2. INTRODUCTION TO ENTREPRENEURIAL INNOVATION
Topics to be covered:
Meaning of Entrepreneur
Meaning of Entrepreneurship
Characteristics of Entrepreneurship
Importance of Entrepreneurship
Process of Entrepreneurship
Classification of Entrepreneurship
Innovative Entrepreneurship
Types of innovative Entrepreneurship
Skills of innovative Entrepreneurship
Tips for becoming an innovative Entrepreneurship
3. The term 'Entrepreneur' -French word “Entreprendre” (meaning to undertake certain activities)
An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the
rewards.
The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or
procedures.
MEANING OF ENTREPRENEUR
According to " Peter F. Drucker states that an
entrepreneur is the one who always searches for
changes, responds to it and exploits it as an
opportunity.”
According to Joseph A. Schumpeter states that
entrepreneur is a person who introduces innovative
changes in an enterprise.
5. MEANING OF ENTREPRENEURSHIP
Entrepreneurship is the process of developing, organizing, and running a new business to generate
profit while taking on financial risk.
Entrepreneurship is the ability and readiness to develop, organize and run a business enterprise, along
with any of its uncertainties in order to make a profit. The most prominent example of entrepreneurship
is the starting of new businesses.
6.
7. IMPORTANCE OF ENTREPRENEURSHIP:
•Creation of Employment- Entrepreneurship generates employment. It provides an entry-level job,
required for gaining experience and training for unskilled workers.
•Innovation- It is the hub of innovation that provides new product ventures, market, technology and
quality of goods, etc., and increase the standard of living of people.
•Impact on Society and Community Development- A society becomes greater if the employment base is
large and diversified. It brings about changes in society and promotes facilities like higher expenditure on
education, better sanitation, fewer slums, a higher level of homeownership. Therefore, entrepreneurship
8. •Increase Standard of Living- Entrepreneurship helps to improve the standard of living of a person
by increasing the income. The standard of living means, increase in the consumption of various goods
and services by a household for a particular period.
•Supports research and development- New products and services need to be researched and tested
before launching in the market. Therefore, an entrepreneur also dispenses finance for research and
development with research institutions and universities. This promotes research, general construction,
and development in the economy.
10. CLASSIFICATION OF ENTREPRENEURSHIP
Social entrepreneurship
Driven by a desire to give back to the community, social entrepreneurs
seek to offer solutions to important social problems, which may include:
•Addressing social inequality
•Engaging with environmental concerns
•Supporting more equitable economic development
Some social entrepreneurs may start a nonprofit, whereas others pursue
profitable business ventures that give back to the community.
11.
12. Small business entrepreneurship
Small business entrepreneurs are focused on creating and running their own business, either on
their own or with the help of family members. This group of entrepreneurs includes many
owners of mom-and-pop shops and boutiques, as well as trade workers and consultants.
Small business owners:
•Seek to make a living from their business activities and generate enough profit to support their
family and lifestyle
•Typically aren't focused on rapid growth and expansion
•Instead of courting investors, they may choose to get a business loan for financing
13. Large company entrepreneurship
This type of entrepreneurship is for advanced professionals who know how to sustain innovation and are often part of
a large team of C-level executives. Large companies often create new products and services based on consumer
preferences to meet market demand.
14. Innovation entrepreneurship
Innovative entrepreneurship is the practice of establishing creating new business ideas intending to
generate profit, assist their community and accomplish company goals. Innovation helps an individual
entrepreneur or a group of entrepreneurs to improve or replace a particular product, process or service.
15. Why is Entrepreneurial innovations Important
It helps the company to produce a good and quality product.
It helps the business to adapt to new trends in the market or its industry.
It helps the company continuously produce new creative products, which will get more audiences.
It increases your chances to know the changes and discover new opportunities.
It can also help foster competitive advantage as it allows you to build better products and services for your
customers.
Innovating continuously, creating innovative products, and upgrading them constantly will allow the audience to
stick to your product.
16. Skills of innovative entrepreneurship
Knowledge about the industry
An innovative entrepreneur may require a good understanding of the industry to determine the nature of the business
environment. This can help them to understand how the market can affect the performance of the company.
Great communication skills
With excellent communication skills, innovative entrepreneurs can build strong relationships with other professionals. This can
help them to effectively communicate with team members and find solutions that can help in improving the productivity of the
business.
Strategic thinking
Strategic thinking can help innovative entrepreneurs to position the company in the competitive market. It can also help them
maintain a clear vision.
Networking
Innovative entrepreneurs use their networking skills to connect with different professionals in the industry. Building a strong
network and the ability to connect with various kinds of people can help innovative entrepreneurs to find the best possible
human resources for the company.
17. Tips for Enhancing an innovative entrepreneurship
Develop a financial plan
Developing a financial plan can help entrepreneurs in preparing the company for any financial obstacles.
Find the areas of financial requirement and decide which strategies and plans can help in the financial
gain.
Accept constructive feedback
Innovative entrepreneurs may pitch their project ideas to investors and other professionals. Accepting
constructive feedback can help you improve the products and services you sell to customers.
Develop patience
Developing patience can help you more effectively collaborate with other professionals and develop new
business ideas.
Promote your brand
Promoting your brand can help the clients and consumers know what values and types of products or
services the business can offer. Entrepreneurs can take the help of social media marketing and social
media optimisation to promote their company on online platforms.
18. Types of innovative entrepreneurship
Social entrepreneurs
A social entrepreneur is someone who detects social problems and develops effective strategic plans to
resolve them. They are good at bringing people together and motivating them to work for the same cause.
Startup entrepreneurs
Startup entrepreneurs introduce people with their innovative ideas and provide employment opportunities
to them. A startup can provide opportunities to gain new skills that can help professionals to excel in their
careers.
Enterprise entrepreneurs
Enterprise entrepreneurs may work for organizations that are already in the market for a period of time.
They find innovative ideas and strategies that can help the company in maintaining or gaining a
reputation in the growing market.
19. What are common ways to develop innovative entrepreneurship skills?
Innovative entrepreneurs can use different innovation skills to create ideas and strategies for business
models and processes. Some common examples of innovation skills are strategic thinking, problem-solving
and design. Here are some ways you can develop your entrepreneurial skills:
•Participate in innovation workshops and conferences.
•Document new ideas and plans for products or business processes.
•Attend professional networking events and communicate with other entrepreneurs.
•Find the projects to challenge your innovative thinking skills.
