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20 UNIT 2, CREATIVITY AND INNOVATION Structure 2.0 Objectives 2.1 Introduction 2.2 Concept of creativity 2.2.1 Characteristics of creativity 2.2.2 Factors affecting creativity 2.2.3. Process and Techniques of Creativity 2.3. Importance of creativity in Entrepreneurship 2.4 Concept of Innovation 2.4.1 The Elements of Innovation 2.4.2 Types of Innovation 2.5 Phases of Innovation 2.6 Importance of Innovation 2.7 Barriers to Creativity and Innovation 2.8 Entrepreneurship and Creative Response 2.9 Let Us Sum Up 2.10 Some Useful Books 2.11 Clues to Check your Progress Exercises 2.12 Questions for Practice 2.0 OBJECTIVES After studying this Unit, you should be able to: * understand the concept of creativity and innovation in detail e identify the factors affecting creativity and innovation e know how to foster creativity in organisation 2.1 INTRODUCTION In the preceding Unit you have learnt in detail about entrepreneur and entrepreneurship. Out of all the elements which are intrinsic to the concept of entrepreneur and entrepreneurship, two elements stand out. These are creativity and innovation. Creativity is the heart of entrepreneurship while innovation is the oxygen that is keeping it alive. The focus of this Unit is on these two important elements and we will discuss them in the context of an organisational set-up. For an entrepreneur, it is important to understand the characteristics, importance, processes etc as well as the barriers of creativity and innovation.