Also, producers can come up with the incremental innovation to improve the product line that suites to the recent lifestyles of consumers or users such as Apple that has developed their phone series from a normal touch screen phone to a touch and face ID to unlock the devices. However, there are some importances of innovation in entrepreneurship as it is considered as a key value for a business longevity. If there is no innovation in entrepreneurship, the business would not be able to survive for a
is a person who is engaged in production activities and makes certain payments to owners of production in factories in expectation of uncertain receipts and is bearing non-insurable risks1. An entrepreneur is one who uses innovation to maximize his profits. He also uses Innovations for solving the problems, to grab the opportunities present in the market and to face the challenges in the market.2 The New Encyclopedia Britannica considers an entrepreneur as “an individual who bears the risk of operating
last decades. In today’s dynamic business Environment, aggressive competitiveness, penetration of globalization nd international business, with limited resources these all increase the importance of strategic management to achieve the maximum profit the organization targeted to reach ,
INTRODUCTION: During the past centuries, entrepreneurship has been viewed by researchers as the critical sources of organizational survival and growth in the national economic evolution. Entrepreneurial activities and technological innovation have been widely recognized as crucial factors for national economic development in economies. The theorist Joseph Schumpeter [1] was praised as the “prophet of innovation” [2] since his theory of Economic development has been published. This theory was considered
Today, any country’s economic growth has to slot in entrepreneurship as one of the most critical factor. Entrepreneural activities give birth of number of opportunities in the economy. Micro and small enterprises can be named for this purpose. Innovation can be geared up with the initiative of entrepreneurship. In global environment entrepreneurship has also gained importance. The term “entrepreneurship” comes from the French verb “entreprendre” and the German word “unternehmen”, both means to
factors in an entrepreneurial business creation. A review of literature identified three main schools of thought in regard to entrepreneurship and SMEs. First, a humanistic school of thought focuses on the entrepreneurs and their personal respective concerns. Accordingly, the entrepreneur's personalities and backgrounds including family, education, work experience and entrepreneurship, gender, age etc., play decisive roles in creating successful new. Second, the environmental factors were forwarded as influencing
Entrepreneurship embraces talents and skills that teachers in conventional classrooms might otherwise penalize. “Entrepreneurs are anomalies; they don’t fit in,” Young says. They may not be “book smart” but thrive if given an opportunity to utilize their people smarts and risk-taking skills, he says In other words, affluent backgrounds often do not encourage kids to take risks and make mistakes, which are necessary for cultivating ingenuity. Perhaps if students were to study entrepreneurship, they
the daily operation and its success. Innovation architecture is important to profitability, growth and sustainability. Innovation is, therefore, an integral component in most profitable and successful business models. Companies and organizations must embraced innovation architecture to improve the efficiency, remain competitive and make their business operation sustainable throughout the changing market and its demands. Microsoft Microsoft uses an innovation architecture framework, which is geared
INTRODUCTION Dubai’s position to appear as a developing market had made it an optimal place for the development of entrepreneurship. New residents from different countries have been an advantage for Dubai to open even more markets. The government also supports upcoming entrepreneurs through various organizations that help in advancing the young and fresh entrepreneurial talents. These organizations aim at stimulating young leaders in becoming an essential part in improving the regional economy. They
Entrepreneurship: A Journey from Rags to Riches When I was reading several literatures to develop this research paper, although, I was impressed from the story of male Indian entrepreneur (Late Dhirubhai Ambani), which made me emotionally snooping to know about how he had been a winning entrepreneur. In the very beginning time as narrated in the story, he started his business from a tin of groundnut. In the beginning, he purchased some amounts on credit from one of local wholesaler, and he sold in