1. The world is changing rapidly as the time is passing by, with the changing time many factors that significantly affect businesses have become extremely dynamic. The customer buying patterns have become volatile due to advancement in technology, urbanization, population trends etc. This has become an opportunity for entrepreneurial ventures as well as a threat to already existing businesses that resist change. What worked in the past might not work in the future, therefore, risk has become a constant in new business models. Each time a new and innovative idea is needed for the best possible results. Due to this reason creativity has become an essential part of new business models. Creativity and innovation are becoming a permanent feature to support successful execution.

2. Creativity can be defined as an act, idea or product that transforms or changes a domain. It is the use of an original idea. The process of taking a creative approach can be elucidated in a series of five steps in the following order – Preparation, incubation, insight, evaluation and elaboration. Although, creativity and innovation are essential for growth, there are a few points that restrict people from accepting innovative initiatives ranging from organizational restrictions, lack of initiative, low risk appetite, limited resources etc. to resisting change.

Finally, the most important thing is to convert creative ideas into real-time execution. This process must have a well laid-out structure. The first step begins with creation of an idea with the contribution of domain experts which is followed by a screening. The most promising ideas with a wide scope are taken further for development and testing. It is followed by a detailed study of capital investment, ROI, market potential etc. The proposed product is then developed followed by a test of how the product would perform in the market. The last step is the commercialization and introduction of a successful product in the market.