Creativity in Problem Solving, Decision Making and Opportunity Finding - Coursework Example

PROBLEM SOLVING AND DECISION-MAKING By Location Introduction Entrepreneurship happens to be the background of most the solely owned business entities globally. The engagement and definition of opportunities in the business environment rests as the vital course to the establishment of competitive and innovative ventures. Mainly, the establishment of the entities is to amass profitable market shares. Through the application of knowledge, entrepreneurs gain the ability to identify promising ventures, lay out plans towards the establishment, and devote their profound innovations to the development of products, which seem appropriate for sale in the identified markets (Andersson & Andersson, 2006, p. 67). The following discussion establishes the crucial aspects of problem solving and opportunity finding, and the importance of decision making as embedded in entrepreneurial and innovative theories. Part 1: The use of creativity in developing business ideas and innovations Entrepreneurial theorists describe creativity as the backbone of all enterprises since the developers define unique products, which seem to be of vital importance in solving problems in the society (Wikander, Gustafsson, & Riis, 2012, p. 6). The business fraternity realizes entrepreneurship as of salient importance for economic competence. In the globalized society, entrepreneurship serves to the best of any business entity since through the practice of creativity, entities are able to ascertain their competitive grounds of production (Bell-Masterson, 2013, p. 9). A business may engage in the production of different products in the market, but through creativity, it will be able to realize the most profitable venture that will enable it to rule its market segments despite the threat of external forces. The role of creativity in an enterprise is to initiate human volition in designing and developing a specific product that seems appropriate in solving a pre-existing problem in an identified segment (Henry & De Bruin, 2007, p. 42). Due to the threat of competition, entrepreneurship theories identify creativity as a sophisticated approach to yielding beneficial margins, thus; it is kept a secret within the organization. The theoretical framework denotes creativity and the development of sound business ideas as an engaging process that identifies opportunities in the dynamic business environment. In emphasis, an individual business entity gains the ability to shelf the threat of discontinuity in the dynamic and ever-changing business environment since through its internal approaches on creativity, the business is able to launch new products and reinstate its market dominance (Vermeulen & CurșEu, 2008, p. 7). The vitality of entrepreneurship is further born to its theoretical aspect of manipulation whereby a business entity can undergo rapid changes in the threat of collapsing to survive, grow, and yield profitable returns at the most favourable edge (Zacharakis, et al 2007, p. 51). This commonly called the change of state approach. Behavioural attributes affect the ideology of creativity in the identification, development, and running of a business venture. The setting of a gap between the time of implementation to the time of executing the objectives is a key resolution towards the acquisition of the set plans. Arguably, enterprises are vulnerable to risks. Therefore, it is only the most strategic and resilient entrepreneur that survives the tremors caused by the threat of collapse. Mainly, these groups of entrepreneurs are referred to as the superceder as they are capable of withstanding threats and engaging on innovative approaches towards the development of a product that matches new products in the market (Chell, 2004, p. 34). It is clear that the importance of entrepreneurship in identifying new business opportunities in the operations department of every organization rests vital. This is of critical value as it leads to the development of competitive products in the market. The second part of the essay is based on a personal opinion (Zimmer, 2012, p. 70). Throughout its course, the part establishes various problems in the operations department of the organisation (the events industry), this clarifies that the labour force is unable to produce at the best of its capacity in the absence of motivation entrepreneurship approaches. Schumpeter identified the innovation theory and argued upon it as an important course for the development of competent business enterprises. The identification of an enterprising opportunity rested in the establishment of a venture (Burns, 2008, p. 77). This would enable the innovator to acquire economic benefits within the business environment. The theory denoted that creativity was a valuable aspect towards the process of amassing different business aspects to develop a new renowned entity. Eventually, entrepreneurs would be engaging in creativity whenever they would be able to develop new goods that occur as a myth to the target consumers (Wikander, Gustafsson, & Riis, 2012, p. 44). For example, the technological development of iMac, iPhone, and Tablets had been unexpected yet the Apple Inc developed and sold them abundantly as the global society learned of the advantages born to the products. It is evident that the technology-based organisation established an important gap in promoting its value-based gadgets. Further, Hagen’s creative personality theory identified that entrepreneurship was the course towards the establishment of new business ventures and methods of production. These attributes are important to yielding profitable returns and ensuring that a business adapts to the changes in the business environment (Runco, 2007, p. 8). An entity that shifts to new production techniques is able to win over the challenges of being outdated. The quest of creativity from enterprising individuals leads to the development of new markets for businesses, thus; every entrepreneur acquires success and abundance through his knowledge in the production of goods that are able to satisfy a certain want (Praszkier & Nowak, 2012, p. 76). Theoretically, innovation and creativity are vital for business utilities that seek to develop proficiency since they are able to identify a certain raw material, and develop a production process that would eventually present ideas and new products to the target consumer markets (Steyaert & Hjorth, 2006, p. 98). Therefore, creativity and innovation are important aspects of the invention. The theory of high need for achievement documented for by McClelland defines the definite processes embarked on by entrepreneurs highlighting that the prominent entrepreneurs are never satisfied with the development of a specific product despite its performance in the market. For example, The Dyson Company engages in a continued production of vacuum cleaners and other home appliances. Arguably, this is an indication that the owner of the company seeks to create value upon each of the company’s appliance. Further, the company has in the last period of two decades penetrated the global market space through the creation of new markets. At this point, the company can be held as a successful enterprise due to the continued creativity of the owner. Secondly, it has been able to incorporate different tasks in a single machine, thusgrowing the demand for the multipurpose products (Kuratko, 2014, p. 44). Therefore, functionality, behavioural perspectives, and structural improvements are the basics of success