Entrepreneurship and Innovation: A Symbiotic Relationship
Added on 2020-05-28
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RUNNING HEAD: ENTREPRENEURSHIP AND INNOVATIONENTREPRENEURSHIP AND INNOVATIONName of the UniversityName of the Student’sAuthor Note
2ENTREPRENEURSHIP AND INNOVATIONExecutive summary:Entrepreneurship is one of the valuable terms that related with the innovation. In our societyentrepreneurship is important to develop the economy and innovation is highly related with thisscenario. Without proper innovation true entrepreneurship cannot be achieved. Innovation is theterm, which an entrepreneur dreamed. Entrepreneur is a person who dreamed about new things,new service to develop the business. Social, economic growth has been achieved by thesuccessful innovation in the entrepreneurship. Advantages of innovation in entrepreneurship arelike proper development of business, achieving competitive advantages and many more.Definitely, there are some flaws as sometime entrepreneur assumes unrealistic innovation, whichleads to the failure. Although entrepreneurship has been standing upon the innovation andentrepreneur is the only person who can make the ides into reality.
3ENTREPRENEURSHIP AND INNOVATIONTable of ContentsIntroduction:....................................................................................................................................41 Definition of entrepreneurship and innovation:............................................................................42. Comparison and contrasting of the benefit of entrepreneurship and innovation:........................53. Comparison and contrasting of detriments of entrepreneurship and innovation:........................74. Economic and social implications of entrepreneurship and innovation:.....................................7Conclusion:......................................................................................................................................9References:....................................................................................................................................10
4ENTREPRENEURSHIP AND INNOVATIONIntroduction:Term entrepreneurship is somehow complex and most of the time guided into the wrongdirection but basically, entrepreneurship refers to the new imagination in new ways to resolve theproblems and to create a new value which makes sense. The concept of entrepreneurship hasmuch broader sense than only to create a new business.. Entrepreneurship is the real part of abusiness that can change the business into the successful stages[ CITATION Cha14 \l 1033 ].On other hand, innovation is the term that can be described as a transformation of an idea intothe reality that precipitated the value for which consumers will pay. Both the innovation andentrepreneurship are important to make the business unique, interesting and a successful businessalways make the structure with blending these two terms. Comparative view of entrepreneurshipand innovation will be described in this paper. Similarities and differences between theentrepreneurship and innovation will also be defined. Importance of these two in the economicand social context will also be described properly for better understanding.There is a difference between business owner and entrepreneurship, business ownerbasically involved in organizing the business structure and to calculate the profit butentrepreneurship can be considered as a leader who guides the whole process properly to gain theuniqueness. A true entrepreneur has many characteristics which turn them as a unique andgenerous person such as a true entrepreneur learn from others failure, has problem solvingattitude, passionate, intellectual and broad-minded to [ CITATION Dru14 \l 1033 ],. It can besaid that entrepreneurship is a vast concept in business but [ CITATION Mar15 \l 1033 ] statedthat every person has a tendency and have a nature to become an entrepreneur butentrepreneurship cannot be achieved, it is the term that can be earned.
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