After that, it will suggest strategies can be adopted in pursuit of intrapreneurship culture. First of all, there are a lot of references to illustrate Intrapreneurship and there are various aspects to compare it with Entrepreneurship. Basically, Intrapreneurship is” the willingness or ability of people within a large company to take direct responsibility for turning ideas into profitable new products, services, businesses” (Cambridge Dictionary). Steve Ballmer the former CEO of Microsoft is the example of Intrapreneur he did not start the company but Bill Gates who launched Microsoft he brings Ballmer to leaders the company. Form another hand, Entrepreneurship is "skill in starting new businesses, especially when this involves seeing new opportunities”(Cambridge Dictionary).
93). Entrepreneurs have certain characteristics or qualities that set them apart from a regular individual. One quality is that they are able to see the potential or the possibilities within an innovation. The entrepreneur must also display leadership qualities to be able to actually push the product or innovation out into the world. Schumpeter discovered these personality traits of certain groups of people when he discovered the source of economic change.
1. INTRODUCTION In today’s uncertain economic environment, it is important to create new sources of income due to the factors like high unemployment and low real wages. One of the best way to do so is to create new entrepreneurs. It not only creates new sources of income but also generate new jobs to the economy. Hisrich (1990) defined that an entrepreneur is someone who have the ability to organize social and economic mechanisms to turn resources and situations to practical account, and accepts risk and failure by demonstrating initiative and creative thinking.
Problem solving is where entrepreneurs identify gaps in the market which leads to creativity for a solution, innovation to implement the solution which triggers economic development because of production of goods and services in the economy. “An entrepreneur acts as a trigger head to give spark to economic activities by his entrepreneurial decisions.” (http://www.preservearticles.com/201101143326/role-of-an-entrepreneur-in-economic-development.html) In today’s extremely volatile market, creativity and innovation are required more than ever. All businesses strive to implement new fresh products in the market to make profits. Without entrepreneurs we could assume the world would be full of dull homogenous products because of the lack of creativity. Therefore, in my opinion a lot of weight should be kept on entrepreneurship in order for businesses to survive in the market because they lead to the distribution of wealth in the economy and bring interesting ideas into the
Instead, McDonald instilled standardization of products and addition of value to customers through designing process and utilization of resources which developed a new customer base as well as new markets. The entrepreneur is someone who rearranges the resources of land, labour, capital and entrepreneurial ability to create a product or service that provides value to others. He/she is the creator of the economic and social growth. An entrepreneur is often defined as one who starts his own, new, small and medium enterprise and manages his business. The role of Entrepreneurship in economic development is capital formation (mobilizing idle resources), large scale employment, reduced concentration of economic power.successful entrepreneurs should have the following characteristics: leadership, originality ability and self-confidence, the traits are independents, individuality and optimism, innovate, creative, flexible and leadership behaviour, they always task-oriented and future-oriented, and play role of risk
The example of the innovative processes of a company is introduction of new products or services because it can be the process of the existing market collapse. Also, innovative processes will be with taking risks. A company must take the risks when they do innovative processes because it is no wonder that businesses should bear a greater risk for greater profits. On the other hand, it is difficult to find the momentum of growth by preventing change and creating new opportunities when companies are avoiding risks. The second major way in which a company can grow is proactive and competitive positiveness.
On the external side, opportunities are elements, works or projects that the organization could exploit to its advantage. Example of opportunities can be market growth and changing lifestyle. While threats are the external factors and elements that can cause trouble for business and challenge the organization 's performance. Most of the threats can be economic dropdown, competition and government regulations. (Pickton,
It can either make a business or break it. Under-capitalization and Over-capitalization are very harmful to the business. Managing the finance of his business is a big challenge for an Indian Entrepreneur. He must manage both Fixed and Working capital properly. He must borrow money from the right source.
Discuss the Relationship between Entrepreneurship, innovation and development. What role do creativity and problem solving play in this relationship? Introduction: Economic Development and entrepreneurship are directly correlated. Despite of the fact that the world faced severe financial and social stress, yet the entrepreneurs are still enjoying their life due to their innovations and ideas that they brought to the world. While the Keynesian theory after World War 2, dominated discussion of economic development emphasized & focused on the significance of such factors as foreign abet and government development, it is now widely agreed that the entrepreneur is the key driver of economic expansion.
Introduction to entrepreneurs Entrepreneurship refers to the concept of developing and managing a business venture to gain profit by taking several risks in the corporate world. Simply put, entrepreneurship is the willingness to start a new business. Entrepreneurship has played a vital role in the economic development of the expanding global marketplace. An entrepreneur is willing to work for himself and by himself. There are several different meanings of the term entrepreneurship.