...http://vigaexalt.blogspot.com/2014/01/innovation-key-transformation-for.html Innovative has seen the transformation of modern technology that suits global appeal. Organizations have constantly innovated new ideas, technologies, products and services to have competitive edge in its industry. Entrepreneurs should always constantly look into areas of creating new inventions’ or adapt the existing products. The most common one was the creative introduction of telephone by Alexander Graham Bell. It is still widely used but humans require a gadget that is mobile. In mid 1980s, Motorola launched the first hand phone in market which also prompted other brands such as Nokia, Sony Ericsson, Siemens and LG venturing in the mobile market in 1990s. However in 2000s, the world saw another innovation from the phone through the introduction of Apple’s IPhone. The birth of smartphones innovation channels in new players such as Samsung, Blackberry, HTC, Acer and Nokia to innovate their models. The creation started by Alexander Graham Bell has been adapted and altered to fulfil the current generation and needs. This process shall not end with the introduction of smart phones or tablet PC but innovation shall continue as it seeks refurbishment of finest and latest technology. Several worldwide popular entrepreneurs such as Bill Gates, Steve Jobs, Michael Dell, Sergey Brin, Larry Page, Henry Ford, Oprah Winfrey, Ray Kroc, Walt Disney, George Lucas and Mark Zuckerberg has reshaped their respective...
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...SOCIAL ENTREPRENEURS LACK BUSINESS SKILLS TRAINING, EDUCATION AND SOCIAL INNOVATION By: Marisa Cloete Mini Research Proposal History and Theory of Graphic Design 3 TABLE OF CONTENTS TABLE OF CONTENTS ………………………………………………………………………….....3 LIST OF FIGURES …………………………………………………………………………………..4 APPENDIX…………………………………………………………………………………………….4 GLOSSARY OF TERMS ………………………………………………………………………..…..5 CHAPTER 1: RESEARCH PROBLEM …………………………………………………………...6 1.1 INTRODUCTION ………………………………………………………………………………...6 1.2 STATEMENT OF RESEARCH PROBLEM ……………..……………………………………6 1.3 BACKGROUND OF THE RESEARCH PROBLEM …………….…………..………………,.7 1.4.1 MAIN RESEARCH QUESTION .....................................................................................7 1.4.2 SUB-QUESTION ….....……………………………………………………..………………....7 CHAPTER 2: LITERATURE REVIEW …………………………………………..………………..8 2.1 INTRODUCTION …………………………………………………………….….……………….8 2.2 SOCIAL INNOVATION, SOCIAL ENTREPRENEURS AND THEIR BASIC NEEDS…….8 2.3 SOCIAL ENTREPRENEURS NEED SKILLS AND TRAINING. ……….……..…………….9 2.4 CASE STUDIES: SUCCESFULL SOCIAL ENTREPRENEURS …..……………………..11 2.4.1 LOCAL CASE STUDIES IN RELATION TO DESIGN RESEARCH ……….…….....11 2.4.2 INTERNATIONAL CASE STUDIES IN RELATION TO DESIGN RESEARCH…....12 2.5. CONCLUSION AND RECOMMENDATIONS ……………………..……..……...………..13 CHAPTER 3: RESEARCH DESIGN AND METHODOLOGY …….…………….…………….14 3.1 INTRODUCTION ………………………………………………..…………….……………….14 3.2 QUALITATIVE...
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...entrepreneurship, innovation and economic development is a multidirectional cycle, which means that they affect each other in two directions. From one direction, when there is a problem entrepreneurs would use innovation which comes from creativity to solve it by entrepreneurship. Innovation deliveries new industries or get exist industries developed and both of those actions will lead economic to develop. The births of new industries encourage people with entrepreneurship to organize new economics. From the other direction, the development of economic absorbs new investments. Those investments include not only labour, land and capital, but also innovation which can improve the new good or service. The development in new industry can also offer money or other capital to encourage people with creativity to innovate. Innovation can be protected by entrepreneurship because it relies on innovation. As Thomson Edison* said, his inventions were from seeing a worthwhile need to be met and trailed after it until it came. So it can be seen as innovations are from solving problem and creativity. As an entrepreneur, spotting a problem and turn it into opportunity by creativity is called entrepreneurship. Entrepreneurship sets innovation to processing first and then gets profits from economic development. As Bolton and Thompson (2000) has recognized, entrepreneurship is about change and innovation. So every entrepreneurs needs to understand how to apply or utilize innovation. Processing or...
