Creativity at any stage of a business allows an entrepreneur to detach from the accustomed norms and move into uncharted and unexplored territories in the market. Hence developing creative skills in every aspect of a business has to be widened by entrepreneurs, both start-ups and experienced. Innovation is produced by creativity and by bringing unconventional ideas to the table, the entrepreneur can bring assured business success.
Several salient factors make creativity in the entrepreneurial process leading to the success of an organisation. First among them is the creation of subjective innovative ideas of the entrepreneur. The process of entrepreneurship revolved around the exploration of new ideas of an individual that can make the business stay ahead of the competition.
Creativity in business simply is the capacity of imagination of the individual. The intention, imagination, and ingenuity are factors associated with creativity that produces different businesses or products from what is already available. Imagination should cross all limitations and boundaries that go beyond the box. The creative thinker always fearlessly thinks outside the frame to replace what is traditional with a new idea.
In today’s fiercely competitive markets, the products and services can be accessed with ease. The businessman entering into the competition must be aware of the basic factors such as the precise needs of the consumer, competition he has to confront, the marketable price, costs involved in other aspects of the company, and so forth.
Lucrative results
The answers to all above exist in a creative mind. Creativity helps the entrepreneur to improve business practices and produce more lucrative results. Regardless of the prevailing customer preference of a product, it can be improved further in different angles if a person thinks imaginatively. Rehearsed thinking can come up with unthinkable ideas and bring innovation to any business or brand.
However, the creative mind of the entrepreneur alone is not sufficient to succeed. He or he should also possess or learn business skills such as how to establish a new venture and manage it. The business model should be designed with strategies to support and execute in the first place. When the administrative aspects are in place properly, the execution of created innovative ideas is more successful.
An entrepreneur should also adhere to rules and principles when they add creative value to the business in order to attract more customers. They should act on any idea, irrespective of the foreseen effectiveness; carefully and initially practice such an idea with caution. They should experiment first, learning from the experience, before actually applying the idea into practice. A salient fact to remember is that any creative new business idea has a certain risk of failure. Analysing such risk to find alternatives is also included in entrepreneurship creativity.
The entrepreneur must not be afraid of a failure of a new and ground-breaking idea. They only have to assess the ratio of success or failure before executing the idea. Believing in oneself implicitly is the key to success in business. Hence, initiating action on a new business scheme, new improvement to an existing product, a new method of marketing is totally acceptable.
Diversification
Innovative diversification is another area of creative thinking in business. Many entrepreneurs in Sri Lanka have become tremendously successful by diverting their businesses into alien territories. For example, historical business brands in Sri Lanka such as Maliban, Nawaloka, Munchee, DSI, and many other ventures became successful due to the creative minds and fearless decision-making on diversifications by their respective founders. The admirable fact is that most of these Sri Lankan business greats were not highly educated individuals but almost everyone possessed brilliant and creative mindsets.
Diversification of a business is not always about infusing more capital but mere imaginative thinking. Resourceful entrepreneurs find new markets and new opportunities or even create new niches simply through their out-of-the-box thinking. Inventive thinkers can successfully create new products for existing services or new services for existing products.
Being alert about everything that takes place around you and learning different things, regardless of whether they are related to the business line or not, can make an individual reach business success. Good businessmen learn from others and seek improvements rather than concentrating on their own perfection. They learn to become flexible and accept success or failure on equal terms. Those who fear failure will not take risks on a new idea and probably fail to spot opportunities throughout their careers.
Success
Creativity and entrepreneurship skills form a perfect combination for the success of an organisation. In today’s advanced environment, creativity and imagination have become integral components of business acumen. In any organisation, proprietary interest and resourcefulness is compulsory and the lack of these two aspects can drag a business to a stagnant mode.
The common notion that people need only intelligence and courage to achieve everything they need is obsolete now and has become a misconception. Along with many other aspects, creativity and innovativeness are essential traits in entrepreneurial success.
However, regrettably, most of the learning institutions teach more on methods and intelligence than innovative thinking, perhaps because of the immeasurability in creativeness. Nevertheless, business leaders now realise that creative thinkers in their teams can be game-changers in their respective businesses and they set forth an important reason for overall success. Exploiting employee potential to the optimum capacity is essential in an organisation. By encouraging and inspiring the workforce creativity is also part of entrepreneur imagination and skill. Innovative and explosive ideas can be harnessed through the individual workers in a company for long-term success if the leader approaches them fittingly. By stimulating the team members of an organisation, amazing results can be achieved.
Day-to-day activity
Creativity can be of immense help in problem-solving in business. Solving an omnipresent simple critical problem and making a decision on the best available alternative is a day-to-day activity in any business entity. A creative way of thinking and analysing the problem and finding the most suitable decision is imperative to an entrepreneur.
A problem can be solved either by taking a common mediocre action or creatively inventing a solution that can give more appropriate solutions. There are several types of characteristics in creativity in entrepreneurship.
An individual who is always purposeful and carrying a huge amount of knowledge possesses deliberate and cognitive creativity.
They use their knowledge, abilities, and skills to achieve a predetermined goal. This type of entrepreneur is particularly good at analysing situations, experimenting, and solving problems in any business situation. They develop creativity by their superior knowledge about the subject obtained by studying it for a long period.
Others become creative by being sensitive in nature. They become creative deliberately and emotionally and require a longer time to make decisions in business. Nevertheless, usually, their decisions often are more rational and logical.
People with spontaneous creativity find successful solutions by reacting to a situation promptly. Such decisions can go wrong at times, yet this type of entrepreneur is a bold risk-taker and they do not fear failure or disappointment.
Creative entrepreneurs bring unconventional and daring ideas to the business world. They most often do away with traditional and regular thinking and challenge the standard systems. Created by Steve Jobs who is recognised as the pioneer of the personal computer, ‘Apple’ has changed the mental image and the concept of a phone forever by creating the iPhone. Creative entrepreneurs constantly attempt to think differently and create something different and non-existent.
They show that they are different from the competition by standing out in the market.