Entrepreneurship and Innovation

Entrepreneurship is a type of business development that aims on innovation, an innovative service or product, an innovative production procedure, innovative marketing strategies, or an aggressive talk to business. Entrepreneurs are risk takers and networkers. They are dissimilar from a regular traditional business manager who set off in a more formal management hierarchy with more clearly defined responsibility and authority. Traditional regular business management might not be overly hostile and are concerned about minimizing risk.

Innovation is a method that introduces something real or does something in a different manner. It involves taking a revising or new idea.

New markets opened around the globe through new trade agreements between nations which inspired companies to launch an infinite number of new services and products. As a result, innovation became a major chunk of corporate strategy during this timeline as companies tried to remain competitive and not lose market share to organizations that were more innovative.

Business can develop value by developing new knowledge and/or utilizing existing knowledge in new innovative manners. Innovation is often used to mean the development of a new product or service, but businesses do also innovate in other manners, like through new business models, organizational structures and management techniques.

Entrepreneurs look for innovation to respond to customer demands and refine customer satisfaction through new processes. Innovation increases loyalty among present customers and support identify new customer segments. Such demands might involve for example, the utilization of a portable phone to conduct banking, pay for groceries at the store, or scan bar codes.

It is familiar to all that entrepreneurship is increasingly recognized as an significant driver of economic progress, productivity, employment and innovation, and it is widely accepted as a major aspect of economic dynamism: the birth and death of firm and their downsizing. As firms enter and exit the market, theory suggests that the new arrivals will be better organized than those they displace. Existing firms that are not driven out are strained to innovate and become more productive in order to compete. Many studies have given empirical help to this procedure of creative destruction as per to Joseph Schumpeter.

There is no doubt that innovation was, are will be extremely significant for the individual and society. Today, people increasingly realize that innovations are even more censorious that in the past. Thus, industrial competition is increasingly cruel and organizations should continuously bring innovative products to the global market. To survive, companies want creative and inventive employees whose novel ideas are, to a certain extent, a necessity for the organizations continued existence and future success. Consequently, modern society indeed need highly able citizens who do produce innovative solutions to present challenges and contribute new ideas that aid in the development of the market for a particular service or product. Contemporary society, without doubt, is highly relying on innovations. The future will be synonymous with transformation. Despite the quite evident significance of innovations in the life of any organism, one must acknowledge that the phenomenon of innovation is far from well understood.

Terms and definitions

Innovation is the particular function of entrepreneurship, whether in an existing business, a public service institution, or a new venture began by alone individual in the family kitchen. It is the means by which the entrepreneur either develop new wealth-producing resources or endows existing resources with enhanced potential for developing wealth.?

Innovation is one of manners to discover change as an opportunity for a service or business. Innovation can be taught and learned. On the average about sixty percent of all jobs in the U.S. are given rise to by firms with twenty or fewer employees. Large firms with over five hundred employees develop less than fifteen percent of all the jobs. Students do also work for large organizations as leaders within then large organizations, but should see tiny business as a viable option.

As per to Timmons (1989) defined that Entrepreneurship is a human, creative act that constructs something of value from practically nothing. It is the pursuit of opportunity regardless of the resources, or lack of resources, at hand. It needs the passion and a vision and commitment to lead others in the pursuit of that vision. It also needs a willingness to take calculated risks

Entrepreneurship refers to the process of developing new business ventures or growing existing ones. Central to this activity is entrepreneurs: innovative and risk-taking individuals who seek to bring about change and new opportunities, both for themselves and the business communities in which they operate. Entrepreneurs play an important role in commence, trade, and economic growth in many nations. Entrepreneurship will be explored in the course in terms of analysing new venture opportunities and ideas as well as building and assessing entrepreneurial characteristics. A key element of entrepreneurship, innovation, will also be a focus of the course. Innovation is an important prerequisite for gaining a competitive advantage and building a strong and sustainable business. Modern thriving enterprise demand constant levels of innovation. The scope and richness of theoretical developments in the discipline of innovation, offers students the potential to develop substantial skills in understanding the discipline, its role in entrepreneurship and in the development of successful, contemporary organisations. The course provides a framework for understanding the process of creating and managing innovative organisations. This will enable students to deal successfully with dynamic demands from markets and customers that are becoming even more sophisticated and knowledgeable.

In the management literature, entrepreneurship and innovation are complementary of each other as both are censorious not only for organizational sustainability and prosperity, but also in the generation of wealth for the company. While the survey taken to identify my personal strengths confirms this declaration, it nevertheless shows that having an updated entrepreneurial perspective in business is censorious for reaching the directed of innovation.

The results of the survey show that my top five themes include competition, focus, context, relator and significance. These strengths can be employed to reveal the relationship between innovation and entrepreneurship, and also to show the suggestion of this relationship for individuals and organizations.

My competitive nature, especially in the factors of distinguishing myself as the champion by always set up out to be “number one” when comparisons are been made and having a reinforced desire to always outmaneuver my rivals, feed my entrepreneurial spirit not only by assisting me to observe and seize opportunities, but also in converting these opportunities into viable commercial concepts through innovation. Here, it can be argued that my competitive nature arouses an absolute determination to attain a bold vision, which in turn drives my capacity to not only confront the risks of the competitive market, hence informing my risk-taking behavior's, but also to develop my innovative capacity so as to attain organizational performance.