Entrepreneurship: Creativity And

Entrepreneurship is an incredible ability and readiness to develop, organize and run an enterprise, business, along with any of its uncertainties to make a profit. The most appropriate example of entrepreneurship is the starting of a new business venture.

An Entrepreneur is a person who uses his/her ideas, creativity, and vision of the world to make the most out of the new business venture. Well, today in the article, we’ll be going to talk about all the factors that play a crucial role in a business. Are you ready? Let’s begin…

1) Role of Technological Advancement in Business Management:

The advancement in the technology has a big impact on the business operations. No matter what the size of your company is, technology can bring a plethora of benefits that will help you increase ROI, produce the goods your customers demand and fulfill all their needs.

Advancement in technology is the one thing that made it possible for businesses to have a wider reach in the global market. The basic example of this technological advancement is the Internet, which is now a common marketing tool to attract more customers demanding products and services offered by various businesses.

Undoubtedly, technology in business is a cultivating necessity. As the time goes by, the businesses are leaning more and more toward it, making it almost impossible to separate these two important things from each other.

Nowadays, businesses rely on technology because it improves business communication, effectively optimizes production, inventory management and financial record-keeping.

2) What Are Creativity and Innovation and Why is it Important? 

All of you see eye to eye with me that creativity goes hand in hand with innovation and there is no innovation without creativity. Creativity is the ability to bring up new and fresh ideas, whereas innovation is the implementation of that creativity – that’s the introduction of a new idea, solution, process, or product.

In addition to the obvious definitions of creativity, some people can even go as far as saying that it is astonishing ideas that can help business solve a problem in an easy and effective way. When looking at things this insightful way, businesses can quickly come to the realization that creativity is not some sort of inborn talent that only a select few have, but something more real.

3) Importance of Creative & Innovative Management in Business World

Creative and innovative management is undoubtedly a very important factor in the business world. There are plenty of ways organizations make use of the creativity and innovation to add value to their business. One such place in a business is new product development (NPD). With an increase in globalization as well as the advancement of technologies, customers are always on the lookout for new and innovative products that can keep pace with this changing environment.

What it means is that businesses need to see that important link between market needs and technologies, which is not always as easy as it seems. However, it can only be achieved by making use of awesome potential that is employee creativity, which can only be feasible by having a creativity and innovation-oriented company culture.

Creative and innovative management within well-run businesses have always been recognized as a sure path to success. Stimulating creativity and innovation and exploring completely new before territories lead as result to increasing the productivity and ROI of the business.

4) Emerging Innovative Models:

Though, there are innumerable innovative models new businesses usually take into consideration to prosper in the market, a few of the emerging ones are listed below:

Disruptive vs Sustaining Innovation

Disruptive Innovation:

Disruptive innovation is an amazing model that totally focuses on reinventing a technology, business model, or simply inventing it all together. There are umpteen examples for disruptive innovation, but some of the most pop ones are Waze, Airbnb and Uber. This type of innovation model generates new markets and values to disrupt the existing ones.

Sustaining Innovation:

Sustaining innovation, on the other hand, seeks to focus on existing products and services. Meaning, it does not create new markets or values, but rather merely focuses on improving the quality of the existing ones.

All these things show how creativity and innovation are the two most significant things that play crucial roles in a new as well as an established business. These things are not an opinion of an individual or a group of people, but are very important things that are included in the Business management course in UAE and other parts of the world as well.

If you’re looking forward to pursuing an HND in Business, you must apply for a business School in Dubai. The reason being, Dubai is one such place in UAE which has some of the most popular and best schools for management courses.

I hope it helps!