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PROJECT TOPIC- IMPACT OF ORGANIZATIONAL CREATIVITY AND INNOVATION ON ENTREPRENEURIAL SUCCESS

PROJECT TOPIC- 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 1
INTRODUCTION

1.1 BACKGROUND TO THE STUDY

Entrepreneurs generally contribute immensely to the economy of a nation. Their activities which result in profit generation have ripple effect on the economic system, particularly the business operations. This in turn obviously affects three basic sources of business growth and development. These are production, improvements in the efficiency of allocation of inputs across economic activities, and innovation that generates new products, new uses for existing products and brings about increase in the efficient input/output combination within any type of economic system.
The role of entrepreneurs in inter-industry relationship can also not be over emphasized, particularly, as they affect joint venture, outsourcing and sub-contracting relationship. The nature of innovative process that affects economic growth emphasizes the active and inactive functions of the entrepreneur. In fact, scholars view entrepreneur variously but more importantly as innovator who is responsible for the creation of new products and new methods of production, new processes and capable of identifying new markets (Schumpeter, 1949; Marshall, 1964).
Entrepreneurs are motivated by various reasons to start up a business amongst which are, desire for independence, wealth creation and acquisition, capital adequacy and family influence. Consequently, they mix these variables to attain organizational expectation.
Entrepreneurial activities and the attending impact do not occur in isolation. Entrepreneurial activities are engaged within established environmental context. The numerous factors of which the environment is composed exert significant pressure and determination of effort on the entrepreneurial relationship, thus, the need for entrepreneurs to proactively create and innovate within and beyond her internal and external environment.
In effect, the entrepreneurs develop new design, new processes that explore and conjure various possibilities and then emerge new market and possibly improvement in services which no doubt assist in ensuring that environmental factors are exploited appropriately and timely, thereby resulting into revenue of various shapes and band.
From this background, it follows that if entrepreneurs are viewed as innovators, creators, and sometimes as developers, it will not be out of place to see them as vital function in national and institutional development. It is important therefore to study the impact attached to creativity and innovation on success of an organization.

PROJECT TOPIC- IMPACT OF ORGANIZATIONAL CREATIVITY AND INNOVATION ON ENTREPRENEURIAL SUCCESS

 

1.2 STATEMENT OF RESEARCH PROBLEM

In the research project, the research problems that are of concern are spelt out from the above components of the research variables explained above. In relating the four aspects of the independent variables with two of the dependent, eight research problems are then provided. These research problems are thus described below;
There has been an increasing call for organizations to be creative in developing new products that will survive in the highly competitive environment (Ford and Gioia, 2000). New products creation environment is becoming more and more competitive and this results to increased pressure on organizations to adapt as well as create changes (Barclay and Dann, 2000).The development of new products and services is critical for firm survival and growth (Lehmann, 2006). Organizations are in no doubt enthusiastic about creating new products, but the benefits of such products to the larger society is an intriguing question that must be answered (Lehmann, 2006).
In creating new products, organizations must consider the various constraints that would be faced in delivering the product. These constraints include product quality, the cost of product creation, the period required to create the product, the legislative rule on such product (that is, the legal environment), the cost and the life cycle of the product. All these constitute problems that must be dealt with to have a successful new product creation.
Therefore, in creating a new product, the problems of high cost, market entry restraints, uncertainty of product acceptance, technological impact are issues that must be resolved. Thus, if these are resolved, the cost/benefit relationship of such resolution process is likely to affect the revenue of the organization.
Successful product innovation is vital to many organizations. The commercial success of the product innovation depends on how well the product’s design meets customers’ needs (Rothwell et al., 1974). Although, an innovative product tends to face low competition at the point of introduction, the
high profits earned attract imitators. The sudden surge of imitators increases the level of competition faced by the product as time passes. This increased competition leads to a reduction in profits. The organization is thus faced with the problem of making sure that adequate profits are earned from the innovative products before imitators invade the market. Problems that constitute restraints for the innovation of products include presence of narrow roles and limited relationships amongst workforce, organizational standard that may not fit the innovative product (Dougherty, 1992). All these must be resolved such that organizational innovation is promoted.
The steady evolution of technology, with the associated increased costs, is a major factor affecting the success of an enterprise. Experiences in technology management have shown that having a well-organized, consistent approach to technology planning … are key factors necessary to ensure successful program (Haselkom et al., 2007). Technology has been defined as a system consisting of components and linkages amongst the components, with an additional fact of it including proprietary design knowledge, embodied in the physical artifact (Hughes, 1983; Layton, 1974). Organizations are faced with cost issues in developing and introducing new technology, the timing of new technology introduction as well as the appropriateness of the technology for a particular situation.
Research and development activities incorporate all the aforementioned issues, that is, product creativity, product innovation, and technology. Research and development initiates new product design and development, new technology, new market, which are all crucial factors to the survival of the organization. The problems related with research and developments are examined in line with the phases of the processing system of research and development presented by Brown and Svenson (1988). Firstly, the organization is faced with decision to determine the right input level, that is, people, information, ideas, equipment, and funds to advance innovation in the organization. Secondary, the direct output, that is, products or processes, knowledge and patents should reflect the quality of input provided. Finally, major problems encountered in achieving entrepreneurial success as it relates with research and development include cost reduction, sales increase, or product improvement that would suit both customers’ expectation and organizational objectives.

1.3 RESEARCH OBJECTIVES

The research objectives are outlined as shown below;
1. Determining the extent to which product creativity affect the sales increase of the enterprise taking into consideration its competitive internal and external environment
2. Identifying the impact product creativity has on profit increase achieved by the enterprise in a highly competitive market environment.
3. Determining to what level the ages of the small business owners affect the product creativity that exists in the enterprise
4. Determining the extent to which the marital status of small business owners influences product creativity of the organization within a dynamic environment

PROJECT TOPIC- IMPACT OF ORGANIZATIONAL CREATIVITY AND INNOVATION ON ENTREPRENEURIAL SUCCESS

 

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