Thomas Edison State University Creativity in Entrepreneurship Report

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WbunaanY77

Health Medical

Thomas Edison state University

Description

Entra-/entrepreneurial and creativity skills are essential for moving an organization forward. Managers must “think outside the box” to foster innovation. This assignment allows you to apply creative skills and enhance an existing organization by altering a process, adding or repositioning a product, or changing a way of interacting with stakeholders.

Compose a report of 1050 to 1200 words that demonstrates your innovative skills. Select a process or product that can be modified or augmented to enhance sales volume, target market, customer satisfaction, or profit. This activity can focus on your place of employment (entrapreneurial) or you may select an organization which is ripe for change (entrepreneurial).

Provide the following three sections within your report:

  1. The current nature of the organization and why creative measures can enhance its activities
  2. The strategic plan for altering the organization, infusing theory and concepts, as well as explaining the tactical mechanics of change
  3. The expected results and timeline in making a difference

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Explanation & Answer

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Creativity in Entrepreneurship

Student's Name
Institutional Affiliation
Course Name
Professor's Name
Date

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Creativity in Entrepreneurship
Innovation is a critical factor in driving organizational growth, productivity, and
profitability. Mai et al. (2019) indicate that firms focusing on innovation and creativity have
higher profits than non-innovating firms. This enhanced profitability level is also long-term.
Innovating firms derive their higher profitability from better productivity, higher likelihood
of accessing credit, increased sales, larger target market, and higher customer satisfaction and
loyalty levels. My organization is a financial institution. It can use innovation in creating a
mobile transfer platform to enhance virtual banking and seamless money transfer. This study
will evaluate how this organization can adopt an innovative culture to increase its sales
volume, target market, customer satisfaction, and profitability.
The current nature of the organization
The organization is a financial institution providing banking and credit services to its
customers. It is under the federal reserve's regulatory authority, and it operates locally. The
organization's main services include in-house and ATM cash deposits and withdraws, cheque
deposits and clearance, and multiple credit facilities, including consumer, corporate, and asset
finance loans. The institution also provides financial and business advice to its clients. This
financial institution has been operating since 2010 after the Great Depression.
The organization needs to adopt creative measures to enhance its activities because
most of its operations are brick and mortar. The banking industry has experienced significant
creative transformations recently as the sector's competitiveness inc...

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