Creativity and Innovation Important drivers of Entrepreneurship

1 Prepared By Md.Shazzad Hossian ID-1022114384
"Creativity and innovation important drivers of
Entrepreneurship"
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Faculty of Business Studies
Term Paper Report
On
"Creativity and innovation important drivers of Entrepreneurship"
Submitted in Partial fulfilment of the requirements for the Bachelor of
Business Administration
Supervisor:
Mr.Rajib Datta
Assistant Professor
Department Of Finance
Faculty of Business Administration
Premier University
Chittagong
Submitted By,
Md.Shazzad Hossian
ID-1022114384
Finance-A
22nd
Batch
Session: November 2010
Premier University
Date of Submission: 13 August 2015
Premier University
Chittagong City Corporation

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Creativity and innovation important
drivers of Entrepreneurship

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Letter of Transmitted
Date:
Mr.Rajib Datta
Assistant Professor,
Department of Finance
Premier University, Chittagong, Bangladesh.
Subject: Submission of Term Paper of BBA Programme
Dear Sir,
It is my great pleasure to submit the term paper on "Creativity and innovation; important
drivers of Entrepreneurship" which is a part of BBA Programme to you for your
consideration.
I made sincere efforts to study related materials, documents, and examine relevant
records for preparation of the report.
Within the time limit, I have tried my best to assemble the related information as carefully
as possible and if you need any further information, I will be glad to assist you.
Thanking you,
Md.Shazzad Hossian
ID-1022114384
Premier University Chittagong
Faculty of Business
Acknowledgement

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First of all I would like to Thank Almighty Allah who give me the strength and the
patient to work on this paper.
Then I would like to thank my honourable term paper supervisor Rajib Datta (Assistant
Professor, Department of Finance Premier University, Chittagong, Bangladesh) for
providing me such an opportunity to prepare the term paper on “Creativity and
Innovation; important drivers of Entrepreneurship ". Without helpful guidance, the
completion of this project was unthinkable.
Then I would like to place my gratitude to the respective persons to give there
valuable time and help me by giving the needed information for my paper. Then I must
be thankful to my classmate and friends who always support me and help me to
complete this paper
Executive Summary

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The aim of this paper is to introduction to the entrepreneurial process and its
components, analyze the contribution of creativity and innovation in this
process as well as determining the techniques and methods to stimulate
creativity and innovation. Based on the Schumpeter definitions of
entrepreneur as an innovator who is a “creative destructor” and Drucker
definition of entrepreneur as "someone who maximizes business
opportunities", it can be said that business opportunities are at the heart of
entrepreneurship. The entrepreneur must be creative and innovative in order
to identify the true entrepreneurial opportunities and adequately use them.
In this sense, entrepreneurial creativity and innovation are seen as two sides
of the same coin. For the realization of the entrepreneurial idea into a
successful business venture it is necessary to balance creativity and
innovation with entrepreneur’s abilities.
Creativity refers to create a new product, process or ideas and innovation
brings the new product process and ideas into a usable factor. And innovation
is irrelevant if it can’t produce value. The whole process of creativity and
innovation is called entrepreneurship.
This paper also includes the history of a famous business magnet in our
country Samson H. Chowdhury as an example of successful entrepreneur.
At last of my study I tried to find some problems entrepreneurs of our country
are facing and some suggestion to overcome from those problems.
Table of content
Chapter Contents Page No

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Chapter 1 Introductory Aspect 1-5
1.1 Introduction 1
1.2 Methodology 2
1.3 Objectives of the study 2
1.4 Limitations 3
1.5 Scope of the study 3
1.6 Literature Review 4-5
Chapter 2 Theoretical Aspects 6-14
2.1 Entrepreneurship, entrepreneurial process, and entrepreneur 6-7
2.2 Creativity and Entrepreneur 8
2.3 Process of Creativity 9
2.4 Innovation and Entrepreneur 10
2.5 Process of Innovation 10-11
2.6 Techniques For Development of Creativity and Innovation 11-12
2.7 COMPONENTS OF CREATIVITY 12-13
2.8 TYPES OF INNOVATION 14-15
2.9 SOURCES OF INNOVATION 16
Chapter 3 Practical Aspects 17-33
3.1 Importance of Creativity and innovation in an Entrepreneurial Organization
3.2 Advantages of creative and innovative entrepreneurs 17-18
3.3 Some important traits of a successful entrepreneur other then creativity and
innovation
19-21
3.4 A motivational example of entrepreneur 17
3.5 Challenges faced by Samson 22-28
3.6 Timeline of Samson H Chowdhury’s Success 28
Chapter 4 Conclusionary Aspects 34-37
4.1 My opinion about Relation of Creativity and Innovation with
Entrepreneurship
34-35
4.2 Problems of entrepreneurship 35
4.3 Suggestions for Strengthening of Creativity and Innovation in
Entrepreneurship
36
4.4 CONCLUSION 37
Chapter 5 Ending Matters 38
5.1 References 38

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CHAPTER ONE
INTRODUCTORY ASPECTS
1.1 Introduction
Creativity and innovation is the tool of entrepreneurship. Creativity is a process by which a
symbolic domain in the culture is changed. New songs, new ideas, new machines are what
creativity is about. Creativity is the ability to make or otherwise bring into existences something
new, whether a new solution to a problem, a new method or device, or a new artistic object or
form. Wyckoff (1991) defines creativity as new and useful. Creativity is the act of seeing things
that everyone around us sees while making connections that no one else has made. Creativity is
moving from the known to the unknown. Culture exerts a negative force on creativity according
to Pearce (1974), however, “were it not for creativity, culture itself would not be created.” No
entrepreneur or enterprise, however successful and big, can continue to hold a place of
leadership unless it recognizes that modern business operates in a world of galloping change
which creates new problems, risk and opportunities and for which they have to mobilize the
enterprise’s resources before changes make their impact felt. To do successfully, the
entrepreneur and enterprise should know where this firm is going and how the firm will get
there. This is turn requires a clear definition of the company’s business which will enable it to
continually adopt operations to the realities of the marketplace, ‘the very corner stone of
survival and growth” Innovation is defined as adding something new to an existing product or
process. The key words are adding and existing.
The product or process has already been created from scratch and has worked reasonably well.
When it is changed so that it works better or fulfils a different need, then there is innovation on
what already exists. Innovation is the successful exploitation of new ideas. All innovation begins
with creative ideas. Creativity is the starting point for innovation. Creativity is however necessary
but not sufficient condition for innovation. Innovation is the implantation of creative inspiration.
Innovation is the successful development of competitive advantage and as such, it is the key to
entrepreneurship. The entrepreneurs are the “dreamers”, who take hands on responsibility for
creating innovation. It is the presence of innovation that distinguishes the entrepreneur from
others. Innovation, must therefore, increase competitiveness through efforts aimed at the
rejuvenation, renewal, and redefinition of organizations, their markets or industries, if business
are to be deemed entrepreneurial

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1.2 Methodology of the Study
According to the objective of the study data has been collected which reflect the main
topic of the study that is “Creativity and innovation; important drivers of
Entrepreneurship”.
There both primary and secondary Data are used.
 Primary data are collected from some successful entrepreneur of small
business
 Secondary data are collected from
 Web site
 Newspapers
 Articles in internet etc.
 Books
 Magazines etc.
1.3 Objective of the study
Major Objective: The main objective of this paper is to know the importance of
creativity and innovation in entrepreneurship.
Supporting Objectives:
 To know the relationship of creativity and innovation
 To find some real life example of creative and innovative entrepreneurs.
 To analyse the necessity of creativity and innovation in organization.
 To know the creativity and innovation process in an organization.
 To find some major characteristics of a successful entrepreneurs.

