Creativity refers to the generation of ideas that are novel and useful. In today’s increasingly competitive environment, creativity is an indispensable asset which enhances opportunity identification and problem-solving. Creativity is a skill, and just like any other skill it can be developed with practice through the use of a variety of tools and techniques that have been developed for this purpose.

Innovation refers to the successful implementation of creative ideas to produce something of value. It relates to the introduction of new products, services and processes in any context or industry.  Innovation is a necessary step in the creative process, as the benefits of creativity can only emerge if there is a system in place which manages the implementation of ideas.

Entrepreneurship is generally associated with starting up and running one’s own business. It is widely considered to be the backbone of the economy as it leads to job creation, innovation and economic growth. There is much more to entrepreneurship than business ownership. The European Commission stresses the importance of cultivating an entrepreneurial culture or mindset and has listed 'a sense of initiative and entrepreneurship' as a key competence for life. This involves the knowledge, skills and attitudes that enable individuals to generate and implement creative ideas, be self-confident, autonomous and proactive, plan and execute projects, and act in socially responsible ways. This key competence is important not only for those wishing to start up and run their own business but also for those seeking employment or a professional career.

Foresight involves taking a leap into the distant future to create scenarios and visions of the way the world might be. It is about designing, creating and working towards specific scenarios and visions in an attempt to take action in the present, either to arrive at a desirable future or to mitigate unfavourable circumstances. A number of methodologies are available and are applied in the areas of policy (ICT, science and technology, environment and energy) and in private organisations (corporate foresight). The design of novel and desirable future scenarios draws upon the skills of creativity as it involves the generation of novel ideas and possibilities. The implementation of policies to arrive at a desirable future requires knowledge of innovation management.

Critical Thinking refers to a purposeful, reasoned and goal directed mode of thinking. This type of thinking is necessary when making judgements in reaching decisions, solving problems or when interpreting situations. It involves the understanding, analysis and evaluation of situations that may avoid subjectivity.  Critical thinking is a skill that can be learned and developed through deliberate practice. This mode of thinking can enhance skills at a personal and professional level.