Entrepreneurship

Entrepreneurship is the skill that involves seeing an OPPORTUNITY and then Starting, ORGANIZING, and MANAGING A Business that consists in taking FINANCIAL RISKS.

What is Innovation?

Innovation is the implementation of new ideas at the individual, group, or organizational level.

TYPES OF INNOVATIONS

• • Invention: Described as creating a new product, service, or process. 

• • Extension: The expansion of an existing product, service, or process.

• • Duplication: Copying (replicating) an existing product or service and then adding the entrepreneur’s own creative touch.

• • Synthesis: A combination of more than one existing product or service into a new product. or service.

Steps of the Innovation Process

1. 1. Commercial application

1. 1. Resource organization

1. 1. Implementation

1. 1. Analytical planning

Innopreneur

The change that entrepreneurs bring about is through creativity and innovation. Therefore, it is not surprising to see that entrepreneurs are among the more creative and innovative players in organizational change. 

Entrepreneur	Business Owner
Motivated by growth expansion	Motivated by sales of credit
Embrace Risk	Avoid risks
Focus on future opportunities	Focus on current operations
View the company as an asset to be managed or sold	Often are sentimental about firm (or family tradition)

Characteristics of an Entrepreneur

• • Caring

Meeting the needs of others not only their needs

• • Vision

The clear roadmap that defines entrepreneurial effort

• • Product Market Fit

The market doesn’t care about you, you have to care about the market

• • Motivation

Flexibility, control, and legacy keep you motivated for long

• • Passion

An extra fuel that makes every entrepreneur in case of despondency

• • Decision Making

Assessing alternative resolutions through data gathering enhances business growth

Steps in Driving Innovation in Your Organization

1. 1. Commit to the Big Picture

1. 1. Build Systems (Right people / Right processes )

1. Evaluation