The Important Role of Creativity in Entrepreneurship: Entrepreneurship and Creativity Go Hand in Hand

How does creativity play an important role in entrepreneurship? One might suggest that a person’s creative genius leads him or her to the creation of something new and different. This may originate from inspiration that gradually progresses to become a logical or feasible idea.

Creative genius and the creativity that comes with it, is a unique gift demonstrated by entrepreneurs. What is it that triggers an entrepreneur to undertake a different and unique project? This is the important role of creativity in entrepreneurship.

Entrepreneurship enters into many aspects of human life, as even children or teenagers have the potential to become entrepreneurs. They can and do initiate new and different projects, based upon their own creative ability. Many adults including baby boomers and seniors become entrepreneurs.

Entrepreneurship is important in terms of the creation of new business ventures.

Businessdictionary.com discusses entrepreneurship, suggesting an entrepreneur is “someone who exercises initiative by organizing a venture to take benefit of an opportunity and, as the decision maker, decides what, how, and how much of a good or service will be produced.”

The entrepreneur begins with an original inspiration, thought or idea. He or she finds intrigue and motivation in the realization that it may be feasible. With creativity and decisive effort on his or her part, there is the possibility of success. For example, he or she may recognize a need and think about how to meet that need. His or her creative genius, in conjunction with proactive initiative, leads the entrepreneur to further challenges. There is even more creativity as the proposed new project comes into being to satisfy that initial need.

The role of the entrepreneur has many other aspects, depending upon the kind of business project that is undertaken. Business projects require a certain degree of creativity.   

“An entrepreneur supplies risk capital as a risk taker, and monitors and controls the business activities. The entrepreneur is usually a sole proprietor, a partner, or the one who owns the majority of shares in an incorporated venture.” 

New ideas are necessary to meet the increasing demands of the world. A creative entrepreneur uses his or her creative ability to find new or better ways of doing things. For example, it may take ingenuity and creative genius on his or her part to find risk capital needed to start a new business. Entrepreneurial businesses may appear risky initially, but many entrepreneurs succeed. The entrepreneur weighs the odds and often takes the risk because he or she is aware of the possibility of success.

Joseph Alois Schumpeter (1883-1950) identifies the primary motivation for entrepreneurs as a “standard for measuring achievement or success”, not profit. Their “values are self-reliance, excellence, optimism and risk.”

Without creativity, business entrepreneurship would not be possible. With creativity, anything is possible and many successful business entrepreneurs attest to that reality.