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1.4 Limitations of the study
There are some limitations in our study. We faced some problems during the study which
is mentioned below
i) Lack of time: The time period of this study is very short. We had only 1.5 month in my
hand to complete this report, which was not enough. So we could not go in depth of the
study. Sometimes the officials were busy and were busy and were not able to give me
much time.
ii) Insufficient data: Some desired information could not be collected due to confidentially
of business.
iii) Lack of monitory support: Few officers sometime felt disturbed, as they were busy in
their job. Sometime they didn’t want to supervise me out of their official work.
iv) Others limitation: As we are newcomer, there is a lack of previous experience in this
concern. And many practical matters have been written from my own observation that
may vary from person to person.
1.5 Scope of the study
This study is made for the fulfilment of the requirement of completing BBA of Premier
University Chittagong. This study is all about the important Drivers (Creativity and
innovation) of entrepreneurship. I tried to find how creativity and innovation is related
with entrepreneurship, the process of creativity and innovation, the sources of creativity
and innovation etc.
I also attempted to find the importance of entrepreneurship in an organization and how it
can participate in the economic development of our country.
I also mentioned some problems facing by our entrepreneur and some recommendation
for improving the situation.

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1.6 Literature Review
An Entrepreneur should have some characteristics .Some of them are Self Confident , Goal
Setting, Keen Observation, Clear –Understanding , Hard working, Dynamic leadership,
pleasure of success, Intuitive & investigative, Team Builder, Accountability, Risk taking
ability etc. But the most important characteristics of an Entrepreneur are Innovative &
creative. These two characteristics are the most important drivers of entrepreneurship
development.
Creativity refers to generation of new idea which is basically a thinking process associated
with imagination, insight, invention, ingenuity, and inspiration. Creativity is ability; it is a
mental activity, its product is creative outcomes. And “creativity is the root of innovation”.
Creativity is not only ability to create out of nothing (only God can do that), but the ability
to generate new ideas by combining, changing, or reapplying existing ideas. Some creative
ideas are astonishing and brilliant, while others are just simple, good practical ideas that no
one seems to have thought, of yet. (Harris, 1998).
Creativity is not a course that one can not be a creative genius without learning creativity.
Any one can be a creative person just what he need to do is work hard, being focused try
again and again unless develop the idea. So any one, who has the skill and commitment to
being a creative person can be a creative genius, no matter his creation is simple or
astonishing and brilliant.
Creativity is an attitude, the ability to accept change and newness, a willingness to lay
with ideas and possibilities, a flexibility of outlook, the habit of enjoying the outcomes.
Creativity can also refers to a process. Which means an idea cannot be developed in
overnight Creative person work hard and continually to improve ideas and solutions, by
making gradual alterations and refinements to their works. Much closer to the real truth
are the stories of companies which had to take the invention away from the inventor in
order to market it because the inventor would have kept on tweaking it and fiddling with
it,, always trying to make it a little better
Innovation is the translation of creative ideas into a new company, a new product, a new
service or a new process or a new method of production. It replaces the old process,
method, services with a new one.
Peter Drucker defines innovation as a specific tool of entrepreneurs, the means by which
they use changes as favourable opportunities for some other business or service activity,

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so entrepreneurs must create something new, something different, they must change or
transform value'
Joseph Schumpeter (1934) believes that the concept of innovation, described as the use of
an invention to create a new commercial product or service, is the key force in creating
new demand and thus new wealth. Innovation creates new demand and entrepreneurs
bring the innovations to the market. This destroys the existing markets and creates new
ones, which will in turn be destroyed by even newer products or services.
Innovation is much riskier then creativity, because creativity is a idea or thinking and
innovation is the process of bringing the creative idea into market which need lot of
investment. That’s why every entrepreneur must have the tendency of taking risk.
Innovation can be a repetitive process as entrepreneur introduces a new company, a new
product, a new service or a new process or a new method of production. There may be
some malfunctioning that need a lot of repetition of the process to be a successful
innovation.
Entrepreneur Entrepreneurs are actor, enterpriser, Initiator, innovator, risk-taker and
coordinator. And entrepreneurship is what an entrepreneur does. An entrepreneur must
come with a creative idea and without innovation a creative idea is good for nothing.
Because innovation reflects the creative idea in the market and the success of this idea are
shows thereon. Entrepreneur can only be a person who is different from others. (
Schumpeter) An entrepreneur always seeking for creative ideas. They never satisfy with
formal thinking process, they always try new even that is riskier or looking difficult.
Entrepreneurship is sometime defined as “ The ability of a person to see a business
opportunity , to get together the capital needed to take advantage of the opportunity, and
to start a business, taking the risk of failure in the hope of reaping the rewards of
success”.(Koontz & Fulmer). Entrepreneurship means to have creative ideas and to pursue
them in a commercial way, with the purpose to make a profit. However, the profit alone is
not the driver; it is the creativity and the possibility to build something, the self-fulfilment
or being able to pursue your own creative interests. Today in this competitive world
entrepreneurs are looking for more and more creative ideas for being competitive in
market. This competitiveness also increase the opportunities for entrepreneurs

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CHAPTER TWO
THEORETICAL ASPECT
2.1 Entrepreneurship, entrepreneurial process, and entrepreneur
Entrepreneurship involves the creation of value, the process of starting or developing new,
profitable business, the process of providing new product or service and intellectual
creation of value through organization of an individual or a small group of partners. The
entrepreneurial process, as the process of working on a new venture, includes all functions
and activities associated with the perception of business opportunity and creating
organization to exploit these opportunities to create value. The person who starts the
entrepreneurial process and accepts the risk in order to gain profit is called entrepreneur.
Therefore, entrepreneur who invests his/her cash funds in the perceived market
opportunity to make profit has a central role in the entrepreneurial process. An individual
becomes an entrepreneur when he/she perceives the chance, creates an idea and believes
in its success. Ability to perceive the market opportunity is the key point in
entrepreneurship. The task of entrepreneur is to investigate people's needs, whether there
are areas in which these needs have not been met or have been met in a manner that is
not acceptable to consumers. Entrepreneur should recognize his/her opportunity in this.
An individual or an entrepreneurial team can participate in implementation of perceived
business opportunity. Numerous researches show that an entrepreneurial team
contributes to the growth and development of business and an individual entrepreneur
contributes only to the creation of means of livelihood. Therefore, entrepreneurs who plan
to develop a large and profitable business must form a team of managers who will help
them do that.
Entrepreneurship is described by the following terms: new, innovative, creative, flexible,
dynamic and prone to take risks. Entrepreneur, in addition to the resources, possibilities
and organization, is a component of the entrepreneurial process. Figure 1 shows the
importance of entrepreneur in the entrepreneurial process.

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Figure: Entrepreneurial process
It can been seen in the figure that entrepreneur is in the heart of entrepreneurial process
and that his/her task lies in connecting the other three components of this process, and
the value is created as a result of their connection. Therefore, entrepreneur connects
possibilities (through their identification in the market and the methods by which they can
be used) with the resources (through their provision and the most efficient use) and
organization (by directing activities towards the goal of the organization).

