The role of entrepreneur has long been acknowledged as that of a creative individual and innovator. Creativity is usually defined as “the ability to bring something new into existence.” If one carefully analyses the statement, one would understand that creativity is an “ability” and not an “activity”.

Innovation refers to the process of doing new things. Thus, an innovator brings into reality a new idea, a new process, a new product or a new service. Innovation is basically a process that transforms creative ideas into useful realities. Therefore, creativity is a pre-requisite for innovation. It may also be noted that a creative individual may just have a vision but may not have the necessary resources or the drive to convert the idea into action. An innovator may have the ability to transform the idea into products and services, but may suffer from shortage of creative thoughts and ideas.

Successful entrepreneurs combine the qualities of creativity and innovation. In many cases, the entrepreneur only adopts new ideas or services so that he is the first to implement them. The entrepreneur may not have new and creative ideas. He might only use the creative ideas and products and services to meet the challenges of a situation, take advantage of the utility of an idea or product to create wealth. He uses the ideas and services only to solve the problems on the hand to achieve the objective.

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