IMPACT OF ORGANIZATIONAL CREATIVITY AND INNOVATION ON ENTREPRENEURIAL SUCCESS

IMPACT OF ORGANIZATIONAL CREATIVITY AND INNOVATION ON ENTREPRENEURIAL SUCCESS

ABSTRACT

The research study focused on an aspect of creativity, that is, product creativity within small enterprises that are craving for survival within the stiffened economy. The enterprises’ actions in creating new product are therefore studied to identify to what degree such vital parts of their actions lead to success of their enterprises. For clear analysis, the study centers on two broad variables; the dependent variable and the independent variable. The dependent variable is taken as entrepreneurial success which was further broken into sub-variables to include sales increase and profit increase. The independent variable was product creativity which was operationalized in terms of time, that is, new product initiation period, market period, and maturity period. The hypotheses were tested using the Pearson Product Moment Correlation Co-efficient with interpretation provided for further recommendation and conclusion to be made thereon.

CHAPTER ONE

INTRODUCTION

1.1  BACKGROUND OF THE STUDY

Entrepreneurship means different things to different people. Conceptually and in practice, the term hints of no stereotypical model. Yet it’s very etymology derived from the French ‘entreprendre which literally means, ‘to undertake’ indicates the minimum characteristics of an entrepreneur. From the perspective of economic functions, three crucial characteristics of entrepreneurial activity are: risk taking, innovation and venturing into new business activities for profit. Entrepreneurship is the professional application of knowledge, skills and competencies and/or of monetizing a new idea, by an individual or a set of people by launching an enterprise de novo or diversifying from an existing one (distinct from seeking self-employment as in a profession or trade), thus to pursue growth while generating wealth, employment and social good.