Entrepreneurship, Innovation, Creativity, And Critical Thinking Are Essential For Essay Success.

The importance of creativity and critical thinking in achieving innovation

Discuss about the Entrepreneurship and Innovation for Psychology of Aesthetics.

Innovation is considered as the tool that can be utilized by the entrepreneurs or the means and the medium through which the change is exploited and is considered as an opportunity for different business or different services (Parida, Sjödin, Wincent and Kohtamäki, 2014). The below-presented report has been made focused on the entrepreneurship and innovation.  

Creativity can be defined as different new strategies, ideas or plan that an individual come up with, while solving a problem or stuck in a difficult situation. Creativity explains the way an individual think in a different way than normal (Sener and Hac?oglu, 2017). Thinking creatively allow one to come up with some original ideas that might get missed by others. Most of the times one confuses innovation with creativity but these are completely different terms and innovation is one of the process that an individual go through while thinking creatively. Creative thinking involves so many processes for instance, an employee should be open to all the ideas and as well as able to go through all the new plans, one should broaden their mind while thinking and try to invent as many creative ideas as possible, members should try to imagine each and every situation different from the current standards and last but not the least, curiosity leads to developing and considering new plans or ideas. on the other hand critical thinking refers to analyzing the situation with logic and thoroughly examining each and every facts before reaching to any conclusion.one should be able to think objectively while making any decision. Critical thinking emphasizes on keeping all the possible scenarios in mind while making decision that are related to employment, job processes or business processes. Instead, to think creatively these decisions involves thinking critically using logic and facts (McPeck, 2016). The relation between creativity and critically thinking is quite complicated but in order to think critically one needs to come up with creative ideas. Most of the times these both terms do not go “hand in hand” because during creative thinking one has to expand the option they have while thinking critically one has to narrow down their options, thinking analytically but when , creative thinking, as well as critical thinking, are merged these become of greater importance and neither one is dominant nor recessive and while making decision when can focus on the matter logically or analytically but with the creative thinking combined, it can lead to a valuable decision. Some of the problems or issues are so hard to solve just by giving a normal thought so to get a permanent and reliable solution an employee is required to think about the situation creatively and critically both because it would require both reasoning and unique ways of solving it. If critical thinking and creativity are studied differently then it shows that while thinking critically analyticity is required and also an objective approach towards the situation, considering all the important facts and details but while making creative decisions only a special way of thinking and increasing the imagination is required but most of the times while solving a problem one has to approach both creative as well as critical thinking in order to resolve the issue in a most efficient way.
Innovation and it’s three important types

The three main types of innovation

To expand business and overcome competition and gain the competitive advantage in the market, companies need to come up with different innovative ideas in order to manufacture new products or implementing new methods or ideas onto an industry or organization. It’s quite normal to mistake invention for innovation but these both terms are completely different. (Shiraev and Levy, 2016) Innovation means doing something in a completely different manner than usual that occurs in a business organization whereas invention means producing something for the very first time which has never been done before and that leads to the invention of a new product. The three main types of innovation are discussed below:

• Incremental innovation-incremental innovation involves improving the existing product or upgrading the product or the old business strategies, methods processes and the services of any organization or industry in order to increase efficiency, competitive advantage, development of the services and last but not the least, to increase the productivity and the sales. It involves both, removing or adding certain features in the existing product to make it more efficient. With the increasing demands of the latest technology products by the customers, the company has to improve its existing products.
• Disruptive innovation-This form of innovation focus on disrupting the existing market and affecting the way how they function, altering and affecting the different business processes of a company making the market to move up thus improving the products and the services provided by the company for the welfare of the customers and which better suits the needs of the buyers (Chaffee, 2014). If a company is being profited from disruptive innovation then other might suffer loss. In the initial phase of disruptive innovation the company might suffer from high expenses because of using new technology and it might be little harder to use that technology at first but after some time it will get easier to use and more and more customers will get attracted towards that latest technology, therefore, more and more products will be sold benefitting the business and helping the business to expand as the quality of the product improves by the use of latest technology.
• Breakthrough innovation-Launching a completely new product in the market which is a game changer and involving new technology which has not come in the market yet hence creating a revolutionary change in the market (Cropley, 2015). Although breakthrough innovation is quite rare because it is hardly possible to invent an original product because few features that are added to the product might be a result of the existing technology. This form of innovation helps a company in getting the competitive advantage because launching a new product according to the needs of customers would attract more and more customers hence increasing the sales.

