Lesson 1.pptx
- 1. 2023 Academic Year 2nd Bimester ENTREPRENEURIAL INNOVATION (BUST08015)
- 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.
- 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.
- 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.