to c o l

Ictab
table, ong
alternatives, soluti
tions, and
2.1 CREATIVI
person
a
possit
a l t e r n a t i v e s

of ideas,
ability
is the eautifully a person
new
beautifullu
Creativity
is to
generate
mirror ofhov
Ifocan be
can think in,
the activity,
It is
developed if
Crrativity
non genetic
unique. way.
and
ditterent
as wel as with a r a r e
annd exclusive perception.
unique
It can be genetic things
saa brainstorming andmi
brainstormino

ind-bloWortgginh
cinumstane.
Creativity is
c o m p r e h e n d i n g

and
lerning
Aeeps
on

exciting
and
imaginative.
his
imagination. for
for bringingsomethir
bringing
think beyond
previously hidden.
epessive,
has to w h i c h was
in which
a person
something
unveiling
is an activity of
Definition of Creativity
2.1.1 The use of imavina
dictionary, creativity means,
Acconding to Oxford
ideas to create something"
Characteristics of a Creative Entrepreneur
indicative of a creative entrepreneur:
Following characteristics are
1. An entrepreneur adheres to rules and principles only when they add vale
organization and have a potential to attract more customers.
2. An entrepreneur experiments with his ideas as the first step, later converting
to implementation.
3. An entrepreneur is less afraid to lose and is
always keen to experiment in new v-
44. The entrepreneur is not afraid of
help his enterprise. creativity and believes that creative ideas w
5. A creative thinker will
take inspiration from
indirectly related to the enterprise. new ideas in every area atu

6. An
entrepreneur is not afraid to go beyond the
opens a wide range of industry and enter new markes
7. opportunities to formulate new niches.
Every product and service is
8.
entrepreneur realizes that not good enough and has room for
A very well. impo
ovement

creative thinker is
new interested in
products or services.
9. An
bringing totally opposite things
thing toget opposite to
entrepreneur
services for develops better
10. A
creative
existing products.
or new
products for exislg ervicesand
comes up with
11. An
entrepreneur is onot araid
them. afraid to ot

entrepreneur appreciate new ideas irrespective new

idea. shares an idea
y212. and is open
Acreative feedback that lnP
i m p r o v e sa n dr e f i n e

to

These
or not.
entrepreneur learns different things, inds
other. indicators show whether they are related to he
Creativity is often seenthat a

as entrepreneurship
quintessential traitand creativity t y go hand in
hand wu
of an entT 8°**
 Creativity and Innovation
2.3

2.2MPORTANCE OF CREATIVITY IN ENTREPRENEURSHIP

of new ideas.
Creative thinking is the must have "skill" of an entrepreneur for the creation
numerous advantages
Creativity allows a person to devise interesting processes, which gives
to entrepreneurs. Creativity
leads to success by:
. Creating new ideas for competitive advantage: The wholeprocess of entrepreneurship
is noated in creation and exploration of new ideas. When an entrepreneur is able to
gènerate a new idea that is feasible as well as efficient, it gives him a competitive edge
oyer competitors.
Developing new products and improving the business: Creativity helps develop
new ways of improving an existing product or service and optimizing a business.
There is always a room for improvement in the deliverables of an enterprise; it is the
Creative entrepreneur who can assess how to do it.
Thinking the unthinkable: Creativity requires imagination to produce the most
obscure ideas. Imagination is needed to cross the boundary of "usual" and "normal"
or to have out of the box thinking. It enables the entrepreneurs to think beyond the
traditionalsolutions, come up with somiething new,interesting, versatile,and yet have
success potential.
Finding similar patterns in diferent areas: Sometimes, due to following a routine or
a habit, the thinking process also goes along the line of those established processes.
Creativity enables people to connect dissimilar and unrelated subjects and make
Successtul entrepreneurial ideas. Merging different fields creates interesting
intersections that develops new niches. Most people are afraid of bringing different
aisciplines together, but most interesting ideas come from colliding different fields.
Developingnewniches throughcreativity andentrepreneurship:lnentrepreneurship,
s important that new aspects of traditional business are explored. This can be in the
Om of changing the method of manufacturing the product or delivering the service
omechanism through which they are supplied to the users. All these areas can create
a
niche that has great potential in business.
It
It
helps formulate the best possible idea.
allows for exploring
horizons and seeing the big picture.
new

E s an entrepreneur to evaluate and ask questions that have not been considered
previously.
It helna:
 Crealrvl nd unovation
2.9