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...such a relationship, entrepreneurship with innovation is the major driving force behind the sustainable economic development and thus, entrepreneurs play the key role in manipulating the factors of production that include land, labour, capital and also the natural resources (Econlowdown, n.d.) to cause economic growth. In short, entrepreneurship contributes to the economic performances by introducing innovations, effectively allocating resources and creating changes. Hence, the aim of this essay is to discuss the nexus of entrepreneurship, innovation and economic development as well as the role that creativity and problem solving play in this relationship. From the business point of view, entrepreneurship is referred to the capacity and willingness to develop, organise and manage a business venture along with any of its risks in order to make profit by using the factors of production (BusinessDictionary.com, n.d.). Clearly, entrepreneurs are the people with particular characteristics and traits of behaviours whereas entrepreneurship is the result of what entrepreneurs do and refers to events and their economic impact (Lumsdaine and Binks, 2006). Innovation on the other hand is one of the key tools that could assist entrepreneurs to effectively realise the market opportunities that leads to a sustainable economic development. New ideas that add value to a firm is introduced by innovation. In this competitive business world, innovation is the important tool that helps firms to...
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...answer the following question: In the Schumpeterian approach to entrepreneurship, entrepreneurs are the creative economic actors who fashion new ventures by combining the factors of production in new and innovative ways. To what extent does this approach hold true for entrepreneurs in the early 21st century? The basic analysis method consists in finding similarities and differences between Schumpeter’s and modern day theories of entrepreneurship and establishing general patterns coming out of the comparative analysis. We shall try and decompose the main question in several constituent parts. The above given Schumpeter’s definition of entrepreneurship can be broken down as follows: * Entrepreneurs are economic actors, i.e. individuals engaged in commercial activity * Entrepreneurs create new ventures through innovation * Innovation consists in combining existing factors of production in new ways We will analyse both Schumpeter’s and modern day entrepreneurs along these and other dimensions in an attempt to place Schumpeter’s concepts in the realities of the 21st century. 2. Schumpeter’s theory of entrepreneurship Economic development One of Schumpeter’s major life works is his book Theory of Economic Development published first in 1911 in German and then republished in an updated version in 1934 in English (Schumpeter 1934), in which he describes a model of economy where entrepreneurs are the main drivers for change and development. In the first chapter of the book...
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...ENTREPRENEUR Our economy has developed many views about an entrepreneur. It can be referred to as one of the factors of production or someone who has opened a new venture in an existing industry. Commonly, an entrepreneur is regarded as the owner of a big company or firm. However, such views portray a narrow and restricted activity of an entrepreneur. In the real world, an entrepreneur does much more than just setting up a firm. It plays a vital role in the flourishing of a country. Joseph Schumpeter believed that “everyone is an entrepreneur only when he actually carries out the new combinations and loses that character as soon as he has built up his business.” (The Theory of Development, 1934). His belief holds true to a large extent and modifies the way we commonly think of an entrepreneur. He describes entrepreneurship to be process or activity that is carried out by a person. Thus the quality of this entrepreneurial spirit is possessed for only a certain period of time and doesn’t last forever. It’s the ability of an entrepreneur to identify what the market is devoid of, reacting creatively to the opportunity with new ideas and acting upon these ideas through a process of innovation to produce new goods, creating demand for it and giving it market value. Such a process leads to correction of market failures and deficiencies (Leibenstein, 1995, Schumpeter 1942). It causes changes in the market by creating disequilibrium of market forces. These changes act as sources...
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...A brief discussion of the relationship between entrepreneurship, innovation and economic development as well as the role of sustainability in the relationship Introduction: The origin and development on theory As early as the 17th century, the French term "entreprendre "appeared in economics, which evolved into "entrepreneur" as commonly used (Dees,1998). The concept of entrepreneur keeps on developing and varies with the development of socio-economics. Richard Cantillon published his in 1775 “Essay on the Nature of Trade in General" (Murphy,1986). Since then, entrepreneurship was given a definition in the perspective of behavior, including decision-making, sound judgment, supervision of production, innovation, and resource reallocation (Herron, 1993). The new definition of the "entrepreneur" credited by French economists was put by Jean Baptiste in the 19th century "the entrepreneur shifts economic resources out of an area of lower and into an area of higher productivity and greater yield". In this time, entrepreneurship was given the meaning of "creating values"(Dees, 1998). In 1911, “entrepreneur as innovator” was put forward by Schumpeter. In his theory, entrepreneurship nearly the same as innovation is thought to be a critical factor in the promotion of economic development. This theory was unceasingly completed by Schumpeter. Through the process of “disruptive innovation” (Schumpeter, 1942), entrepreneurs create economic opportunities and obtain economic benefits by causing...
