and economist Schumpeter(who lived from 1883 to 1950) he says that waves of innovation crash down on established enterprise,washing them away and leaving new ones in their place, seems particularly appropriate. Objectives of the study: 1.Mapping the definitions of innovation and creativity 2.Concept development methods through creativity. 3.Analysis of correlation of creativity and innnovation Business Model This is the sense of innovation in the broader context of companies and markets. Innovation’s meaning here is to alter the landscape.”Ray Meads”: A patentable...
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...Creativity, Design, and Innovation Emmanuel Prude OI/ 361 August 19th, 2013 University of Phoenix JOHN SOLTYS Creativity Creativity is essential to the process of design and innovation. Any idea thought of is just one of many until creativity is applied, making that idea unique. Creativity is associated with critical thinking, brainstorming, and even the cognitive process which involves recognition, reason, and understanding. Creativity can happen in a number of ways; rather it is taught, encouraged, or an act of random causality. Innovation Innovation is mainly defined as the act of creative thinking. Innovation is developing an idea, taking it from the mind and turning it into a physical form of a process, system, product, or service. Innovation is a new found way to solve a problem. In an organization, innovation can be used in many ways. Rather its upgrade a systematic way of processing or coming up with a new product to sell, innovation has been used to bring it all together. When thinking of innovation, there are two components to consider, one being creativity (as previously explained), and the other is implementation. Implementation is mainly turning ideas into process. Coming up with an idea, developing that idea, and then commercializing that idea are all processes that falls under implementation. Design Design is the process of which creativity is transformed through innovation into its physical form. Design deals with everyday things and makes them...
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...October 16, 2012 • Innovation This term means the equal of creativity plus implementation (Stamm, 2003). Implementation is important to innovation; if you are lacking this you basically only have creativity. The effect of innovation on the business industry is what pushes competitions accomplishments or failures. By understanding the current and future needs a consumer can go a long way; specifically on how to properly create a successful business plan. An example of market place innovation would be with Apple and their product the I-Pad. This was not a original idea, but Apple put a social twist on it and created the I-Pad; an everyday must have. • Design “It is a concept of realization or configuration of an idea, plan, model, drawings; pattern that assists to develop and achieve the items designated objectives (Business Dictionary, 2010).” In the corporate world, designs are defined and understood as a value of distribution, creativity, and concepts in exemplification of the company’s innovativeness. Creativity is a mental representative that provides a person the opportunity to think out of the median. “Creativity is what results in different approaches to services, goods, and innovation (Business Dictionary, 2010).” • Creativity The definition of creativity based on Webster’s Dictionary is: Creativity is marked by the ability or power to create- to bring into existence, to invest with a new form,...
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...Innovation, Design and Creativity Paper Laura Cuda University of Phoenix OI/361 Rebecca Montano May 13, 2013 Innovation, Design and Creativity Paper Innovation The definition of innovation states “The process of translating an idea or invention into a good or service that creates value or for which customers will pay” (Business Dictionary, 2013). For an organization to have an innovative proposal; the suggestion should replicate an inexpensive cost while satisfying a customer need. The fundamental foundation of innovation involves the calculated application of information, imagination and initiative (Von Stamm, 2008). This groundwork adds value on all processes in which new concept are generated and converted into useful products / services. Innovation that is applied in business will result in ideas that are useful by organizations to promote positive performance and consistent clientele. Innovation is categorized by two broad categories (Von Stamm, 2008): 1. Evolutionary Innovations: Organizational Improvements that bring numerous incremental advances in technology or processes. 2. Revolutionary Innovations: Organizational Improvements that is categorized as disruptive and new. Innovation is associated with taking risk while creating revolutionary products / technologies. There are two levels of innovation: continuous and discontinuous (Von Stamm, 2008). In an example of continuous; Jack Daniels could increase the product life cycle of whisky by adding honey. This honey...
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...ORGANIZATIONAL DIAGNOSIS CORPORATE CREATIVITY- THE ‘MYSTERIOUS’ MISSING LINK IN THE WORK ENVIRONMENT ALBERT ESHUN UNIVERSITY OF APPLIED MANAGEMENT UAMM0073 Organizational Diagnosis Research Project UAMM0073 Contents 1.0 Introduction ...................................................................................................................................... 2 1.1 Hypothesis: Does creativity exist in our workplace? ........................................................................ 2 1.2 Creativity: misunderstood and mystified. ......................................................................................... 3 1.3 Creativity crushers............................................................................................................................. 4 2.0 ORGANIZATIONAL ANALYSIS ............................................................................................................. 7 2.1 DIAGNOSTIC TOOLS........................................................................................................................... 9 2.2 Weisbord Six-Box model ................................................................................................................ 10 2.3 Organizational Intelligence Model ................................................................................................. 14 2.4 Tichy’s Technical Political Cultural (TPC) Framework.....................................................................
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...Creativity and Business Innovation Prof. Stefan Meisiek Case Analysis of Critical Mass : The IT Creativity Challenge Piyush Choudhary 2013962348 Executive Summary Critical Mass is a highly successful digital marketing service firm with a its major clientele part of the Fortune 500 group. The Internet industry of which Critical Mass is a part is changing a lot. The social media tools have created a generation that has access to a lot more information. Consumers are becoming highly demanding in making creativity and innovation a must for the success of Critical Mass Inc. The company had invested a lot of resources to achieve a so called creativity inducing environment and organized a plethora of activities to ensure that the creative juices kept flowing. At this juncture the company is at the crossroads to take its next step towards a significant expansion in its client base. As a result Brian Kramer (Tech Director) and Gordon Bunk (Senior VP and MD) have decided to inspect and revaluate the current practices followed in the firm to determine whether they were having the required effect make necessary changes to make them more meaningful and result oriented. 1 |Page Creativity and Business Innovation Prof. Stefan Meisiek Introduction Critical Mass was setup in 1995 by Ted Hellard and Michael Clairo with the intention of being a interactive golf CD-ROM development company. As a part of the plan Hellard went to pitch his interactive golf CD-ROM to Mercedes Benz ,however...
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