CREATIVITY & INNOVATION

                                                CREATIVITY AND INNOVATION
Hi again! Before I start I’ll like to thank all of you who have been visiting my blog site, I really appreciate. Please don’t forget to drop a few comments, thanks! In the last class we learnt about CREATIVITY and INNOVATION. They might sound similar, however, they are not. Here is a brief definition of both:
Creativity is the generation of ideas which results in the improved efficiency or effectiveness of the system (Kuratko 112). Innovation however is a process by which an entrepreneur converts opportunities (ideas) into marketable/profitable solution (Kuratko 124). You don’t say it’s innovative until it’s profitable.
Below are a few ways by which you can recognize social opportunities in the society:
1.    TRENDS: trend refers to changes or shifts in the current pattern in the majority of people. By observing the trend in the major population, an entrepreneur might be able to spot out certain opportunities that might be profitable. Trends that can be observed in our society today include:
Societal trends: high divorce rate (in the west), health and physical fitness
Technological trends: e-commerce, i-pads
Economic trends: dual earner families  
Government trends: increase in the price of petroleum, terrorism (Kuratko 111).
2.    INCONGRUITIES: this means that a gap exists between the reality and the expected. For instance, Fred Smith, owner of FedEx, saw an incongruity between the fact that the U.S. postal services only made deliveries between 8am and 5pm (reality), and the fact that they should carry out overnight deliveries also (expected). Therefore he took it upon himself to make these overnight deliveries, hence FedEx was created, and it has been quite profitable if you ask me.
3.    UNEXPECTED OCCURANCES: whether good or bad, these can trigger or influence someone to begin thinking of marketable ideas. The disreputable 9/11 incident comes to mind. This brought the idea of a marketable solution; homeland security.
4.    PROCESS NEEDS: often referred to as ‘pains’, arise when a solution is required to a problem. Venture capitalists refer to them as ‘pains’ that need ‘pain killers’. Examples of these ‘pain killers’ include the microwave oven, sugar free products, caffeine free coffee.
5.    INDUSTRY AND MARKET CHANGES: certain changes are occurring in the market. Questions such as; what is in high demand nowadays? Can generate marketable ideas. For example, in the health care industry, people now prefer home health care.      
6.    PERCEPTUAL CHANGES: occur because people are more knowledgeable and see things differently. Nowadays, people want to look more beautiful and fit. Marketable solutions to this include beauty salons, spas, gym.
7.    KNOWLEDGE BASED CONCEPT: these are simply inventions. They are products of new thinking and new methods. Examples include mobile (cell) phones, pharmaceuticals and robotics.

8.    DEMOGRAPHIC CHANGES: this involves changes in the population of a society. these might be changes in age structure, occupation, geographical location, and other factors. Changes in demography can serve as a source of innovative ideas. For example, in places where the population of old people is higher compared to other age groups, establishment of retirement homes for old people can be a profitable innovative idea.  
      
     By following the above steps you are sure to come up with a good business idea.

QUIZ: In my school, there is currently a situation whereby students cannot swipe for meal tickets after 8pm, in which of the above categories do you think this problem fits into?
Keep the comments coming! 

                                                       Works cited
                Kuratko, F. Donald. Introduction to Entrepreneurship. South-Western
                                               Cengage learning, 2007.