21.06.2016 in Entrepreneurship, Latest by copaceticweb 0

Creativity for Entrepreneurial Success

If you are an aspiring entrepreneur, you may have come across many sources that have highlighted innovation as the most important factor that influences entrepreneurial success. However, there is another crucial factor to consider! As an example, let’s try to recall who Ward Christensen and Randy Suess are? The chances are you have either not heard of them or you simply cannot remember why they are important. Christensen and Suess are the first people to introduce a system akin social media known as Bulletin Board System (BBS) in the late 1970’s. Yet, many of us are familiar with Facebook, LinkedIn and Twitter as Social Media platforms. Despite BBS’ innovative nature, it was found that one of the reasons for its extinction was its lack of creativity in terms of adopting a user-friendly interface from its text-only exchange of data.

So does this mean that innovation is unimportant? Clearly not – - innovation is vital for the development for progress. However, for an innovative idea to be successful the key component of creativity is crucial. Creativity or being creative is not limited to painters, musicians or any other individual involved in the Arts discipline. Nicole Fallon expands on the idea of creativity beyond this discipline by identifying creativity as a boundless imagination that is constantly innovating and seeing the world through a different lens.

“The invention of Gatorade is a perfect example of a creative collision, it took experts from two seemingly unrelated subjects, nephrology and football, to bring about the completely new category of sports beverages.” – Cade Miles, BusinessNewsDaily

One of the key reasons that creativity is deemed as important is because it fosters innovation. According to Andrew Cravenho, key distinction between an invention and an innovation, is creativity, i.e. while an invention is an unique idea, innovation is an unique idea that is useful. Cravenho points out that creativity helps to identify and merge the usefulness and the uniqueness of the idea. This leads on to the next key importance of creativity, i.e. it provides a competitive advantage. Creativity has the ability to create and develop some of the most efficient and feasible processes, enabling businesses to stay ahead of its competitors, thereby creating a competitive advantage. A few other reasons looked at by Cleverism on the importance of creativity can be listed below;

  • Creativity helps develop existing products and services while enhancing the business.
  • Creativity allows entrepreneurs to think beyond the conventional frame of mind, to create new and interesting business solutions.
  • Creativity encourages formation and integration of transdisciplinary ideas
  • Creativity develops new niches, through the exploration of new aspects of traditional businesses

‘You can’t use up creativity. The more you use, the more you have.’ – Maya Angelou

How does one hone and encourage creativity within themselves and among their employees?

  1. Look at your problem and your surroundings with a new set of eyes. For example, if you are finding it difficult to compete in a market, sometimes providing the product at a different quantity or price will improve sales, however for this you merely have to look beyond what your competitors are doing.
  2. Brainstorming, through such a process every individual attached to the decision making process will provide viable ideas and options.
  3. Reward creative individuals within your team.
  4. Share your ideas with people who you sought advice from and invite these individuals to provide feedback on them.
  5. And finally, evaluate your ideas by yourself, sometimes evaluating your ideas will provide you the opportunity to improve and enhance them.

“We have to continually be jumping off cliffs and developing our wings on the way down.” ― Kurt Vonnegut

Expolanka Holdings has often encouraged creativity within entrepreneurs, and as testament to this, Expolanka has collaborated with Blue Ocean Ventures and Indian Angel Network to commence the Venture Engine project. This project encourages budding entrepreneurs the opportunity to present their creative innovations to market experts, along with funding, mentoring, and other crucial information to turn their start-ups to successful, self-sustaining business ventures. The project’s success in encouraging creative entrepreneurs to pursue their business ventures was accoladed at AREA awards.

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