Technology

Why Creativity in Business Matters

“I never made one of my discoveries through the process of rational thinking”

– Albert Einstein

 

Building a modern business requires grit and a great deal of creativity. Marketing a new product, or creating items or services consumers want, beckons the entrepreneur to expand and abandon traditional business models. Giant companies like Amazon, Apple, Facebook, Tesla etc, prove a creative and ever evolving business model conquers competition, drives sales, and increases consumer loyalty.

So what’s the big deal about Creativity in Business and Why does It Matter?

The simple answer – Your Success in business counts on creative thinking

Fact is, we are living in times where companies are facing major disruptions in their markets and managers are forced to respond strategically in order to remain competitive.  According to a study conducted by IBM CEOs  “believe that — more than rigor, management discipline, integrity or even vision — successfully navigating an increasing complex world will require creativity.”

Another study conducted by Forrester Consulting and Adobe also found direct correlation between a entrepreneur’s ability to create new ways to engage the market, and the success of their companies. Over half of the companies surveyed in the study showed revenue growth due to enhanced creative practices—such as hiring interesting and unorthodox employees who foster innovation, increase brand recognition, and inspire methods of production and delivery never tried before.

“Creativity is thinking up new things. Innovation is doing new things.”

— Theodore Levitt

Good Leadership Fosters Creativity –

When it comes to problem solving, creativity and leadership can have a huge effect on the  performance of a company in various. Modern company leaders who allow freedom and creativity within their workforce see incredible dividends down the road. The most successful example, Amazon’s Jeff Bezos, created Amazon in 1994 with the mantra and philosophy: “Its easier to invent the future than to predict it.” That one line says it all. Creativity in the modern era makes or breaks companies. Small business owner’s ability to diversify ideas, products, and marketing techniques determines their success rate and bottom line. But, as Amazon proves, even well established companies use evolutionary creative business models to continue to maintain and increase their market placement.

Where do we go from here?

The simple lesson:  While ancient marketing, production, and branding methods still generate revenue,  business creativity flourishes success and helps avoid stagnation which leads to the dreaded going out of business.

Further reading on importance of creativity in business

How Senior Executives Find Time to Be Creative- (Harvard Business Review)

-Your Team Is Brainstorming All Wrong- (Harvard Business Review)

-Leading others to think innovatively together: Creative leadership (The Leadership Quarterly-ScienceDirect)

 

“Creativity takes courage. ”  ― Henri Matisse

‘Chinese firms have become significant investors in American Tech start-ups’-What’s the deal?

The title of this post is from a New York Times article about why Chinese companies are actively investing American start-ups specializing in artificial intelligence and robots in order to advance both China’s military capacity as and its economy. Though these deals may be good for some investors, there are numerous questions and uncertainties which arise in terms of partnerships, intellectual property, and regulations on foreign takeovers. Read on

Who are the Tech VCs gladly funding? –It’s  Biotech!

According to an article by CNBC, Start-ups at the intersection of biology and tech are so hot in demand right now, so much that are receiving different valuations and checks.- “Tech investors will offer higher valuations if they believe you’re going to grow like a tech company…” Read on

Violent Crimes on Social Media-Tech companies quick to spot video violence

Who would have thought that social networks would no longer be just simply about ‘socializing among friends and business people’? Those days are gone! In a blog post on LSE US Center- “How social media is changing the way people commit crimes and police fight them”, Ray Surette, a Professor in the Department of Criminal Justice at the University of Central Florida, writes that social media has consequently led to a new type of ‘performance crimes’, where perpetrators can break the law via  texts, images and video, and at the same time draw attention from the large public. The good news is that, social media is also making it easier for law enforcement officials to combat such crimes happening on these platforms. (Read on)  In another article by CNBC, Tech companies from Singapore to Finland are focusing on improving  artificial intelligence in order to automatically spot and block crime videos before they go viral on social media. Read on 

High time we said ‘Tschüs und Ade’ to Fake accounts and false news spreading on Facebook?

Yes please! It’s about time someone did something about that!

Facebook recently published a paper “Information Operations and Facebook”- where the company highlights their efforts to add new technologies to spot fake accounts and to detect  false amplifiers and other forms of abuse on their platform. In the paper, Facebook explains how the company intends to expand their security focus from ’traditional abusive behavior, such as account hacking, malware, spam and financial scams, to include more subtle and insidious forms of misuse, including attempts to manipulate civic discourse and deceive people.’- Here’s what they’re doing about ‘False News’ and ‘Targeted Data Collection’ Read on here and here

How Entreprenuers Can Cope With Uncertainty

“Uncertainty is a quality to be cherished, therefore – if not for it, who would dare to undertake anything? Villiers de L’Isle-Adam”

 Entrepreneurs are often faced with a lot of risks and uncertainties. Richard Cantillon was one of the earliest in the history of Economics who not only identified the role of an entrepreneur in the economy, but also understood the uncertainty they are forced to cope with. In fact he stated in 1755 that entrepreneurs work on uncertain wages, whether they establish their businesses with or without capital.

So how can entrepreneurs cope with uncertainty?

Read on – How Entreprenuers Can Cope With Uncertainity (Source iAfrikan.com)