Creativity and innovation are often spelled out in the same breath when talking about performance parameters in business. Creativity refers to the ability to churn out life-changing ideas as innovation is the capacity to roll out the ideas into actual assets. The two are important skill sets in the management of problems that require solutions with a twist of imaginative insights. They open doors of opportunity and generate the drive behind entrepreneurial progress.
The importance of innovation and creativity in business can’t, therefore, be overemphasized. For instance, with confectionary machines and equipment for candy production, Alina Morse, still in her 20s, has been successfully running a multi million-dollar candy company.
Core Significance
Adopting creativity and embracing innovation with a mix of determination anchors success. It keeps an enterprise relevant within its niche market, attracting a wider clientele base which increases its return on investments or ROI, for short. Creative innovators are always able to double their net worth within a short span of time. With this comes the ability to shine as a leading brand in a given industry owing to a special blend of human and tech-supported resources.
Talent Attraction
There are a handful of business establishments that everyone wants to work for because of their superior weight on the global scales of creativity and innovation. These firms employ the best. They have unrivaled work cultures, and they reward talent handsomely. Transforming a simple idea into a reality of this proportion requires a team of creative and innovative individuals. They are not always easy to come by. Hence most organizations are usually in a frantic search for them while the creative and innovative firms receive a pile of their dream-job applications every day. They stand as the pillar of talent attraction.
Global Partnerships
Brand name internationalization is a challenge that most businesses are always ready to take. However, not many of these enterprises emerge as victors on the side of the fence, where the grass is greener. It follows that, for a company to compete on a global scale, innovation and creativity is a must have skills set. Apparently, the biggest brand names are not always the best innovators. Their corporate power, therefore, emanates from their ability to spot and buy innovatively created business ideas and transforms them into globally accepted goods or services with the help of a steady network of partners.
Marketing Facets
You don’t need to have a back-breaking budget to market a creatively designed item or to sell an innovatively packaged service. In most cases, marketing fuss and hustles are taken care of with the help creativity and innovation since they have systematical ways of embedding products in the day-to-day lives. There is, however, a flipside to this given that creativity and innovation are dynamic business attributes. They are always evolving in a manner that can quickly phase out the best product.
When the first cell phones came out, for example, their manufacturers didn’t have to contend with steep competition and costly marketing stunts. Today, the cellphone maker with the ability to roll out innovative phones wins. Note that innovation and creativity don’t come easy. Staff training and orientation sessions that teach about the importance of innovation and creativity in business are subsequently beneficial to your business road to the top.