Entrepreneurship Management and Innovation

This document discusses the essential traits and skills required for successful entrepreneurship and innovation. It emphasizes the importance of self-development, creativity, flexibility, and risk-taking in running a business. Real-life examples of successful entrepreneurs are provided to illustrate these concepts.

Running head: ENTREPRENEURSHIP MANAGEMENT AND INNOVATION
Entrepreneurship Management and Innovation
Name of the Student:
Name of the University:
Author Note:

1ENTREPRENEURSHIP MANAGEMENT AND INNOVATION
Experts are of the view that entrepreneurs are the individuals who recognise the
business opportunities and establish their business ventures from this identification of
business opportunities (Schaper 2016). Successful entrepreneurs add up in creating wealth in
the society with the help of their entrepreneurial ventures. The entrepreneurship firms also
generate employment in the nation and turn helps in creating a prosperous society. As opined
by Teece (2014), Entrepreneurial action can be termed as a theory of continuous operation
and evolution of innovation. This statement can be supported by tending to state that an
entrepreneur has to continuously thrive not only for earning the internal goals and objectives
of the business firm but also have to acquire some essential entrepreneurial traits that help the
individual in making their business success (Frese and Gielnik 2014).
Perhaps to be considered as one of the essential characteristics, being passionate is
crucial for every entrepreneur to turn the business into a successful and renowned one. In this
connection, I indulge the nature of being passionate about whatever I do. I have a mindset of
learning and implementing things that would help me achieve my dreams I am passionate
about. This statement can be proved by setting an example of Bill Gates, a known
entrepreneur of America who introduced Microsoft Corporation (Barringer 2015). He was
passionate about setting his dreams into his interest in computer systems. He was not forced
to work for his passion, instead created an opportunity for himself and his passion.
A business firm may take risky twists and turns at any moment. This requires the need
to change in the business process at any point in time. Keeping this in view, the essential trait
an entrepreneur should exhibit is the trait of flexibility. Not only at the times of uncertain risk
but also during good times rolling in the business, an entrepreneur should be flexible.
According to my personality traits, I inherit the quality of being flexible. I can easily adjust
myself as per the situations and take flexibly work according to the requirements. This
statement can be verified by taking the example of Sir Richard Branson, the founder of the

2ENTREPRENEURSHIP MANAGEMENT AND INNOVATION
Virgin Group, who because of the flexible nature was a successful young entrepreneur (Read
et al. 2016). He was flexible enough to diversify in many other sectors of business which
made him be recognised a man of a net worth of 5.1 billion in the Forbes magazine.
Every single entrepreneur should have parameters set for themselves and should be
motivated to work hard first on their own than to command. In this connection, I manifest the
motivational trait within me. According to my personality trait, I do not need to be forced to
perform any task. I indulge in performing with my wish and will. Let's take an example of
Mark Cuban, an American businessperson who owned the National Basketball Association
(Leeds, Von Allmen and Matheson 2018). He always believed in himself and his ideas of
working with the motivation of just working with his best. He never thought of winning or
losing because he believed that the fear of failing would hamper his work. Rather than
thinking about the result he always was motivated to work with complete positivity.
A successful entrepreneur has to be someone who owns special skills of creativity.
The entrepreneur should frequently focus on innovating new and creative ideas about the
company. In this connection, I feel myself to be excluding this field of creativity since I lack
a high power of imagination. This lack of imagination may lead to the failure of generating
an idea about my start-up of a business firm. This may cause to my inability to innovating a
successful business. This can be strongly proved by taking an example of Walter Elias
Disney, the owner of the famous Walt Disney Company, which was claimed to be a failed
production company because of its lack in creativity (Hon and Lui 2016).
A business entrepreneur should always inherit the ability of a risk-taker.
Entrepreneurial risk is termed to be a complex risk, and in this term, the entrepreneur should
be active and able enough to make necessary changes in the strategic plan made before-hand
if certain risks pop up into the working environment. In this connection, I examine myself as

3ENTREPRENEURSHIP MANAGEMENT AND INNOVATION
a non-significant risk handler. This inhibiting trait of not being able to put up with risks
occurring into business may result in the closure of my future business firm. Let’s take an
example of Mike Lazaridis, an entrepreneur of Canada who was also successful in creating a
revolutionary business of wireless communication but somehow in the later of the firm failed
to take necessary changes required in the business accordingly with the difference in the
market conditions and entrance of similar mobile companies (Kakkar, Shah and Kakkar
2016). This resulted in the failure of his vast business of Blackberry smartphones.
Every business entrepreneur should be their decision-maker. The process of taking
decisions is considered to be a critical process in any business organisation. As the owner of
the company, the business individual is liable to make every single decision of the company.
The decision making process creates both a significant and influential impact of the firm. In
this connection, I as an individual lose this trait of taking appropriate decisions. I am an
indecisive person. This lack of making decisions makes me feel that this wills adversely
affect my future business procedure as I would lack in taking prior arrangements to build my
business a successful one. Let’s take an example of George Hollingberry, the owner of Comet
Battery Stores, which turned out to be a complete failure because of the lack of decision
making according to the market structure (Wander and Forstner 2013).
Hence, I believe that only having an idea of starting a business will not help an
individual turn into a successful entrepreneur. An individual needs to obtain both the qualities
of an innovator and entrepreneur to run a business successfully (Drucker 2014). In this
connection, I feel that the importance of learning the art of self-management and
development. An individual is solely responsible for discovering these necessary factors to
become a successful entrepreneur and innovator (Komppula 2014). Analysing this study
made me examine the factors I lack behind in the potential of becoming an entrepreneur. The
study also made me understand the importance of innovation into business. Establishment of

