Over the past decade, creativity and innovation are core skills that helped developed economies achieve her success. The need for creative problem-solving skills is more needed for better management and profitability of entities. Creativity and innovation form basic success unit and perquisite measure of having a progressive world. Though it is applicable in all spheres of the world, this bit of the paper shall pay focus on how studying innovation and creativity can create business
Capitalism is defined not just as an economic system described by private ownership of capital goods but also by being a system of prosperity formation, modernization, and social modification that has brought to billions of people wealth that was inconceivable to former generations. Capitalism sets human originality to the provision of humankind by regarding and inspiring entrepreneurial innovation, that indefinable feature that clarifies the alteration between the lives of the people today, and the people back then. Capitalism promotes political freedom, alleviation of poverty and leads to economic growth. To begin, the first advantage that exists in capitalism is the development of political freedom. There exists an adjacent relationship
It has been around and shaped our life for thousands of years. In global world, corporations can copy and succeed .Global competition shows that imitators end up winners and global copying is now not only far commoner than innovation in business, but a surer route to growth and profits. However, today 's companies obtain their competitive advantage and economic interest largely from innovation. Apart from that, we can state product innovation advantages both to the company and to industry respectively. (Nebojša Zakić, 2008) Product innovation may increase companies ' knowledge inventory while its contribution to company outcome which can be determined by sales and profits, new products/ services and also by changes in market share.
This process allows for newer, more innovative ideas to be adopted and adapted within a business environment for newer products, services, methods of production, and overall productivity to be improved. According to Toma. S. and Grigore, A. and Marinescu, P. (2014) “Several dynamic forces, such as technological disruption, fluctuating economies or demographical changes, have brought new opportunities and threats for organizations, and transformed societies from all over the world.” Factors that affect entrepreneurship, according to Farouk, A. and Ikram, A. (2014) include “motivational, the need for achievement, the need for autonomy, a passion to develop its own idea, individual characteristics, work experience, and teaching.” These factors will have an effect on the opportunities presented to an entrepreneur, as well as how effectively the entrepreneur can act upon these
Entrepreneurial education is considered central to the economic development of nations (Kabongo & Okpara, 2010). Entrepreneurship education has to increase entrepreneurial self-efficacy, self-employment, and risk-taking attitude of the entrepreneur (Cheng & Chan, 2009). Entrepreneurship education creates enormous business opportunities and trains people with innovative enterprise skills to grasp the opportunities for starting new entrepreneurial activities (Cheng & Chan, 2009). Entrepreneurship education is one way of addressing poverty reduction, as there is strong empirical evidence suggesting that economic growth over time is necessary for poverty reduction. Entrepreneurship boosts economic growth, enhances educational attainment and increases the rate of economic growth (Mitra & Abubakar, 2011).
One of the new patterns in Knowledge Management (KM) is emerging from its relationship with advancement. In today's exceptionally focused business world, innovation is said to be the key variable that has the capacity drive companies or organizations to make esteem and compete worldwide opponents. As indicated by Pei (2008) that Knowledge Management highly emphasizes on the arrangement of knowledge to increase competitive benefit and innovation obliges information of knowledge to make new services or products, technologies, and/or managerial systems. It is subsequently sensible to say that knowledge management is relied upon to create the wellspring of knowledge that is vital to help innovation. As to this, it is critical to comprehend and