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...MODERATING EFFECTS OF HUMAN RESOURCES PRACTISES AND ENTREPRENEUR TRAINING OF INNOVATIONS AND SMALL MEDIUM FIRM PERFORMANCE By : M. Mohd Rosli & Rosman Mahmood (Univesity of Malaysia Kelantan & University of Technology Mara) This study aims to address the questions of how HRM practices and entrepreneur training interact with innovation, which then affect SMF performance. To study was conducted to examine and investigate the direct relationship of ; (1) HRM practices (training & recognition), entrepreneur training, innovations and control variables (Firm Age and Firm Size) with the performance of SMF’s, and the (2) Interacting effects of HRM Practices (training & recognition) and entrepreneur training on the relationship between innovation and SMF performance. Two hundred eighty-four (284) organizations throughout Malaysia participated in the study. The major activity of the firm must be in the three industries that is food and beverage, textiles and clothing and wood-based products. The unit of analysis for this study is the owner or manager of the firm. The respondents were requested to fill up a self-administered questionnaire containing variable on company background, HRM practices and entrepreneur training, innovation and firm performance indicators. Seven hypotheses has been developed to study the direct relationship of HRM practices, entrepreneur training, innovation and control variables with the performance of SMF’s and the interacting...
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...That encompasses the spirit of entrepreneurship. The word “entrepreneur‟ is derived from the French verb “enterprendre‟ which means “to undertake”. The use of the term dates back to 1723 when Richard Cantillon coined it. Cantillon defined the term as a person who pays a certain price for a product and resells it at an uncertain price: "making decisions about obtaining and using the resources while consequently admitting the risk of enterprise.” Now the term has evolved and has taken several meanings. It has been extended from its origins in business to include social and political entrepreneurship as well. History of Entrepreneurship The history of entrepreneurship dates back to the era of Indus Valley Civilization. Back then, economy depended...
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...1 Entrepreneurship, Innovation, and Economic Development: An Overview Adam Szirmai, Wim Naudé, and Micheline Goedhuys 1.1 Purpose of the book Economic development requires sustainable and shared increases in per capita income accompanied by changes in the structural composition of an economy towards higher value added goods and more efficient production methods. Entrepreneurs can contribute to economic development by facilitating the reallocation of resources from less to more productive uses (Acs and Storey 2004), by performing ‘cost-discovery’, ‘gap-filling’, and ‘input-completing’ functions in the economy (Leibenstein 1968; Hausmann and Rodrik 2003) and by supporting structural change (Lewis 1954; Gries and Naudé 2010). These roles have recently been the subject of a growing literature (see e.g. Minniti and Naudé 2010; Naudé 2010a, 2010b, 2010c). A neglected function in this literature is the potential role of entrepreneurs as innovators in developing countries. Joseph Schumpeter pointed out a century ago that entrepreneurs are often innovators, bringing new goods and technologies to markets, opening up new markets, processes, and ideas, and commercializing new knowledge. But, it is often mistakenly suggested that innovation by entrepreneurs is less important for growth in low-income developing countries than in more advanced economies.1 A substantial literature has been devoted to understanding the conditions under which entrepreneurs innovate, and the nature and evolution...
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...The Differences between Entrepreneurship and Small Businesses; Strategies to create a Strong Entrepreneurs Shakarra Warner Principles of Management 27 January 2015 The Differences between Entrepreneurship and Small Businesses; Strategies to create a Strong Entrepreneurs In the modern world, people do not always rely on the traditional aspect of working for someone or a company. Many individuals want more control and power over their lives and money. With inspiration from a hobby or skill, some people decide to become entrepreneurs. According to Bateman and Snell, 2013 “…an entrepreneur is an enterprising individual who pursues a lucrative opportunity.” Entrepreneurs increase job development and decrease unemployment amounts that affect the economic growth. With all the benefits of entrepreneurship, state agencies strive to promote the awareness of resources available to build a better economic system while distinguishing an enterprise from a small business. Sometimes there is confusion between the meaning of entrepreneur and small business owner. Entrepreneurs are managers just as small business owners, but in a less formal aspect and without a hierarchy of management levels (Bateman and Snell, 2013). Entrepreneurs make an effort for growth and high profitability as their principal objective, whereas small businesses expect regular to reasonable sales and fixed growth (Bateman and Snell, 2013). It is important to know the difference between the two when deciding the types...