4ENTREPRENEURSHIP MANAGEMENT AND INNOVATION
a business firm is not the only ideology to a successful entrepreneur. An entrepreneur needs
to take up with the challenges of changing technology and frequently innovate business
products and services. Thereby, I believe learning the art of Self-development would lead me
to become innovative and creative, and Self-management will teach me how to manage risks
and take prior decisions for my future firm. Innovation process needs both knowledge and
expertise to efficiently make changes in the pre-processes of the business (Massa and Tucci
2013). Innovation in the industry is necessary because it enhances the standards of living of
both the organisation and society as it needs new technologies to be enrolled to innovate the
products and services. Innovation provides with three important values, considered as-
Social, Economic and Monetary value. The social value connects to humanity, the economic
value enriches the nation, and the monetary value benefits the goals and the primary objective
of the innovating firm.
During the reflection of the entrepreneurial traits, I concluded that there are few
aspects of entrepreneurship that I inherit in myself whereas, I lack in some which need to be
amended in the context that I desire to be a future entrepreneur and innovator. The positive
aspects of my characteristics that I examined were that I am passionate, motivated and
exhibit flexibility, which would enhance my personality and help me perform well in my
future business firm. Whereas, I also examined that I lack behind in creativity, taking
decisions and risks. I learned that these negative aspects would affect my desire to be an
entrepreneur and innovator. In this connection, I decided to enrol myself in entrepreneurship-
related courses that would help me in the process of learning self-development and managing
myself for the same. Since I inherit the nature of being flexible and that I am always
motivated, I understand that learning will help me overcome my fears and negative aspects of
becoming an entrepreneur and innovator. I felt that learning the art of Self-development and
management will enhance my skills of taking decisions on my own and grow creative

5ENTREPRENEURSHIP MANAGEMENT AND INNOVATION
enough to generate new ideas and innovations with the upcoming changes in the
technologies. This, in turn, would help me succeed in my future business idea. As opined by
Bason (2018), innovation is the crucial ideology to gain success in the business as it helps
improve the product and services a business entrepreneur is dealing in. In this context, I
believe that enhancing myself in the field of the self-managing process will be of great help
for my wish to become a future renowned entrepreneur and innovator.

6ENTREPRENEURSHIP MANAGEMENT AND INNOVATION
References
Barringer, B.R., 2015. Entrepreneurship: Successfully launching new ventures. Pearson
Education India.
Bason, C., 2018. Leading public sector innovation: Co-creating for a better society. Policy
Press.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Frese, M. and Gielnik, M.M., 2014. The psychology of entrepreneurship. Annu. Rev. Organ.
Psychol. Organ. Behav., 1(1), pp.413-438.
Hon, A.H. and Lui, S.S., 2016. Employee creativity and innovation in organisations: Review,
integration, and future directions for hospitality research. International Journal of
Contemporary Hospitality Management, 28(5), pp.862-885.
Kakkar, K., Shah, R. and Kakkar, M., 2013. Risk analysis in mobile application development.
Komppula, R., 2014. The role of individual entrepreneurs in the development of
competitiveness for a rural tourism destination–A case study. Tourism Management, 40,
pp.361-371.
Leeds, M.A., Von Allmen, P. and Matheson, V.A., 2018. The economics of sports.
Routledge.
Massa, L. and Tucci, C.L., 2013. Business model innovation. The Oxford Handbook of
Innovation Management, Oxford University Press, Oxford, pp.420-441.
Read, S., Sarasvathy, S., Dew, N. and Wiltbank, R., 2016. Effectual entrepreneurship.
Routledge.

7ENTREPRENEURSHIP MANAGEMENT AND INNOVATION
Schaper, M., 2016. Understanding the green entrepreneur. In Making Ecopreneurs (pp. 27-
40). Routledge.
Teece, D.J., 2014. The foundations of enterprise performance: Dynamic and ordinary
capabilities in an (economic) theory of firms. Academy of management perspectives, 28(4),
pp.328-352.
Wander, A. and Förstner, R., 2013, October. Innovative fault detection, isolation and
recovery onboard spacecraft: Study and implementation using cognitive automation. In 2013
Conference on Control and Fault-Tolerant Systems (SysTol)(pp. 336-341). IEEE.