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Entrepreneurship, innovation, and creativity

Recognizing opportunities and creating value

by Mohammed Khayum

Article taken from College of Business Reports, Winter 2007

Entrepreneurial thinking is a powerful source of new ideas, methods, services, products, technologies, and markets. Key aspects of the entrepreneurial mindset are the use of imagination, spontaneity, risk-taking, and salesmanship to recognize and take advantage of opportunities. As the College of Business focuses on attracting, generating, and mobilizing talent, it will play a role in establishing a climate that is inclusive of entrepreneurial thinking and, thus, of new ideas.

We live in a period that is witnessing profound economic transformation. One area that is increasingly receiving attention is the shift from an older industrial economy to an emerging creative economy. Evidence suggests that the significance of previous drivers of economic growth such as natural resources and physical capital is being supplanted by human creativity. At the same time, universities are recognized as creative hubs that can generate innovation and be key contributors to regional development. Indeed, Richard Florida, author of The Rise of the Creative Class (2002) and The Flight of the Creative Class (2005), argues that “the strength of the university has always been the ability to mobilize the talent and the creative energy of all its participants.”

Evidence suggests that creativity propels economic growth. According to Florida (2006), the creative sector generated roughly 20 million new jobs between 1980 and 2000 and is projected to add another 10 million between 2004 and 2014. This sector employs some 40 million Americans, accounting for approximately one-third of total employment and more than $2 trillion dollars in wages and salaries—as much as the manufacturing and service sectors combined.

In this issue we highlight the role of personal preferences, expertise, experience, and passion as well as the importance of social and professional networks in the entrepreneurial success of four of our graduates—David Cave, Robert Lesh, Ron Romain, and Tracy Zeller.

The elements of entrepreneurial thinking also are evident in some recent accomplishments of College of Business students and faculty:

• The unprecedented success of the accounting team in the Indiana CPA Society Case Study Competition exemplifies the creativity and enterprising attitude of our students.
• Jeanette Maier-Lytle’s recognition as INCPAS Outstanding Accounting Educator acknowledges her innovative teaching methods and contributions to the accounting profession.
• The engagement of students taught by Dr. Marie Bussing-Burks and Dr. Mary Ann Shifflet resulted in creative problem-solving for two community organizations. See page 9 of the College of Business Reports.

As we look forward, there are tremendous opportunities for entrepreneurial thinking in the College of Business. These arise in activities such as curriculum development, the delivery of learning, and the evaluation of student learning.

Opportunities also abound as we plan for a new College of Business building. With funding approved for the design phase, students, faculty, and administrators have put their imagination to work to plan for the effective and innovative use of space.

We are seeking private funding for programmatic support in the new building and to communicate to the legislature the support of the community for this project. More details will be forthcoming after the first of the year. We invite your involvement in this campaign.