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...In the business world, entrepreneurship has two meanings. It can be defined as the act of being an entrepreneur, an individual who starts and owns a business and is in charge of managing its smooth running by coordinating activities. Secondly, it can be seen as a key component to the economy who discovers problem areas and sees them as creative opportunities to innovate. A successful innovative entrepreneur should be motivated by nature to produce the right product, in the right market, at the right time and of course aim the right consumers. Richard Cantillon was an economist who believed that entrepreneurs bring equilibrium to the market by balancing the market forces of supply and demand. He proposed that risk taking is a common characteristic of a competent and self confident entrepreneur because he places the survival of the organization first but his career last by going over the edge with no fear. He may even be able to go beyond his own capabilities and progress further on if he believes in himself. Acceptance of past mistakes means that they are not seen as a failure but as a lesson of trial and error to avoid future repetition under the same circumstances. Although, careful planning and consideration are some of the main characteristics of an entrepreneur, uncertainty comes along since he cannot be absolutely sure he is going to succeed 100% or whether he made the right decision. The difference between risk and uncertainty is that the first one is based on...
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...Entrepreneur & the Business HEADING: Innovation, Entrepreneurship in Developing organisations. Introduction Defining Innovation and Entrepreneurship Traditional Drivers of Innovation Examining entrepreneur influences (public policy) Examining & evaluating Conclusion HEADING: Innovation, Entrepreneurship in Developing organisations. Introduction Entrepreneurship, as an engine of organisational change and development, defies conventional definition. This enigmatic status is attributable to an ever-changing nature in the face of developing social and economic conditions, as well as an ongoing evolution of the framework that surrounds its study. However, despite the shifting landscape, there tends to be agreement that entrepreneurship revolves around both the broad qualities and narrow actions within types of enterprise which require execution from an individual’s explicit control over some aspect of the unknown. With such a consensus in mind, this paper will delve into the effects an intrapreneur might have within the development of an organisation and examine the affects, which barriers might affect them in corporate innovation through internal entrepreneurship. Defining Innovation and Entrepreneurship While the economic contexts of entrepreneurship are frequently reported, it is also important to recognise how it is that enterprise maintains a role in sculpting the society in which it occurs. Essentially, the function of an entrepreneur is basically an...
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...entrepreneurship: “ - Entrepreneurship is one of the most important parts of economics in a freeenterprise system. - An entrepreneur is a person that creates, organises and manages a business while trying to make a profit. The first thing an entrepreneur needs to do is to think of an idea. They have to be inquirers so they can gather as much information as possible. They need to constantly reflect on their decisions. They must be risk-takers because there is always a chance that their business will not succeed. They must be open-minded when presenting their ideas and receiving feedback. Entrepreneurs must be good communicators when sharing their ideas with investors and when advertising and promoting their company. They must also be principled and caring towards their employees and customers. - By being hardworking entrepreneurs, we all have the opportunity to be very successful.” 2 The essay examines the importance of entrepreneurship within the economy, core elements of entrepreneurship, and how entrepreneurial behaviour and certain character traits impact success. The investigation is based on statements about entrepreneurship given by fourth grade high school students in Ohio. The essay will argue that entrepreneurship is an essential part of economics in a free-enterprise system. Furthermore, it will point out that an entrepreneur needs to follow certain codes of conduct to be successful. It will also emphasise that to achieve success certain...
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... academic year 2015 1. Introduction Entrepreneurship has been a widely addressed topic in the 20th century and many renowned economists have studied the subject. Schumpeter, who might be the most famous, links entrepreneurship to innovation and emphasizes on the importance of the entrepreneur in the economic development. Like Schumpeter, Clark (1899), Higgins (1959) or Leibenstein (1978) have studied the role of the entrepreneur in the society and see it as someone who identifies business opportunities and creates companies more than somebody taking risks. In 1921, Knight showed that the entrepreneur is effectively endorsing risk because...
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