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10 COMMERCIAL 29.7.2021 How creativity, innovation, and entrepreneurship are related OVER the years, entrepreneurs have become more and more associated with creativity. So much so that when you meet an entrepreneur (especially a successful one), you automatical- ly assume that they must have some creative and innovative qualities. But why is this assumption and associa- tion made? Well, one of the most important re- quirements of a successful entrepre- neur is to offer something of unique value to the marketplace and to fill a niche gap in the market. To pull this off effectively, it usually requires some levels of creativity and innovation. The 'creative entrepreneur' stereotype has been further cemented by eccen- tric, highly creative, and famous en- trepreneurs such as Richard Branson, Elon Musk and the like. In this article, we have a look at the distinct and interesting links between creativity, innovation, and entrepre- neurship and why some of the most successful entrepreneurs are known for being exceptionally creative. The difference between creativity and innovation People often get confused about the difference between creativity and in- novation and use the terms synony- mously. Creativity can be defined as the abil- ity to develop original concepts and ideas. Aesthetic flair is an important factor when it comes to creativity. Innovation is the ability to create offshoots, create changes to, or build on already existing ideas, services, and products. Essentially, creative concepts are usually new and original that take in- spiration from outside sources, while innovative concepts are usually built upon a pre existing idea. Inventions would be ideas, products or concepts that are entirely new and never seen before. They represent a leap in for- ward-thinking and, often, technology. Entrepreneurs and creativity Creativity helps entrepreneurs with one of the most important steps in their business journey: coming up with a business idea. Entrepreneurs with high levels of creativity are often able to come up with exceptionally creative business ideas that fill a niche gap in the market. Entrepreneurial creativity and artis- tic creativity are very similar in that entrepreneurs may find inspiration from their favourite books, TV shows, nature, conversations, as well as ex- isting products and services. Brain- storming and mind mapping are the two main methods in which entrepre- neurs may use creativity to come up with ideas (coming up with ideas is also known as ideation). But creativity does not only assist entrepreneurs in the initial stages of coming up with a business idea. Cre- ativity will also be highly valuable in terms of: • Coming up with branding and marketing ideas • Ideas for blogs, other SEO-relat- ed content • Finding creative solutions to everyday business problems • Fun and exciting social media strategies • A good balance of linear and lat- eral thinking Does an entrepreneur need to pos- sess high levels of creativity to be suc- cessful? Of course not, but it definite- ly helps! Creativity is all around us, and when you start noticing it, it is hard not to be inspired! Creativity can be found in fine art, nature, advertise- ments, and so much more. But remember, creativity is practi- cally useless if it is not properly har- nessed and implemented. Entrepreneurs and innovation Innovation is a change that adds val- ue to an existing idea, product, ser- vice or concept. Many business ideas are innovations of things that already exist. There should be a focus on the 'add- ing value' of innovation because just because you change up an existing product or business model slightly does not mean that you are creating a better version of it in order for inno- vations to be successful. Innovation is often a response to changes in the market as well as pro- gressions in outside markets. It should be noted that all innovations are pure- ly creative, and many can be primarily logical in their conception. Having a good hold on innovation is very important for entrepreneurs. We live in a fast-paced and ever-changing society, with new advances in technol- ogy occurring all the time. If an entrepreneur can embrace these changes and find ways to add additional value to them, they are bound to find success in their respec- tive field. Not only will an innovative mindset be advantageous in coming up with products, services, and business ide- as, it will also be exceptionally helpful when it comes to adapting to change and finding new and improved ways of doing things in your business struc- ture. Disruptive innovation should also be mentioned. Disruptive innovation is a process of innovation that signif- icantly affects the market by making a certain product more accessible and affordable to more consumers and has the ability to reshape an entire indus- try. A great example of this would be Uber. Can creativity and innovation be cultivated? Some people believe that you are either born with creative and innova- tive tendencies…or not. What is more likely is that your creativity levels are developed in your formative years, depending on what activities you were exposed to as a young child. In adulthood, most adults clearly define themselves as either being very crea- tive or not creative at all. The truth is that even those who do not deem themselves to be creative have dormant creativity lying inside of them. This creativity can be awakened through simple activities such as drawing, creative writing, mind map- ping, reading fiction, and more. There are even apps that you can download on your phone that help cultivate your creativity. Aspiring entrepreneurs that feel that they are not inherently creative could find immense value in dedicating time to expanding their creativity. More than just creativity and innovation While innovation and creativity play a big role in the potential success of an entrepreneur, entrepreneurs also need to possess somewhat opposing skills such as organisation, analytical mind- set, attention to detail, etc. An entre- preneur cannot only be a dreamer. They need to have the practical skills to bring their dreams and great ideas to life. What many creatives lack is a sense of direction, as well as a hard work ethic. They can often be somewhat lazy and procrastinate when it comes to putting ideas into motion. On top of personal skills, they'll also need to gain knowledge on how the economy works, be aware of their competition and know about the reg- ulations surrounding starting up a business. Only then will they know which ideas can be implemented suc- cessfully.