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2.2 Creativity and Entrepreneur
Creativity, i.e. ability to create something new and valuable by the art of imagination also
dominates among the above characteristics of entrepreneur. In the definition of
entrepreneurship, the emphasis is on creativity, which includes the following
 Creation of new business ventures and organizations;
 Creation of new combinations of goods and services, production methods,
markets;
 Creative identification of new and existing opportunities;
 Creativity in using new and existing opportunities.
Creativity is usually defined as a continuous search for new and represents a precursor to
innovation. This characteristic of entrepreneur is related to the perception of problems and
finding appropriate solutions. An individual is creative when looking at things in a new,
way. Creativity can also be defined as the ability to connect previously unconnected
concepts or ideas in a whole.
Therefore, only a creative entrepreneur can identify new business opportunities and
chances, and he/she has skill to use them properly. Modern business is characterized by a
high degree of uncertainty and risk. According to Schumpeter, one of the characteristics of
entrepreneur is also acceptance of risk that a certain job involves. A successful
entrepreneur is an individual who knows how to use the uncertainty that can represent an
important source of business ideas.
Recently, it is increasingly emphasized that creativity depends on knowledge, intellectual
abilities, personal characteristics and motivations. These four causes are also the
characteristics of a successful, creative entrepreneur. According to Gilford, creative people
think divergently, i.e. aspire to create more ideas and look for more ways to solve a
problem. A successful entrepreneur must constantly look for changes, play a little, know
how to accept the risks and constantly ask 'What if’? In this way, entrepreneurs develop
skills, acquire knowledge, and stimulate motivation, what is the key to entrepreneurial
success.

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2.3 Process of Creativity
Creativity can be viewed as a continual process, which consists of four phases: preparation,
incubation, illumination and verification. Following figure shows the process of creativity;
Figure: Process of creativity
The essence of the preparation phase is to precisely define the problem, because well-
defined problem is often half the solution. Creative problem solving requires a complete
understanding of the problem but, for better orientation, entrepreneur needs to know
what he/she aspires, which is the ultimate goal. Experience, knowledge and information
that entrepreneur has are very important for an adequate understanding of the problem,
for only thus he/she can identify the right opportunity and create idea(s).
Incubation (discovery) phase refers to that part of the creative process when entrepreneur
consciously moves away from the problem. It is believed that creative solutions often
occur below the threshold of consciousness, because ideas and information are then
connected in a more liberal way. Therefore, at this phase, the entrepreneur is focused on
other activities unrelated to the problem. It should be mentioned that this is a complex
phase because the creative solutions cannot occur so easily.
Illumination phase is practically part of the incubation phase, where possible solution to
the problem suddenly appears at a certain moment. Illumination phase is the moment
when an innovative idea occurs. Defined solution to the problem is analyzed and studied
within the verification phase. This phase is extremely important, because it is very
important to test the feasibility of the solution itself. If we come to the conclusion that the
solution is not feasible, we return to the beginning of the process, i.e. the preparation
phase.
Preparation
Incubation
Illumination
Verification

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2.4 Innovation and Entrepreneur
A very important task of entrepreneur is to create value in the market. Value is created
through the production of new products/services/processes or improving existing ones,
which is achieved through the process of innovation and learning. Therefore, it can be said
that innovation is a very Important factor of vitality and competitiveness of companies and
thus a very important characteristic of entrepreneur.
Therefore, innovation is a different way of performing some production, service,
entrepreneurial activity that has not previously been seen in the market, whether a
completely new product/service/process is being produced or an existing one is being
improved. Otherwise, Peter
Drucker defines innovation as 'a specific tool of entrepreneurs, the means by which they
use changes as favourable opportunities for some other business or service activity, so
entrepreneurs must create something new, something different, they must change or
transform value'
2.5 Process of Innovation
Since creativity and innovation are important characteristics of entrepreneur and are very
often considered to be synonyms, it is necessary to make a distinction between the
creative process and the process of innovation. We are talking in fact about two related
processes, where the process of innovation is built and based on the creative process.
Namely, the idea is created within the creative processes. New idea that has not yet been
realized, i.e. turned into a new product/service/process is an invention. In the process of
innovation, a new idea is turned into a market product/service/process. Following Figure
shows the process of Innovation;

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Figure: Process of Innovation
Changes are the basis of all innovation. Therefore, the point is to find new products/
services/processes, i.e. create an innovation that will be 'a powerful weapon' of
entrepreneur in dealing with changes. Through innovations, entrepreneur is trying to use
changes and turn them into advantages that can be a source of high profits. However, high
profits are generated only in the beginning. In time, income decreases due to the
appearance of imitators of innovation. For these reasons, an entrepreneur must
permanently, constantly, continuously search for new ideas which he/she will successfully
turn into innovations, and which will bring him/her high profits.
2.6 TECHNIQUES FOR DEVELOPMENT OF CREATIVITY AND INNOVATION
Value of entrepreneur is recognized by the concepts such as creativity and innovation. It
was believed earlier that entrepreneurs were born, so an individual who had a good
intuition could conduct such work. However, the situation is slightly different today.
Namely, today's entrepreneurs grow into professionals who rely more on their knowledge,
gained by education, and intellectual abilities they have. There are three types of skills that
potential entrepreneurs must master before they enter the business project: technical,
human and conceptual. It is believed that by mastering these skills, entrepreneurship can
be learned like any other profession. Therefore, entrepreneurs are not born, but created.

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Some entrepreneurs are less, some more talented to carry out entrepreneurial activities,
and therefore the techniques for stimulating creativity and innovation have been
formulated. some methods of stimulating creativity and innovation are:
(1) Brainstorming - means the emergence of new idea, suddenly, all at once. Group
members suggest as many ideas as possible, on the basis of which the potential solution to
the problem is defined.
(2) Brain writing - means presenting the problem to the group, where individuals write
down ideas for solving the problem and then change their sheets and discuss ideas.
(3) Method of Creative Orientation - is a method which includes: bionics as a skill that is
based on the application of knowledge on living systems for solving social problems;
searching for solutions according to heuristic principles, starting from the existing product
where possible changes in such product are examined; searching of examination area
starting from observation of the current situation from another angle.
(4) Method of Creative Confrontation - is a method which includes: classic synectics,
synectics conference, visual synectics, analysis by stimulating words, BBB method, Force-Fit
game, Tilmag method, method of integration of adjacent fields, semantic intuition, forced
connection, catalog technique.
(5) Method of Systematic Structuring - is a method which includes: morphological box,
specifying the list of attributes, showing problem fields, sequential morphology, decision
tree, process analysis. These methods try to encourage intellectual and rational thinking of
people.
(6) Method of Systematic Specification of Problem- is a method which includes:
progressive abstraction, epistemological analysis, K-J method, N-M method, hypothesis matrix,

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2.7 COMPONENTS OF CREATIVITY
a. Creative thinking skills
– The use of creative intelligence to approach problems and find solutions
b. Knowledge
– Four styles of creative intelligence:
• Intuitive
• Innovative
• Imaginative
• Inspirational
c. Motivation
• Extrinsic
• Intrinsic
Creativity
Knowledge
or
expertise
Motivation
Creative
thinking
skills

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2.8 TYPES OF INNOVATION
There are 3 types of innovation
A. Technological Innovation: These are breakthrough inventions that have
wide-reaching impact and influence which benefit society and business. Major
breakthroughs can be radical and disruptive for people, society, businesses and countries
or the whole world. Example; the internet. They can change the way people live their lives,
the way companies do business and the way countries govern and behave
 Example of major technological breakthroughs are :
• The wheel,
• The printing press,
• Steam power,
• Electricity,
• Wireless technology,
• The computer,
• The internet,
• High performance materials like plastic, fiber board, nuclear power
and etc.
 Smaller technological inventions have less impact but still have significant
benefit to certain users.
Examples of small technological inventions are:
• the paper cup,
• the ball-point pen,
• the electric toothbrush,
• the electric razor,
• hair dryers,
• the garden hose,
• electric toys,
• remote control toys,
• computer games,
• Electric pencil sharpener etc.

