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Entrepreneurship Creativity and Innovation

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Creativity and innovation are probably the two ways through which entrepreneurs make difference in the world. This assumption of having creative and innovative entrepreneurs is based on the fact that every entrepreneur has certain personal traits and motivations and key element of this is their ability to put their efforts and endeavors behind it. Probably the most innovative and creative endeavor of entrepreneur is his ability to create capital. (Thompson, 1999). By adding value and creating capital, entrepreneurs basically transform their business activities in the larger good of the society. It is largely believed that the success of entrepreneurship therefore base on the personal traits of the entrepreneur which include his ability to be an intuitive thinker and innovator. The notion of creativity and innovation is associated with the process of entrepreneurship because of the fact that creativity is often considered as the personality trait of the entrepreneur. (Thompson, 2004). …
(Mosakowski, 1998). These knowledge-based intangible resources flourish creativity and innovation in entrepreneurs. However, these knowledge-based intangible resources may also not foster creativity and innovation in the context of entrepreneurship if the intentions to implement these resources is missing. Until and unless the entrepreneurial intentionality is missing from the whole process, creativity and innovation may not spring up through the use of knowledge-based resources of entrepreneurs. (Bird, 1988). It is also believed that the creativity and innovation thus success of the entrepreneur will not be achieved until and unless there is a conducive economic system present in the society which provide opportunities to the entrepreneur and it is important that that economic system must not provide the holding of factors of production in the hands of government. Only private or capitalist economies provide the entrepreneur the necessary input to foster creativity and innovation. (Panglaykim, 1979)