Innovation and ENtrepreneurship
Innovation is the fundamental practice of the entrepreneurs that helps in economic growth and fosters business management and functioning. Innovative entrepreneurs needs to create strategies and policies in regards to the benefits of the organization and develop solutions in risk management and generate ways through which the enterprise will be able to accept and face the challenges and change affecting the performance of the business. The paper conducts a research on the important aspects of entrepreneurship and identifies the importance of entrepreneurship and business innovation.
ASSESSMENT Task 1: Entrepreneurship:
Entrepreneurs are referred to as the engines of business enterprise in regards to small or large firms. They are the most significant part of business economy that helps in the development of employment and new technologies. They look forward toward meeting the challenges and are willing to take risks in accordance to the benefits of the business enterprise. The paper conducts research over developing and analyzing the multiple and efficient entrepreneur opportunities (Huqet al. 2017). Being an important part of the development of the economy of business enterprise, it is important in creating new ideas and improves innovations in regards to entrepreneurship. The research takes place through the study of primary and secondary sources providing a conceptual framework while evaluating knowledge and prepares a questionnaire.
Requirements in being a successful entrepreneurship:
Entrepreneurs for example Mark Zuckerberg has been well known for his entrepreneurship and strategic innovation in the creation have varied ideas and thoughts as every individuals are not similar therefore, there are differences in personality and temperaments. The entrepreneurs in being successful needs to master the capability in risk assessment, effective and smooth communicative skills fostering communication among the workplace, flexible, and needs to adapt to the different work culture and associate with the temperaments of the employees, have own work ethics, needs to be honest and integrated towards performance, needs to undergo constant learning, needs to have qualities such as patience, committed, truthful, hardworking and needs to have confidence about his performance and thoughts (Garcia, Leles& Romano, 2017).
Entrepreneurship and business innovation:
Entrepreneurship and business innovation helps in educating small and large business firms that projects the economic condition and recognizes the development towards work culture, employment and wealth creation. In recent times, the popularity and importance of entrepreneurship depends much on the various entrepreneur practices. There are several business organizations that provide education in introducing effective entrepreneur and business innovation. In maintain effective entrepreneurship organizations employ multiple policies that facilitates innovation among individuals (Schaltegger, Lüdeke& Hansen, 2016). There have been debates and discussions over examining and establishing effective and strategic entrepreneurship. Individuals belong from different backgrounds and experiences, therefore, the entrepreneurship ideas differ from person to person. The driving force in creating a successful business entrepreneur and innovator includes the ability to learn from, the experiences and understand the current economy and willingness towards accepting challenge and change. The entrepreneur needs to constantly innovate it existing work structure and analyze the economy in generating the best out of the outcomes.
Complex issues in innovation:
There are contemporary issues faced by the business owner and entrepreneurs in regards to the innovation, marketing, managing projects, assessing risks and change. The major issues that brainstorms the entrepreneurs are the generating the ways in reducing or limiting risks for short term and long term benefits , change requirements and analyzing the various cultural trends adhering to the entrepreneurial innovation (Huqet al. 2017). They need to manage the business plans in consideration with the change, adapt to the changes for which capital is needed, therefore the entrepreneur needs to establish continuous income strategies in meeting the challenges. However, a major concern of the entrepreneurs being the collection of capital for financial backing in facing the new ventures and incorporating advanced technologies.
The dynamic trends in entrepreneurship:
Entrepreneurship is ongoing and emerging trend in the contemporary era in reshaping and structuring the economy of business. Entrepreneurs are the key drivers of economic growth who helps in expanding economy, provide job opportunities, introduce and improvise existing and new products and services, and tends to promote higher upstream and downstream activities in accordance to the value maximization.Internationally, education is been given in relation to the framework challenging entrepreneurial activities and accordingly develop and innovate new entrepreneur opportunities (Nabiet al. 2016). As analyzed it is said that the developed economies are way ahead of the emerging markets and business enterprise. In addition, anumber of rapid-growth markets are taking action, generating action plans, building marketing strategy, and implements more projects in different sectors of business enterprise that are currently underway. Therefore, consequently it helps in stimulating various dynamic clusters in relation to multiple entrepreneurial activity and practice. BRICS is the acronym that refers to the association of four major countries that include Brazil, Russia, India, China, and South Africa. The members of BRICS help the leading or developing countries in improving and modifying their existing economies. The countries are distinguished and determined through their fast-growing economies and their affects and impacts on regional affairs.
Entrepreneurship in academic discipline helps the students in training and management of skills and competences and the ways in building successful mindset in regards to entrepreneurship. The developing economies and recognized approach targets unemployed youth and tries to incur among the youth about potential entrepreneurial prospects and the positive outcomes celebrating young entrepreneurial successes. It helps in promoting domestic and enable a business enterprise in working globally rather strategizing international level. Progressive entrepreneurs help in developing the capital strategy and fund-mentoring programs and venture capitalists, incubators, loan guarantee schemes attracting a lot of shareholders and investors for better functioning (Prayukvong&Hoopes, 2016).Entrepreneur and business innovative education helps in creating distinct skills and practical experiments in facilitating the entrepreneurs towards executing effective practices. The entrepreneurship includes three major components such as dimensions, risk-taking and pro-activeness in developing the trends in the new products and services and adaptations to the technologies in improving organizational performance.
