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Entrepreneurship and Innovation

Entrepreneurship is the art of undertaking innovations and introducing new things. The basic focus in entrepreneurship and innovation is always on skills, knowledge, and understanding of how any innovative idea/product/service can be used for a new and successful business. It further helps existing businesses to grow and expand the existing business. The development of business and the economy depends on creating innovative ideas, products, services, technology through entrepreneurship and innovation.

Entrepreneurship generally studies why, why and how the opportunities are created, their identification and then utilization for providing goods and services. It involves the development, organization, and management of a business with its risks in order to take out the profit. From idea conception to managing the company is entrepreneurship. The person who does entrepreneurship is known as an entrepreneur.

 

There are certain characteristics that an entrepreneur must possess for entrepreneurship:

Planning ability: Ability to develop business plans to achieve the goals in all aspects, such as finance, production, marketing, sales.

Communication and Interpersonal skills: Entrepreneurs should possess the ability to communicate, discuss, and sell services. He should be able to develop positive and healthy relations with customers, clients, investors, and employees.

Marketing skills: Good marketing skills that are critically required for entrepreneurial success.

Leadership skills: Entrepreneurs must be able to decide on a vision for the company. He must be able to inspire and motivate the employees.

 

What is Innovation?

Innovation simply means to do things differently and in this context, entrepreneurship is the practice of making the business of the innovation, i.e. to monetize. These both are known as two faces of a single coin, sometimes even referred to as ‘Innovators’. In this rapidly changing market, the competition has increased as every moment there is a new innovation taking place and is being shaped into the business.

Entrepreneurship and innovation is the key driver in the development of the economy. Innovation serves a vital role in the development of any entrepreneurship which later turns out to be a business. Organizational growth depends on both.

Entrepreneurship gives financial gain, by which innovation arises in the entrepreneurship. Companies always keep innovation as an important part of their organizational operation.

Competition is one of the major factors which demands innovation in entrepreneurship. Innovation brings ideas to the market. For any company, it has become a basic need to come up with something new and much better than its competitors, that too at a comparatively low price, effective and of good quality.

Innovation is an important factor in the success of any company. Small businesses always see innovation as an important aspect of entrepreneurship. Innovation not only exists in business, in our personal life too we always look for innovation to solve problems and meet out our needs. A combined example of entrepreneurship with innovation is innovation in the digital enterprise.

In order to sustain the ever-changing market, to meet out the demand and supply of products, and effective and good entrepreneurship and innovative skills are required. If companies don’t have new business ideas and advanced technologies to support the idea, customers will be tired of the same pattern and the demand will not be satisfied fully.

 

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