Relationship of Entrepreneurship, Innovation and Creativity

How does the founding and growth of entrepreneurial ventures like McDonald 's and the resulting

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).

General Motors incorporates entrepreneurship and innovation into its business objectives. This is evident in General Motors Vision statement which states that its goal is to “lead in advanced technologies and quality by creating the world’s best vehicles”. (1) For instance General Motors has an extensive R & D, Design, and Engineering department that oversees the creativity, innovation, and invention of its strategic technologies and innovation programs which are aligned with its corporate vision. In order to lead in advanced technologies of the world’s best vehicles General Motors incorporates entrepreneurship and innovation concepts, which are essential to competing in the global market place.(2) In the spirit of entrepreneurship, which

Entrepreneurship is the activity of creating a new business or enterprise. It is an essential and significant action in the growing job market (Bednarzik, 2000). Entrepreneurship has become important to all the countries whether they developed or developing ones. It is a basis of economic growth and employment creation (Thurik, Carree, Van Stel, Audretsch, 2008). It involves opportunity recognition or creation, collecting resources to track the opportunity, and managing actions that bring a new venture into existence. Some ventures are complete start-ups, while other ventures are pursued within an existing organization (Enz and Harrison, 2010). Entrepreneurs accept the personal financial risks that drive with having their own business. On the other hand, entrepreneurs benefit directly from the

In poor or developing countries people are more entrepreneurial than in developed countries out of necessity. In those countries, people have a constant need to earn a little more than what they earn from their regular employment. However, in the developed countries like the U.S., UK, and other industrialized European countries, entrepreneurs pursue business by choice. This is the reason why most of the largest enterprises come out of these

Creativity and innovation for entrepreneurs taught me how to approach creativity and how to go about the process of creating. I learned that emphasizing ideas and thinking processes help build and organize the framework for an action-oriented project. I have gained new skills by using the seven-step process, developing a motivational plan, and learning how to assess my creative confidence and intelligence. I found that the seven-step process is an effective tool that helps create a vision, understand the current reality and take action. As more people learn about the seven-step process, organizational skills levels increase and can lead to even greater results. Business’s can utilize this tool to help create a wide range of new processes that develop and advance the organization’s culture. Additionally, I have gained insight on how to develop motivational plan to achieve a goal by discovering your strengths to reach objectives and then develop a plan to reach that particular goal. Motivation is important in the business world because it gives people more willingness to get the job done efficiently, resulting in higher productivity, and satisfied customers, leading to increased revenues. I always thought that if you want people to perform better you reward them. However, according to Daniel pink rewarding people to be motivational truly narrows focus and limits possibilities – higher incentives lead to worse performance. David Kelly defines creative confidence as the natural

It is observed that the phrase “Entrepreneurship” has been used in disparate meanings by scholars around the world. In academic definition, entrepreneurship is the process by which individuals pursue opportunities without regard to resources they currently control(Stevenson & Jarillo). In venture capitalist, entrepreneurship is the art of turning an idea into a business(Fred Wilson). In a simple word, entrepreneurship is the process of designing a new business and start new businesses is the most obvious example of entrepreneurship. Most researchers would agree with a definition of entrepreneurship as an activity that involves the

Without entrepreneurship businesses that provide choice and create innovation as well as wealth creation would not exist. Businesses create employment for workers to earn incomes and purchase products that improve

Its developmental and transformative qualities particularly on emerging global economies, has given great significance to the concept of entrepreneurship. The impact of entrepreneurship has more contributory value is most The concept of entrepreneurship has received significant global attention across the developed and developing countries due to its capacity to transform the economy (Le & Nguyen, 2009:867). The Global Entrepreneurship Monitor (2011:8) revealed that there are approximately 400 million entrepreneurs across 54 countries operating start-up businesses. These countries are grouped into three stages of economic development driven by: factor, efficiency and innovation (GEM, 2009:5). This is based on the level of

The role of entrepreneurship in the economy of a country is to inspire new business ventures that support wealth

Every start-up needs financial support to achieve high aims. Global economy conditions have come up with some reality base difficulties for new start-ups but these difficulties cannot delay the establishment of entrepreneurial companies. On the other hand, challenges of globalisation are bothering mature companies to produce more innovative, environment friendly, qualitative and economic products or services. Automatically, it is a threat for new start-ups to be more sufficient and efficient for survival and then to be a mature company to gain marketplace. The notion of entrepreneurship varies according to the situation of the target market. New start-ups need delegation, resources and expertise to grow it and to follow different stages of business growth (Baron, 2012).

Research has been collected, over the years, to determine what the true definition of corporate entrepreneurship is in the business context. Leaders do not need to focus on the size of the corporation, as corporate entrepreneurship can be displayed in small firms and start-up ventures (Morris, Kuratko, & Covin, 2011). They only need to develop new behaviors within an existing corporation to build upon components that currently exist (Karacaoglu, Bayrakdaroglu, & San, 2013). The majority of professionals, who are in the field of business, have come to the consensus that corporate entrepreneurship is the process of being innovative and the ability to identify opportunities to improve an established company’s positioning in the marketplace (Morris, Kuratko, & Covin, 2011). Innovation is the ability to create a new product, process, or system in order to remain competitive. Essentially, corporate entrepreneurship can be broken down into three dimensions, which

The economy is composed of enterprises and businesses. Our economy has survived because the industry leaders had been able to adapt to the changing times and supplied mostly the communities’ needs. Entrepreneurship produces financial gain and keeps the economy afloat, which gives rise to the importance of innovation in entrepreneurship. Entrepreneurs are innovators of the economy. The importance of innovation in entrepreneurship is another key value for the longevity of a business. And, being innovative has helped us become successful in all our endeavors.This leads me to choose my higher education in “Master of Business Administration

How important is entrepreneurship in the development and growth of the economy of the country

Encouraging innovation and entrepreneurial behavior many different measures need to be inspected. As a medium size medical equipment company there are both financial and non-financial measures that will be used to assess and evaluate innovations. The financial measures that will be examined will help to determine the profitability of the firm. Well the non-financial measures aid in the determination of the possible long term success. There are many different aspects that must be considered when evaluating and assessing recent innovations.