On the basis of the research executed by Global Innovation Index, it has been analyzed and noted that Australia is ranked as the 17^th most innovative economy all over the globe. But there are some poor performances that are hidden in some of the significant areas. As per the announcements made by Prime Minister Malcolm Turnbull that the government will be spending will $1.1 billion for promoting research, development, and innovation that is based on business (Liddy 2015). The 17^th ranking position of Australia is attained by adding up of the number of factors  It has been observed that on some points Australia is performing extremely well as compared to the other economies but on others aspects, it performs poorly (Kuazaqui, 2015). For example, despite the fact that Australia is positioned number one on the planet for how long children normally spend at school, it's a modest 77th in view of what number of individuals is moving on from science and building degrees. On that measure, the information puts Australia beneath Azerbaijan, Mongolia, and Guatemala. The accompanying diagram demonstrates Australia's worldwide positioning on every metric that makes up its advancement positioning and which ones the report recognizes as qualities and shortcomings for Australia.  Each number speaks to Australia's positioning out of the 141 nations incorporated into the file.

To achieve success, innovation is creativity plays a major role. These both skills are critically required to help develop any country’s economy (Forgeard and Kaufman, 2016). To innovate something one needs to think creatively because creativity refers to unique thoughts and ideas while innovation refers to implementing those thoughts in order to invent or produce something extraordinary. While being creative one needs to think out of the box and expand their imagination and thoughts, and along with proper innovative ideas and strategies, it becomes sure to achieve growth in business and increase productivity. To think creatively there are so many ways to get inspired for example, from fellow employees, business partners, another organization, competitive groups, customers etcetera but the thing is one has to welcome all the suggestions and ideas coming from others. Thinking creatively as well as innovative ideas help to solve the problem easily (Dawson and Andriopoulos, 2014). It also helps in developing new strategies for the business processes and overcoming competition, by allowing the company to think innovatively in order to produce an effective product and services hence allowing the organization to achieve the required goals and targets, which also leads to the growing business, higher productivity and a large number of sold products. Most of the management problems require a creative and innovative solution that is why creative thinking allows the employees to think differently and uniquely to solve all the issues (Anderson, Poto?nik and Zhou, 2014). To keep a business well and alive all the workers should be able to think creatively and possess new and innovative ideas which might add to the success of the company and also leads to improving the business processes. To make a change happen these two are the most important and vital factor in the success of any company as well as country and also behind the increasing economy of a country.

References

Anderson, N., Poto?nik, K. and Zhou, J., 2014 Innovation and creativity in organizations: A state-of-the-science review, prospective commentary, and guiding framework. Journal of Management, 40(5), pp.1297-1333.

Chaffee, J., 2014 Thinking critically. Boston: Cengage Learning.

Cropley, D.H., 2015 Promoting creativity and innovation in engineering education. Psychology of Aesthetics, Creativity, and the Arts, 9(2), p.161.

Dawson, P. and Andriopoulos, C., 2014 Managing change, creativity and innovation. Sage.

Forgeard, M.J. and Kaufman, J.C., 2016 Who cares about imagination, creativity, and innovation, and why? A review. Psychology of Aesthetics, Creativity, and the Arts, 10(3), p.250.

Guayaquil, E., 2015 A Discussion on Entrepreneurship, Creativity, and Innovation Applied to International Marketing. Economics, 3(1-2), pp.54-70.

Liddy, M, (2015) [Online]. How Australia ranks on innovation, in one chart, Available at: https://www.abc.net.au/news/2015-12-07/how-australia-ranks-on-innovation/7007740.  [Assessed on 31^st May 2018].

McPeck, J.E., 2016 Critical thinking and education. New York: Routledge.

Parida, V., Sjödin, D.R., Wincent, J. and Kohtamäki, M., 2014 A survey study of the transitioning towards high-value industrial product-services. Procedia CIRP, 16, pp.176-180.

Sener, S. and Hac?oglu, V., 2017 Innovative entrepreneurship under uncertainty. Journal of Business Economics and Finance, 6(2), pp.168-176.

Shiraev, E.B. and Levy, D.A., 2016 Cross-cultural psychology: Critical thinking and contemporary applications. New York: Routledge.