Contributions of Entrepreneurial Businesses

Entrepreneurs are individuals or group of individuals who identify opportunities where others might see chaos, contradiction and misperception. They can be aggressive catalysts for change within the marketplace. They can be compared to Olympic athletes who challenge themselves to break new barriers and bring ideas into innovation (kuratko, 2016). Entrepreneurship is more than just creation of business. It can be termed as an integrated concept that infuses an individual’s business in an innovative way. It is a phenomenon that has revolutionized the way business is conducted at all levels globally (kuratko, 2016). Information and communication technology (ICT) play a vital role in entrepreneurship in the business world. ICT is a motivating force in the acceleration of entrepreneurship and innovation, making it simpler to recognise and develop good concepts, and build and propagate new products and services .ICT is a technology which can drive fundamental transformation in the abilities of entrepreneurs (Alderete, 2017). Didi-Quvane and Twinomurinzi (2013) say that today’s economy which mostly knowledge based demands that information, knowledge and technological progress are vital mechanisms to gain advantage in business and organisation. The ways in which ICT today empowers statistics to be created, deployed and operate has a robust effect on how businesses function. The truth of a knowledge-based economy means that ICT requires to drive in as an integral part

Slowly he became market leader for that product. Entrepreneurship has been defined by several researchers as the progression of making a product or service valuable by gathering a distinctive set of resources and opportunities. This procedure comprises the set of accomplishments to recognise opportunities, business classification, evaluation and obtaining the essential resources, management and getting positive results. Furthermore, entrepreneurship has been seen as an organizational coordination that underlines the three extents: innovation, taking calculated risks and proactive orientation. There are many indications to provision the idea that the businesses which were engaged in entrepreneurial practices have been most effective and successful (Hills, Hultman & Miles, 2008).

-During discussion, the teacher will gauge how the students are following along with the “Shark Tank” Presentation.

Thus, it is undeniable that there is strong connection between entrepreneurship, innovation and economic development, as has been stated in literature time and time again. It can also be proven with the use of real life examples, for instance in the software industry, which today is globally worth $489 billion. Microsoft, “the worldwide leader in software technology”, an innovation founded by Bill Gates, had a revenue of $28.37 billion in the year 2002, and employed more than 50,000 employees in 78 countries as said in Andriopoulos and Dawson’s, Managing Change, Creativity & Innovation Textbook (2009 p94). Microsoft’s software is an example of an incremental innovation, and a successful enterprise, which thus became a major contributor to USA’s economic development. An example of a radical innovation that majorly contributed to economic development was Henry Fords simple invention of the assembly line

The concept of the entrepreneurship was mentioned in the book of Essai sur la Nature du Commerce en Général (around in 1730) which is undoubtedly one of the greatest books ever written respecting the socio-economic theories

more child care centers, dry cleaners, fast-food restaurants, and other services to assist people more than ever before.

Implications for innovation and entrepreneurial activity have been a constant evaluations since the 1980’s. When we look closer at Technology it is defined as ‘rules and ideas that direct the way goods and services are produced’.1 Technological inventions are new rules and ideas about what to produce and how to do it.

- One who creates a new business in the face of risk and uncertainty for

Individuals or firms who manage to seize the breakthroughs of digital technology lives the chance of being outweighed by new entrants. Entrepreneurial activities are said to be the essence of economy and this made global entrepreneurs rising the second megatrends in business industries. Based on researchers, the growth of economies and country GDP remains highly dependent on entrepreneurial activity. The activities of entrepreneur provide income, employment and supplies products or services as value chain activities. Both public and private sector plays a significant role to entrepreneurial

Universities tend to have a linear mode of innovation where they mainly focus on assembling scientific discoveries based on current problems, then manufacturing and marketing ideas based on the market’s need (Godin, 2006). On the other hand, small entrepreneurial

Business in a Changing World provides an excellent overall introduction into the world of business. While studying this textbook, five areas stood out to me as being particularly important and essential in creating and maintaining a small business. These areas include the following: small business advantages, using digital media for marketing and advertising, identifying products, abusive and intimidating behavior and the importance of good communication and organizational skills.

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Firstly, the NAM university encourages commercialization of scientific results and it supports researchers via its innovation office. Each year, about 4 USOs emerge from the university. This environment enables the USO commercialization process as it was elucidated by some scholars like Simmons and Hornsby (2014), Bradley et al (2013), Shane (2004), Caiazza (2014) and Hindle and Yencken (2004). These factors are regarded as institutional factors which influence academic entrepreneurship (Farsi et al., 2014). Secondly, the interest of innovators and business team was evident from the beginning of the discovery. They have interest in solving societal problem and they always feel good when they notice their new knowledge is useful for society. One of the interview summaries quoted an innovator who

Schumpeter defines innovation as “new combinations” of existing resources. He called the work of combination “the entrepreneurial function” which is to be accomplished by entrepreneurs. One major reason for the invaluable role played by entrepreneurs to make sure that innovation gained ground was the widespread resistance to change in the society. Thus, the individual entrepreneur has to curve his position in the market so as to succeed in his venture. (Fagerberg 2006). The purpose of carrying out of new combinations of resources is to

There is a difference between science and the marketplace; however, the distance between the two is getting smaller and almost completely gone because of entrepreneurship. In the article “Entrepreneurship Risk, Rewards, and Reality” by Timothy W. Scales, the author goes over key points about small business like development, growth, and secession. Scales focus on experiences that relate to an accomplished and an unaccomplished entrepreneur. Scales say that if an idea can become entrepreneurial, it can be big or small. Entrepreneurship is the key to innovation and growth. Since the 1970s, scholars knew that entrepreneurship was the source of innovation and economic growth. The encouragement of innovation is just one basic concept of