Entrepreneurship And Innovation Samples †MyAssignmenthelp.com

Question: Discuss about the Entrepreneurship And Innovation. Answer: Introduction In all around the world there are several innovations that are going on in various industries. This is a result of ideas of entrepreneurs (Drucker, 2014). There are many new SME have come up due to the entrepreneurship qualities that is present in many individuals. Due to various researches in all the fields there are many innovations that are getting possible. The entrepreneurs take use of these to solve some of the social problems as well as utilise them to gain economic benefits (Sahut Peris-Ortiz, 2014). This report highlights the similarities and differences between innovation and entrepreneurs. It also discusses about the activities that contributed to social and economic development in past few years. Compare and Contrast between innovation and entrepreneurship Innovation and entrepreneurship are part and parcels of each other. There are many examples all around the world where entrepreneurial innovation have changed the lives of the people and made a revolution in the industry (Crumpton, 2012). Many a times innovation has led to a start of new kind of industry. Even after being such a close connection, these two are extremely different things. Similarities Innovation and Entrepreneurship both leads to foundation of new items that can be highly beneficial for the society. Some new kind of products gets developed which helps in solving many of the day to day problems of the society. It is often designed as per the need of the market or the people that is present in it. There are various needs of the society and the innovation and entrepreneurship aims to remove that from their products. Both of these require an extensive amount of research so that their product idea does not fail. These researches are done based on the need of the people which is understood by doing market research (Brem, 2011). An Innovative approach is used for doing research. They also require a considerable amount of investment to be done so as to carry out various operations. Most of the money is required in doing the research like the market research and availing all the equipment that will be required for doing research and setting up the inventory for production. Many of the innovations get failed because they have not done proper research before producing products about the actual viability of its in the market. Both entrepreneurship and Innovation always needs to be planned so as to safeguard it from getting failed. In the last few decades most of the innovation or entrepreneurial activities failed due to the reason that they do not have been planned. The idea without a plan is unable to provide the required benefit (Mitra Borza, 2011). The planning must be done about everything from starting of research to the final sale of the products in the market. It helps in availing maximum benefit from the idea as well as it also assists in proper utilisation of resources which is always necessary in the case of company that are making the start. This is due to the reason that they do not have larger amount of resources in the starting. Entrepreneurship and Innovation has to be unique so as to provide maximum of benefits. It is not always necessary in the case of Entrepreneurship but in the case of Innovation it is highly essential. Uniqueness in product always provides a greater possibility for success. This is also due to the reason that there is always a less chance of facing a competition from other products. It also enhances the chances that some new problems of daily lives get solved through it. Idea behind Innovation and Entrepreneurship has to be protected so as to have maximum benefit from it. There is always a chance that it can be utilised by someone else so as to achieve benefits from it (Galindo Mndez, 2014). In order to reduce this problem there are many intellectual property rights they can be taken. This safeguards the rights of people to achieve maximum benefits from the innovation they have made. There are many examples where people have taken the idea of others for their entrepreneurship activities. Dissimilarities Innovation is implementing your creativity for coming up with the new idea or solution. It is a something new that has the power to solve what was not possible in previous times. Progress always depends on the innovation made in the field. More the innovation more is the chances that company or organisation can get greater benefits and has a higher capability of making inventor or researcher rich (Ortho Spine News, 2018). On the other hand entrepreneurship is implementing the innovation so that idea can be given life. It is sometimes also called as the social innovation. It is always driven by the capability of the person to do it. It is more of a grasping of opportunity to attain benefits. Entrepreneurship builds business based on the innovations that has been made. Entrepreneurship always supports innovations and provides strength for doing more innovation. One of the major examples in this regard is Henry Ford who took use of the innovation of most probably Karl Benz to convert th e motor powered engines into car, for his own benefit. This helped Henry Ford to develop cars that changed the world forever and made him the owner of $200 dollars property. Other difference between the two is that innovation is always new while Entrepreneurship can be copy of some others ideas. There are many examples where the people who even do not have the original idea got success. For example in the field of IT technology there are many companies which have achieved success with it. Basic difference between the two can be understood by the point that innovation means something new while on the other hand converting that idea or innovation into a business opportunity is known as entrepreneurship (Nathan Lee, 2013). Other big difference between the two is that innovation is never riskier while the entrepreneurship is always riskier. This can also be understood in the terms that innovation always has the capability of giving something new it is not vague. It is always capable of solving some or the other problem while entrepreneurship always gives an extra option to the people and if they are unable to convince the demand of the market then there is always a chance that it can fail. Innovation and Entrepreneurship activity contribution towards social and economic development Both innovation and entrepreneurship has the capability of solving social and economic problems of the society. In order to understand the economic development done by innovation and entrepreneurship is as follows: In social regards The innovation related to the technology especially in terms of artificial intelligence has helped a lot of people in solving their day to problems (Maclean, Harvey Gordon, 2013). For example Artificial intelligence in Medical sciences have helped people who are suffering from chronic disease in their medication. It has also reduced the number of errors in detecting and operating a disease. On the other hand the Innovation such as Social media Applications has united people all around the globe (Keohane, 2013). It became one of the modern facilitators of world being a global village. It helped in sharing ideas, have interaction and support each other while being from far off places. Another example in this regard is Tablet which does all the functionalities of computer and then also provides mobility to the people. On the other hand the sale of products through online mediums empowered people to avail products while sitting at home. This saved a whole lot of time of the people. In economic regards Many innovations and entrepreneurship has provided economic benefit to the people and the country. There are entrepreneurship examples that have come up with a new business which has added to the financial resources of the country (Szirmai, Naud Goedhuys, 2011). It is also providing jobs to many of the people which are making them financially capable of leading their lives (Eesley Miller, 2017). In the last decade there are millions of new businesses have come up which is improving to the economic condition of the society. On the other hand the innovations like the social media have given jobs to many people. This innovation helps to reduce the cost of marketing as the company can reach to larger set of consumers with the help of very few people. The innovations like multipurpose satellite helps in saving lot of countrys money as for various purpose a single satellites are now a days used. Many innovations have helped entrepreneurs in formulating them into the new idea Conclusion From the above based report it can be concluded that there are many innovations that are going on. This also assisted people in coming up with a new idea known as entrepreneurship. Both innovations and entrepreneurship are connected with each other but still there is a big difference between the two. Innovation and Entrepreneurship are always driven by the demand of the market and often fails when it is unable to fulfil the needs of the people. Both Innovation and Entrepreneurship in the last decade has helped in the development of the society and the nation. It can be clearly understood with the examples provided. References Brem, A. (2011). 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