The Nature And Importance Of Innovation Entrepreneurship

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).

Jill Lepore criticizes Clayton M. Christensen’s “The Innovator’s Dilemma” (originally published in 1997) via The New Yorker among other sources in “The Disruption Machine: What the gospel of innovation gets wrong.”

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

Entrepreneurs innovate. Innovation is the specific instrument of entrepreneurship. The act that endows resources with a new capacity to create wealth. © Peter Drucker.

Corporate entrepreneurship is the process of fostering a culture of creating innovation, in all aspects of the operations, to improve an established corporations positioning in the marketplace. Corporate entrepreneurship can be broken down into three dimensions, which include innovation, risk-taking, and the ability to be proactive. Excellent examples of corporations that exhibit corporate entrepreneurial strategies include McDonald’s, Wendy’s, and Servpro. These corporations have taken risks to elevate their positioning by creating products that are more efficient for consumers to utilize, while

They help in intensifying competition with the help of technology they master in increasing productivity and thus contributing in the development of the country, followed by economic growth.(Dr. Sangya Shrivastava 2013) Entrepreneurship has been given much emphasis by organizations and governments in recent years. It acts as a vehicle for small businesses. We can see the increasing level of economic development when more of the population gets involved in entrepreneurship which is basically self-employment. Entrepreneurship plays a critical role in the development of the economy as this is the key contributor to innovativeness and product improvement. It is one of the important ingredients to the creation of new employments and in the building of communities in ways of offering them jobs. By contributing to local charities, taking part in local business, investing in projects in communities, and creating and participating in different networks in entrepreneurship, they build up robust communities which contribute to the community development. Governments have struggled to develop policies which will enhance entrepreneurship by understanding the critical difference existing between small business owners and entrepreneurship. At the same time, a misconception about entrepreneurs and where entrepreneurs can be found can also help the local people to create the right picture of entrepreneurship and thus become aggressive and contribute to

Entrepreneurship is difficult to define throughout its history research. Even nowadays, this concept is still a debatable point (Rajendra, et al., 2017). Based on four decades of research, Gartner (1988) concludes that entrepreneurs are founders of new firms. Shane and Venkataraman (2000) consider entrepreneurship as “a new venture’s risk-taking endeavor seeking an opportunity” and Fortunato (2014) adds innovative value into the concept of entrepreneurship. Thus, research on the definition of entrepreneurship continue. According to those diverse views, I will interpret six unique entrepreneurial characteristics and theoretically analyze each one. Risk taker, need for achievement and proactivity as my strengthens will be illustrated with my experience. Innovativeness, internal locus of control and tolerance for ambiguity are my weaknesses, thus I will describe relevant successful Entrepreneurs’ experiences.

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

I like hard work, I like challenges, especially challenging myself and I don’t like pretending that shit is sunshine and roses. This is what I have learned about myself. I have no fear of great depths but I have a severe fear of shallow living. I am a warrior, I have been fighting to survive my entire life. “Survival Mode” has been all I’ve known for as far back as I can remember. Why would entrepreneurship be any different? Entrepreneurship? #laughs. Entrepreneurship has nearly darn well killed me. Because you see, entrepreneurship is a whole different kind of survival game – one that nothing and nobody can ever prepare you for. Entrepreneurship is hard. Everyone lies about

The term “entrepreneurship” was brought up by Joseph Schumpeter (1910) after he surveyed related literature about entrepreneurs. According to him, entrepreneurship is the cause for discovering, introducing innovative formulations of production factors leading to social economy. Since then, academic communities has started to give more interest to entrepreneurship. The enterprise that holds entrepreneurship should have three characteristics: the first is innovation including both product and process innovation; the second is risk-taking which means the main decision maker of an enterprise should have the capability to take risk; and finally the third is proactiveness, i.e., an enterprise should be able to passionately explore the difference of the environment and accept strategy to respond in advance (Miller, 1983).

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 main hypothesis of the economic theory of entrepreneurship is that in the economy entrepreneurship contributes to production through the combination of the existing productive factors. Innovation and entrepreneurship are found to have positive economic effects mainly in terms of employment opportunities, taxation revenues and economic output. The measurements of these positive effects provide the basis of international comparisons. The contemporary theories on firm entrepreneurship built on the contributions of Schumpeter (see Appendix 1 on definitions of entrepreneur and entrepreneurship) who focused on the significance of the innovative entrepreneur being the main force moving the economy forward based on exiting

Beside Schumpeterian entrepreneurship theory, William Baumol (1990) also gave us a viewpoint that entrepreneur’s job is to making innovation, which would means the technological progress and growth. And entrepreneur would heavily influence the dissemination of a new technology. The economy will more productive if the new technology is used worldwide. He insisted that entrepreneurial talent and motivational mechanisms are important in successful economy, and entrepreneur can be trained. Moreover, in his point, entrepreneurs and the market mechanism with its pricing process helps each other to run in the economy.

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

Entrepreneurship can simply be defined as the art and process that “ involves capturing ideas, converting them into products and, or services and then building a venture to take the product to market” (Zhao, pp. 26). The essential aims to be accomplished by these procedures is the creation of a new organizations or reganerating any part of any organizations for the purpose of achieving further improvement and betterment of the comprehensive business or company. For entrepreneurs sans of access to an inaugurate business system, incubators and accelerators provide a possible support mechanism for access to partners and resources. The process of Entrepreneurship can be labeled into a number of categories. These may include economical, social or other forms of entrepreneurship. However, it is important to note that one of comparatively recent discovered and introduced type of entrepreneurship is the Technological Entrepreneurship.