2.6PROCESS OF INNOVATION
Backed by an ettective innovation process, managers can advocate for and
a help create
ainable innovative and profitable organizations. A typical innovation programme often
it
starts with the following sequential steps:
of
1. Idea
Generation and Mobilization
to
ent New ideas are created during idea generation. Mobilization occurs when the idea is moved
Dy to a different physical or logical location, such as an outside firm or another department.
er iration for a new idea can originate from an improvement of an existing idea, or somethin8
from scratch. For eg. Apple waited three years after MP3 players were introduced to create the
iPod, which was attractive, intuitive and offered capacity for up to 1,000 songs. Conversely,
the invention of Scotch tape was a brand new idea by the company 3M. The company 3M
es,
provides employees with reasonable time (15 percent of their workday) ideas to explore
outside their work assignments. Other organizations have followed this model, and robust
organizations in general provide employees with the time and resources to innovate.
2. Advocacy and Screening
Not all ideas are worth implementing. Advocacy and screening help evaluate an idea and
to measure its potential benefits and problems. From there, a decision can be made about an
ers
idea's future. One of the biggest advantages for the joint processes of advocacy and screening
30
1S refinement. Discussions and arguments help in enhancing a potential idea. This stage
ct
prepares an idea for upper management, which can call for a different approach. As idea
working with the
generators may lack the requisite skills to advocate their ideas, managers
1dea generator can facilitate, encourage and support the person.
Companies looking to build a robust culture can establish a few best practices for this step.
and feedback. Second,
First, employeesshould have plenty of avenues to receive advocacy
with evaluating truly innovative
organizations must understand the difficulties involved
Ideas. Third, organizations need to build transparent evaluation and screening protocols.
3. Experimentation
such as with a prototype o r pilot
test.
e experimentation stage tests an idea,
organization at a particular time.
PEImentation test an idea's suitability for particular
a
the present capacity of the company.
e 1deas might be ahead of their time or beyond
or idea library for development
at a later time.
eas
may be set aside into an idea bank and screeners
as advocates
remain continuous or exist in spurts,
entation can information that
experimentation leads to new ideas due to
vuate an idea. Sometimes. in this
on the results and the overall feasibility
of the original idea. Time is crucial
red refinements and
adequate time to run the experiments. As
ndividuals must be given
time to reflect on the experiments.
d
OCCur, they must be given enough
in the niarket
products and services have come up
Dusinesses experiment with
n e w
c o n s u m e r . For example,
online grocery stores
roof to the the
liko yriad services under o n e deals along with
onekirana etc. offer good bargain
Conv
ffers, Big basket, Bazzarcart,
enience of shopping grocery items from home
2.10
Entrepreneurship

4. Commercialization
Commerialization is that stage of the innovation process when th
development to persuasion.
focus si
Commercialization aims to create market value for an idea by focu-
to the audience,
such as by on is pe
impact. This step makes the idea appealing packag ing an ide
other ideas, clarifying how and when the idea can be used, and using data
experimernts to demonstrate benefits from the implementation of an idea
An important part of commercialization is establishing the specifications af .
an
idea. The promises and potentials of the earlier stages ot innovation must bedig
that the actual benefits of the new innovation can be peroeived and communicated
discar
0.6.2
idea is refined, it can appropriately target and meet the needs of the audience. Afte
is clarified and a business plan is created, it will be ready for diffusion and implemer GII

5. Diffusion and Implementation ased

Many researchers believes that "Diffusion is the company wide acceptane
innovative idea, andimplementation sets up everything needed to develop and udia b
produce the innovation."
dia's
"Diffusion" happens at all levels of an organization. This process is often aidace o-
knowledge brokers, who are effective at presenting an innovation by using their
the specific content and application into which an idea, product or service canawam
bes
As a result, knowledge brokers are able to assist
with rapid implementation.
The use or
application of the
"innovation" should be demonstrated by the enu
stage, along with of
acceptance the innovation. For the innovation to succeed, it wu
proper resources, a
marketing plan for customers and an open culture with strong
Also important to "diffusion and implementation" idee

final stage allows the organization to determine

is the opportunity tor
uru Ked
the next set of needs for custone
feedback, in
addition to indicators for success
metrics and other benchna
ena

organization stimulate the innovation process once

to
again.
2.6.1 Forbes' List of Is onFe
top 15 innovations
during last four decades
2016 as
The list is as follows, in order of
[Link]
importance
Name of the
Internet, broadband, innovation
www (browser and html)
PC/laptop computers
Mobile phones
E-mail
DNA testing and sequencing/human NN
Magnetic Resonanoce genome mappu. In
Imaging (MRI) /ste
MiCToprOCessors
Fiber optics
n ser

rate
Oftice software
(spreadsheets, word processo