Why True Innovators Must Behave Like Entrepreneurs
ENTREPRENEURSHIP AND INNOVATION
Analysis of the Relationship between Entrepreneurship and Innovation
According to the author, personal entrepreneurship is the ability of a person to trade in goods and services for the purposes of creating wealth for the individual, while personal innovation is the ability to generate new ideas for the purpose of creating new or improved products or services. The author further argued that organizational entrepreneurship is the knack of the registered business to exchange its goods and services for the purpose of generating profits, while organizational innovation is the knack of a registered company to come up with new products and services for improved delivery of products and services to its customers. The two complement each other and can never be separated if the business is to thrive as well as remaining competitively advantage. You can have business ideas but if you cannot improve on them sooner or later you will find yourselves beaten down and out of business while it is good to have new and brilliant ideas but if you cannot trade them then you are also out of business.
In his research Hunter. (2012) argued that the concept of “locus of control” has some level of influence with people who are entrepreneurs in that, people with the internal locus of control will take charge and believe they can turn around the environment while people with external locus of control don’t take charge and believe they do not have the ability to turn around the environment around them. Hunter. (2012) further argued that entrepreneurs belong to the group of people with internal locus of control. According to the study done by the Harvard business review titled “Can startups help turn the tide? “ When times are very difficult with very few jobs, people are forced to become innovative and entrepreneurs. The article revealed that successful businesses such as IBM, Disney and Microsoft where birthed during world economic meltdown. It was during
Analysis of the Relationship between Entrepreneurship and Innovation
According to the author, personal entrepreneurship is the ability of a person to trade in goods and services for the purposes of creating wealth for the individual, while personal innovation is the ability to generate new ideas for the purpose of creating new or improved products or services. The author further argued that organizational entrepreneurship is the knack of the registered business to exchange its goods and services for the purpose of generating profits, while organizational innovation is the knack of a registered company to come up with new products and services for improved delivery of products and services to its customers. The two complement each other and can never be separated if the business is to thrive as well as remaining competitively advantage. You can have business ideas but if you cannot improve on them sooner or later you will find yourselves beaten down and out of business while it is good to have new and brilliant ideas but if you cannot trade them then you are also out of business.
In his research Hunter. (2012) argued that the concept of “locus of control” has some level of influence with people who are entrepreneurs in that, people with the internal locus of control will take charge and believe they can turn around the environment while people with external locus of control don’t take charge and believe they do not have the ability to turn around the environment around them. Hunter. (2012) further argued that entrepreneurs belong to the group of people with internal locus of control. According to the study done by the Harvard business review titled “Can startups help turn the tide? “ When times are very difficult with very few jobs, people are forced to become innovative and entrepreneurs. The article revealed that successful businesses such as IBM, Disney and Microsoft where birthed during world economic meltdown. It was during
References: Can startups help turn the tide? (2012). Harvard Business Review, 90(9), 30–31. Retrieved from the Walden Library databases. Dyer, J. H., Gregersen, H. B., & Christensen, C. M. (2009). The innovator’s DNA. Harvard Business Review, 87(12), 1–9. Retrieved from the Walden Library databases. Ekore, J. O., & Okekeocha, O. C. (2012). Fear of entrepreneurship among university graduates: A psychological analysis. International Journal of Management, 29(2), 515–524. Retrieved from the Walden Library databases. Hunter, M. (2012). On some of the misconceptions about entrepreneurship. Economics, Management, and Financial Markets, 7(2), 55–104. Retrieved from the Walden Library databases. Why true innovators must behave like entrepreneurs [Editorial]. (2012). Marketing Week, 35(31), 10. Retrieved from the Walden Library databases.