Innovation and Entrepreneurship: Skills, Models, and Importance

Innovation and
Entrepreneurship
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CONTENTS
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Task 1. Critically evaluate skills that leads entrepreneurial opportunity.....................................3
Task 2 Importance of innovation and entrepreneurship for organisational growth, development
and competitive performance......................................................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................8
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INTRODUCTION
Entrepreneur refers to an individual who take up action in order to bring changes within the
world by setting up a new venture. The entrepreneurship plays a significant role toward the
growth and development of country as it starts with bring a new idea either to resolve a social
issue or to further develop the society (Chatterji, Glaeser and Kerr, 2014). The current study is
based on a successful entrepreneur named as Peter Johns, owing a portfolio of businesses that
belongs from publishing to telecom. This report discusses about the skills that leads to
recognition of entrepreneurial opportunities and ways to utilise them using several models.
Additionally, it also talks about the importance of innovation and entrepreneurship toward the
growth, development and competitive performance of business.
MAIN BODY
Task 1. Critically evaluate skills that leads entrepreneurial opportunity
Entrepreneurship refers to a practice where entrepreneur search for new ideas in order to
bring changes within the society for resolving issues present, there by determining the
opportunity and converting it into creative solution. But for bringing this change it is crucial for
an entrepreneur to determine the entrepreneurial opportunity available in market so that they can
understand it effectively to perform action toward exploiting that opportunity for the fullest.
Hence, for defining entrepreneurial opportunity, an entrepreneur must have certain skills such as,
Strategic thinking: - Try to decompose a particular problem present up to its core and
then revealing the opportunity for growth, determining the creative solution and defining scope
all are the practices that an entrepreneur must perform in order to determine entrepreneurial
opportunities available (Chen, 2018). This skill of strategic thinking about assessing the problem
in a manner that it results into a creative solution consider to be a biggest approach toward
assessing and exploiting the entrepreneurial supporting in right manner. But when a entrepreneur
get idea regarding opportunity using strategic thinking skill without effectively evaluating it may
bring loss or failure to business as it totally depend on the way one resolve a issue with new idea.
The biggest example for this is Peter Johns who is successful entrepreneur and operates range of
business unit due to his strategic thinking skills which allow him to develop new ideas and
explore the opportunity by setting up business.
Developing network: - An entrepreneur must have the capability to develop networks as
growing a network help them in identifying the opportunity and grabbing them much effectively.
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