Entrepreneurship and Innovation: Comprehensive Analysis of Justpark

This report provides an analysis of entrepreneurship and innovation, focusing on Justpark as a case study. It evaluates classical and corporate approaches to entrepreneurship, highlighting the role of creativity in the innovation process and methods for developing individual creativity. The report also explores the significance of entrepreneurship and innovation in a country's economy, using Porter's diamond model, and assesses a new entrepreneurial idea implemented in an existing market. Justpark, a startup aiming to solve parking issues with a mobile app, is examined throughout the report to illustrate key concepts such as risk assessment, market exploitation, and the importance of continuous innovation for economic growth and job creation. The analysis covers idea-driven, research-driven, and analysis-driven approaches to innovation, emphasizing the need for adaptability and strategic planning in entrepreneurial ventures.

Entrepreneurship and innovation
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TABLE OF CONTENTS
Introduction......................................................................................................................................3
Task 1 ..............................................................................................................................................3
1 Evaluation of classical and corporate approaches to entrepreneurship....................................3
2 Role of creativity in innovation process and approaches through which creativity can be
developed as individual................................................................................................................5
Task 2...............................................................................................................................................7
3 Role and significance of Entrepreneurship & innovation in country economy........................7
4 Evaluation of one new entrepreneurial idea that's implement in existing market....................8
Conclusion.......................................................................................................................................9
References......................................................................................................................................10
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INTRODUCTION
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. An innovation is the
way of doing something differently and better. It means to exploit business opportunity in order
for successful innovation. All goods are made up of three factors such as raw material, physical
and labor or money. An innovation is a combination of these three things. Entrepreneurs and
innovators creates new combination of these factors and present to the market place in order to
assessment by the consumers. The present report is based on the Entrepreneurship and
innovation and Justpark case study will be taken into consideration. Justpark is the startup
business plan, Company tries to develop mobile app regarding to the parking issue of four
wheeler vehicles (Niosi, 2014). Through the mobile app it indicates direction to driver regarding
to parking space. This service can be book by the mobile app and helps in to provide efficient
parking space. From this report it needs to be critically awareness about the role of creativity in
innovation process. Entrepreneurship and innovation plays a major role in economic growth and
it can be analyzed through Porter's diamond model. 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. from
this report classical model of entrepreneurship along with the characteristics of successful
entrepreneurs for start up business plan.
TASK 1
1 Evaluation of classical and corporate approaches to entrepreneurship
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. At the initial stage of business,
entrepreneurs are shy and humble but at the development process they become more enthusiastic
and confident. Basically highly enthusiastic and innovative entrepreneurs are exist only in
developed countries where economic and technological development level are high (Drucker,
2014).
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A classical entrepreneur is one who is concerned about the customers and marketing
needs through the development of the self supporting venture. A classical entrepreneur is
stereotype entrepreneur whose main aim is to maximize his economic returns at a level of
consistency and survive in long time period with or without an element of growth. Peter Drucker
defines the entrepreneurship in terms of taking risk and spending time as well as capital on
uncertain venture. Justpark company are based on the classical entrepreneurship strategy where
company develop new technology in order to solve the parking problems. In a big cities parking
is one of the big issue for a vehicle holder so that company will be develop mobile app it can be
assess by any one at any where. This system is only applicable for those vehicle who have GPS
that helps in to track the space of parking of in a particular area it can be effectively out by the
mobile app. Uses of this mobile app is uncertain and its productivity will be uncertain if any one
of entrepreneur came up with this technology that it reduces the attractivity of Justpark mobile
app.
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 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. It helps in improvement in organizational
profitability and enhancement in the competitive position of organization in market place. Being
as a larger company, new business in now a days are very challenging, Larger organizations
downsize their business in order to cutting cost and firing of unnecessary and less productive
employees (Kirzner, 2015). Corporate entrepreneurship is basically the renovation of existing
product in order to meet varies customer demand and expectations. Corporate entrepreneurship
in existing business takes majors changes in entire organizational spectrum from product and
process to technology and administration. Modification in existing product line helps in to
maintain their sustainable position in market place through this they can improve their product
life cycle when they are saturated by the production system and technology. Modified product
doesn't need the market awareness, and doesn't need of target customers because they already
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have a customer base after the modification customers are attracted towards the modified product
in to maintain their brand loyalty.
2 Role of creativity in innovation process and approaches through which creativity can be
developed as individual
Entrepreneurship is a way of thinking, reasoning and acting that is opportunity obsessed,
holistic in approach and leadership. Creativity is also an attitude, the ability to accept
change and newness, a willingness to play with ideas and
possibilities, a flexibility of outlook in a ways to improve it (Satell, 2017). Creativity is
also a process. Creative person work hard and continually
to improve ideas and solutions, by making gradual
alterations and refinements in their works. Creativity is the ability to produce new and unique
ideas while innovation is the implementation of that creativity. In creativity there are two factors
that are essential for the success of an innovation is creativity management and knowledge
management because innovation is a key component of an entrepreneurship. Innovation are
considered as process of idea generation and their implementation. Innovation is the complex
process of conceptual combination, problem finding, information search and evaluation. Problem
finding is the process of problem defining, it can be internal and external. If problem are
discovered by individual it is an internal and if problem are suggested by someone is called
external. Information research is the second part of the innovation process where additional
information are finding so that extensive knowledge and skills are required to find creative
solution from alternative course of actions against related problem.
Creativity mainly depends on the idea communication at a single level where problems
and ideas are rotated and communicated in order to gain valuable information from others.
Invention is the synonym of innovation but not exactly same it is about creating something
entirely new to the world. Innovation process consist of finding a problem and creating in a way
to solve the problem. It always associated with creativity in order to combine different ideas and
practices in anew productive way (Storey, 2016). Innovation process can be divided in to many
stages. First three stages includes environmental scanning and developing ideas. Main purpose of
innovation is to reduce production cost, increase of product quality and capture new product
market.
