Entrepreneurship and Business Concept Innovation-Free-Samples

Question: Discuss about the Entrepreneurship and Innovation. Answer: Introduction: Term entrepreneurship is somehow complex and most of the time guided into the wrong direction but basically, entrepreneurship refers to the new imagination in new ways to resolve the problems and to create a new value which makes sense. The concept of entrepreneurship has much broader sense than only to create a new business.. Entrepreneurship is the real part of a business that can change the business into the successful stages(Chatterji, 2014). On other hand, innovation is the term that can be described as a transformation of an idea into the reality that precipitated the value for which consumers will pay. Both the innovation and entrepreneurship are important to make the business unique, interesting and a successful business always make the structure with blending these two terms. Comparative view of entrepreneurship and innovation will be described in this paper. Similarities and differences between the entrepreneurship and innovation will also be defined. Importance of these tw o in the economic and social context will also be described properly for better understanding. There is a difference between business owner and entrepreneurship, business owner basically involved in organizing the business structure and to calculate the profit but entrepreneurship can be considered as a leader who guides the whole process properly to gain the uniqueness. A true entrepreneur has many characteristics which turn them as a unique and generous person such as a true entrepreneur learn from others failure, has problem solving attitude, passionate, intellectual and broad-minded to (Drucker, 2014),. It can be said that entrepreneurship is a vast concept in business but (Maritz, 2015) stated that every person has a tendency and have a nature to become an entrepreneur but entrepreneurship cannot be achieved, it is the term that can be earned. On another hand, innovation is an inborn nature although the difference between entrepreneurship and innovation cannot be extracted easily, innovation is the idea that can be turned into the reality(Souto, 2015).Innovation is much needed to create something new in business, which provides satisfaction to the customers in a new way, and also make the profit for the company. According to the Risk Bearing Theory of Knight based on the economic principle, the entrepreneur is the only person who can take the risk and can draw profit from it. Entrepreneur act as a future anticipating person who can see the future and profit is the reward of the taken risks(Obrinsky, 2015). Challenges can be of different types but an entrepreneur can anticipate the possibilities of success from it. The economy is mainly composed of business and enterprises because business has the ability to change with the demands and provide the exact solution. Entrepreneurship gives the financial support and gain and makes the economy running. This is the main reason behind the emergence of innovation in entrepreneurship. Importance of innovation is much needed to produce new products and in economy, demands for new products are always high(Karlsson, 2014). An entrepreneur is the man who is dreaming about something new and here the term innovation is justified because without innovation it is not possible to achieve the competitive advantages in the market. Innovation is the key factor, which determines the longevity and durability of the business. Entrepreneurship and innovation have started with the market needs and innovation with entrepreneurship mixed up to provide the suitable solution. The most important criterion to be a successful entrepreneur is the sincerity about the current trends and innovation is grown or structured completely following the trends. Entrepreneur realizes the needs and come up with the innovation maybe it is a product or maybe it is a service but successful innovation allows the company to gain in business and durability comes through combination of entrepreneurship and innovation. Innovation and entrepreneurship have been highly related to each other because the success of the company depends on how much an entrepreneur innovates, intensity, the capability of an entrepreneur to innovate and many more(Wu, 2015). An entrepreneur is the dreamer who innovates every time and has the ability to produce new products, which can ease the daily life of the customers. Innovation occurs in every level within an organization and the companies always want something new also from their employees. Importance of innovation in comparison with entrepreneur can be measured through the competition. In oligopoly market, innovation is much needed to stay in the market because competitors pressure is high(Kuratko, 2015). Innovation can be the only solution and entrepreneur is the only man that can push the company to achieve the competitive advantages. Determinants of entrepreneur and innovation are also related interestingly because sometimes entrepreneurship fails to innovate properly and reason can be anything but the issue is that the innovation fails. Entrepreneur sometime assumes unrealistic idea which leads them toward the unsuccessful innovation. It is essential for an entrepreneur to build the idea which is relevant to the market. Unrealistic innovation can discourage the entrepreneur. Entrepreneurship is the concept where entrepreneur is taking the risk but risk can diversely affects the entrepreneurship(Schaper, 2016). This