importance of creativity and innovation pdf

Importance Of Creativity And Innovation Pdf

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It has become widely accepted that creativity and innovation are crucial to business success, especially in the ever-changing and uncertain world we live in today. While creativity is the ability to produce new and unique ideas, innovation is the execution of that creative ideas.

The Importance of Creativity in Business

Innovation is at the heart of any growing economy, especially in those where standard practices and existing business models have become obsolete. Redundancy in business practices can lead to financial stagnancy. Entrepreneurship is key to innovating at the individual business level as well as inspiring overall business-sector growth. Successful entrepreneurship requires a focus on creativity, integrating innovation and strategic business practices. Modern business practices have had to evolve rapidly to stay effective.

Although this is an inevitable aspect of globalization, it means that jobs, growth and wealth have been moving overseas. This is especially true for large-scale, established businesses. To stay competitive in the globalized marketplace, they have to minimize expenses and streamline business models. As large-scale industry has traditionally accounted for the majority of revenue in developed economies, the out-sourcing of their manufacturing and market distribution can reduce stability and growth in those economies.

When big businesses pull out of a developed economy they leave a void. Obviously, this is not initially a positive thing for an economy. However, it does open up that economy to smaller, developing businesses, creating opportunities for entrepreneurs to experiment with new business models and ideas. Because of this, innovative entrepreneurial business people are becoming increasingly integral to the stability and growth of developed economies.

Many even say the perpetuation of these developed economies depends on the success of their creative entrepreneurs. In contrast to the globalization of big business, entrepreneurs and startup businesses can benefit from focusing on creating new products and services targeted at occupying previously unexploited niches within a developed economy. The burgeoning creative class is especially suited for this opportunity-seeking aspect of business innovation because they are tech savvy, proficient with social media and knowledgeable about digital marketing trends.

Imagination is essential to starting a business, whether coming up with exciting new products and services or using modern forms of target-market analysis and engagement. However, this should not solely be the role of the singular entrepreneur, small business owner or any specific employee. The most productive businesses are those that embrace creativity and inspire innovation.

Incentivizing creative product and strategy development can help propel a business, with all employees actively seeking opportunities for further growth and innovation. In general, entrepreneurs excel at recognizing and pursuing opportunities, whereas large, established companies excel at making use of opportunities and appropriating their value. They should emphasize the importance of creativity and imagination while valuing and employing the strategic business practices necessary to implement new ideas effectively.

Ingenuity is at the core of modern entrepreneurship, which has become an important part of keeping well-developed economies growing. Whether launching a new social media platform, starting a digital marketing company or releasing the next big thing in tech gadgetry, entrepreneurs need to constantly push the boundaries of current trends, using new ideas and creative approaches.

Paggu: The Importance of Innovation in Entrepreneurship. Have a question or concern about this article? Please contact us. Importance of Creativity and Innovation in Entrepreneurship. Impact of Globalization on Established Businesses in Developed Economies Modern business practices have had to evolve rapidly to stay effective.

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How Creativity and Innovation Enhance Business Growth and Development

Campus II, Av. Ipaussurama, , Campinas, SP, Brasil. Creativity and innovation have been highlighted as essential skills for the 21 st century, especially if we consider that both skills can promote human potential by eliciting positive aspects of the individual. These skills have been valued in different contexts. The purpose of this text is to discuss the notions of creativity and innovation as independent constructs and to discuss the relationships between these concepts according to the scientific literature.

The Importance of Creativity in Business

Depending on the nature of your business, you might already have a strong idea of how creativity and innovation benefit your company. Creativity and innovation lead to higher overall success in organizations, even more so than raw intelligence. Traditional companies and educational institutions tend to prize intelligence as the most important factor in problem solving. However, this preference might have been born out of ease rather than best practices.

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Innovation is the process of creating and implementing a new idea. It is the process of taking useful ideas and converting them into useful products; services or processes or methods of operation. These useful ideas are the result of creativity, which is the prerequisite for innovation.

How Creativity and Innovation Enhance Business Growth and Development

Innovation is at the heart of any growing economy, especially in those where standard practices and existing business models have become obsolete. Redundancy in business practices can lead to financial stagnancy. Entrepreneurship is key to innovating at the individual business level as well as inspiring overall business-sector growth.

Skip to search form Skip to main content You are currently offline. Some features of the site may not work correctly. DOI: Anderson and K. Potocnik and J.

But what happens to those ideas? Do they become profitable innovations? Creativity —generating ideas—is relatively easy. Innovation —putting them to work—is far more difficult. Innovation takes courage, energy, and staying power. No wonder many companies neglect it. Powerful ideas kick around, unused, for years—because no one assumed responsibility for converting big talk into bigger action.


It is not only important that creativity and idea should result in “Innovation” but it is also important the innovation should result in excellence. Organisation has to try continuously for achieving its excellence with innovative ideas and thought process.


Creative thinking is the ability to consider something in a new way. It might be a new approach to a problem, a resolution to a conflict between employees, or a new result from a data set. Employers in all industries want employees who can think creatively and bring new perspectives to the workplace. This article will dive into what creative thinking is, types of creative thinking, and the benefits of thinking creatively in the workplace. Creative thinking means thinking outside the box.

Creativity and the Role of the Leader

Industry Advice Business. Apple is a company synonymous with creativity. Design and the user experience mean a lot to overall creativity of a feature or service. Why innovation matters and the steps you can take to make a meaningful impact on your current company. The brand has become one other companies mirror their strategy after.

Industry Advice Business. Apple is a company synonymous with creativity. Design and the user experience mean a lot to overall creativity of a feature or service.

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2 Comments

  1. Ortonchiho

    Industry Advice Business.

    20.04.2021 at 01:56 Reply
  2. Blondelle D.

    Depending on the nature of your business, you might already have a strong idea of how creativity and innovation benefit your company.

    22.04.2021 at 06:13 Reply

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