When seeking a competitive edge in business innovation & creativity must be balanced with strong management skills. Business innovation and creativity requires a comprehensive strategic approach. Innovation and Creativity in Business begins with an understanding and appreciation of business risk, an ability to recognize market opportunities, and the ability to develop and execute a business strategy. The ultimate challenge lies in identifying and addressing the risks that can imperil innovation. The ultimate goal for a company in innovation and creativity is to become a leader in R&D that creates new ideas, products, and processes for future productivity growth while protecting the interests of its equity holders. To be successful, innovation and creativity must be combined with the management capabilities to assure that risk management objectives are aligned with company goals and objectives.
A thorough understanding of risk is the first step in innovation & creativity in business risk management. Explain the innovative team-based methodology to innovation and creativity showing enough understanding of risk, ability to risk-assess, organizational absorptive capacity, and potential opportunity/risk impact. Understand the critical process of building a business strategy around the anticipated risk and rewards of future innovations. The second step is to build a “non-marked” partnership with an organization that provides the information, data, expertise, and network resources necessary to define the innovation-driven risks and rewards. A partner will perform or facilitate the non-marked partnership assessment. An evaluation will provide a framework for the exploration and selection of a specific technology or non-conventional procedure for innovation & creativity. The third step is to develop a relevant project charter and an application/licensing agreement. Once these documents are in place, the next step is to build a network of individuals, venture capitalists, and other strategic networks with whom to share ideas, information and stories to solve problems.
The fourth step is to develop and test a “game plan” to determine what works and what doesn’t by applying the non-marked partnership assessment description. When you’ve defined the risks, rewards and essential metrics to measure the risk-taking process, the five-part innovation & creativity step includes developing a game plan using the assessment type. The objective is to identify a problem or need, specify a solution, make sure the solution is feasible, estimate time,cost and effort, evaluate results and monitor and track results. It also includes defining a distinction between risky vs. non-risky innovations that will require different risk-mitigating strategies.
The fifth step is to identify the entrepreneurial framework through which the new innovative process will work and define the primary drivers. This framework might include a mission statement, vision, mission statement, company strategy, business plan, regulatory environment, etc. Finally, entrepreneur profiles that describe characteristics of an entrepreneur such as their motivation, skills, values, beliefs, etc.
The last and final step is to determine how to implement the new innovative process and to develop plans for regular monitoring and evaluation. These entrepreneurship courses are designed to support managers in their efforts to unleash the full potential of entrepreneurship.
They focus on solving complex problems that face today’s entrepreneurs and help students gain insight into the best practices for entrepreneurship, innovation & creativity in small business management.