GSBS6012 Entrepreneurship and Innovation

Running head: ENTREPRENEURSHIP AND INNOVATION
ENTREPRENEURSHIP AND INNOVATION
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ENTREPRENEURSHIP AND INNOVATION1
Abstract
The purpose of this paper is to understand and contrast the concept of independent
entrepreneurship, intrapreneurship and social entrepreneurship based on the key aspects of
person, environment, outcome and process. The paper highlighted the forms of
entrepreneurship by discussing the entrepreneurship model. The paper concluded by
presenting
Keywords: independent entrepreneurship, social entrepreneurship, intrapreneurship,
entrepreneurship

ENTREPRENEURSHIP AND INNOVATION2
The process of constructing, designing and launching a new product or business by
incorporating the capabilities of managing and organizing the available resources for risk
mitigation is known as entrepreneurship (Link, 2017). The paper tends to argue on the
contrasting features of the different forms of entrepreneurship in regards with person,
environment, process and outcome. The paper will discuss the concept of independent
entrepreneurship, intrapreneurship and social entrepreneurship based on the __model. The
paper will present the discussion with the backing of substantial examples.
Independent or private entrepreneurship refers to the activities of an independent
firm. There are various types of entrepreneurs such as inventor entrepreneurs, pattern
multipliers, multiple venture entrepreneurs, serial entrepreneurs, portfolio entrepreneurs and
new gazelle entrepreneurs (Hayter, 2015). The independent entrepreneurs may possess
specific variables, which are responsible for their behavior towards entrepreneurial activities.
For instance, variables identified for the new gazelle entrepreneurs reflects prior experience
of founding a business and includes ownership for conducting ventures for business growth
(Hayter, 2015). Intrapreneurship is the concept, which focusses on an employee of an
organization who portrays specific traits of an entrepreneur by taking risks and incorporating
innovations in the process of achieving company objectives. Intrapreneurs are risk takers,
motivators, influencers and innovators who belongs to a large organization (Gawke,
Gorgievski & Bakker, 2017). It can also be defined as the individual within an organization
who adopts entrepreneurial methods to start a new business venture or idea in an existing
organization. The intrapreneurial skills helps in addressing major changes in an organization
and helps in handling increasing levels of competition. Social entrepreneurship involves the
entrepreneurial activities where the entrepreneur work towards novel application for solving
community and societal problems by taking risks and incorporating innovative ways in
bringing a positive change in the society (Dees, 2017). For instance, educational programmes

ENTREPRENEURSHIP AND INNOVATION3
and banking services for backward classes. The social entrepreneurs attempt to use their skills
to identify the root causes of social stereotypes and issues.
The model of the four key dimensions of entrepreneurship:
Entrepreneur-
An individual who portrays the abilities of starting a new business venture or idea by
adopting innovative methods and by taking risks in the process of structuring, launching and
running a business or project in the market. An entrepreneur understands the current as well
as future requirements of the customers/market. The characteristics of an entrepreneur
involves risk-taking ability, innovating approach, leadership capabilities, resource
management skills, networking skills and flexibility for the changing business environment
(Sadler-Smith, 2016). Entrepreneurs are one of the important source of economic
development and employment generation (Ribeiro-Soriano, 2017). Entrepreneurs are
OUTCOMEENTREPRENEURIA PROCESSENTREPRENEUR
ENVIRONMNET