INTRODUCTION Entrepreneurship, Innovation and Technology Management

Entrepreneurship,
Innovation and
Technology Management

INTRODUCTION
Entrepreneurship can be simply defined as the conception of creating and managing some
newer business by an individual so as to earn profits. But during this time, so many risks comes
while carrying out these activities. These risky things should be handled by an entrepreneur in
very appropriate manner in order to attain their business goals. In this context, the new term
known as innovation come into existence since while developing newer businesses. This is
nothing but the generation of several new concepts which emerges at similar time frame. People
use to take use of contemporary techniques and tools in order to accomplish their aims and
objectives on regular basis. It is needs to manage properly (Cetindamar, Phaal and Probert,
2016). Thus, it can be said that the three constructs named as entrepreneurship, innovation and
management of technology are closely linked with one another. Such conceptions requires to be
consider by a person who want to make or generate newer businesses. The present report is
highlighting such aspects. It is explaining about concepts of innovation & its evolution. In
addition to this, conceptions associated with entrepreneur is also presented here.
PART A
Description about innovation and its evolution
According to the (Drucker, 2012), innovation commonly refers to the modifications in the
existing processes in order to make it more effective as well as creative. In terms of business, this
is mostly used by different types of ventures so as to form innovative products and services. In
brief, it can affirm that innovation is a changing procedure or building more effective ideals,
products and processes that can helps in creating and rendering new execution of ideas and
dynamic products along with developing new services in effective manner. In this context,
unique ideas are being implemented by some entrepreneurs which aids in fashioning dynamical
merchandises and making improvement in current services. A new product that need
reorientation of company production and goals that can lead to form external companies devoted
to the certain system of production or if formed within, to be rejected through companies. Hence,
innovation would be viewed as a catalyst for the evolution and growth as well as success of
specific enterprise. This in turn supports in adapting proper strategies so as to manage each and
every commercial actions in the market place. This has been seen that most person are confused
by the term titled as innovation and invention and treat it in such a manner that these are identical
1

in nature. But it is to be noted that, both concepts are actually contrasting. Invention simply
defined as the formation of a merchandise or introduction of a procedure for the very first time.
On the contrary, innovation happens when there is need of making improvement in some
existing productions, processes or services. There are various approaches and methods of
innovation that can be adopted by an organisation who is seeking the opportunities of expansion
such as incremental innovation, radical innovation, disruptive innovation etc. which are being
adopted as per the requirement and demand of organisation in more efficient and effective
manner.
As per the view point of (Dahlander and Gann, 2011), being innovative does not show
that invention is going on. Innovation means altering ideas related to models of business. This is
used for adapting as well as acting in accordance to the business environment in order to supply
good quality of goods or services to expected customers. Therefore, it is vital to built successful
innovation as an essential part of every organisation; regarding this unique business strategies
should be developed in correct manner. Thus, creation of innovative culture ought to be made in
companies as this will assist in gaining success and attaining growth in future and present as
well. Some the steps that needs to be followed regarding business innovation are stated as
follows :
In first step, a survey should be conducted in order to get familiar about the recent trends
in marketplace & environment, needs or desires of expected customer and rivals. This will
assist in knowing about what is happening in corporate world and what requires to be created so
as to seek attention of numerous of users.
In second phase, an enterprise ought to consult with their workers and consumers in order
to start the procedures of improvement regrading merchandises and services in both ways
externally as well as internally. As a result, company is able to begin its work as per the request
of civilians which will help in improving the overall level of customer satisfaction.
In next stage, they have to focus on seeking advice. For doing the same, entrepreneur can
take assistance of advisors, scholars, successful entrepreneurs, etc. This as a result aids in
developing such kinds of products that comprises of less risks and faults. In addition to that,
Intellectual Property (IP) protection should also considered at the time of commercialising
specific business related thoughts and ideas. These things are associated with offering security to
innovative goods or services after its creation so that no other person could appeal for its
2