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B. Operational Innovation: Operational Innovation is smaller, more process-
oriented Innovation and tends to be incremental in nature. It doesn’t necessarily change
products or services or how they are used and most of it goes unnoticed by the public, but
often it is the means to improved products and lower operating costs. This type of
Innovation happens by the very act of people doing their work… “Hmm, what if we try
doing it this way instead?” those have much smaller impact, per invention, compared with
breakthrough technological innovation, but cumulatively their effect can be enormous.
Their effect builds and grows over time. Operational innovation includes
1. New systems or refinements to existing ones: For example, internal
systems and methods for many aspects of work such as staff administration, purchasing,
distribution and sales.
2. Small improvements in operations or processes: For example,
changes to make equipment run more effectively.
3. Innovative new business practices: For example, new ways for
thinking strategically.
C. Organizational Innovation: Organizational Innovation is where a company or
organization itself is innovative. In an innovative company or organization everyone knows
his or her specific role in innovation. It can be purposely built through putting
organizational culture as the operational style or mode to get things done. Innovative
companies don’t just produce innovative goods and services. They use innovative methods
in everything they do. Examples of Organizational Innovation are:
1. A CEO who accepts the challenge to be innovative and encourages risk-
taking (a spur to innovation) and rewards good ideas as well as the successful completion
of projects (the results of innovation)
2. An organization where everyone understands the many benefits of
innovation. Even those who are not directly involved in innovative work, such as
production people, recognize they have a part to play in identifying better ways of doing
things. They notice what’s going on around them and they find opportunities or way for
improvement.

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2.9 SOURCES OF INNOVATION
• Within the company or industry
1. Unexpected occurrence (viagra, penicillin)
2. Incongruities (Federal Express)
3. Process needs (enzyme for cataract operation, sugar free products)
4. Industry and market changes (advances in technology, healthcare industry)
• Within the social environment
1. Demographic changes (change in consumer preference)
2. Perceptual changes (fitness craze)
3. New knowledge (video industry, robotics)

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CHAPTER THREE
PRACTICAL ASPECT
3.1 Importance of Creativity and innovation in an Entrepreneurial
Organization
Growth and development cannot be sustained without additional innovations (usually in
the product or services or in its marketing) with additional innovations, firms become
“glamorous” Introducing new products is usually seen as part of the process of innovation,
which is itself seen as the engine driving continued growth and development. The “winning
performance” of the entrepreneur and the organization focuses on.
 Competing on quality not prices:
 Domination of a market niche;
 Competing in an area of strength
 Having tight financial and operating controls:
 Frequent product or service innovation (particularly important in manufacturing).
Porter (1985) argues that, while successful businesses will each employ their own strategy,
they achieve completive advantage through acts of innovation. Learning and problem-
solving are common activities in many working environments today, but some people
believe that true entrepreneurship occurs when individuals ignore the established ways of
thinking and acting and seek novel ideas and solutions that can meet customers’ needs
Entrepreneurship is, therefore, the innovatory process involved in the creation of an
economic enterprise based on a new product or service which differs significantly from
products or services offered by other suppliers in content or in the way its production is
organized nor in its marketing.. (Curran and Burroughs, 1986) It has been argued that small
businesses have a greater proclivity to innovate than their large counterparts and are,
therefore, crucial in helping a country respond to myriad changes in the economic,
technological and social environment. (Acs and Gifford, 1996). For instance, the OECD
points out that small firms are innovative in different ways and are especially active in
developing new’ approaches to management and marketing. (OECD/DST/IND, 2000)

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To grow and prosper, most enterprises need to constantly improve their existing products
and services through continuously innovating needed changes: and for survival of the
enterprise, must also need to create new products and services to meet yet unfulfilled
needs. Enterprises that rely exclusively on innovation will prosper until their products and
services “ran out of gases and become obsolete and non-competitive. On the other hand,
enterprise that are totally creative will have their new products and services ready to
launch, but often too few current products sufficiently up-to-date and competitive to
generate the cash needed to fund their creativity. Changes are that the very successful
leaders of the future will be more likely to make creativity and innovation a strategic
priority in their organization. In today’s environment where competition requires business
enterprises to be distinct and meet customer needs with better or never products and
organization becomes in critical necessity.
Joseph Schumpeter views innovation as the source of success in the market economy, a
view that is reinforced by today’s changing and competitive environment. The organization
that is not creative and innovative cannot survive in the market place. Thus, entrepreneurs
and enterprises are continuously creative and innovative to remain relevant to the
customers, which is the purpose of every business.
3.2 Advantages of creative and innovative entrepreneurs
1. Develop new markets:
Entrepreneurs are resourceful and creative. They can create customers or buyers which makes
entrepreneurs different from ordinary businessmen to perform traditional functions of
management.
2. Discover new sources of materials:
Due to their innovative nature, Entrepreneurs persist on discovering new sources of materials to
improve their enterprises and enjoy a comparative advantage in terms of supply, cost and quality.
3. Mobilize capital resources:
Entrepreneurs are the organizers and coordinators of the major factors of production, such as land
labor and capital. They properly mix these factors of production to create goods and service with
initiative and self-confidence in accumulating and mobilizing capital resources.

Entrepreneurship"
4. Introduce new technologies, new industries and new products:
Entrepreneurs can introduce something new or something different through entrepreneurial spirit.
Every year, there are new technologies and new products. All of these are intended to satisfy
human needs in more convenient and pleasant way.
5. Create employment:
The biggest employer is the private business sector. Millions of jobs are provided by the
factories, service industries, agricultural enterprises, and the numerous small-scale
businesses. So, the entrepreneurs can increases demand for goods and services as well as
more employment.
3.3 Some important traits of a successful entrepreneur other then creativity
and innovation
1. Full of determination
When entrepreneur set out to become an entrepreneur it will require entrepreneur to set
very clear goals along the way. Growing entrepreneur’s business, increasing sales and
hiring new employees require several micro-goals within them to be executed successfully.
Entrepreneur has to be determined from the beginning to be successful, before
entrepreneur even start. If entrepreneur aren’t fully determined to make it there is a good
chance that he or she will crumble under the pressure.
2. Not afraid to take risks
Some of the most successful entrepreneurs took major risks, and they paid off in a big way.
Many would assume it isn’t possible to start a business with very little money, but those
who aren’t afraid to take risks don’t see things such as limited funding as a handicap.
Setting up a new venture is always risky because it needs huge investment in the
perspective of entrepreneur. So an entrepreneur should have the ability to take risk.
3. High level of confidence
Entrepreneurs that have a high level of confidence are able to get the job done even under
the most stressful conditions. They understand that big challenges breed big rewards. This
is the same mentality that allows successful entrepreneurs to spot an opportunity when
most just see a possible challenge. When most focus on the challenge, a successful
entrepreneur focuses on the finish line and the end reward.

