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
- Commercial application
- Resource organization
- Implementation
- 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