Entrepreneurship and Innovation
Entrepreneurs innovate. Innovation is the specific instrument of entrepreneurship. The act that endows resources with a new capacity to create wealth. © Peter Drucker.
Innovation distinguishes between a leader and a follower. © Steve Jobs, Apple.
As time goes on, nothing remains the same in our world. Seasons, weather, relationships, human emotions, everything is affected by time- everything keeps changing. The same thing is in market industry. The progress is unstoppable and if one product is a hit today, it could most likely be replaced by another one hit tomorrow. When setting up a business, entrepreneur needs to learn how to deal with these constant changes of our life in order for the business to survive. In such time of change the best way the business can prosper is to innovate (Drucker, 1985). This essay will define main concept of innovation, explain how it is important in entrepreneurship and will give some examples of well known cases of corporations becoming successful by innovating. In order to state how setting a business related to innovating, it is essential to gain an understanding about what is exactly the meaning of innovation. Surely, the word itself is familiar to us; we can often notice someone use it while watching television, listening to the radio or surfing through the Internet. But if somebody came and asked you directly what innovation is, what would be your answer? Would it be something like “innovation is invention plus introduction” (Nordfors, 2009) or “innovation may be defined as exploiting new ideas leading to the creation of a new product, process or service” (Shukla, 2009)? Interested, I even asked my friend and after some time she spent thinking she replied:” A some change in market, I guess.” So which one of these definitions made by completely different people is the correct one? Actually, the all seem to be right is some way, and if we combine them, most likely we will get the proper answer.
The
Innovation distinguishes between a leader and a follower. © Steve Jobs, Apple.
As time goes on, nothing remains the same in our world. Seasons, weather, relationships, human emotions, everything is affected by time- everything keeps changing. The same thing is in market industry. The progress is unstoppable and if one product is a hit today, it could most likely be replaced by another one hit tomorrow. When setting up a business, entrepreneur needs to learn how to deal with these constant changes of our life in order for the business to survive. In such time of change the best way the business can prosper is to innovate (Drucker, 1985). This essay will define main concept of innovation, explain how it is important in entrepreneurship and will give some examples of well known cases of corporations becoming successful by innovating. In order to state how setting a business related to innovating, it is essential to gain an understanding about what is exactly the meaning of innovation. Surely, the word itself is familiar to us; we can often notice someone use it while watching television, listening to the radio or surfing through the Internet. But if somebody came and asked you directly what innovation is, what would be your answer? Would it be something like “innovation is invention plus introduction” (Nordfors, 2009) or “innovation may be defined as exploiting new ideas leading to the creation of a new product, process or service” (Shukla, 2009)? Interested, I even asked my friend and after some time she spent thinking she replied:” A some change in market, I guess.” So which one of these definitions made by completely different people is the correct one? Actually, the all seem to be right is some way, and if we combine them, most likely we will get the proper answer.
The
References: Bessant, J. and Tidd, J. (2007) “Innovation and Entrepreneurship.” John Wiley & Sons Ltd, Chishester, UK. Drucker, P. (1985) foreword by Bones, C. (2007) “Innovation and Entrepreneurship.” Elsevier, Oxford. Gates, B. (2005) speaking with Peter Jennings of ABC News. http://findarticles.com/p/articles/mi_m0KJI/is_4_117/ai_n13651490/ Nordfors, D. (2009). What is Innovation? http://www.america.gov/st/scitech-english/2009/November/20091109105608ebyessedo0.6893579.html Schumpeter, J. A. Capitalism, Socialism and Democracy (New York: Harper, 1975) [orig. pub. 1942], pp. 82-85 Shukla, A Swedberg R. and Knudsen T. (2010). Schumpeter 2.0. The American. TheGreatIdeaFinder (2006). Fascinating facts about James Dyson inventor of the Dyson vacuum cleaner in 1978. http://www.ideafinder.com/history/inventors/dyson.htm Wikipedia, the free encyclopedia (2010). Creative Destruction. Wikipedia, the free encyclopedia. (2010) Innovation. http://en.wikipedia.org/wiki/Innovation