For identifying the business opportunities the entrepreneurs should access the information that is available and think of a plan to capitalize on that opportunity. For an business idea which is new to the market higher level of creativity is not required but for an idea which is almost existing in the industry a higher level of creativity is necessary to showcase the product in a different way when comparing the competitors or existing players. Individual creativity is not the only skill necessary for innovative business idea because lack of information may lead to invent things that are already available. To commercialize on an idea funds are more important but no venture capitalist or investor would be interested if he doesn’t get benefitted and we have to show
(Oke, Burke and Myers, 2007) suggests that one of the major reason for SMEs to come into existence is the development of radical innovation. Though research suggest that entrepreneur’s ability to act as an innovator and analyse the external environment for decision making plays a major role in the innovation process of such SMEs. Research conducted by (printed article) on the question of a link between the growing sales turnover of the SMEs and the innovation, clearly establishes the relation between the two by endorsing the importance of innovation and providing further backing for encouraging the innovation in the upcoming SMEs. It has also been mentioned that the regular governmental initiatives and policy alterations to promote radical innovation in SMEs inclines these SMEs towards further development by encouraging them. Such support promotes the SMEs to enter global markets and cross the geographical boundaries
INTRODUCTION “Start-ups pursue opportunity with resources that don’t match the task; although they may have one or two critical ones such as a product idea or access to an experimental customer, they lack all the resources required to win.” In this ever growing world there is immense possibility and opportunity for coming up with new ideas, bring them to reality and let the individual as well as the society benefit from it. To do this an entrepreneur should possess certain characteristics. These characteristics include and are not limited to understanding of the market environment, business understanding, ability to project and estimate cost and incomes, bringing ideas to reality. The list doesn’t end here. Hence, this report is made to bring
5.1.1 Introduction Nowadays, it has become tough to land a job, but entrepreneurs make it easier with their entrepreneurial activities. Entrepreneurs with their innovative ideas and methods create jobs for themselves as well as for others. They often require more than just their skill set and personal initiative to convert their idea to a consumer product or service. Here, they need the services and skills of other people. For example: Bill Gates and Paul Allen started Microsoft, as a small software company in 1975.
This is because it makes them change their existing behaviour patterns. An entrepreneur makes the ideas available to others for their benefit. Thus, an entrepreneur paves the way for the acceptance of new ideas or methods by the society. An entrepreneur's confidence, enthusiasm and energy help him in overcoming the society’s resistance to
Introduction Being a successful entrepreneur means more than starting new ventures every other day. It means the right attitude towards a business and the determination and grit to achieve success. They should not only set big goals for themselves but also see that they are actually committed to achieving them regardless of the countless setbacks that occur. A successful entrepreneur always has a strong sense of self confidence and a healthy opinion of their skills and abilities. Their personality is assertive and strong.
Essay about the benefits of Entrepreneurs in companies by Jan-Niklas Lindgens The foundation of innovative and knowledge-intensive enterprises is the basis for economic development and the long term assurance of prosperity in the global knowledge society. Hence, it is important to point out how companies can grow and use Entrepreneurs strategically to perform better. The ambition of young graduates to become an entrepreneur is not an occurrence of the 21th century, but it definitely has changed approximately during the last decades. One of the outstanding examples is the Entrepreneur and Apple-Founder Steve Jobs, who caused a profound change through creative ideas. In the US the majority of the sustained pace of net job creation is based on innovative and rapidly growing start-ups and business expansions in fast growing industries and fields of technology.
An entrepreneur may be experienced a lot of failures before experience a success as the failures become a supportive sight to be better in future planning. Everything will not be right at all time, so an entrepreneur should learn positively from the failures and use that as the chances to try something new for upcoming business planning. The owner of Adzie Cafe and Bakery said that an entrepreneur should has strong and positive mentality to maintain in business industry. There might be a lot of challenges out there to maintain and stabilizing a business, but to become a successful entrepreneur, we should be able to take the challenges as the opportunities for us to be a proactive entrepreneur and should not easily give up over that uncertain circumstances that would not guaranteed us any good
This process allows for newer, more innovative ideas to be adopted and adapted within a business environment for newer products, services, methods of production, and overall productivity to be improved. According to Toma. S. and Grigore, A. and Marinescu, P. (2014) “Several dynamic forces, such as technological disruption, fluctuating economies or demographical changes, have brought new opportunities and threats for organizations, and transformed societies from all over the world.” Factors that affect entrepreneurship, according to Farouk, A. and Ikram, A. (2014) include “motivational, the need for achievement, the need for autonomy, a passion to develop its own idea, individual characteristics, work experience, and teaching.” These factors will have an effect on the opportunities presented to an entrepreneur, as well as how effectively the entrepreneur can act upon these
In a continuously adapting and modernising business environment, the need for innovation and entrepreneurship becomes imperative to business growth and survival. With the need for these two terms in a contemporary business environment, an understanding of their similarities and differences is key to exploiting them successfully. In this essay, an exploration of the common and the distinguishable features of entrepreneurship and innovation will be discussed. Through this, a comprehension of both the benefits and the detriments of each term are uncovered. Consequently, how entrepreneurial and innovative activity has contributed to economic and social development of the last decade can be assessed.