Entrepreneurship and Innovation: Role, Significance, and Evaluation

Entrepreneurship and innovation
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TABLE OF CONTENTS
Introduction......................................................................................................................................3
Task 1 ..............................................................................................................................................3
1 Evaluation of classical and corporate approaches to entrepreneurship....................................3
2 Role of creativity in innovation process and approaches through which creativity can be
developed as individual................................................................................................................5
Task 2...............................................................................................................................................7
3 Role and significance of Entrepreneurship & innovation in country economy........................7
4 Evaluation of one new entrepreneurial idea that's implement in existing market....................8
Conclusion.......................................................................................................................................9
References......................................................................................................................................10
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INTRODUCTION
Innovation is a specific tool for the entrepreneurs, Innovation includes the new ideas, new
methods, new product, new processes, new market and new business model. An innovation is the
way of doing something differently and better. It means to exploit business opportunity in order
for successful innovation. All goods are made up of three factors such as raw material, physical
and labor or money. An innovation is a combination of these three things. Entrepreneurs and
innovators creates new combination of these factors and present to the market place in order to
assessment by the consumers. The present report is based on the Entrepreneurship and
innovation and Justpark case study will be taken into consideration. Justpark is the startup
business plan, Company tries to develop mobile app regarding to the parking issue of four
wheeler vehicles (Niosi, 2014). Through the mobile app it indicates direction to driver regarding
to parking space. This service can be book by the mobile app and helps in to provide efficient
parking space. From this report it needs to be critically awareness about the role of creativity in
innovation process. Entrepreneurship and innovation plays a major role in economic growth and
it can be analyzed through Porter's diamond model. The main role of innovation is to develop
relevant employability and professional skill. That type of organizations creates new jobs in
economy whereas many large and established organizations cutting and consolidates jobs. from
this report classical model of entrepreneurship along with the characteristics of successful
entrepreneurs for start up business plan.
TASK 1
1 Evaluation of classical and corporate approaches to entrepreneurship
Entrepreneurial main function is to discovery, assessment and exploitation of
opportunities in form of new product, services, production processes, new strategies and new
market for products and use of inputs that didn't previously used. At the initial stage of business,
entrepreneurs are shy and humble but at the development process they become more enthusiastic
and confident. Basically highly enthusiastic and innovative entrepreneurs are exist only in
developed countries where economic and technological development level are high (Drucker,
2014).
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A classical entrepreneur is one who is concerned about the customers and marketing
needs through the development of the self supporting venture. A classical entrepreneur is
stereotype entrepreneur whose main aim is to maximize his economic returns at a level of
consistency and survive in long time period with or without an element of growth. Peter Drucker
defines the entrepreneurship in terms of taking risk and spending time as well as capital on
uncertain venture. Justpark company are based on the classical entrepreneurship strategy where
company develop new technology in order to solve the parking problems. In a big cities parking
is one of the big issue for a vehicle holder so that company will be develop mobile app it can be
assess by any one at any where. This system is only applicable for those vehicle who have GPS
that helps in to track the space of parking of in a particular area it can be effectively out by the
mobile app. Uses of this mobile app is uncertain and its productivity will be uncertain if any one
of entrepreneur came up with this technology that it reduces the attractivity of Justpark mobile
app.
There are uncertainty it will be define into three categories;
Risk which is statistically measurable.
Ambiguity which is hard to measure statistically.
True uncertainty which is impossible to estimate or predict statistically.
Corporate entrepreneurship is considered as renewal of existing organization by
modifying their existing product and services. It refers to the development of new of ideas and
opportunities within the established organization. It helps in improvement in organizational
profitability and enhancement in the competitive position of organization in market place. Being
as a larger company, new business in now a days are very challenging, Larger organizations
downsize their business in order to cutting cost and firing of unnecessary and less productive
employees (Kirzner, 2015). Corporate entrepreneurship is basically the renovation of existing
product in order to meet varies customer demand and expectations. Corporate entrepreneurship
in existing business takes majors changes in entire organizational spectrum from product and
process to technology and administration. Modification in existing product line helps in to
maintain their sustainable position in market place through this they can improve their product
life cycle when they are saturated by the production system and technology. Modified product
doesn't need the market awareness, and doesn't need of target customers because they already
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