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To browse Academia. Skip to main content. Log In Sign Up. Download Free PDF. Unit Entrepreneurship: An Introduction. Virupaxi Bagodi. Download PDF. A short summary of this paper. In India too, there has been a significant change in the mindset of the society. So what is entrepreneurship? And who are entrepreneurs? These are the main topics we are going to explore in upcoming units. The concept of entrepreneurship is a complex phenomenon.
Broadly, it relates to the entrepreneur, his vision and its implementation. Entrepreneurship refers to a process of action an entrepreneur person and it is a creative and innovative response to the business environment.
It promotes capital formation and creates wealth, and it has the thrill of risk, change, challenge and growth. Entrepreneurship extends beyond a conventional business and economic perspective. Entrepreneurship is a composite skill, which include imagination, readiness to take risks, ability to bring together and Eon 1962 Wooden Watch 003 put to user other factors of production, capital, labour, land, as also intangible factors such as the ability to mobilize scientific and technologic advances.
One of the qualities of entrepreneurship is the ability to discover an investment opportunity and to organize an enterprise, thereby contributing to real economic growth.
It involves taking of risks and making the necessary investments under conditions of uncertainty and innovating, planning and taking decisions. Entrepreneurial firms create jobs, contribute to economic growth they reshape the business ecosystem, create an environment where they play a major role in introducing innovations, commercializing new technologies, opening new market, and creating value by combining resources in exciting new ways.
In India various social changes are taking place like, increase in literacy levels, greater consumer awareness, enhanced media penetration, and basic changes in family structure. These changes are bound to result in a higher level of entrepreneurial activity in future.
So whether you want to be the next Michael Dell, Bill Gates, or Ambani brothers, or whether you just want to achieve your own personal dreams, understanding entrepreneurship is an important first step!
Wherever you turn these days, you will come across the term entrepreneur or entrepreneurship. Pick up a current newspaper or magazine or turn on TV news broadcast. Entrepreneurship is a popular topic these days!
So it is necessary to know what it is. There are about as many definitions of entrepreneurship. Everyone seems to have his or her own views about what it is and in the same way they have defined it.
In substance, it is the risk-taking ability of the individual, broadly coupled with correct decision-making. It is a creative and innovative process and adapting response to environment. This concept can be seen in Figure 1. Many authors have said that identifying and pursuing opportunities are an important part of entrepreneurship. According to H. This definition states that entrepreneurship is goal-oriented process involving production or distribution of products and goods.
It may be undertaken by person or by group of persons. According to V. It involves risk-bearing and relatively dynamic leadership. It is a leadership rather than an ownership. According to Howard W. In the words of W. John J. Kao has developed a conceptual model of entrepreneurship. This model is presented in Figure 1.
Kao contributes a great deal to the emergence as well as sustenance of entrepreneurship and entrepreneurial talent in the prevailing business environment. It is a practice. It has a knowledge base. Knowledge in entrepreneurship is a means to an end. Indeed what constitutes knowledge in practice is largely defined by the ends; that is, by the practice.
Entrepreneurial secret for creating value is creativity and innovation. Entrepreneurship is the result of a disciplined, systematic process of applying creativity and innovation to needs and opportunities in the marketplace.
The terms creativity and innovation are often used to mean the same thing, but each has a unique connotation. A person may therefore conceive of something new and envision how it will be useful, but not necessarily take the necessary action to make it a reality. Innovation is the process of doing new things. This distinction is important. Simply having a great new idea is not enough; transforming the idea into a tangible product, service or business venture is the essential next step.
Innovation, therefore, is the transformation of creative ideas into useful applications, but creativity is a prerequisite to innovation. Entrepreneurship requires business owners to be bold enough to try their new ideas, flexible enough to throw aside those that do not work, and wise enough to learn about what will work based on their observations of what did not.
Entrepreneurs develop new ideas and, from their ideas, establish new enterprises that add value to society. Creative thinking has become a core business skill, and entrepreneurs lead the way in developing and applying that skill. But to entrepreneurial, an enterprise has to have special characteristics over and above being new and small. Indeed, entrepreneurs are a minority among new businesses. They create something new, something different; they change on transmute values.
A recent study by the Small Business Administration found that small firms produce more economically and technically important innovations than larger firms. Millions of people come up with creative ideas for new or different products and services; most of them, however, never do anything with them.
Entrepreneurs are people who connect their creative ideas with the purposeful action and structure of a business. Thus, successful entrepreneurship is a constant process that relies on creativity, innovation, and application in the marketplace. Creativity � A necessity for Survival: In this fiercely competitive, global world, creativity is not only an important source for building a competitive advantage, but it is also a necessity for survival.
When developing creative solutions to modern problems, entrepreneurs must go beyond merely relying on what has worked in the past. Ideas usually evolve through a creative process whereby imaginative people germinate ideas, nurture them, and develop them successfully. Various labels have been applied to stages in the creative process, but most social scientists agree on five stages.
Bolton and Thompson associate invention closely with creativity but link it with entrepreneurship if the invention is to become a commercial opportunity to be exploited. This creativity is turned to practical reality a product, for example through innovation. Entrepreneurship then sets that innovation in the context of an enterprise the actual business , which is something of recognized value.
High Creativity Low Entrepreneurship Figure 1. Only in quadrant A is there a, winning combination, of creativity and entrepreneurship. In quadrant B there is a firm struggling with too many wasted ideas. It lacks an entrepreneur with the ability both to see the commercial application of the idea and to exploit it. In quadrant C there is a firm that lacks creativity but can at least copy and perhaps improve on creativity coming from other firms if they have a commercial application.
Firms in quadrant D lack creativity and entrepreneurship are certain never to grow and indeed their survival may be questioned. Innovation and Entrepreneurship If creativity is the seed that inspires entrepreneurship, innovation is the process of entrepreneurship. According to him innovation does not happen as a random event. Central to the process is the entrepreneur.
It is they who introduce and then exploit the new innovations. Sometimes innovation involves Wooden Award Watch List 2020 Windows generating something from nothing. However, innovation is more likely to result from elaborating on the present, from putting old things together in new ways, or from taking something away to create something simpler or better. Peter Drucker believes that innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or a different service.
Entrepreneurs need to search purposefully for the sources of innovation, the changes and their symptoms that indicate opportunities for successful innovation.
And they need to know and to apply the principles of successful innovation. Change provides the Wooden Hand Watch Buy Online Express opportunity for innovation to make an economic return. Innovations have to break the mould of how things are done. The innovation can, of course, be of varying degrees of uniqueness. Most innovations introduced to the market are ordinary innovations, that is, with little uniqueness or technology. As expected, there are fewer technological innovations and breakthrough innovations with the number of actual innovations decreasing as the technology involved increases.
Earlier, we defined innovation as the process of doing new things. It is important to recognize the innovation more focus on action not conceiving new ideas only. When people have passed through the Realization and Validation stages of creativity process, they may have become inventors, but they are not yet innovators.
The difference between creativity and innovation is shown in Figure 1.
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