type of uncertain, uncalculated risks devastates innovations and entrepreneur is completely responsible for this failure. It is quite simple that innovation needs money and time. It is always not possible to invest a lot of money at a time for small business even sometime this taken time makes the innovation useless. Determinants of this entrepreneurship and innovation cannot be formulated or written. The whole concept is based on how an entrepreneur anticipates the challenges and develops the idea of innovation(Autio, 2014). It is really unreal to assume that all the idea can be turned into successful innovation. Failure can occur but the intensity of the failures matters for the organization. Entrepreneurship and innovation help to create new business in order to meet the demands of the customers. It is the opportunity to innovate and launch completely new products in the market, which still not exists in the market. This opportunity drives the entrepreneur to open a new business and in the term, it helps to grow the economy. In last decade 20.5% small business has developed in Singapore and beside this 10% medium business also reported which constituted economic growth in Singapore (Phillips, 2015). A new business always needs the employee. This job option helps to uplift the economy and also supports the generation to motivate their lifestyle. 6% employment has been generated in last few years due to involvement of entrepreneurship and innovation. When a new business starts their operation, they export or import to the nearby region and this helps to grow the earning and productivity of this region(Zahra, 2016). Revenue strength of the economy is increased by this. Singapore government implements new policy regarding development of rural areas by setting up new businesses. In order to support the policy government notified every new company to provide the certain amount of taxes to the government. Innovation and entrepreneur make the life of customer easier. An entrepreneur always innovates to make the thing valuable, which can make the life easier(Phillips, 2015). Innovation always increases the social demands and supports the society in order to develop the livelihood. Due to environmental issue, all the Entrepreneurs innovate their products or services to support the environment. For this society is benefited and environment also gets the support which helps to grow a green world. Launching biodegradable packaging system to support the environment is another historical innovation in Singapore and soil and water pollution decreases considerably, which is one of the important social revolution. For this reason, all the entrepreneurs encourage the production of biodegradable packets firms, which in term increase the economic growth. In small and medium size business entrepreneurship and innovation helps to build the social development because rural entrepreneurship allows the people of that area to become more social and this can be occurred only when economy is developed. Economic availability also allows the government to make policy to increase the education level of the country, and also people will become more social, there lifestyle will increase. In last few years Singapore government launches many policies to uplift the rural people and provides free training about different cultural, social activities like computer training, different game training, science conference to reduce the superstitions and many more to develop their regular livelihood (Galindo, 2014). Entrepreneur also follows the CSR (Corporate Social Responsibility) for developing the society by providing certain percentages of money and this is the basic responsibility of every entrepreneur to support the social development like increasing the literacy rate, reducing the poverty and many more. Competition is always beneficial for the economy because all the entrepreneurship wants to beat their rival and for this, they innovates new products, which can give them money. This battle for innovation helps the economy to collect money because demands of the people are increasing and to meet the requirement all the companies create new products to increase their sale. In 2003, ESC (economic strategy committee) supports the long-term strategy to gain the competitive advantages (Galindo, 2014). Competitive advantages increase the social benefit in the society and all the entrepreneur will try to attract more customers fairly by producing quality products at affordable range. This will meet the social demand also as well as economic. Conclusion: From the above essay, it can be concluded that Entrepreneurship and innovation is a related term and both are essential to growing the business properly. Innovation is much needed in Entrepreneurship because Entrepreneur turns the idea into an innovation. Many benefits of innovations are there to enhance the business. Obviously, some flaws are also there. Sometimes innovation fails and causes the loss but still to create a successful Entrepreneurship innovation has been needed. Economic and social growth is also can be achieved by the innovation and Entrepreneurship makes the new products to support the economy and society. References: Autio, E. K. (2014). Entrepreneurial innovation: The importance of context. Research Policy, 1097-1108. Chatterji, A. G. (2014). Clusters of entrepreneurship and innovation. Innovation Policy and the Economy, 129-169. Drucker, P. (2014). Innovation and entrepreneurship. Routledge. 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