An Analysis of Entrepreneurship and Innovation: A Report

This report delves into the multifaceted world of entrepreneurship and innovation, exploring their significance in driving economic growth and job creation. It examines both classical and corporate approaches, highlighting the role of innovation in the development of new products, services, and business models. The report further analyzes the importance of creativity within the innovation process, outlining key elements such as customer focus, communication, and collaboration. Additionally, it presents a new entrepreneurial idea aimed at solving parking problems in congested urban areas through the development of a GPS-integrated app. The report also highlights the impact of uncertainty and provides a framework for understanding how organizations can foster a culture of innovation. Overall, the report provides a comprehensive overview of entrepreneurship and innovation, emphasizing their critical roles in shaping the modern business landscape.

Entrepreneurship and innovationEntrepreneurship and innovation

Entrepreneurship and innovationEntrepreneurship and innovation
 Innovation is a specific tool for the entrepreneurs, Innovation includes the new ideas,
new methods, new product, new processes, new market and new business model.
 Entrepreneurship and innovation plays a major role in economic growth.
 The main role of innovation is to develop relevant employability and professional
skill. That type of organizations creates new jobs in economy whereas many large and
established organizations cutting and consolidates jobs

Evaluation of classical and corporate approaches toEvaluation of classical and corporate approaches to
entrepreneurshipentrepreneurship
 Entrepreneurial main function is to discovery, assessment and exploitation of opportunities
in form of new product, services, production processes, new strategies and new market for
products and use of inputs that didn't previously used.
 Justpark company are based on the classical entrepreneurship strategy where company
develop new technology in order to solve the parking problems.

Evaluation of classical and corporate approaches toEvaluation of classical and corporate approaches to
entrepreneurshipentrepreneurship
There are uncertainty it will be define into three categories;
 Risk which is statistically measurable.
 Ambiguity which is hard to measure statistically.
 True uncertainty which is impossible to estimate or predict statistically.

Corporate EntrepreneurshipCorporate Entrepreneurship
 Corporate entrepreneurship is considered as renewal of existing organization by
modifying their existing product and services.
 It refers to the development of new of ideas and opportunities within the established
organization.
 Corporate entrepreneurship is basically the renovation of existing product in order to
meet varies customer demand and expectations.

2 Role of creativity in innovation process and approaches2 Role of creativity in innovation process and approaches
through which creativity can be developed as individualthrough which creativity can be developed as individual
1. Challenge: What we are trying to change or accomplish- the “pull”
2. Customer focus: Creating value for your customers – the “Push”
3. Creativity: Generating and sharing the idea(s)- the “brain”
4. Communication: The flow of information and ideas –the “life blood”
5. Collaboration: People coming together to work together on the idea(s) – the
“heart.”
6. Completion: Implementing the new idea-the “muscle”.

2 Role of creativity in innovation process and approaches2 Role of creativity in innovation process and approaches
through which creativity can be developed as individualthrough which creativity can be developed as individual
7. Contemplation; Learning and sharing lessons lead to higher competency-the “ladder”
8. Culture: The playing field of innovation includes:
9. Leadership :(sees the possibilities and positions the team for action-the role model)
10. People: (diverse groups of radically empowered people innovate –the source of
innovation)
11. Basic values: (trust and respect define and distinguish an innovative organization-the
backbone).
12. Context: Innovation is shaped by interactions with the world.

Approaches to innovation processApproaches to innovation process
 Idea driven innovation
 Research driven ideas
 Analysis driven innovation

3 Role and significance of Entrepreneurship &3 Role and significance of Entrepreneurship &
innovation in country economyinnovation in country economy
Entrepreneurship is an essential element for economic progress as it
manifests its fundamental importance in different ways:
 By identifying, assessing and exploiting business opportunities.
 By creating new firms and/or renewing existing ones by making it more
dynamic.
 By driving the economy forward – through innovation, competence, job
creation- and by generally improving the well being of society.

4 Evaluation of one new entrepreneurial idea that's
implement in existing market
 I would like to solve parking problem in big cities under congested area.
 I want to develop an app to eliminate this problem up to a certain extent this
app helps in to find out the parking space in particular area.
 This app is basically interlink with the Global positioning system (GPS) it
helps in to find out the current position of vehicle in order to safe parking

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