Creative Entrepreneurs

Topics: Entrepreneurship, Innovation, Management Pages: 6 (1576 words) Published: March 13, 2013
Prepared by,
Hee Wai Hsun / CC/ 1200761

Prepared for,
Mr. Saw Teck Chew
Assessment Criteria :
Knowledge and Understanding| / 5%|
Evaluation, Analysis & Critical thinking| /5%|
Total| / 10%|

The development of entrepreneurship bringing innovations has been getting more vital to the marketplace in Malaysia. In Malaysia, there are many strategies and ways implemented (i.e. funding, infrastructure and business advisory services) by our government and corporations to create more entrepreneurs has showed the importance of growing entrepreneurship in Malaysia economy. In today’s globalized worlds, with a twist of creativity in entrepreneurial sector it will contribute significantly to its prosperity. To be a successful entrepreneurs, it should spot rich opportunities swiftly and make benefit from it. In Peter Drucker book Innovation and Entrepreneurship stated that: “Entrepreneurs see change as the norm and as healthy. He or she always searches for change, responds to it, and exploits it as an opportunity.”

To understand have deeper understanding of creative entrepreneur, this paper will attempt to look into how the creative dimension plays a substantial role in entrepreneur fields and how to be creative entrepreneur in Malaysia context.

Based on Amabile et al., 1996, it defined that creativity is “the production of novel and useful ideas”, while innovation defined as “transformation of a new idea into a new product or service, or an improvement in organization or process” (Heye, 2006). When creativity and innovation are both overlapping, it will trigger the creative process to occur (Martins & Terblanche, 2003). These two elements are inseparable from entrepreneurship to be manifested to start an enterprise.

An entrepreneurs need to increase their creativity to develop an innovative ways to transforms a new idea into a new product or services that are difficult to be copied by competitors (Loewe & Dominiquini, 2006). In short, creativity is needed to create new innovative developments(Cook, 1998; Heye, 2006). It is also arguable that creativity is a vital elements that required for any type of whole organization and not solely use in certain sectors or departments. According to Peter F. Drucker (2002),

“a commitment to the systematic search for imaginative and useful ideas is what successful entrepreneurs share…entrepreneurship can occur in a business of any size or age because…it has to do with…innovation, the disciplined effort to improve a business’ potential…from a conscious, purposeful search for opportunities – within the company, industry and larger social and intellectual environment…from pulling together different strands of knowledge, recognizing an underlying theme in public perception, or extracting new insights from failure. The key is to know where to look.”

Mr. Drucker went on to identify seven key areas in which entrepreneurs should look for innovation opportunities which is unexpected occurrences (including failure), incongruities, process needs, industry and market changes, demographic changes ,changes in perception and new knowledge.

Sony (Sony,2003) is one of the successful examples that have high profitable innovations such as Sony Walkman that have encouraged the growth of the MTV and invention of the compact disc player; the Sony Play Station that have create a path to be the leader in computer game business. Other than that, Sony also exploiting the incongruities and process needs of personal stereo has led them to create a portable music device that we see nowadays. Sony industry and market changes in the high-end video game entertainment industry; and new knowledge in electronics had allowed Sony to be the only company in the world offering a broad range of consumer electronics. In short, the creativity and innovation of entrepreneurship has allowed Sony to not only...
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