Contribution of Entrepreneurship and Innovation Essay Paper

Drawing on theories, concepts and models discussed in this Module, critically analyse the contribution of entrepreneurship and innovation to socio-economic development in a context of your own choosing.Contribution of Entrepreneurship and Innovation Essay Paper

Entrepreneurship And Innovation Assignment Business Essay
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Being in the competitive environment, innovation and entrepreneurial leader are essential for an organisation for its survival and success. The definitions of entrepreneurship, innovation and the way in which they are applied in Small and Medium Enterprise (SME) is briefed in this assignment. The SME operates in textile industry and the name of the organisation is “Sri Vishnu Perumaal Spin Yarn Ltd”, a family business run by founder and his a son (Managing Director) in Coimbatore, South India.

Assignment: Contribution of Entrepreneurship and Innovation

The growth of the Indian textile industry is limited because of the Chinese entrants. In spite of this limitation, Indian entrepreneurs who operate their business in this industry are continuously changing their production process to compete with the Chinese competitors. The growth and development of the Indian SMEs is also discussed. The process of generating ideas, selecting one among the available ideas and implementing them are explained. Timmons model of individual entrepreneurship is used to explain the entrepreneurial behaviour of the founder and way in which he managed the innovation. The opportunity found leads to a incremental change in the production process of the firm. As succession is widely seen in Indian family business, the process of succession and the characteristics required by the successor to make the succession successful are explained in detail. Some the characteristics, that a successor should posses are intellectual knowledge, personal motivation and commitment towards the firm are discussed.Contribution of Entrepreneurship and Innovation Essay Paper

Apart from this factors which facilitates the entrepreneurship within the firm are highlighted. These factors are knowledge management, organisational culture, individual resources, size of the firm, internal and external networking. Employing a non family member in the senior management and changing the issue raising culture are recommended by the author. This could take the company to higher levels and increase the responsibility of all the employees working the organisation. Production process is explained in Appendix A and Appendix B consists the organisational structure. This assignment will take you through the all the above mentioned…

ADDITIONAL INFORMATION;

Contribution of Entrepreneurship and Innovation

Introduction

The world is changing faster than it ever has before. The role of entrepreneurs and innovators plays a big role in this change. Entrepreneurship and innovation are beneficial for the economy, especially when it comes to innovation; they can empower employees to become entrepreneurs themselves, improve quality of life and increase overall happiness among others.

Entrepreneurship and innovation are beneficial for the economy.

Entrepreneurship is a key ingredient for economic growth, development, and prosperity. It is through entrepreneurship that new ideas are discovered and brought to market. Entrepreneurship can also lead to the creation of new jobs as well as innovation in areas such as technology or manufacturing.

Entrepreneurship has been shown to help countries grow their economies by spurring on competition among businesses which ultimately leads to greater productivity than would otherwise be possible without this competition (Baumol).

Entrepreneurship is the process of starting a new business. Entrepreneurs are usually individuals who have an idea for a product or service that they believe will be profitable, and they take action to turn this idea into reality. An entrepreneur may also be an individual who takes over or manages a business venture that was started by someone else.

Entrepreneurship can be a source of inspiration to others.

In addition to being a source of inspiration for others, entrepreneurship is also a strong motivator. Entrepreneurship can help people take on more responsibility, which leads them to make better decisions and be more successful in their careers.

Entrepreneurship can also help people develop a sense of purpose and identity. People who are entrepreneurs often feel like they are part of something bigger than themselves, which can make them feel more fulfilled in life.

Entrepreneurship can also be a good way to make money. Many successful entrepreneurs earn millions each year, which is a great motivator for others to get started in business.

Entrepreneurship and innovation empower employees to become entrepreneurs themselves.

Entrepreneurship and innovation empower employees to become entrepreneurs themselves.

Entrepreneurship is a process that empowers individuals to take control of their lives, careers and businesses. It allows them to innovate new ideas and create value for customers in ways that traditional companies cannot accomplish on their own. As a result, employees become more motivated to work hard at their jobs and contribute towards the company as well as themselves as individuals.

Entrepreneurship is not only beneficial to the employee, but also to the company. Studies have shown that employees who are more entrepreneurial tend to be more creative and innovative. They are also more motivated by their jobs, which in turn leads to better performance and productivity on the job.

Entrepreneurship and innovation improves overall quality of life.

Entrepreneurship and innovation are important to a country’s economy. Entrepreneurship creates jobs and increases productivity, which leads to new products and services. Innovation also helps improve quality of life by bringing about new ideas that can be used in different ways as well as making existing ones more efficient or cheaper.

Entrepreneurship is the process of creating an idea for something new that has value, such as starting a company; innovation is the creation or improvement of something already existing (such as technology).

Entrepreneurship is the process of creating an idea for something new that has value, such as starting a company; innovation is the creation or improvement of something already existing (such as technology).

Entrepreneurship makes the future brighter

Entrepreneurship is a great way to make the future brighter. It creates jobs and opportunities for people, especially those who otherwise may not have had them. In addition, entrepreneurship can help solve problems that other industries are unable to solve on their own.

Entrepreneurship also inspires us all with stories about those who went before us and changed our world for the better because of their ideas and hard work. The story of Elon Musk’s success is one such example; he started out as an intern at Tesla Motors (now owned by Apple) in 2003 while still attending college at Stanford University in California. He also serialized his first book in 2005 called “The Ultimate Guide To Getting Rich”.

He was an intern at a US-based company called SpaceX, which is a space exploration company. He founded it in 2002 with the aim of building rockets for commercial use. The first launch took place in 2008 and since then, SpaceX has grown into one of the most successful privately owned companies in the world. It now has over 5,000 employees and more than 70 launches under its belt.

Conclusion

Entrepreneurship and innovation are beneficial for the economy. Entrepreneurship can be a source of inspiration to others. Entrepreneurship and innovation empower employees to become entrepreneurs themselves. Entrepreneurship and innovation improves overall quality of life.