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Entrepreneurial Creativity Defined
Entrepreneurial creativity is about coming up
with innovative ideas and turning them into value-creating profitable
business activities.
Entrepreneurial creativity =
creativity ×
entrepreneurial action.
Continuous Innovative Activity
"Creativity
is a continuous activity for the
entrepreneur, always seeing new ways
of doing things with little concern for how difficult they might be or
whether the resources are available. But the creativity in the entrepreneur
is combined with the ability to innovate, to take the idea and make it work
in practice. This seeing something through to the end and not being
satisfied until all is accomplished is a central
motivation for the entrepreneur. Indeed once the project is accomplished
the entrepreneur seeks another 'mountain to climb' because for him or her
creativity and
innovation are habitual, something that he or she just has to keep on
doing," says Bill Bolton.
This is why
entrepreneurs, disturb markets,
'thrive on
chaos', and can challenge large established businesses.
Changes – the Source of
Opportunities
Innovation is the specific tool of entrepreneurs. Doing new things, or
doing old things in new ways is how entrepreneurs
exploit change
as an opportunity for a different business or a different service.
Entrepreneurs see change as the norm and as healthy; they always search
for change, respond to it, and exploit it as an opportunity.
Innovation can be approached
methodically, by a purposeful and organized
search for changes and by identifying the opportunities that such
changes might offer. In your search, focus on opportunities, not problems,
these changes can bring along. Results come from
exploiting opportunities, not solving problems.
Case
in Point
Ford Motor Company
Ford Motor Company has been leading the automotive industry in design
innovation for more than 100 years. In their basic corporate value
statement, Ford Motor Company writes, "Our business is driven by our
consumer focus,
creativity, resourcefulness, and
entrepreneurial spirit."
Take a Different View
It was by taking a
different view of a traditional business that major
innovations were achieved. To find a better
creative solution to the current practice, force yourself to
reframe the problem, to
break down its components and assemble them in a different way.
The Power of Your
Cross-Functional
Expertise
Your
mind
can accept only those ideas that have a frame of reference with your
existing knowledge. It rejects everything else. If your knowledge is
functionally focused, you'll be open to new ideas related to your functional
expertise only and will miss all other learning and innovation
opportunities.
If you develop a broad
cross-functional expertise, no new idea will be wasted. It will
immediately connect with the existing knowledge and will inspire you,
energize you, and encourage your entrepreneurial creativity. The broader
your net, the more fish you can catch.
Case in Point
Coco Chanel
“In order to be irreplaceable one
must always
be different,” said
Coco Chanel,
a
pioneering French couturier and the Founder of Chanel Inc.
“People laughed
at the way I dressed, but that was the secret of my success: I didn’t look
like anyone.”
Ask Searching Questions
Don't ask one or two questions and then rush straight towards a solution.
With an incomplete understanding of the problem it is very easy to jump to
wrong conclusions.
Ask open-ended questions that elicit a wide rage of answers:
Take Action
Action is the key to your success. Most of the
problems in life stem from one cause: we can't get ourselves to take action.
It's not that we don't know what to do. The problem is getting ourselves to
follow through and do it.
Success
isn't determined by genetics. It's about persistent, consistent action.
Action is the key. You can be the most talented
person in the world or have the best ideas, yet still if you do not take
action you will achieve nothing.
Having dreams and
passion is not enough. If you wish to
achieve
something, don't let life just "happen" to you.
Set goals and take action.
Turn Failures Into Opportunities
To profit from experience you must be open and
willing to learn, even from what some people might consider a failure. What
may seem to be a failure can actually
lead to new opportunities, especially if the knowledge acquired from the
failed projects can be exploited. Change your perspective and ask right
learning questions.
Don't Quit, Keep Going
The law of inertia says that "a body at rest
tends to remain at rest or a body in motion tends to remain in motion." See
the problem as a growth opportunity. A tiny actions can when taken in a
negative situation may result in your greatest growth.
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