Creativity is the act of turning new and imaginative ideas into reality.

Creativity is characterized by the

ability to perceive the world in new ways, to find hidden patterns, to make connections between
seemingly unrelated phenomena, and to generate solutions. Creativity involves two processes: thinking,
then producing.

The major contributor to economic growth is the Entrepreneurship but there is a huge impact of

creativity on it. Creative thinking is a must-have skill that an entrepreneur must have to create some
inventive ideas and make the entrepreneurial process a big success. Creativity allows the business to
devise some interesting strategies that give advantage to the entrepreneurs.

The process of creativity involves five stages: Preparation, incubation, insight, evaluation, and
elaboration. In first part of the process which is preparation, your brain is using its memory bank to
draw on knowledge and past experiences to generate original ideas. During incubation, you might be
doing any other activity but your brain is incubating an idea or solution to a problem. It can be a
conscious or unconscious process. The third stage involves the complete formation of idea and also
recognizing the opportunity. In evaluation, you analyzed your idea’s feasibility. Elaboration is the
final form of your idea, now its design can be finalized and implemented.

OPPORTUNITY

Opportunity is a favourable set of circumstances that creates a need for new products and
services. An 'entrepreneurial opportunity', thus, is a situation where entrepreneurs can take action to
make a profit. An entrepreneur needs to find the problem in society and then creates a business
to solve it. The problem can also be called as opportunity gap.

To recognize an opportunity, the window of opportunity must be open. It is an opportunity that

will achieve a desired outcome – but it comes and goes very quickly. Once this ‘window’ is closed, the
outcome is not possible anymore.

Observing trends in the market is the first step to identify an opportunity. An should be aware of advances
in the society and present needs of people. It important to remain aware of socisl ,[political and
economival trends of the

In your quest to recognize entrepreneurial opportunities, you must find an existing problem
in the marketplace and actually solve it.

Problems can be recognized when observing the challenges that people encounter in their daily lives.any
companies have been started by people who have experienced a problem in their own lives, and then
realized that the solution to the problem represented a business opportunity.

The basic qualities of an opportunity are Once an opportunity is recognized, a window opens, and the
market to fill the opportunity grows. At some point, the market matures and becomes saturated with
competitors, and the window of opportunity closes. .Observing trends, solving a problem, and finding
gaps in the marketplace are the three general approaches entrepreneurs use to identify an opportunity.
An opportunity is an idea that has the qualities of being attractive, durable, and timely and is anchored
in a product or service that creates value for its buyers or end users. Not all ideas are opportunities.
The key to opportunity recognition is to identify a product or service that people need and are willing to
buy, not one that an entrepreneur wants to make and sell.3