Innovation and Entrepreneurship: Skills, Importance, and Growth

INNOVATION AND
ENTREPRENEURSHIP
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TABLE OF CONTENT
INTRODUCTION................................................................................................................................3
TASK 1..............................................................................................................................................3
Critically evaluation of various skills that define entrepreneurial opportunities........................3
TASK 2..............................................................................................................................................5
Importance of innovation and entrepreneurship for company growth and development........5
CONCLUSION...................................................................................................................................6
REFERENCES.....................................................................................................................................7
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INTRODUCTION
Entrepreneurship is a process that involves setting up of business to offer qualitative
products and services to people so that their need are satisfied and company can easily achieve
its objectives. Innovation plays most important role in growth and success of business and
gaining competitive advantage in the market. This report is about entrepreneurship and
innovation such as royal chicken and pizza in Dorking which is one of the leading companies in
UK to provide qualitative products and services. It explains about various skills and knowledge
required in an entrepreneur in order to grab available opportunities and bring innovation and
various changes within company. It also describes about importance of innovation and
entrepreneurship for effective growth and development.
TASK 1
Critically evaluation of various skills that define entrepreneurial opportunities
There are various skills that are present in entrepreneur in order to effectively use
available opportunity to start and run business and earn maximum profit margin.
CURIOSITY: It is most important and essential skill that is required in entrepreneur in order to
discover new problem, opportunity and unsatisfied need and demand of customers. Richard
has curiosity to start business since he was child as he decided to start business at the age of 16
years of magazine and then bring more and more innovative ideas to increase its profitability.
STRATEGIC THINKING: It helps individual to think in innovative manner, creative solution to
recognise available opportunities for growth and success of firm (Xie, X. (2016)). Therefore
entrepreneur can easily bring new innovation, creativity within firm to satisfied need of people
and increase its profit margin. Richard strategic thinking helps him to find new and innovative
business such as magazine, virgin records, virgin Atlantic airlines, virgin music label and virgin
galactic to find to fulfilled unsatisfied need of customers.
RISK TAKING ABILITY: Entrepreneurs also have RISK TAKING ABILITY so that it can easily take
risk and start new business to get first mover advantages for effective utilising opportunities. It
can be stated that Richard has ability to take risk as that motivate him to start new business
and bring innovation to enter into new market segment.
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