Creativity & Innovation // 6 Benefits to Entrepreneurs

Creativity & Innovation // 6 Benefits to Entrepreneurs

“Innovation & creativity are the backbone of entrepreneurship.” – Prof. Bitange Ndemo.

Embracing creativity & inspiring innovation is at the core of any company that seeks to boost productivity. Innovation is inevitable as the world works towards achieving the Sustained Development Goals (SDGs). While it is still relevant to developed nations, the potential lies in growing economies where activities like entrepreneurship allow for innovation – applied creativity – to happen at an individual level. Helping to solve a myriad of challenges that people face day-to-day.

The United Nations designated 21st April as World Creativity and Innovation Day to raise awareness of the role of creativity and innovation in all aspects of human development. The concept has a broad spectrum from artistic expression to problem-solving in the context of economic, social, and sustainable development.

As an entrepreneur, one of the challenges is to set yourself apart in the particular industry and market that you operate in. It is said that nothing is new under the sun, high chances are that you will probably not be the first to invent a product or service but you sure have a chance to customize it and bring it out in a unique way – also known as innovation.

In today’s article, we delve into 6 benefits of encouraging creativity & innovation in entrepreneurship.

Big Idea!

A big idea in marketing and advertising is a term used to symbolize the foundation for a major undertaking in an attempt to communicate a brand, product, or concept to the general public by creating a strong message that pushes brand boundaries and resonates with customers.

Any time you are launching a new product or service to the market it is important to come up with the ideal message that captures the attention of your target market develops a keen interest and eventually converts to actual sales. Creating this message requires creativity in order to meet your ideal customers where they are and convince them to buy into your vision.

Problem-Solve

Finding solutions to problems requires critical thinking and having an open mind to hope for the best and expect the worst. Having this in mind will act as a buffer in case the outcome does not turn out as you anticipated.

Innovation will give you an added advantage as it will enable you to create from the point of need. As a critical & creative thinker, you are able to demystify the particular problem that the target market is facing and your innovativeness will enable you to create a customized solution that will make a difference in their lives.

Explore Potential

Every human being has hidden potential that they rarely exploit moistly due to insecurities and the imposter syndrome. As the entrepreneur, you are in charge of growing your team and enabling them to exploit their maximum potential so as to live a fulfilled life.

Adapt the culture of encouraging creativity & innovation in your team through organizing training sessions, providing incentives for those who create new ideas, leading by example hence constantly innovating new ways of doing things, etc.

Tapping into such opportunities can result in improved financial strategies, increased profitability, and proper decision-making. Inevitably your enterprise stays ahead of the curve.

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Stand Out!

One way to stand out in the business world is to find a different way of simplifying the lives of people and improving their living standards. More often than not, entrepreneurs get stuck in a rut because of comparing their ideas & business with their competitors too much that they feel as if there is nothing new they can bring to the market.

However, through creativity, you are able to elevate your business by thinking about different unique ways that you can deliver the company’s promise to the target market. Innovation will enable you to develop a brand identity strategy that will set you apart giving you a competitive advantage and a unique selling point.

Answering the question, why you!

Launch Seamlessly

Developing a winning product launch strategy requires a lot of effort in critical thinking, creative thinking, and innovation. Critical thinking because requires an analytical perspective to understand the data available and ways in which you can leverage that data in order to have a smooth landing.

Creative thinking in order to capture the attention of your target market, build suspense, spark curiosity and eventually build an interest in your new product. Innovation comes in the actual development of a product in a unique way that leads to the birth of something phenomenal.

Build Community

As an entrepreneur building, a community around your target market is important when nurturing a loyal customer base. People will only care about you when they know how much you care.

Through creativity & innovation, you are able to create products and services that are customized to satisfy the needs of your target market. When you provide solutions to their challenge they believe in your brand, easily refer you to their spheres of influence and your community grows.

Operating in a coworking office space is a great way to meet different people in different fields, connect on a business level and build a community around the common interest in entrepreneurship.

Featured Photo by RODNAE Productions from Pexels