Creativity and Innovation.

Creativity and Innovation both do have some things in common, but they are not the synonyms they seem to be. Being creative could involve making up all those beautiful ideas of a new shoe which could be used both as a cover shoe and a normal slipper, but not the process of putting this idea into production and selling it to generate profit.This process now involves Innovation.

• Creativity is the generation of ideas that results in the improved efficiency or effectiveness of a system.
• Innovation is the process by which entrepreneurs convert opportunities into marketable ideas. 

SOURCES OF INNOVATION

There are various sources of an entrepreneur's innovation, and since they are always alert and looking for opportunities, they usually recognize opportunities not noticeable by others. There are mostly 8 sources of innovation, these are:

1. Trends: A trend means a style or something common to a social group. This may include hairstyle, type of clothing, etc. A common example of a trend among Nigerian youth is the Blackberry platform. An entrepreneur could notice this desire of Nigerian youths and develop a business initiative where he satisfies the 'blackberry phone hunger' of the youths and makes his profit. Trends could include societal trends, technology trends,economic trends and government trends.
2. Unexpected occurrences: Even in times of disaster, innovation is possible, and entrepreneurs never fail to undertake these opportunities that rise from these disasters. For example following security threats to a country, an entrepreneur could open a security providing initiative or a business that offers security devices.
3. Incongruities: This occurs when there is a big difference between people involved in business transactions. For example the FedEx initiative by Fred Smith which provides overnight mail delivery.
4. Process  Needs: Innovation often occurs when there is a need for a solution to a certain problem. These innovative initiatives then serve as solutions to these problems. 
5. Industry and Market Changes: As time moves on, things continue to change, and so do demand for certain goods and services. Even the way services are rendered are changing everyday to suite the consumers needs and so there is always an innovative opportunity lurking around.
6. Demographic Changes: New opportunities always arise due to changes in the population, age,  occupation, education, health, etc of the people in a country and thereby fostering innovation.
7. Perceptual Changes: People's knowledge about themselves, their welfare and their environment always provides an opportunity for innovative activity.For example, the knowledge that people have that keeping physically fit leads to good health would only mean they need programs and facilities that promote their keeping fit and an entrepreneur could then find a way of providing this services.
8. Knowledge Based Concepts: This involves invention which would require a lot of knowledge on the needs of the people and making products to satisfy these needs. This process often requires a long process of fabrication, modification, testing, finalizing, etc. before it becomes marketable. 

TYPES OF INNOVATION

1. Invention: This involves creating a totally new product, service or process.
2. Extension: This involves developing a new use or different application of an already existing product, service or process.
3. Duplication: This involves the creative replication of an existing concept. 
4. Synthesis: This involves the combination of existing concepts and factors into a new formulation or use.