Innovation and Entrepreneurship

Running head: INNOVATION AND ENTREPRENEURSHIP
Innovation and entrepreneurship
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2ENTREPRENEURSHIP
Introduction
Entrepreneurship and innovation are the majorly developing concepts in the modern day
scenario. This is because the business structure is becoming overtly complicated and there is also
a sharp increase in the needs and demands of the customers. Entrepreneurs have to make sure
that they are keeping a tendency of risk bearing in their minds and also trying their level best to
put forward the innovative techniques so that they can develop in this rapidly advancing business
scenario. Entrepreneurs have to stay aware about all the different changes that are taking place in
the business context each and every day (Kirzner, 2015). They have to keep up their want or
their thirst for knowing more and getting the best knowledge and the best expertise that will be
needed for the smoothening of their business. In order to appeal to the changing patterns of
customer needs, entrepreneurs have to follow the method of constant improvement strategy.
Entrepreneurs have to overcome the disadvantages and bear the risk taking capability so that
they can carry on with their business in a proper manner.
There are some factors of motivation for the entrepreneurs
Feeling of accomplishment
People get driven towards the path of entrepreneurship because they feel that this will be
helping them to deliver some good services for the people of their society. Entrepreneurship
usually comes with a business idea for the purpose of solving some ongoing issues in the
organization.
Sense of control

3ENTREPRENEURSHIP
Entrepreneurs know that they will be able to work with freedom and will not have to
listen to the orders or the directions being given by others. There is usually a great joy that
people feel when they can work as their own boss without fearing anyone. Theory of innovation
by Joseph A. Schumpeter is useful for the entrepreneurs (Schumpeter, 2017). As per the
theory of innovation entrepreneurs have the creative bend of mind and they are always about to
bring some new creativity or some kinds of goods and services in the market.
Discussion
Sense of freedom
Entrepreneurs are able to work as per their own will and they do not really have to stay
under the strong directions or the rules being dictated by others (Gavurova et al., 2018). In other
words they do not have to follow the different issues that often arise in an work field like
following a 9 to 5 work timing, facing many obstructions in the path of promotion or getting to
bear a lot of office politics. Theory of Need of Achievement is followed in entrepreneurship.
Entrepreneurs always have to be guided by the want and the motivation of acquiring knowledge.
McClelland has recognized the desire to achieve the major factor in entrepreneurship
development (Ferreira, Loiola & Gondim, 2017). He has suggested conducting motivational
training programmes for development of the entrepreneurs.
The entrepreneurs chose this path of conducting their own business as they want to work
with a proper comfort level and take their own decisions without having the fear of reporting
under the rule of people (Schumpeter, 2017). Taking refreshment in the work schedule also
becomes easier as the entrepreneurs are the owners of the business and they can actually take
their own decisions by taking leaves without fearing much. However at the same time they have