in developing innovative inventions for economic prowess. Part 2: An Entrepreneur’s perspective Basing research on economic and social factors, the events’ industry often suffers intensely towards the identification of critical problems that could yield profitable exchanges for the business if a solution was to be developed. It is knowledgeable that the events organising industry survives a number of unsolved problems, which would rather be altered to opportunities. Seemingly, the organization production, research and development are at stake towards the production of successful services (Kuratko, 2014, p. 27). However, the combination of social and economic aspects in the business environment threatens the abundance of establishing a worthwhile service that would basically solve the problem of underperformance in the business environment. Despite the challenges, it is obvious that methodological problems befall every enterprise whether small or large. These challenges are essential as they bear profitability whenever perceived as opportunitiesby the entrepreneurs (Tesreau & Gielazauskas, 2012, p. 71). Methodological problems restrain enterprises from establishing sound social and economic prospects in the market (Henry & De Bruin, 2007, p. 60). Therefore, the innovators are unable to measure the exact turnout in clientele group and their ability to purchase the products to yield profitable returns to the organization. The operations department realizes that the entire organization is unable to identify the opportunities born into the company upon the eradication of the methodological problems. The operations department also realizes that the estimations of the costs for developing the new products may serve to the advantage of the target market, and cost the business entity undesirable losses (Scherdin & Zander, 2011, p. 42). This problem may persist, but within it lays an opportunity that the business might make profits in its defined market segments. Another problem that seems to be persistent is the fact that the company is unable to define the potential of the new market segment (Bridge, Neill, and Cromie, 2003, p. 64). This can be resuscitated through the establishment of a gap and timelines in the execution of objectives. Since the process of developing the product was high, the management stipulates the need to establish a prospectus upon the target clientele to ascertain the extent at which the market may bear opportunities to the company (Ramadani & Schneider, 2013, p. 44). The process requires the operations management and personnel to define the scope of the needs and ability to purchase present in the market segment. The long term problem threatening the organisation is the patenting the newly developed products. For the product to run on the company’s production line, it must undergo testing-marketing to accrue knowledge from the consumers’ responses and reactions (Ghosh & Malloy, 2011, p. 42). Whenever positive, the organization may presume to engage in production and the vice versa. However, the stage poses a threat since it is expensive to patent the new product before establishing whether it will succeed in the target consumer market. Considerably, the operations department understands that the business exists in a competitive and aggressive market, thus; production and test-marketing are inevitable if it is to acquire the desired clientele groups and profits (Fuglsang, 2008, p. 56). The problem of branding and patenting a product rests risky as it will lead to increased costs of development, and the product may enter the market while higher price, a factor that is detrimental towards the acquisition of profitable revenues (Research on Entrepreneurship Conference, Iandoli, LandströM, & Raffa, 2007, 90). The organisation realizes that the demographic patterns of the new market are unpredictable since the product may suit the needs of people in different social classes, genders, or even life cycle stages. For instance, the management and personnel might be held at loggerheads in defining their chances of success in the newly invented products. However, alterations made to such obstacles may enable the company to pursue the opportunities present in the newly defined market segments (Julien, 2007, p. 21). It is realistic that the problem of decision-making runs in the organisation and its negative consequences severe the effective nature of acquiring profitable outcomes in the marketing mix variables. These groupings restrain the locus and summative evaluation approaches as the company’s researchers are unable to identify the exact sample population to target in their study. This is a finite to the outcomes of the research and to the entrepreneurial planning and execution of objectives aimed and securing a productive market segment for the newly invented product. The prospective embargoes presented by the unpredictability of the exact market share are detrimental to the economic prowess of the organization (Ramadani & Schneider, 2013, p. 66). Secondly, the constraints shall deter the extent at which the organization will bear the ability to ease social problems through the creation of job opportunities that contribute to enhanced social welfare. Presumably, normative and demographic variations serve as both opportunities and threats to economic and social prominence to all business enterprises. Heads of the operations in the events industry must realize that the detrimental effects of evaluating the market outcomes may bear opportunities for the enterprises holding to the limited challenges facing the firms. Technological challenges might severe the operation’s success citing to the factual the society may expect a new product whose specifications are uncontested by the existing appliances (Book & Phillips, 2013, p. 61). Similarly, such social problems may be condoned as irrelevant, but whenever addressed urgently, the organization will realize beneficial opportunities for its new products will be enviably the market leader in its segments. Conclusion The discussion reveals that problem solving the core aspect in many enterprises as the solution arrived at in the long run changes into an opportunity. Therefore, an entrepreneur’s success depends on the knowledgeable and successful approaches, he uses in identifying problems and designing appropriate solutions since this leads to the development of products. Enviably, the product might of a unique kind whilst aimed at serving the distinct needs, thus; the entrepreneur will accrue profitable returns in the process of exploiting the market. Lastly, it is evident that the operations department of any enterprise is extremely involving as it has to identify all the possible problems in the market and define appropriate solutions to alter them into opportunities. Bibliography Andersson, A, E, & Andersson, DE 2006, The Economics Of Experiences, The Arts And Entertainment, Cheltenham, Elgar. Bell-Masterson, J 2013, U.S Entrepreneurial Activity: Why The Falling Startup Rate Could Be A Good Sign, Forbes, available from: Http://Www,Forbes,Com/Sites/Kauffman/2013/04/17/Why-The-Falling-Startup-Rate-Could-Be-A-Good-Sign/[11 February 2014] Bridge, S, O’ Neill, K and Cromie, S 2003, Understanding Enterprise, Entrepreneurship and Small Business, Palgrave Macmillan, New York Burns, P 2008, Corporate Entrepreneurship, 2nd ed.Palgrave Macmillan, New York Book, L, & Phillips, DP 2013, Creativity And Entrepreneurship: Changing Currents In Education And Public Life, Cheltenham, Edward Elgar. 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