Entrepreneurship is about creating new businesses by using unmet possibilities in the world. Entrepreneur builds new businesses by taking advantage of the available opportunities. When creating new businesses, the entrepreneur should have to face many risks throughout the entrepreneurial journey.
Importance of entrepreneurship
Entrepreneurs are known as people who see the things that other people cannot see. They find an opportunity in every situation. Entrepreneurs are commonly identified as creative innovators due to the different ways of their thinking to produce a new product or service to the market.
Entrepreneurship is considered an important sector in the modern business world. From the entrepreneur’s perspective, it allows them to explore the opportunities and use their creative and innovative abilities to build a brand new business.
From the customer perspective, entrepreneurs provide more convenient products and services to the market. Some of these products are capable of satisfying the unmet needs of the customers. Some products can provide additions to the existing products, making them more useful.
From the economy’s perspective, entrepreneurs help to increase money circulation in the economy. Apart from that, it helps to increase the Gross Domestic Production in the economic system. It also helps to reduce the unemployment level in the economy by creating many new employment opportunities.
Creativity is identified as making something new, that is not available in the market at the moment.
Entrepreneurs must be creative in order to think outside the box and build something purely new. creativity helps entrepreneurs to build new products as well as to minimize or avoid risks they may face in the process of building a new business. Creativity is often connected with innovation. Innovation helps to build new products, services, technologies, or processes using available resources. Innovation management helps entrepreneurs to use various factors such as project management, marketing, production, and finance in creative ways to make a difference.
The connection between entrepreneurship and creativity
When an entrepreneur sees a business opportunity in the market, he tends to find a creative way to take advantage of that business opportunity. Rather than following an existing process or existing product, the entrepreneur finds a new way of manufacturing a product or service that will fulfill the market need.
This process of looking for new options usually happens throughout box thinking where the entrepreneur sees the possibilities that are not seen by anyone else before. It involves innovative thinking to invent a new product or service that helps to satisfy an unmet need in the target market.
When building a new product or a service, the entrepreneur has to face the risk of failure from the initial stage. At every stage of the production and even at the stage of selling, there is a risk of failing the product and rejecting it by the market due to many reasons. Apart from that, there can be technical failures, labor issues, and many other issues that can be faced by the entrepreneur.
Most entrepreneurs find solutions for these risks by increasing the creativity and innovativeness of the product. They try to make the product important in the market and make sure to present the product in a way that the customers cannot resist to purchase. If the entrepreneur is able to achieve that in the market, the product or service can achieve a competitive advantage in the selected market.
As identified, creativity plays a major role in the process of entrepreneurship. It is difficult to make any entrepreneurial idea a success without using creativity and innovation. It is necessary for entrepreneurs to identify the importance of creativity for the success of building any product or service if they want their product to be a success.