Swinburne ENT30010: Entrepreneurship and Innovation Assignment Report

This report examines the concepts of entrepreneurial mindset and transformative innovation within the context of contemporary business practices. It begins with an introduction highlighting the significance of entrepreneurship and innovation in driving economic growth and identifying new op...Read More

RUNNING HEAD: ENTERPRENEURSHIP 0
ENTREPRENEURSHIP AND INNOVATION

ENTERPRENEURSHIP 1
Table of Contents
Introduction......................................................................................................................................2
Entrepreneurial mindset...................................................................................................................2
Key messages...............................................................................................................................2
Relevancy of entrepreneurial thinking in business......................................................................3
Transformative innovation...............................................................................................................3
Importance of Corporate Entrepreneurship.................................................................................3
Linking of corporate entrepreneurship and transformative innovation.......................................4
References........................................................................................................................................5

ENTERPRENEURSHIP 2
Introduction
Entrepreneurship and innovation plays a major role in all areas of business. Due to economic
growth, companies are identifying new opportunities and alternatives so that allocation of
resources is done in an efficient manner (Shepherd, Williams & Patzelt 2015). In this report, two
articles are reviewed which are based on the entrepreneurial mindset and transformative
innovation.
Entrepreneurial mindset
Key messages
The key message of the article is entrepreneurial thinking refers to the expert mindset of the
entrepreneurs, the article describes that thinking of the entrepreneurs is depend on the actions
and behaviors of the entrepreneurs (Spruijt 2017). The efficiency and organizational cultures
improve when the organization uses entrepreneurial thinking (Hnatek 2015). For example, Katie
Page which is the chief executive in Harvey Norman, is a well-known company in Australia
which involve in "drop shipping business of furniture”, “consumer electronics products” etc. In
the year 2016, the company earns $5.3 billion AUD revenue because of using entrepreneurial
thinking (Ahmad 2018). This is achieved by paying close attention to the organizational
environment as the result the motivation of the employees increased. Therefore the studies
described that the organizational environment is part of organizational culture (Spruijt 2017).
The main messages which are given by the article are entrepreneurship competence is considered
the procedure which bridges the gap among the education and works to that entrepreneur can
convert the thought into the opportunities as well as resources into the achievement and action.
This education is compulsory for entrepreneurs to gain a competitive advantage (Spruijt 2017).
Therefore, the article describes that there is various education that is provided to the
entrepreneurs for development such as experimentation, empathy, creativity, and innovation.
Researchers also increase entrepreneurial thinking because of various paradoxes such as
uncertainty, strategies, opportunities, risk-taking, decision making, knowledge, trust, etc. For
example, Emma Welsh is the successful entrepreneur and co-founder of Emma & Tom’s juices

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which link work and education; as a result, she gained the opportunity and adopt an effective
decision-making strategy by providing nutritious fruit and vegetable juice to the customers with
reasonable price (Ahmad 2018). Therefore, the researchers describe the phenomenon of teaching
and education to an entrepreneur from diverse components and perspective.
Relevancy of entrepreneurial thinking in business
In my opinion, entrepreneurial thinking is relevant in the world of business because it helps in
increasing the corporation and helps the entrepreneur to gain competitive ability as well as
increase the skills to apply their knowledge and education for expanding their business in the
international market. I also find that it supports the entrepreneurs in selecting the efficient option
and decision from various alternatives as well as apply various intellectual skills so fight from
uncertainties. In my experience in increasing the flexibility and allow the entrepreneur to find
creative and innovative solutions. So that individuals can manage various activities in an
efficient manner such as allocation of resources, funds as well as gain the ability to get early
warning singles (Hnatek 2015).
Word Count excluding citation: 413
Form of citation: In-text in Swinburne Harvard style

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Transformative innovation
Importance of Corporate Entrepreneurship
The article describes that entrepreneurship is important because it helps in providing job
opportunities to unemployed persons which leads to increasing support to the economy. It helps
in increasing innovation in the organization because an entrepreneur uses intellectual skills to
develop new products and services to encourage the employees as well as to gain loyally among
the consumers (Anthony 2012). Researchers also describe that it is important because it links the
internal and external environment efficiently, that is entrepreneurs spend more on research and
development to understand the needs and requirements of the consumers (Anthony 2012). It also
helps in understanding the political, social and technological environment as well as develops
strategies to overcome the factors which are becoming the threats for the organization so that
innovation will be increased in the organization.
The article also describes that the start-up of large companies leads in more innovation because
of more recruiting more competent and skilled employees in the corporation and leads less
hierarchy which helps the entrepreneurs to make a decision rapidly and quickly by involving all
the employees of the organization (Anthony 2012). Therefore, the most important factor of
corporate entrepreneurship is innovation through which entrepreneurs fulfill all the needs of the
consumers at affordable prices.
Linking of corporate entrepreneurship and transformative innovation
The entrepreneur’s link the corporate entrepreneurship with the transformative innovation that is
in the article it is described that various corporation does innovation to provide efficient services.
Researchers demonstrate that "The mission Hospital" adopt models of Indian health care to offer
an efficient treatment to the low-income patients (Anthony 2012). The hospital also does
innovation by mixing the third-era VC-backed start-up through the special abilities to take
competitive advantage. The article also describes various examples that show that entrepreneurs
connect the activities of the business with creativity and innovation. Researchers describe that
entrepreneurs also develop various NGOs to provide safe drinking water through pure-it water
filtration so that the problem of water will be tackled in an efficient manner (Anthony 2012).

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The article also describes that transformative innovation is important it is because it allows the
entrepreneur to take competitive advantage and to increase the profitability so that they can
compete with large companies (Anthony 2012). Therefore, there are also various advantages
which include quick distribution through foot-holds, increase the brand reputation among the
customers and also support the entrepreneurs to become partners with well-known suppliers,
other business organization, etc. It also makes an effective decision because of specializing
team’s joins together by providing innovative ideas (Anthony 2012).
Word Count excluding citation: - 408
Form of citation: In-text in Swinburne Harvard style
References

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Ahmad, A 2018, 'Influencing Factors of Internet Usage among Women Entrepreneurs', Archives
of Business Research, vol 6, no. 5.
Anthony, SD 2012, 'The New Corporate Garage', Harvard Business Review, vol 90, no. 9, pp.
44-53.
Hnatek, M 2015, 'Entrepreneurial thinking as a key factor of family business success', Procedia-
Social and Behavioral Sciences, vol 181, pp. 342-348.
Shepherd, DA, Williams, TA & Patzelt, H 2015, 'Thinking about entrepreneurial decision
making: Review and research agenda', Journal of management , vol 41, no. 1, pp. 11-46.
Spruijt, J 2017, 'Paradoxes of Entrepreneurial Thinking: Why Entrepreneurship Can Hardly Be
Taught', SSRN Electronic Journal.