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How Are Creativity, Innovation And Entrepreneurship Related?

creativity innovation and entrepreneurship

Creativity, innovation and entrepreneurship are all inextricably linked and form a powerful combination of personality traits that drive business success. A creative and innovative entrepreneur can use their creative thinking and innovation skills to take a small family business to an international business by steering a successful business through complicated or difficult times.

At the core of these three things lies the ability to come up with new ideas, identify market opportunities and turn ground-breaking concepts into real life products and services that add value to people. They can take key concepts and through their entrepreneurship and innovation really drive change within an entire industry.

Creativity starts the process, fuelling the ideas and perspectives, innovation helps bring life to the ideas and transform them into practical solutions that meet the needs of others. Finally, entrepreneurs create the catalyst for bringing that creative and innovative concept to market and being able to work through the difficulties of business operations to achieve long term growth and sustainability.

In this article, we have a look at the distinct and interesting links between creativity, innovation, and entrepreneurship and why some of the most successful entrepreneurs are known for being exceptionally creative.

The Difference Between Creativity And Innovation

People often get confused about the difference between creativity and innovation and use the terms synonymously.

Creativity can be defined as the ability to develop original concepts and ideas. Aesthetic flair is an important factor when it comes to creativity.

Innovation is the ability to create offshoots, create changes to, or build on already existing ideas, services, and products.

Both are important to entrepreneurial ventures. Creativity drives innovative ideas, and innovation management styles encourage those around you to embrace creative thinking, too. If you want to own your own business, then entrepreneurial leadership relies on these core values.

Essentially, creative concepts are usually new and original that take inspiration from outside sources, while innovative concepts are usually built upon a pre-existing idea. Inventions would be ideas, products or concepts that are entirely new and never seen before. They represent a leap in forward-thinking and, often, technology.

creative thinking as entrepreneurs

Entrepreneurs And Creativity

Creativity helps entrepreneurs with one of the most important steps in their business journey: coming up with a business idea. Entrepreneurs with high levels of creativity are often able to come up with exceptionally creative business ideas that fill a niche gap in the market – all whilst keeping entrepreneurial innovation, corporate social responsibility, customer satisfaction, and productivity in mind to ensure it can be achieved.

Entrepreneurial creativity and artistic creativity are very similar in that entrepreneurs may find inspiration from their favourite books, TV shows, nature, conversations, as well as existing products and services. Brainstorming and mind mapping are the two main methods in which entrepreneurs may use creativity to come up with ideas (coming up with ideas is also known as ideation).

But creativity does not only assist entrepreneurs in the initial stages of coming up with a business idea. Creativity will also be highly valuable in terms of:

  • Coming up with branding and marketing ideas
  • Ideas for blogs, other SEO-related content
  • Finding creative solutions to everyday business problems
  • Fun and exciting social media strategies
  • A good balance of linear and lateral thinking

 

Does an entrepreneur need to possess high levels of creativity to be successful? Of course not, but it definitely helps! Creativity is all around us, and when you start noticing it, it is hard not to be inspired! Creativity can be found in fine art, nature, advertisements, and so much more.

But remember, creativity is practically useless if it is not properly harnessed and implemented.

Entrepreneurs And Innovation

Innovation is a change that adds value to an existing idea, product, service or concept. Many business ideas are innovations of things that already exist. There should be a focus on the ‘adding value’ of innovation because just because you change up an existing product or business model slightly does not mean that you are creating a better version of it in order for innovations to be successful. This business model design relies on strong independent research and creative research methods to ensure you can come up with innovative ideas that actually make a difference.

Innovation is often a response to changes in the market as well as progressions in outside markets. It should be noted that all innovations are not purely creative, and many can be primarily logical in their conception.

Having a good hold on innovation is very important for entrepreneurs. We live in a fast-paced and ever-changing society, with new advances in technology occurring all the time. If an entrepreneur can embrace these changes and find ways to add additional value to them, they are bound to find success in their respective field.

Not only will an innovative mindset be advantageous in coming up with products, services, and business ideas, it will also be exceptionally helpful when it comes to adapting to change and finding new and improved ways of doing things in your business structure.

Disruptive innovation should also be mentioned. Disruptive innovation is a process of innovation that significantly affects the market by making a certain product more accessible and affordable to more consumers and has the ability to reshape an entire industry. A great example of this would be Uber.

innovative entrepreneur

Can Creativity And Innovation Be Cultivated?

Some people believe that you are either born with creative and innovative tendencies…or not. What is more likely is that your creativity levels are developed in your formative years, depending on what activities you were exposed to as a young child. In adulthood, most adults clearly define themselves as either being very creative or not creative at all.

The truth is that even those who do not deem themselves to be creative have dormant creativity lying inside of them. This creativity can be awakened through simple activities such as drawing, creative writing, mind mapping, reading fiction, and more. There are even apps that you can download on your phone that help cultivate your creativity.

Aspiring entrepreneurs that feel that they are not inherently creative could find immense value in dedicating time to expanding their creativity.

Can I Train To Be More Creative And Innovative?

Of course, you can find courses to help you develop in a bunch of different ways. Just look up entrepreneurship and innovation (MSC) and you’ll see multiple UK universities offering a range of Masters courses to help you develop these skills and get a theoretical foundation which can then be applied to your life.

You don’t need to attend university to study this either. Just type in ‘entrepreneurship and innovation programme’ and you’ll be able to explore different courses with varying core modules that can help you develop more as an entrepreneur who prioritises innovation and creativity.

If you want to avoid tuition fees and business school altogether, however, then you can develop these skills yourself. Try:

  • watching interviews of creative thinkers
  • reading autobiographies/biographies of entrepreneurs you wish to emulate
  • engaging in creative pursuits yourself
  • stretching your creative thinking to solve problems
  • studying case studies of family businesses turned international powerhouses

 

More Than Just Creativity And Innovation

In conclusion, the connection between creativity, innovation and entrepreneurship lies at the heart of most business success and economic progression.

Whilst each element has its own significance, when combined, they form a powerful force that can be used to find untapped market opportunities, develop disruptive solutions to problems and drive change within industries.

Of course, it’s not enough to have just these qualities alone to succeed in business, they must be combined and complemented with practical skills, strategic thinking and excellent execution.

If you want to further develop your own creativity and innovation as an entrepreneur then you can simply try and think about how you can improve your business in a creative way.

What new products or services could your business offer? What changes can you make to your current offerings to better serve your customers? Start with these key questions, and you’ll start thinking creatively and embracing innovation as an entrepreneur.

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