Entrepreneurship"
4. Craves learning
Entrepreneur has to stay sharp, and that requires that he or she is constantly learning.
Industries constantly change and evolve; only those that are also growing through constant
learning will stay ahead. Entrepreneur will always have competitors breathing down
entrepreneur’s neck trying to surpass entrepreneur. There will always be someone
claiming to be the next greatest thing. Advertisement Staying sharp, through constant
learning, will enable him to stay ahead and avoid getting passed. Read books and wake up
earlier in the morning to read industry news and do everything entrepreneur can
constantly learn and absorb new information.
5. Understands failure is part of the game
Richard Branson said it best: “Few first ventures work out. It is how a beginning
entrepreneur deals with failure that sets that person apart. In fact, failure is entrepreneur
of the secrets to success, since some of the best ideas arise from the ashes of a shuttered
business.” If entrepreneur understands that failure is part of being an entrepreneur,
entrepreneur will take those failures and use them as learning experiences. Real world
experience, even failing, will teach entrepreneur more than entrepreneur would ever learn
in a classroom.
6. Passionate about his or her business
Passion fuels the drive and determination required to be successful, whether entrepreneur
are building a company from the ground up or buying an Internet business that already has
a proven track record. Entrepreneur have to thoroughly enjoy what entrepreneur are
doing , there will be long days and nights and at some points along the way entrepreneur’s
business will consume entrepreneur. If entrepreneur isn’t fully passionate about what
entrepreneur are doing the added stress and obstacles will build up on his or her shoulders
and eventually be responsible for his or her collapse.
7. Highly adaptable
If entrepreneurs had the ability to see what was hiding around each turn it would make it
much easier, but unfortunately that is not the case. There can be surprises around every
corner, even with a well thought out plan and strategy. If entrepreneur are extremely
adaptable it gives entrepreneur the ability to respond quickly in any situation. This allows
entrepreneur to make decisions that will navigate entrepreneur out of trouble and allow
entrepreneur to thrive in environments that would sink those that aren’t adaptable.

Entrepreneurship"
8. Good understanding of money management
It doesn’t matter if entrepreneur is bootstrapping his or her business, using personal credit
cards or have millions of dollars from investors -- entrepreneur must have excellent money
management skills. Poor financial decisions, such as overspending or allocating funds to
less important tasks can quickly ruin a business. Have a clear financial map drawn out;
what are entrepreneur’s essential monthly expenses and obligations? How much can
entrepreneur allocate monthly for items that fall outside of the “essential” category? Stick
to his or her plan and make sure all founders and shareholders are on the same page.
Money problems can destroy a business the same way they can ruin a marriage.
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9. Expert at networking
A large collection of business cards and a huge contact list doesn’t make entrepreneur an
expert at networking. Building value-based relationships that are truly meaningful is what
networking is all about -- these are the relationships that lead to business opportunities
and long-term relationships that are mutually beneficial. I am constantly networking with
people that can not only help my business currently, but also have the potential to help me
in the future as well. Don’t be selfish when networking. Entrepreneur should always know
how entrepreneur can help someone and provide value to them before even thinking
about how the relationship will be potentially beneficial to entrepreneur.
10. Ability to sell and promote
If entrepreneur can’t express what it is that makes entrepreneur’s product or service a
solution to a problem, entrepreneur will be in for a rough ride. If entrepreneur, the
creator, can’t explain it, then who will? He or she should have the ability to convince
consumers about the product and services he bring in the market.

Entrepreneurship"
3.4 A motivational example of entrepreneur
Samson H Chowdhury (Only business legend of our time in Bangladesh).
Years active 1952–2012
Square is not just a brand name in Bangladesh. It is an icon in business. But
could anyone imagine it would be a leading business conglomerate when
four like-minded people in Pabna with Tk 80,000 capital each started a
pharmaceutical company 54 years ago, in 1958? And we might have not
seen Square Group in today's position unless the idea of manufacturing
life-saving drugs had come out from Samson H Chowdhury, the founder
chairman who had conceived the idea from a tiny dispensary at Ataikula in
Pabna.
Family background:
Samson H Chowdhury was born on 25 February in 1926 in Faridpur district. He was the
eldest child of EH Chowdhury and Latika Chowdhury. His siblings included five brothers and
a sister. Eakub's second son Sotten Chowdhury. Youngest son Samar Chowdhury. After the
death of their parents, Samson led the family as a guardian.
His Residence was Baridhara, Dhaka. Samson left behind wife Anita Chowdhury, three
sons, Samuel H Chowdhury, Tapan Chowdhury, a former caretaker government adviser,
and Anjan Chowdhury, daughter Ratna Patra and a very large number of admirers to
mourn his death.
Samson’s Education:
Samson Educated in Mymensingh and Kolkata, and he completed his Bachelor's degree. He
also studied at Senior Cambridge. Completed Management Training Course jointly
sponsored and conducted by University of Dhaka and the Harvard University School. . He
was a practicing Christian of Protestant (Baptist) faith.
Samson H Chowdhury

Entrepreneurship"
Samson H Chowdhury’s Vision
Samson always tries to help the country grow with local products. It is also his vision. He
made his all activities to gain his vision. Already he gained most of them.
Journey towards Goal:
After completing education, Samson returned to the then East Pakistan and settled at
Ataikula village in Pabna district where his father Eakub H Chowdhury, was working as a
Medical Officer in an outdoor dispensary having a strong financial backing.
It is Samson who keenly observed that Malaria patients had to pay high price for India-
made quinine whereas raw materials of such quinine are available at Keru Sugar Mills at
Darshona in Iswardi district.
In 1952, he started a small pharmacy in Ataikula village, about 160km off the capital, in the
north-western part of Bangladesh. In 1958, Samson along with his three friends established
a small medicine factory named ‘SQUARE’ at Shalgaria of Pabna. The start of Square was
with 12 labors, a small semi-pucca dwelling and some machines. Meager capital, limited
manpower, small entrepreneurship but sky-high outlook. He reached the pinnacle of
success through hard labor and honesty.
“When asked why the name SQUARE was chosen Samson remembers - “We named
it SQUARE because it was started by four friends and also because it signifies accuracy and
perfection meaning quality” as they committed in manufacturing quality products.”
Factors behind Samson’s success:
Some important factors that influence this noble person to achieve his goals. Some factor’s
are described below…
Creativity
Samson H. Chowdhury was one of the most creative people in our country. He Sees the
importance of medicine in Bangladesh on that time and establishes the first
pharmaceuticals in our country the SQUARE.
Innovation
With his innovative ideas tireless effort and dedication Samson H Chowdhury let square
group from the front to become the leading manufacturer of quality medicine, toiletries,
health care products, textiles etc.

Entrepreneurship"
Good Practices of Ethics
Ethics are internally self imposed limitations for entrepreneurial success. Ethics do not
guarantee material success, but they carve a straight path. No one can force a person to be
honest and upright in dealing with others. These internal traits comprise a person's
character. We found him extremely passionate, while he spoke on ‘ethics in
entrepreneurship’ at North South University’s School of Business in April 2010.
“Every bank felt honored to give him loans. Banks no more have such transparent and
committed customers in the country,” said Ali Reza Iftekhar, managing director of Eastern
Bank. “Whatever he started he made it the best.” citing his 26 years' experience in
banking.
Horizontal Diversification
He expanded his business in diversified Industries. For Looking farther ahead, he made his
entry into other industries -- from textiles to consumer goods, banking and insurance, agro
vet products, information technology, media and herbal medicine.
Keen to Learn
Samson was earnestly devoted to reading to find ways of moving ahead. "My brother
wanted to read more and more. He had a firm devotion to developing his work," said
Samar Chowdhury, Samson's youngest brother.
This prolific business magnate is a Senior Cambridge and has participated in numerous
executive training courses around the world, including a Management Training Course,
jointly conducted by the University of Dhaka and Harvard University.
Simplicity
Samson had the same lunch at the same venue with the employees. He never made any
differentiation.
Good employer
Samson also cared for his employees. "All of his employees get a good lunch every day.
They get regular salaries, bonuses and perks. Labour strikes never took place in his
factories."
Maintaining Best Quality
‘Quality, quality and quality everywhere’ was his motto. He strictly maintain the quality of
product and services of his business.
Straight Forward