Figure 1: 21st century entrepreneurship trends:
Research has been conducted widely on entrepreneurship in examining the effective strategies and programs governing the practices. However, the research on entrepreneurship has been relatively less in context to literature as estimated from the past two decades. However, writers and authors have analyzed that there has been lack of paradigms, theories and models in respect to entrepreneur practice (Teplov, Väätänen&Podmetina, 2016). According to the review, entrepreneurship as an academic curriculum has reached to the heights of maturity as an academic field in guiding candidates in towards better understanding of entrepreneur practice. Research literature on entrepreneurship and business innovation reflects the ways in which the innovative individuals will strategize the ways of persuasion of capital and preparation structured training program in gaining itsbusiness prominence (Nash, 2016).
According to the contemporary review of organizational innovation it is analyzed that a small number of percentage. The study of entrepreneurial innovation helps in the understanding o leadership and managerial levels that examine the segments that depend most on individual or group based learning.According to the literary research it is important to identify and analyze the characteristics of successful entrepreneur, and examining the risk environment and its impacts assessment and collection of capital, assessment of available resources.
Research on Entrepreneurship is generally distinguished by its unique feature of innovation, and the development and growth-orientated entrepreneurship. The research tends to unleash various distinctive contexts such as entrepreneurial finance, sustainable entrepreneurship and entrepreneurial education. On the other hand, innovative study deals with the study of innovation surrounding new information and communication technologies and business management. Innovation is the significant determinant that helps in shaping the economy and sets down ideal policies and measures for the overall development in every sector. The research has been conducted through the assessment of online journal interviews and detail assessment has been done on the entrepreneur idea of famous entrepreneurs like Mark Zuckerberg. Entrepreneurs help in nurturing and restructuring the business atmosphere and performance while creating new ideas in supporting of the existing economic system (Huggins, 2016). Entrepreneurs act as the ideal policy maker, playing a significant role in nurturing innovations.It is important to develop entrepreneur mindset and temperament that will foster development in professional and private life, employability and inclusive growth.
With the basic knowledge and examined from the above study it is understood that entrepreneurship helps with the gradual development of wide competencies. The study analyzes the creativity and a sense of initiative taken by the entrepreneurs that determines problem solving and decision-making and risk taking capability. The interview analysis and assessment have helped in identifying the major factors in relation to become a successful entrepreneur like the well known figures as Mark. The entrepreneurs are characterized by adaptability and perseverance self-discipline and are judged on the basis of their responsibility and ways in which he manages his leadership and group based learning and work. The entrepreneurs help in planning organizational performance and productivity by initially understanding of the social, economic and cultural factors in driving the economy.
The study tries to evaluate andexplore the new horizons in organizational approach and the roles entrepreneurs play in order to attain objectives and targeted goals. It encourages the entrepreneurs in examining methodological innovation and trans-disciplinary that fosters as management, economy and policy decision-making.Academic institutions, training institutions needs to endeavoring being more active and creative in accordance with the changing environment driven by globalization and advancement of technologies and economy. In order to run an eco friendly and healthy environment it is important for the entrepreneurs in fostering communication skills and evolving the needs of specific skills. The teachers and trainers of academic institutions and educational leader need to encourage and foster entrepreneurial skills, competences and mindsets. Therefore, the institutions and educational leaders or the owners of an enterprise can offer creative and innovative learning environments.
The interview has been highly inspired from the assessment of the journey towards success of famous entrepreneurs such as Mark Zurckerberg the founder of Facebook, Henry Ford and Sam Walton, all of whom are referred to as the top most entrepreneurs of the world.
Question 1: In entrepreneurship which is more important to the success of startup- idea or execution?
Answer: Idea is referred to as static that helps in defining the structural and logical business process. Every business startup needs execution of ideas where the innovative and creative ideas are the driving force for the development. Execution is the implementation of the thoughts and ideas in regards to the benefits of the business while an idea that sprung up suddenly and has no connection with any development within the existing structure has no relative importance. Execution of the ideas is important as it dales with hard work, patience, efficiency and is directly linked to the overall growth and development.
Question 2: what are the basic skills and requirements for an entrepreneur in running a business?
Answer: every entrepreneur is guided by its governing principles and skills that helps in emergence of innovation and new ideas., the most important skills associated with the success of entrepreneurship are the adaptability and acceptability of failures, and needs to accept challenge and change, strong cross functional skill base and strong business skills.
Summary: The analysis of the questionnaire has contributed in a wide variety of fields that helps in connecting relationships and inter-dependencies among the following elements such as innovation, political regime, economic and social development.Entrepreneurship skills and competences needs to be identified and accordingly assessed for continuous in attaining positive entrepreneurial learning outcomes.