Innovative and Creative Skills in Business

Subject NameInnovative and Creative skills in businessTopicCreativity Management (Part 2)Week4 Chapter Overview Successful entrepreneurs come up with ideas and then find ways to make them work to solve a problem or to fill a need. In a world that is changing faster than most of us ever could have imagined, creativity and innovation are vital to a companys success and survival. However, creativity and innovation often lie at the heart of small companies ability to compete successfully with their larger rivals. Even though they cannot outspend their larger rivals, small companies can create powerful, effective competitive advantages over big companies by out-creating and out-innovating them. If they fail to do so, entrepreneurs dont stay in business very long. Sometimes innovation involves generating something from nothing. However, innovation is more likely to result from elaborating on the present, from putting old things together in new ways, or from taking something away to create something simpler or better. More often, creative ideas arise when entrepreneurs look at something old and think something new or different. Entrepreneurship requires business owners to be bold enough to try their new ideas, flexible enough to throw aside those that do not work, and wise enough to learn about what will work based on their observations of what did not. We now turn our attention to creativity, the creative process, and methods of enhancing creativity. Learning Objectives On successful completion of this topic students should understand the following The steps involved in the creative process. The techniques required for improving the creative process. The importance of the protection of intellectual property. Learning Outcomes On successful completion of this topic students should be able to Describe the steps in the creative process. Discuss techniques for improving the creative process. Describe the protection of intellectual property through patents, trademarks, and