Entrepreneurship and Innovation Assignment (Doc)
11 Pages2768 Words28 Views
Added on 2020-09-08
Entrepreneurship and Innovation Assignment (Doc)
Added on 2020-09-08
ShareRelated Documents
Entrepreneurship andInnovation
Table of ContentsINTRODUCTION...........................................................................................................................1TASK...............................................................................................................................................1Different types of entrepreneur ventures.....................................................................................1Importance of mini research in innovation process....................................................................3Difference between invention and innovation............................................................................3Value and importance of innovation to organisation and how this can be embedded within theleadership and culture in organization........................................................................................44Ps of innovation which support capability and management of organization..........................5Approaches organization used at the time of innovation funnel and frugal innovation.............6Steps used by the company while introducing new products and services.................................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
INTRODUCTIONEntrepreneurship is an effective process of designing and launching a new business withnew ideas. Basically, it is a small business which contributes in improving overall growth of theeconomy of the country. The person who operates this kind of business is called as anentrepreneur (Anderson, Potočnik and Zhou, 2014). Mainly, it is based on innovation becauseentrepreneurs set new and innovative ideas and products in market place to generate largeprofits. Along with this, it also helps in providing employment to the local people in order toimprove their living standard which directly contributes in developing economic growth. Presentreport is based on Brooklands Hotel which operates their business at small scale and providestheir services to its customers. Mainly, they focus on producing new and innovative services inorder to enhance their profitability level. This report discussed about difference betweeninnovation and invention. Along with this, 4P's of innovation and its importance is alsomentioned in this project which leads in increasing profitability level of the company at marketplace. TASKDifferent types of entrepreneur venturesIn today's business environment, various entrepreneurial ventures are there who operatetheir business with new and innovative ideas using limited capital with the purpose of generatingprofits. They also take risk for attaining better results and responsible for any kind of aspects.Mainly, those individuals have various innovative ideas to run their business in order to offernew and quality products in market place. It directly helps in improving the economic growthand at the same time, also satisfies their customers by providing them quality services. Entrepreneur:An individual develops a new business with the purpose of generating revenue called asentrepreneur. They are innovator and risk taker by which they start their business with limitedcapital in order to attain profitability level at market place by introducing new services to itscustomers (Boh, De-Haan and Strom, 2016). Entrepreneurship process also provide employmentto other local people to develop their business which leads ion improving the economiccondition in effective manner. In this context, there are various type of entrepreneur who operate1
their business in market place to enhance their profit and business growth. They are also affectedby the external and internal environment. All these can be understood by following points:Serial entrepreneurs: These entrepreneurs start their business in small level and selling itanother entrepreneur to run it effectively (Chell and et. al., 2016). They are moreinnovative and creative in which they set their business in effective manner and providebetter services to its customers. Social entrepreneurs:They are those individuals who initiate their business with thepurpose of providing better social welfare rather than earning profits. They are hard-working and easily accept challenges in order to resolve people’s issues in an effectivemanner and provide them with better solutions to remove their problem and improve theirlifestyles.Female entrepreneurs:These types of entrepreneurs mainly focus on empoweringfemale staff members. Apart from this, women own and control their business whoresponsible for determining employment.Concept of entrepreneurship:It is an effective process which is used by the people to design and launch their businessin market place with the purpose of attaining profits. Basically, they start their business at smallscale in order to provide new and innovative products and services to expand their business in aneffective manner. As per current scenario, it can be stated as innovative products which needsmoney and time to make a successful business at market place. This can be aid in improvingeconomic growth by delivering quality services to its target audience and attain better place atmarket. Along with this, some key ventures of entrepreneurs are as follows:Small business entrepreneurship:As per current scenario, these are more effectiveventures which operate their business in UK. In this, government authorities also providefinance to small business to operate their activities. Along with this, approximately 5million small businesses operate in market. It helps in improving the growth level of theeconomy of the country (Decker and et. al., 2014). Grocery stores, cafe and consultancyfirm comes under small enterprise with the aim of attaining profits.2
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Typology of Entrepreneurship: PDFlg...
|15
|4907
|161
Entrepreneurship Venture Typologylg...
|15
|4631
|50
Entrepreneurship Ventures: PDFlg...
|16
|4507
|55
Entrepreneurship & Small Business Management (pdf)lg...
|16
|4593
|26
Entrepreneurship and Small Businesses Managementlg...
|18
|5588
|69
Key Aspects about Entrepreneur : Reportlg...
|15
|5019
|195