Entrepreneurship and Innovation

Decent Essays
At least 80% of all new businesses fail within their first year of operation (Wagner, 2013). Hunter (2012, p. 60) proposes that the apparent reason for this predicament can be possibly attributed to the lack of a proper external environmental scan. Conventional wisdom would classify the majority of start-ups as entrepreneurial activity. According to Hunter (2012, p. 56), this is a misguided view, as it is not based on any empirical study and cannot be validated by research evidence. The misconceptions about entrepreneurship has been promulgated and perpetuated by media (Hunter, 2012, p. 90). The thought of innovation conjures up images of something breath-taking, novelty par excellence, invention of the century and solutions to mysteries. Therefore, innovative events are isolated events.
Relationship between Entrepreneurship and Innovation
Dyer, Gregersen & Christensen (2009, p. 66) found that nurture rather than nature was the key to developing innovative skills. An alpha entrepreneur is a business person who has been able to hone five essential “discovery skills” (Dyer, Gregersen, & Christensen, 2009, p. 62). An employee is not an entrepreneur, though they can exhibit entrepreneurial behaviors. An entrepreneur is self-employed. The reward of entrepreneurship is profit, not wages or salaries. The business does not owe the entrepreneur anything for all their hard labor, and there is a downside that you can lose all of your investment and make losses. An innovator
Get Access