21 Apr Discuss the process of ingenuity in practice relating to the book by Binks and Kirkham?IngenuityinEntrepreneurialPractice.docx

Ingenuity in Entrepreneurial Practice 1

Ingenuity in Entrepreneurial Practice

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Introduction

In the contemporary market, the advancement in technological approach in marketing has brought about various issues. Many entrepreneurs have striven to employ various techniques to creatively solve problems revolving market strategies to boost efficiency in trading. Diverse business men have applied ingenuity in practice among other approaches as a process of problem solving. (Siqueira and Honig, 2019) refers ingenuity as an entrepreneurial ability to apply imaginative problem solving approach to create innovative new ventures and value within the constraints in structure and the resource. Problem solving process integrates current inventions, the trend in culture and the society in business drawing a strong base for the market economies. In the current report, we shall critically evaluate the ingenuity practice by identifying the factors that verify its usefulness to problem solving in entrepreneurship.

Creative problem solving process is a multistage process that initiates at identifying the emergence of the problem, interventions to solve the problem, discovering the solution, and finally verification of the solution to the existing problem. While creative entrepreneurs develop new and origin trends in product line ingenuity is the entrepreneur’s ability to solve difficult problems in business that are unique applying a creative approach. Constraints in the market is a common experience among various business operators. However, the success of the business depends on the capabilities of the entrepreneur to analyze and develop informed decisions.

(Burgemans 2002), suggests two fundamental approaches that characterize problems solving process into induced and autonomous problem generation. In induces problem causation, the problem is seen to emerge independently from the actors that cause it. On the other hand, the autonomous causation views the problem generation as an accidental aspect on how the entrepreneurs define their goal and objectives.