Entrepreneurship"
He always respected the laws of the country. He had been always straight forward. He was
never afraid of speaking the truth even to the face of president or other powerful people.
He was a man of prayer.
Friendly
Samson H Chowdhury had no enemies although his company became one of the biggest
conglomerates in the country. He always told me to keep the opponents in good humor.
Honesty
Honesty and integrity was the main motto of his life. Out and out, he was an honest and
clean man. He was the highest taxpayer in the country.
Philanthropist
Samson H Chowdhury was not only a businessman. He used to help the poor. he was a
philanthropist and throughout his illustrious life, he spent billions of taka for the poor. He
started from scratch and never stopped working and became the country's best known
businessman.
He went to Narsingdi and helped weavers with money and machines to rehabilitate them.
It was a huge program. He also took up a fishing project in Moheshkhali in Cox's Bazar to
rehabilitate fishermen. He spent $12 million for an agriculture project in Rajshahi.
Samson was also the chairman of Koinonia, a social welfare organization that provides
services in areas of education, health and microfinance.
Worker for the country
Once in mid 1990s his wife told him: 'you have worked a lot and now you should stop'. He
responded saying: 'Look, now I care for the country. I want to create jobs for people."
Corporate social Responsibility
Meanwhile, keeping up good corporate social responsibility practices has brightened the
company image. Square plans to donate computers to the students of class VII and VIII.
Developer
Samson also made donations to many institutions. His contribution turned Ataikula into a
well-organized village.
Samson H Chowdhury in Liberation war

Entrepreneurship"
– He was by heart a true Bangle. As a result, Samson was on the hit list prepared by
the local collaborators.
– One of his gatekeepers in his Pabna residence requested him to go into hiding as
the collaborators were planning to kill. He listened and left Pabna with his family for
his village home. The collaborators burnt his residence in town and village homes to
ashes, forcing him to leave for Dhaka.
– Samson was in British Navy during the Second World War, and the honorary
general secretary of the National Council of Churches, which is the part of the
World Council of Churches, during the Liberation War in 1971.
– He did a tremendous job during the nine-month war. The World Council of
Churches sent a ship full of food items for the people of East Pakistan. He diverted
the ship to Salt Lake as he realised that the Pakistani armies would take control of
the ship.
– Thousands of Bangalees took refuge in Salt Lake in Kolkata and its other parts to
avoid genocide in the hands of the occupation armies.
– Samson's youngest son Anjan Chowdhury left home and joined the freedom
fighters, becoming the youngest freedom fighter of the country. His middle son
Tapan Chowdhury stayed inside the country and kept close contacts with the
freedom fighters and helped them with food and medicine.
– Samson Chowdhury secretly met many foreign journalists and provided them with
the real picture of the war. Soon after the war, Samson set up Christian Commission
for Development in Bangladesh, a consortium of donors that took up various
projects to rehabilitate people affected by the war.
– Samson raised the Bangladesh's flag in Sathia when the part of the country was
liberated.
– When Bangabandhu Sheikh Mujibur Rahman urged the rich to surrender their
ration cards, Samson was the first businessman to do so. (Described by Dennis Dilip
Datta, a retired development and church activist).
Different Organization’s of Square Group
Square Group has at present an annual turnover of $781 million (2009-10) or over Tk 6,000
crore, according to Dun and Bradstreet Rating Agency Bangladesh. The group employs over
33,000 people.

Entrepreneurship"
All parts of Square group are –
* Square Pharmaceuticals Ltd.
* Square Textiles Ltd.
* Square spinning’s Ltd.
* Square Toiletries Ltd.
* Square Consumer Products Ltd.
* Square Knit Fabrics Ltd.
* Square Fashions Ltd.
* Square InformatiX Ltd.
* Square Agro Development & Processing Ltd.
* Square Hospitals Ltd
* Square Herbal & Nutraceuticals Ltd
Positions Held by Samson H Chowdhury
* Chairman, Square Group
* Chairman, Mutual Trust Bank board of directors
* Chairman, Astras Ltd.
* Honorory Member, Kurmitola Golf Club
* Former Vice President, Baptist World Alliance, 1985-1990
* Former Chairman, Micro Industries Development & Services (MIDAS)
* Chairman, Transparency International, Bangladesh Chapter, 2004 - 2007
* President, Metropolitan Chamber of Commerece & Industries, Dhaka in 1996 and 1997
* Vice-President: International Chamber of Commerce, Bangladesh
* Former Director, The Federation of Bangladesh Chamber of Commerece & Industries
(FBCCI)
* Member, Executive Committee of Bangladesh French Chamber of Commerce and
Industry
* Director, Credit Rating Agency of Bangladesh
* Chairman, Central Depository Bangladesh Ltd
* Member, Advisory Committee of the Bangladesh Association of Pharmaceutical
Industries
* Founder President, Bangladesh Association of Publicly Listed Companies
* Director of MIDAS Financing Ltd.

Entrepreneurship"
3.5 Challenges faced by Samson
Samson H Chowdhury faces uniquely complex moral problems related to basic fairness,
personnel and relationships, distribution dilemmas and other challenges that he addresses
by all concerned through appropriate legal framework, social order and perhaps also a
'Moral Re-armament Movement.
After the Death Of Samson H Chowdhury:
Samson H Chowdhury, a leading businessman of the country and chairman of renowned
conglomerate Square Group, was died. Samson H Chowdhury passed away at Raffles
Hospital in Singapore on January 5, Thursday, at 10:15am (Bangladesh time) from lung
diseases and old-age complications, just short of his 86th birthday.
6 january, 2012. The flight of Singapore Airlines carrying Samson Chowdhury's body landed
at the capital's Shahjalal Airport at 9:00pm. A Square Hospitals' ambulance arrived at the
church around 10:45pm with the body. long before the official funeral proceedings started
at 11:00pm sharp, people from all strata started to gather at the church with flowers in
their hands.
His body would start for his village home in Ataikula of Pabna early in the morning after a
short break at Square Group headquarters in Gazipur. His body was also taken to Pabna
plant of Square Pharmaceuticals around 11:30am before he was buried at their family
graveyard.
Visionary business leader Samson H Chowdhury was buried at his family graveyard in
Pabna Saturday afternoon. The late businessman’s wife, sons, daughter, and numerous
friends and relatives joined the funeral ceremony at Astras Farmhouse at Boikunthapur
village in Sadar Upazila.

