Innovation and invention is not the same thing. While invention is the discovery of new methods and new materials, innovation is the process of utilizing the inventions for producing new and better quality products, which would give more satisfaction to the consumers and better profits to the entrepreneur. An idea is being generated from the inventor and then the innovator utilizes it for his commercial gain. Many times the inventor and the innovator are the same person and those with creativity utilize their creative ideas for gaining commercially. This is an entrepreneur.
As there has been raise in the competition among the corporates, the demand for more creative ideas and new innovations has increased with time. Successful entrepreneur understand the importance of delivering innovative items and ideas to their customers in order to win the rat race that is going throughout the world. It has become compulsory to increment value additions to survive the ever-rising competition in the business world.
As an entrepreneur one may act in the following ways
Introducing new goods or new quality of a good.
Introduction of new method of production.
Opening of a new horizon of market.
Utilizing some new sources of supply of raw materials or intermediate goods.
Carrying out some new organizational form of industry.
Hence, whatever is your way of entering the business or whatever opportunities you want to explore, innovation is the buzzword that would enhance your chances of success as a entrepreneur. Creativity along with this would enhance this process more and more. The more creative ideas you sell, the more people would be attracted to your business.
Creativity in this online world
There is a big difference between the world economy that is present now and the ones before a decade. Earlier consumers had access to products that were available in their local market. Anything that was introduced in the market was available to the people shopping from that market. The scenario has changed totally and the market nowadays is not the physical ones where you go and buy different things.
Today it’s a virtual world and sitting in front of your laptop in Bhutan, you can easily buy some good from UK. This is possible just due to internet. With this change, there has been huge evolution in innovations and creativity too. Nowadays, these two are not limited to any particular region. As an entrepreneur, you need to think global and when you are thinking of introducing something new, it has become necessary that you find out whether something like your product or idea is already there in the virtual market or not? As an entrepreneur, it has become your main duty to find out who would be your key person who would be helping you out in developing the business for you.
Sources of generating ideas
Hence, it is clear that for grasping the market and having an edge over the competitors, you need to be innovative and creative. Until and unless you can think something different from the whole bunch, you simply cannot out bunch your business from the rest. Be innovative and exploit new ideas and with your creativity change these ideas for gaining commercially. This is what a good entrepreneur would do. If you are falling short of ideas then search around you and you would get different places for idea generation. Like
Present and potential customers
Different vendors providing raw materials
Distributors you deal regularly
Research and development.
Hence, it is clear that as an entrepreneur you may be taking risk, but this risk would be minimized if you are innovative and creative with your business ideas.