ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The role of creativity in entrepreneurship Competitive advantage: Creativity leads to generation of novel and innovative ways of doing business. Exploring new niches and generating new ideas lead to efficiency and eventually give an entrepreneur the required edge over the competition.

Detailed explanation-2: -Entrepreneurial creativity is the ability to develop new ideas and solutions to problems. It is the ability to see into the future and generate ideas, solutions and innovations before they are needed. It is the ability to solve your customer’s or client’s problems before they even realize the problem exists.

Detailed explanation-3: -Creativity and innovation helps develop new ways of improving an existing product or service to optimize the business. This also allows entrepreneurs to think outside the box and beyond the traditional solutions. Through this opportunity new, interesting, potential yet versatile idea come up.

Detailed explanation-4: -Perhaps the main tool that every person in charge of a company has is to know in detail what their Point of Balance is. In business, this term means, the point at which the “Cost of the Products” plus the “Expenses” is equal to the “Total Business Income” (Costs + Expenses = Total Income).