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(Doc) Innovation And Entrepreneurship Assignment Solution

   

Added on  2021-05-31

14 Pages3956 Words246 Views
Running head: INNOVATION AND ENTREPRENEURSHIPInnovation and EntrepreneurshipName of the Student:Name of the University:Author’s Note:

1INNOVATION AND ENTREPRENEURSHIPExecutive SummaryThis report will discuss about the concept of “freedom to fail” which is being used by thevarious entrepreneurs of the present times. The report will begin by introducing the conceptof entrepreneurship as well as entrepreneurs. Furthermore, the report will also shed light onthe concept of “freedom to fail” and the way it is being used by the various entrepreneurs inthe present day business world. Some of the famous entrepreneurs of the world who haveattained success in the recent times using this particular concept will also be in this report.Finally, the report will conclude with a discussion of the importance of the concept ofexperimenting for the various entrepreneurs.

2INNOVATION AND ENTREPRENEURSHIPTable of ContentsIntroduction................................................................................................................................3Entrepreneurs and Entrepreneurship..........................................................................................3“Freedom to fail” and Entrepreneurs.........................................................................................4Entrepreneurs using the “freedom to fail” concept....................................................................7Experimentation.........................................................................................................................9Conclusion................................................................................................................................10References................................................................................................................................11

3INNOVATION AND ENTREPRENEURSHIPIntroductionThe “changing nature of the present day business world has made it imperative for thevarious business organizations of the present times to increasingly turn towards the conceptof innovation and creativity” (Kelley, Singer and Herrington 2012). In addition to this, theconcept of the “freedom to fail” has also “emerged as one of the most important ones in therecent times and it is a reflection of this particular fact that the various entrepreneurs as wellas the managers” are encouraged not only to be risk taking in their approach as well as“decision making process” but also to use the concepts of creativity and innovations for theirwork (Kelley, Singer and Herrington 2012). In the opinion of many scholars the high level ofcompetition which has become a part of the business world in the present times and the highamount of various kinds of risks which the various established as well as the new start-upbusiness organizations in the present times face has further necessitated the use of theconcepts of innovation and the “freedom to fail” by the various business organizations andtheir entrepreneurs (Wyrwich, Stuetzer and Sternberg 2016). It is “a reflection of thisparticular fact that it is present times it is seen various new business organizations emerge ona regular basis in the business world of Australia” and all over the world for that matter and acommon feature which almost all these new start up business organizations share with eachother are the concepts of innovation, creativity as well as the “freedom to fail” attitude(Kelley, Singer and Herrington 2012). This report will try to explore the question how far theconcept of “the freedom to fail” encourages the use of innovation among the various businessorganizations as well as the diverse entrepreneurs related to them.Entrepreneurs and EntrepreneurshipThe entrepreneurs are the individuals who come up with innovative as well as newbusiness ideas which not in synchronization with the present needs of the business world but

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