The Importance Of Entrepreneurship And Innovation

Scott Adams shares with us the ideal framework for an entrepreneurial curriculum. In his article How to Get a Real Education, he reinforces the fact that the whole is far greater than the sum of these parts, especially in the context of an entrepreneur. Adams tells us of a couple stories from when he was in college and how he used the skills of an entrepreneur to become successful. He saw opportunities, sometimes embedded within problems, and worked them to his favor. This is what he referred to when speaking of the learned skill of transforming “nothing into something”, which is a skill that obviously applies to business. His basic idea is that much academic-oriented education is wasted on many

Studying business should help the individual to gain knowledge of how business in our nation and the entire world is conducted, developing in the areas of what business really mean and understanding the framework of business. Enhancing the knowledge base of business is essential in the pursuit of entrepreneurship endeavors. To be successful in business we must obtain clarity and understanding of the foundation of business and utilizing the framework business model, (Ferrell, Hirt & Ferrell, (2009 pg. 09). These tools are guaranteed to equip and arm the individual who is in pursuit of their business endeavors.

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

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

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

Over the course of the last three months, I have experienced a totally new way of learning for me, known as ‘experimental learning.’ The philosophy of experimental learning revolves around the concept that experience is the most important tool for learning, and that learning is “the process whereby knowledge is created through the transformation of experience. Knowledge results from the combination of grasping and transforming experience” (Kolb, 1984). This is different from anything I have experienced prior in my academic career. When I first discovered this course, I was intrigued as to how one can be taught to be an entrepreneur. My belief was that one is born with the necessary skills to be an entrepreneur, I was sceptical at first glance, however as I read further into the details of the course I started to believe in its methods of combining traditional teaching with collaboration with real business people (Chang and Rieple, 2013), I started to imagine the possible outcomes. “Entrepreneurial education aims to develop students’ mindsets, behaviours, skills and capabilities which will create the entrepreneurs of the future.” (Chang and Rieple, 2013) My goal is to be a successful entrepreneur, and take the new business my father started a year ago, from infancy into the next level, and become a burgeoning business in Tanzania and potentially expand into neighbouring countries. Before the start of this course I lacked practical entrepreneurial project experience, and I

Innovation is the practical application of cutting edge ideas and/or research to bring creativity in an organisation. Different people perceive innovation differently. Introduction of something ‘new’ in any domain such as business, science or society which is better than existing process or object. Innovation is used in various contexts and sometimes can be misleading. It is a highly unpredictable process and depends on internal as well as external focus (Hayashi, 2013).

The lecture I attended was an entrepreneurship panel to learn about the “ins” and “outs” of starting a company. It took place on Wednesday, October 25, 2017 at 7 p.m. in Peter, Wright and McKenna rooms in the UC. It featured a panel of five entrepreneurs, some of who were CMU graduates. In the first part of the panel discussion, each panelist gave a brief description of their career and how they became entrepreneurs. Something that I liked about the panel was that they had people who were very different in terms of their experience in start ups; one of the panelists quit his job a week ago and was just starting his own business, another has been an entrepreneur for 30 years, one has had many companies and has also sold a few, and another panelist teaches a course on entrepreneurship at CMU; it was great to get different perspectives from those in different points in their career. I also really liked that many of the panelists did not know that they wanted to start their own business straight out of college, and the panelist who very recently quit his job to focus on his business showed me that it is entirely possible to switch careers and that you do not have to feel confined to one job or area. Also, many of the panelists graduated with a degree in engineering and stated that having a technical background when you want to become an entrepreneur is beneficial because it broadens your options of what you can do in terms of product design and technology.

In today’s globalized, competitive society entrepreneurial culture is becoming more and more popular. (Ollila and Williams). Today, there are about 17 action based venture creation programs with venture launch experience where students are supposed to go through problem based learning and learning by doing experience. (Karen , press) Many venture creation programs apply a narrow definition of entrepreneurship focusing on how to become an entrepreneur. Consequently, their education curriculum on entrepreneurship is based on opportunity identification, business development, self-employment, venture creation and growth. However, fewer venture creation programs apply a broader definition with focus on becoming entrepreneurial. So such venture creation curriculum besides every thing else provide education on personal development, creativity, self reliance, action orientation and initiative taking. (Karen, press)

Business Studies is an important course that prepares students to face the real practice of commerce. Engaging theory and practice is instrumental in ensuring that students learn the underlying factors that determine the practice of every business practice. Carroll and Buchholtz (2011) suggest that business forms the backbone of the current economic activities as every activity of human life must involve some loss and gain together. Additionally, he notes that entrepreneurship is taking deep roots in the society, a condition which mandates everybody to possess some knowledge in business. Drawing reference from the aforementioned statements, it is important for the society to have individuals who possess not only

This course is intended to give the understudy a prologue to the idea of entrepreneurship and additionally the specificities of dealing with a small business contrasted with an expansive one. The understudy will add to a general comprehension of business as a monetary movement and the part it plays as an impetus of financial development and social advancement. The individual attributes and practices, and the hierarchical qualities connected with fruitful business enterprise will be investigated and talked about. The understudy will likewise be acquainted with diverse hierarchical perspectives and administrative exercises identified with propelling and dealing with a little business.

Although there are many ideas surrounding the theory of organizational innovation and entrepreneurship, I will highlight only a few here in this assignment. To start off, an entrepreneur is a person who organizes and operates a business, taking on greater than normal financial risks in order to do so. An entrepreneurial organization is any organization that is structured so that staff are given the information and tools necessary to allow them to pursue solutions and take advantage of opportunities at their level. In addition to the cultivation of ideas an organization needs to also provide an environment where the individual initiative is encouraged and failure is called “practice”. Innovation is nothing more than the introduction of something new – an idea, method or device – people within a company can be motivated to constantly provide feedback for new ideas, new processes or new products therefore creating the entrepreneurial organization.

Competition is the true driver of markets. It is the product of our environment. Unless a company is competitive it will not survive in the market it is serving. There is hardly any monopoly in a market, except when it is backed by the state. Sometimes oligopolies behave like monopolies but even the constituents have to fight for market share. To capture market share, companies constantly need to innovate their product or service as core competencies can remain unique for only a small period and eventually the competition catches up with an imitation or a new idea. People pursue good

There is no doubt that innovation is essential for economic development because it introduces novelty into the economic sphere for which the economy will not grow if the stream of novelty dry up (Kline & Rosenberg, 1986; Fagerberg, 2004). Moreover, it is important to industries and countries that want to maintain a competitive advantage (Goffin & Mitchell, 2005). Innovative countries have higher productivity and income than the less-innovative ones (Fagerberg, 2004). According to Hansen & Winther (2011), the United States’ higher Gross Domestic Product (GDP) growth and productivity during the 1990s was due to the large amount of Research and Development (R&D) investments compared the relatively low amount of R&D investments in Europe

The latest study about entrepreneurs shows that about 400 million people in 54 countries are currently running or starting their own business, potentially creating more than a billion new jobs (“Global Entrepreneurship”, 2012). Entrepreneurs are their own bosses – nobody tells an entrepreneur what to do and they control their own destinies. Entrepreneurs can choose a business that interests them – they work in fields that interest them. Many combine hobbies and interests with business. Entrepreneurs can be creative. Entrepreneurs are always implementing creative ideas they come up with on their own. Entrepreneurs can make a lot of money if their business succeeds.