Entrepreneurship and Innovation: Reflection Report and Analysis

This report delves into the subjects of entrepreneurship and innovation, analyzing key concepts such as recognizing opportunities, building a business, and the role of innovation in business success. It examines the idea of creating opportunities, rather than waiting for them, and emphasizes the importance of a clear vision and continuous effort. The report also discusses the challenges and importance of innovation, highlighting the need for feasible business plans and customer-focused approaches. The report references several academic sources to support its arguments, providing a well-rounded perspective on the topics discussed, and emphasizes the need for entrepreneurs to create both wealth and social value. The report concludes by stressing the importance of a customer-centric approach when introducing new products or services.

ENTREPRENEURSHIP
AND
INNOVATION

TABLE OF CONTENTS
REFLECTION.................................................................................................................................3
TASK 1: SUBJECT OF ENTREPRENEURSHIP..........................................................................3
TASK 2: SUBJECT OF INNOVATION........................................................................................4
REFERENCES................................................................................................................................5

REFLECTION
Entrepreneurship can be defined as a process of designing, launching and running a new
business which tends to be small in size. This can be in form of Startup Company, launching of
new product, service, different process of service, etc. The persons who does that are known as
entrepreneurs. These people are defined as the people who have capacity and talent to manage a
business venture in order to generate profit.
TASK 1: SUBJECT OF ENTREPRENEURSHIP
As there exist different scenario in the case study, one of the considered is “if opportunity
does not knock, build a door”. This scenario is very much correct as individual tend to believe in
their luck and hope for the opportunity which can come in near future. They work hard and
always will for right moment in order to get best of the result in their life. Some through their
passion get into the career where they wanted to go but some always rely on their destiny and
luck. It is necessary for a person to not to wait for the right moment (Nambisan and Baron,
2013). They just have to try and try and get the success.
Further, if opportunity is not coming to their way and knocking their door, then it is the
right time to make the door of their own. Person should give their best performance in the field
of career they wanted to go. Struggle is part of life and all the legend personalities have really
given their best and we can see that where they stand. All should make their base clear that what
they wanted to become in life (Galindo and Méndez, 2014). If the same is not clear, then one will
always be disappointed that he has not done the same whole in their life. Building a door here
means setting the base of their career of own. Every start does not give profit but a little patience
and continuous efforts give dividend for sure. Entrepreneurship is considered as powerful
mixture of energy, vision, mission, judgment as well as of taking risks which usually provide
major motive behind the innovative process. It is necessary for entrepreneur to follow certain
steps in order to implement best of plans. Some of them include recognizing opportunities,
finding the best resources, developing the venture and at last creating value (Hall and et.al.,
2012). Right implication for the same will give entrepreneur best of the result and with this they

will be able to make opportunity of their own. Considering it effectively, person will be able to
take best decision for their life in clear manner.
Moreover, a person should be clear with their thought process and should seek the things
which does not exist in this world. By giving customers new and innovative services, a person
will be able to make great opportunity for himself and earn a good amount of revenue too.
TASK 2: SUBJECT OF INNOVATION
Developing a business idea and writing a business plan for the same is always a typical
process. Entrepreneurship always lead into innovation and the person who innovate new things
are known as entrepreneurs (Letaifa and Rabeau, 2013). Usually at initial level, there used to be
lot of challenges for innovating new this. Further, there need to be a proper and feasible plan for
the things which a person is willing to innovate. If prior outcomes of the product or service is not
innovated properly then there will not be a proper response of customers. With that, they will not
be able to achieve their objectives as well. Innovation can be seen as an effective tool for the
entrepreneur. It is the way through which they exploiting change as an opportunity in order to
carry on different business or service. While conducting innovation, it is necessary for a person
to create wealth as well as the social value in order to meet the welfare of society and nation.
However, it is found that innovation is not an easy task as something is dreamed and
practically it has happened. Everything starts with a paper work and a person who is coming with
new thing should find that the idea of starting a particular thing is right and it is practically
feasible. Introducing something new which customers are in need of plays an important role and
if something is innovated accordingly then a person will be able to make a sound beginning with
the startup (Drucker, 2014). Profits, revenue and brand image is something which each
businessman dream for and getting them effectively will lead into the success of that
entrepreneur.

REFERENCES
Journals and Books
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Galindo, M.Á. and Méndez, M.T., 2014. Entrepreneurship, economic growth, and innovation:
Are feedback effects at work? Journal of Business Research. 67(5). pp. 825-829.
Hall, J., Matos, S., Sheehan, L. and Silvestre, B., 2012. Entrepreneurship and innovation at the
base of the pyramid: a recipe for inclusive growth or social exclusion? Journal of
Management Studies. 49(4). pp. 785-812.
Letaifa, S.B. and Rabeau, Y., 2013. Too close to collaborate? How geographic proximity could
impede entrepreneurship and innovation. Journal of Business Research. 66(10). pp. 2071-
2078.
Nambisan, S. and Baron, R.A., 2013. Entrepreneurship in Innovation Ecosystems: Entrepreneurs'
Self‐Regulatory Processes and Their Implications for New Venture
Success. Entrepreneurship Theory and Practice. 37(5). pp. 1071-1097.