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Following elements of
innovation:
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”.
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)
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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 process:
Idea driven innovation- This approach generates and collects a number of ideas that are
filtered until suitable one is selected. Once an idea is selected it goes under development process.
The lead time for this process is one to five years. Justpark adopt this approach due to volatility
in market and developing mobile app with short life-cycles, such as fast moving consumer needs
and changes in the technological factors (Faria, 2015.).
Research driven ideas- This approach collects a huge number of ideas that are generated
during the research after that they are continuously filtered out during the development process
of innovation until completion of process. Innovation process has several stages so that ideas are
used according to the requirement of stage and remaining are rejected. Research-driven
innovators have a smaller group for developing the mobile app for easy parking facility.
Analysis driven innovation- This approach generates ideas in a systematic way from
analysis of the market, competitors and the organization's internal capabilities. There is a set of
controlling strategy which projects will be initiated and when. Once a project is selected for
development that time chances of discontinuity are very less. That kind of projects takes one to
five years and is favored by organizations that support if changes in market condition and offer
products with long life-cycles, such as automotive manufacturers and software producers.
TASK 2
3 Role and significance of Entrepreneurship & innovation in country economy
Key to economic development is innovation and creativity and they both comes from a
mind full of ideas and thus both the qualities are possessed by the person who starts his/her
unique set of businesses, which typically in business language known as Entrepreneur. A
Entrepreneur with his skills and abilities bring such marvelous creations in the industry that cater
to the needs of the people living on the planet in a significant way. One such mixture of
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innovation and entrepreneurship is JUST PARK which as discussed above has been dealing with
a device that tracks the space for parking of vehicles with the help of GPS. How it works is,
when a person who wants to park their vehicle at a certain location, he/she will track the place
where the place is open for parking in the nearby area and this will be shown on the personalized
app made by Just Park, so that it reduces time and diesel of the customer in finding the required
place.
In developing countries, the process of economic growth largely depends on
entrepreneurial activities of population. Lifting the living standard of people in the city will
eventually lift the standard of economy of the city too. This type of innovation has been very
useful in uplifting the economy of the country. GPS and other enhancements raise productivity,
reduce and avoid costs, save time, enable improved and new production processes, products and
markets, increases health and well-being, reduces injury and loss of life, improve environment
and security too increases (Karlsson, and Warda, 2014). Through the use of technique which is
brought by Just Park consumers will be able to save their time in finding the appropriate place of
parking and this technology will make them know what are the possible routes through which
they can reach the desired the destinations. By the use of GPS UK will be able to provide
leadership, standards and innovation in technology and applications with positive domestic
feedback. In a conditions of low fund and underdeveloped countries entrepreneurs are bound to
launch their enterprises on small-scale. Thus it is studied that if these small-scale firms if
launched in developed areas and countries on a massive scale then can bring rapid economic
growth in that region. But it does not means that innovations which are launched in
underdeveloped countries cannot impact the growth of the country, they also can but not as fast
and accurate as the earlier one.
Entrepreneurship is an essential element for economic progress as it manifests its fundamental
importance in different ways:
1. By identifying, assessing and exploiting business opportunities.
2. By creating new firms and/or renewing existing ones by making it more dynamic.
3. By driving the economy forward – through innovation, competence, job creation- and by
generally improving the well being of society.
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So, as Far as Just Park's innovation is concerned it has been majorly affecting the
economic scenario of UK in saving time of peole which is making them engage in some
productive work instead of searching the places for the parking. Innovation and creativity has
also played its part in making the user friendly app for the customers so that they can easily
understand the features of the app and can make the most out of it. By the use of Companies
device many of the customers will develop a positive perception towards the brand and
enhancement of brand will lead to the rise in economic growth of the country (Choi, and
Majumdar, 2014).
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. I
would like to choose my mobile app is Justpark it provides parking facility to all kind of
vehicles. Parking problems are face by the people for a longer time period and Govt of UK can
not be solved this problem. Mobile app is only applicable for those vehicle who has GPS system
for finding out the current position of vehicle in order to provides appropriate space for parking.
As a business startup it cant generate high revenue from the market but its makes positions as a
problem solver (Henkel, Rønde, and Wagner, 2015). Its implementation is not an easy task
because all the customers are not technology friendly and they are well known about how to use
it. I would like to develop this app in shorter steps so that every one can easy to access this
software and use it effectively. As a startup business plan we need a talented employees those are
technology friendly and have good imagination power in order generate creative idea that helps
in to get valuable information for developing the mobile app. Creativity mainly depends on the
idea communication at a single level where problems and ideas are rotated and communicated in
order to gain valuable information from others so that innovator group consist of large number of
members and they valuable in order to find out problem and gives solution.
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CONCLUSION
From the above report, it can be concluded that innovation is the necessary part of any
startup or large business organization. Start business creates larger job opportunities to those
people who are unemployed but have a talent and ability to do something valuable. Small and
start-up business makes major contribution in country economy and helps in to maintain strong
position in global market place. Larger business organization are mostly profit oriented and
makes innovation inn the existing product and services in order to maintain sustainable position
in market place (Leutner, Ahmetoglu, Akhtar, and Chamorro-Premuzic, 2014). Start-up
organization are in position to introduce an develop creative idea towards the fulfilment of
market expectations. Its main focus is to maintain sustainable position in market place rather
than to earn high profit. From this report space for parking becomes a big issue in UK so that
mobile app is introduce by the innovators to solve parking problem in big cities under congested
area. This app helps in to find out parking space in a specific region. It basically related to the
GPS system in order to find out the current position of a vehicle and its relevant space.
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