Creativity is important to entrepreneurs because it is the first stage in the process of innovation, providing the stimulus for opportunity discovery and new venture creation.
The process of creativity involves five steps:
1. Idea germination,
2. Preparation,
3. Incubation,
4. Illumination and,
5. Verification.
1. Idea germination: This is the seeding stage of a new idea. It is the stage where the entrepreneur recognises that an opportunity exists. The idea germination takes place according to interest, curiosity of the entrepreneur according to which opportunity is explored and exploited to its best potential. Creative ideas germinate besides the interest, the need of a specific problem or area of study.
2. Preparation: On the basis of the idea, interest and curiosity the need is judged by the entrepreneur and he starts looking for the answer to implement the idea. If the idea is to launch a new product or service then market research is conducted. That happens because the seed of curiosity has taken the form of an idea, the entrepreneurs foresee the future of the product.
3. Incubation: This is the subconscious assimilation of information. This is the transition period. The entrepreneur starts thinking about the idea and implementation in his sub-conscious mind.
4. Illumination: In this period of illumination the idea re-surfaces in a realistic way and entrepreneur comes out with a viable plan to give practical shape by collecting raw-material, arranging funds, policy making for implementation of idea.
5. Verification: Also called the validation or testing stage. This is where the idea is verified to prove that it has value. This is the most difficult phase of creativity as obstacles begin to appear. This is the developing stage in which knowledge is developed into application.
