Creativity and entrepreneurship

Abstract

Creativity and innovation are often mentioned as integral ingredients of entrepreneurship ever since this thesis was proposed by Schumpeter (1934) in a book that changed the paradigms in which entrepreneurship research had been previously carried out. Prior to this the focus of research on the subject was primarily on the investment and risk-taking capabilities of the individual. While recognizing the importance of innovation for entrepreneurship, subsequent researchers (e.g. Gilad 1984; Whiting 1988) have attempted to identify the specific links between creativity and entrepreneurship. The need for entrepreneurs to be creative is almost intrinsically linked with the very nature of entrepreneurship itself. Entrepreneurs are creators of something new, though not ex nihilo, and have to come up with innovative re-combinations of resources (Hayek 1945; Kirzner 1973; Schumpeter 1934; Shane 2003) in order to make profits as well as gain and sustain a strong presence in the competitive arena, often by offering new products and services. Innovation, therefore, is not just a desirable add-on to entrepreneurship but an integral component of it.

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