Individual Essay Example | Topics and Well Written Essays - 1000 words

Individual - Essay ExampleThis paper will discuss how entrepreneurs use creativity to develop stemma ideas and innovations.Entrepreneurs argon open to use creativity by dint of with(predicate) managing risks and uncertainties. This is through analyzing ideas and determining whether they are worth investing in. They then determine the best strategies to use and how to maximize returns through the use of scarce resources. This plays a significant role in enabling them to capture value from innovation (Van and Becker, 2004).Entrepreneurs are able to use creativity through identifying the opportunities for change. Currently, the market has become dynamic. Different aspects keep on arising thereby, creating gaps that can be used to develop ideas (Hoang and Antoncic, 2003). Entrepreneurs are able to manipulate these opportunities to come up with originative ideas. For instance, they are able to observe the tastes and preferences of the customers and note when the customers are changin g their consumption behavior. Entrepreneurs pinpoint such opportunities and taps them, thereby coming up with a business idea. Through brainstorming and enquiring from relevant sources, they are able to come up with innovative ideas which attract the interests of the target market (Knutsen, 2002).According to Van and Becker (2004), entrepreneurs foretell the cost of taking up a bright idea forward against the potential gains if that idea succeeds. They know clearly that failure is an intrinsic part of the process. However, they always calculate the risks in order to minimize it completely. In addition, they ensure that they have all materials required to exploit the opportunities in order to gain the necessary benefits (Van and Becker, 2004).Entrepreneurs are able to come up with creative ideas through being alert to changes in the external environment (Voudouris et al., 2007). Whether entering a new market, introducing new products or services, or initiating innovative technologie s, they always think of novel ways