Introduction
Innovation is a key driving force of entrepreneurship. On the other hand, creativity brings about innovation and entrepreneurship. Without creativity, it would be hard for an individual to innovate. Consequently, there would be no entrepreneurship. According to Martins and Terblanche (2003, p. 68), creativity refers to ‘the process by which a symbolic domain in the culture is changed’.
It leads to the generation of new ideas and the creation of advanced machines. Martins and Terblanche (2003, p. 71) hold, ‘Creativity is the act of seeing things that everyone around us sees while making connections that no one else has done’. On the other hand, innovation refers to ‘adding something new to an existing product or process’ (Nazari & Shahdadnejad 2011, p. 259). Innovation entails the enhancement of actual goods or processes.
There cannot be innovation without creativity. Innovations emanate from creative ideas. According to Nazari and Shahdadnejad (2011), the capacity to improve the nature or quality of an existing product characterizes innovation. Attitude contributes to creativity. Creative individuals embrace transformation and novelty. Besides, they are keen to try new possibilities and ideas. They are never contented with whatever they own. Instead, they look for ways to improve the condition or quality of everything in their possession. Okpara (2007) holds that motivation, expertise, and creative thinking skills lead to creativity.
Innovation entails ‘bringing the best ideas into reality’ (Bridges, O’Neill & Cromie 2003, p. 54). It helps to transform an idea into a new value. Innovation is crucial to commerce as it facilitates the creation of new products, thus guaranteeing business continuity. Information obtained from new associations promotes innovation. According to Bridges, O’Neill, and Cromie (2003), a person cannot be innovative if he/she does not change his/her opinion about things.
Ideas can only become innovations if they are broadly approved and integrated into individuals’ lives. Creativity and innovation are vital in business today because they facilitate growth and development. Modern businesses require constant innovation to be successful. They need to come up with novel ways of addressing problems. The business environment keeps on changing. Thus, it is hard for a business to meet the changing demands without innovation and creativity.
An enterprise cannot achieve sustainable growth without being creative and innovative. Okpara (2007) avers that change boosts the competitive advantage of the business. Creativity and innovation help a business to differentiate itself from competitors. A firm abandons conventional ways of doing things and embraces new methods that are not only cost-effective but also efficient. Creativity and innovation help to enhance organizational processes leading to improved performance.
Challenge 1: Entrepreneurial New Venture
Numerous difficulties inhibit the ability of individuals from different geographical locations to partner in business. It would be hard for people from the United States to partner with peers from China. According to Bassett-Jones (2005), China and United States differ in cultural beliefs and practices. In this context, it was hard to identify the interests of the Chinese students. To ensure that my business idea was acceptable to Chinese peers, I had to consider the business environment in China.
Techniques Applied and Solutions Generated
I applied some techniques to generate ideas. I started by questioning current assumptions about the Chinese business environment. People have different assumptions regarding the Chinese business environment. For instance, many people believe that it is easy to do business in China due to its large population. A large population does not always amount to ready market (Bassett-Jones 2005).
Another assumption that I had to confront regards the best business opportunities in China. Many people cite the sale of industrial automation as the most viable business idea in China. I questioned this assumption and evaluated its credibility. The second technique that I applied to generate creative business ideas entailed opportunity redefinition. I came up with a list of all potential business ideas. Then, I identified creative alternatives for each business idea. I applied the 5Ws principle (who, where, when, what and why) to establish the most viable idea. The principle helped me to factor in the interests of the Chinese peers.
Initially, I identified the provision of supplementary education, the supply of pharmaceutical products, and internet business as the best ideas. Eventually, I settled for the delivery of supplementary education due to its high demand and low start-up cost.
Constraints Encountered
I faced a myriad of challenges in the effort to identify the most viable solution. The inability to structure my creative problem made it hard for me to evaluate the various assumptions. Additionally, I had challenges in eliminating “blinders” that inhibited my capacity to see a big picture of the Chinese business environment (Bassett-Jones 2005). The exercise made me appreciate the significance of different creative and innovative approaches. Application of diverse creative and innovative approaches helps a person to come up with numerous possible alternatives. Besides, it helps one to scrutinise each choice and settle for the best.
Conclusion
The idea of offering supplementary education is in high demand not only in China but also across the globe. Thus, I would like to carry forward the idea. I would establish a tuition center to actualize the idea. The module was informative regarding the factors that promote creativity and innovation. Additionally, I learned about the significance of creativity and innovation to the business.
Reference List
Bassett-Jones, N 2005, ‘The paradox of diversity management, creativity and innovation’, Creativity and Innovation Management, vol. 14, no. 2, pp. 169-175.
Bridges, S, O’Neill, K & Cromie, S 2003, Understanding enterprises: entrepreneurship and small business, Palgrave McMillan, New York.
Martins, E & Terblanche, F 2003, ‘Building organisational culture that stimulates creativity and innovation’, European Journal of Innovation Management, vol. 6, no. 1, pp. 64-74.
Nazari, M & Shahdadnejad, N 2011, ‘Barriers to creativity and innovation in the organization’s management’, International Conference on E-Business, Management and Economics, vol. 25, no. 1, pp. 256-261.
Okpara, F 2007, ‘The value of creativity and innovation in entrepreneurship’, Journal of Asia Entrepreneurship and Sustainability, vol. 3, no. 2, pp. 1-13.