Entrepreneurship"
3.6 Timeline of Samson H Chowdhury’s Success
1926
Born on February 25, 1926 Ataikula, in Pabna, Samson H Chowdhury was the eldest child of
EH Chowdhury and Latika Chowdhury. His siblings included five brothers and a sister.
Educated in Mymensingh and Kolkata, he also obtained a diploma in management from a
Harvard University school.
1938
Eakub started providing free-treatment to people in the village from a charitable
dispensary at the Ataikula residence in 1938. . Samson learnt the lessons of humanity from
Arnold Memorial Dispensary and went on to plan something bigger.
1950s
He established a medicine shop in the Ataikula market in the 50s and started producing
liquid medicine. He initiated a company, E Sons, along with his family members.
1952
Samson Chowdhury, son of a medical officer in an outdoor dispensary in Pabna, started a
small pharmacy in the district's Ataikula village in 1952.
1956-1969
Chowdhury was elected president of the Bangladesh Baptist Church Fellowship (BBCF) a
dozen times, and was honorary general secretary for 14 years, between 1956 and 1969. *
He is a former president of both the National Church Council of Bangladesh and the
National Evangelical Alliance.
1958.
Increasing demand for medicines inspired Samson to establish a small medicine factory
with three of his friends in 1958. They named the company 'Square'. He was to explain the
genesis of the name of the firm thus, “It was started by four friends and also because it
signifies accuracy and perfection, meaning quality.”
1964
Pharmaceuticals Ltd was registered as a private limited company in 1964.
1971

Entrepreneurship"
During the Liberation War, 1971, Samson sheltered freedom fighters and supported them
with medicines. He did lot of philanthropic work, both in his ancestral home in Pabna and
Dhaka. But he is someone who did all these outside the glare of the spotlight. * His sons
also took part in the war.
1974
A technical collaboration with Belgium's Janssen Pharmaceutica, a subsidiary of Johnson
and Johnson International of USA, in 1974 added a new dimension to Square's journey,
helping it maintain a good manufacturing practice for its products.
1975
A technical agreement in 1975 with Belgium's Janssen Pharmaceuticals, a subsidiary of
Johnson & Johnson International Ltd., had added a new.
1985.
Square Pharma became the market leader among all national and multinational companies
in 1985.
1985
Following in his father's footsteps, Samson opened an orphanage in 1985 for poor Christian
children at his ancestral residence in 1985. "Sixty orphans and poor children are now
staying there. The orphanage fulfils all the necessary requirements of the children,
including shelter, food and education."
1985-1990
Samson Chowdhury, a vice president of the Baptist World Alliance between 1985-1990. In
addition to being a BWA vice president, Chowdhury served in other areas of the global
Baptist organization, including on the BWA General Council, the Executive Committee, the
Baptist World Aid Committee, the Promotion and Development Committee, and the
Memorial Committee.
1987.
And became a pioneer in pharmaceutical export from Bangladesh in 1987.
1988
SQUARE Toiletries Ltd. started its journey in 1988 with a single product as a separate
division of SQUARE Pharmaceuticals.

Entrepreneurship"
1990s.
He had been associated with the ICC-B since it started operation in Bangladesh in the
1990s. "The ICC-B was fortunate to have his continuous guidance and directions in carrying
out its activities not only in Bangladesh but also in other parts of the World",
1991
Pharmaceuticals Ltd was converted to a public limited company in 1991.
1994.
The company's another achievement is its initial public offering in 1994, in a bid to share
the company's business with general public. * The same year, Square Toiletries Ltd became
a private limited company. * Due to his significant entrepreneurship he received
recognition of Best Business Personality Awards of 1994.
1995
While big family-owned companies are still shy about going to the stock market and
sharing their hard-earned profits with others, he did the reverse in 1995. The public hold
over 39 percent stakes in Square Pharmaceuticals. * In 1995 the company reached a new
height, as it started producing pharmaceuticals in bulk, commonly known as API (active
pharmaceutical ingredient).
1995
1996, From 1996, it started full-fledged production of API and is now supplying to all the
top pharmaceutical companies within the country.
1997
Square won the national export trophy for exporting pharmaceuticals in 1997. * SQUARE
first ventured into the textile sector with the establishment of the first unit of the SQUARE
Textiles Ltd. in 1997. A year later the establishment of the second unit followed. Today it
has one of the most sophisticated vertically integrated set-ups in the country. * Due to his
significant entrepreneurship he received recognition of Best Business Personality Awards
of 1997.
1998.

Entrepreneurship"
The American Chamber in Bangladesh honored him as Business Executive of the Year in
1998. In 1998, the agro-chemicals and veterinary products division of Square
Pharmaceuticals started its operations. * Due to his significant entrepreneurship he
received recognition of Best Business Personality Awards of 1994,
2000
Square Spinning Ltd started its journey in 2000.
2001
Square Knit Fabrics Ltd was set up in 2001. * In the same year, Square Fashions Ltd and
Square Consumer Products Ltd commenced their operations, * While Square InformatiX
and Square Hospitals Ltd were also incorporated. * Square Pharmaceuticals built a factory
in 2001 under the supervision of Bovis Lend Lease, UK.
2000-2001 He was adjudged the Best Entrepreneur of the Country for the Year 2000-
2001 by The Daily Star and DHL.
2002. Square Textile has been in the capital market as a listed company. Due to his
of 2002,
2003 | "Special contribution in country's industrial and commercial sectors for the year
2003" by "Merchantile Bank Award 2003".
2004-2007
Samson served as the chairman of Transparency International Bangladesh in 2004-2007,
besides holding a number of key positions in local and international organizations. * And
also the chairman of Shahbazpur Tea Estate and Mutual Trust Bank.
2005
For Uncompromising Business Ethics,, Honesty & Transparency of the year 2005 by
"Banker's Forum Award - 2005" * Recognized by the National Board of Revenue (NBR) as
one of the top ten tax payers of the country since 2005. * Due to his significant
entrepreneurship he received recognition of Best Business Personality Awards of 2005.
2006

Entrepreneurship"
In 2006, Square Hospitals Ltd started its journey. The hospital is an affiliate partner of
Methodist Healthcare of the USA; Sing Health of Singapore; Bangkok Hospital Medical
Centre of Thailand and Christian Medical College of India. * Recipient of ICAB National
Award “Best Published Accounts and Reports 2006 in the Manufacturing Sector”.
2007
The API unit in 2007 started manufacturing finished pharmaceutical pellets.Due to his
of 2007.
2007-2008
He received awards from the revenue board for being one of the highest taxpayers.
2009-2010
Recipient of CIP (Industry) 2009-2010 status by the Government of The Peoples Republic of
Bangladesh.
2010
Square Pharmaceuticals, which also received the best enterprise award in 2010 from The
Daily Star and DHL Worldwide Express. * He spoke on ‘ethics in entrepreneurship’ at North
South University’s School of Business in April 2010.
2012
Samson H Chowdhury passed away at Raffles Hospital in Singapore on January 5, Thursday,
at 10:15am (Bangladesh time) from lung diseases and old-age complications, just short of
his 86th birthday.
Last words
Death cannot end a person's dreams. Samson H Chowdhury is dead and it’s a reality now.
Samson H Chowdhury started his business venture on a small scale from a village in Pabna
some 50 years ago, but today his business covers 40 countries around the world. Samson H
Chowdhury was a role model for young entrepreneurs who could see in him innovation,
leadership and perseverance in creating a market and make a success of it. He was one of
those very rare individuals who touched many hearts and souls he came across for his
fatherly and friendly loving care. With his death, Bangladesh lost a visionary and
committed business leader, which is hard to get. His 60 years of hard work and
entrepreneurship might have come to an end. But for his long life of dedication and ‘search
for excellence in entrepreneurship’, he will always be remembered, as long as Bangladesh
is alive and entrepreneurs here will move forward despite all adversities in life, politics and
society and search for a ‘better tomorrow’. Samson H Chowdhury will live in the heart of
the people of Bangladesh. May the Almighty bless his departed soul?

Entrepreneurship"
CAHPTER FOUR
CONCLUTIONARY ASPECT
4.1 My opinion about Relation of Creativity and Innovation with
Entrepreneurship
Entrepreneurship as a form of business filled with risks and big probability of success
differences needs creativity innovation. Being creative in entrepreneurship either by
implementing creativity while planning, dealing with customers or workers means
facilitating we work while achieving more goals in a very short time.
For example, a small-business scale entrepreneur can innovate creativity by blogging about
his niche, therefore exposing himself to greater experience and obviously, buyers. With
experience comes creative thinking, which affects his business directly when implemented
without fear of failure.
One can also experience the relation of creativity innovation and entrepreneurship by
testing different business formulas, trying to figure out what works best. In this case,
creativity innovation and entrepreneurship collide due to daily experience being exposed
to many ideas.
For example, a financial investment or business with an effective advertisement that brings
forth the expected gain is every entrepreneur's dream. So how can we reach to our
customers by spending less? How to be more unique, in case of competitors? This is some
related questions we need to ask our self.
In a clear point of view, creativity unrelated to a business plan has no value. Entrepreneurs
can stimulate their own creativity and encourage it among workers by adding knowledge
and a legitimate interest in building up a business on the ground of motivation.
The hidden truth about creativity innovation and entrepreneurship is, the more we do, the
more they come; the more we create, the more we learn how to create. Making up new
ideas to create. So we see how creativity innovation and entrepreneurship are related.

Entrepreneurship"
Truly Samson H Chowdhury is a legend in our country. He is a role model for every
businessman in our country and all over the world. Every Bangladeshi in our country
should respect for his contribution and we should follow his showing path.
4.2 Problems of entrepreneurship
Bangladesh is a developing country and entrepreneurs are the backbone of development.
Creativity and innovation leads the entrepreneur towards development of new ideas and
processes. So to enhance the creativity and innovation entrepreneurship development is
needed. In Bangladesh, there is no specialized Institution organizing entrepreneurship
development program. The following are some of the problems that hinder the
entrepreneurship development process.
 There is a lack of creativity and innovation learning program in our country.
 Lack of awareness that business could be a good profession is another problem for
the entrepreneurship development.
 Frequent changes of government and its policy.
 Most training programs were designed without formal assessment of the needs of
the trainees.
 Neither the trainers are not well trained to give training nor are methodology used
in the program appropriate. Training programs are not followed by appropriate
provision of support assistance.
 Entrepreneurship development training programs are inadequate and suffer from
many weaknesses to create major impact on entrepreneurship development in the
country. The major weaknesses, as identified, are:
(i) Missing needed attention at policy level,
(ii) Shortage of qualified, leaders and trainers,
(iii) Lack of training program needs analysis,
(iv) Absence of integrated education and training approach for youth
(v) Insufficient application of innovative training methods materials,
(vi) Lack of co-ordination between concerned institutions at National,
Regional and International
 Entrepreneurs face lack of information barriers that prevent them to become more
creative and innovative by knowing the major trends in business.
 Corruption is a main problem in our country that discourage many excellent
entrepreneurs to set up a venture.

Entrepreneurship"
4.3 Suggestions for Strengthening of Creativity and Innovation in
Entrepreneurship
1. Innovations require not just inputs and capacity but also a political economy of reform.
This involves creating a constituency for innovation where Government, academia,
industry and the citizenry are all participants in the innovation movement.
2. The Government can drive innovation through appropriate education policy and skill
development.
3. With increasing access to the internet and the Information and Communication
Technologies (ICT) revolution, along with wider penetration of media, there is tremendous
scope for using these channels to disseminate information on innovation and create
platforms for participation.
4. Systematic reform of the higher education system (including skill based marketable
vocational education) in Bangladesh, which would act as an enabler for developing the
required intellectual capital as well as lay the foundation for effective collaboration
between industry, educational institutions and the government.
5. Provide resources for emerging ventures.
6. Encourage industry bodies and chambers of commerce to take the lead in driving
greater collaboration between businesses and start-ups.
7. Increasing awareness among mass people about the importance of entrepreneurship
and that business is a lucrative profession can encourage them to be a creative and
innovative entrepreneur.
8. Unemployment is a curse to our country. Now a days many students make graduation
but can’t arrange a job, for them entrepreneurship is a blessing. And it can reduce
Unemployment by a great extent

Entrepreneurship"
4.4 CONCLUSION
Successful entrepreneurs require an edge derived from some combination of a creative
idea and a superior capacity for execution. The entrepreneur’s creativity may involve an
innovation product or a process that changes the existing order. Or entrepreneur may have
a unique insight about the course or consequence of an external change. Entrepreneurship
is the vehicle that drives creativity and innovation. Innovation creates new demand and
entrepreneurship brings the innovation to the market. Innovation is the successful
development of competitive edge and as such, is the key to entrepreneurship.
Creativity and Innovation are at the heart of the spirit of enterprise. It means striving to
perform activities differently or to perform different activities to enable the entrepreneur
deliver a unique mix of value. Thus the value of creativity and innovation is to provide a
gateway for astute entrepreneurship—actively searching for opportunities to do new
things, to do existing things in extraordinary ways. Creativity and Innovation therefore,
trigger and propel first-rate entrepreneurship in steering organization activities in
whatever new directions are dictated by market conditions and customer preferences,
thereby delighting the customers to the benefit of the stakeholders. Innovation also means
anticipating the needs of the market, offering additional quality or services, organization
efficiently, mastering details, and keeping cost under control.
No doubt, the current economic environment is a volatile and violent one. The new
environment demands renewed dynamism of approach. Creativity and innovation is the
new name of the game. Only the discerning organizations can manage the changes
inherent in the new environment. It is the duty of the entrepreneur to keep his/her
organization lean, young, flexible, and eager for new things to continuously delight the
customers, which is the purpose of every business.

Entrepreneurship"
Chapter -5
Ending Matters
5.1 References
 For Samson H. Chowdhury and SQUARE
o * Websites:
o * www.wikipedia.com
o * www.thedailystar.net/
o * http://www.thefinancialexpress-bd.com/
o * http://www.bdnews24.com/
o * www.banglanews24.com
 For other Data
o www.cato.org/pubs/journal/cj23n2/cj23n2-14
o www.cato.org/pubs/journal/cj23n2/cj23n2-14.pdf
o http://ideas.repec.org/a/icf/icfjme/v03y2005i4p39-45.html
o www.dhakachamber.com/cipe/EPP-Educational%20Reform.htm
o www.wider.unu.edu/events/ project-meetings/en_GB/21-08-2008
o www.newsinkling.org/global-economics/ towards-a-theory-of-indigenous-
entrepreneurship
o Entrepreneurship & Small Business Management. Prentice Hall, New Jersey,
Second Edition.
o Mathew J Manimala, P D Jose, and K Raju Thomas, (January - March 2006.)
Organizational Constraints on
o Innovation and Intrapreneurship: Insights from Public Sector, Vikalpa Volume
31 No 1.
o Towards a More Inclusive and Innovative India, creating Road Map for a
Decade of Innovation,(March, 2011) Strategy Paper, Office of Adviser to the
Prime Minister Public Information Infrastructure & Innovations,
o D. Pokrajèiæ, “Karakteristike uspešnih preduzetnika”, Ekonomski anali br. 162.
Beograd, 2004. str. 30.
o R. Hisrich, M. Peters, D. Shepherd, “Poduzetništvo”, MATE d.o.o. Zagreb, str.
143-151.
o D. Ðurièin, S. Janoševiæ, Ð. Kalièanin, “Menadþment i strategija”, Centar za
izdavaèku delatnost Beograd, 2012, str.26 - 613
o Þ. Þivkoviæ, M. Jeliæ, N. Popoviæ, „Osnove menadþmenta“ DŠIPBakar, Bor,
2005.
o P. A. Wickham, Strategic Entrepreneurship, Prentice Hall, New Jersey, 2004.
o P.F. Drucker, „Innovation and Entrepreneurship: Practice and Principles“, 1st
ed., NewYork: Harper & Row, 1985.

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