Innovation and Enterpreneurship Essay Example | Topics and Well Written Essays - 3000 words

Innovation and Enterpreneurship - Essay Example They are also the advantages that a business gains in having an entrepreneur who has the ability to run the business effectively. They include; business growth, competition, company success, among others which are all roles that innovation and entrepreneurship play in a business. The work has also identified barriers that affect the implementation of innovations in a business. These include lack of enough funding, fear of risk taking, and lack of proper and adequate measures. These are the factors that hinder growth of a business. The work also focuses on factors that facilitate or negatively affect entrepreneurial management towards innovation outcomes. These are the factors that help the business to get to the outcomes of the innovations. It also gives a case study on Architas Company and later gives recommendations on possible methods of fighting the challenges faced by organizations towards innovation achievement. Introduction The rising harsh economic conditions have led to a hi gh competition in the business industry. All those people who have ventured in to the business industry are looking possible means to do away with the rise in competition, in the market. Several businesses providing same services to customers exist in today’s market, and it is only the strategically placed and stable businesses that will stand a chance to succeed in the market. Their success will depend on the innovative measures the business takes to beat the competition and the high demand for services provided to the customers. It is these measures that will enable the business to provide services that are rare to other business owners. The work that follows, presents the roles and values of innovation and entrepreneurship in a business, barriers to effective innovations and entrepreneurship, and possible solutions to the problems. Background information Innovation is the process of translating an idea or invention into a good or service to create value or cause customers to pay for it (Dodgson and David, 2010). Any idea invented by a business for satisfaction of customer’s need must satisfy the customer for it to become innovative. Innovation involves a number of activities; imagination of a viable idea that will extract value from the resources, application of possible information, and the process of converting the ideas into useful products. Innovation becomes useful when the company applies the ideas to meet the needs and demands of the customer (Dodgson and David, 2010). It is the ideas successfully applied in organizational outcomes and processes. Entrepreneurship is the process of recognizing and seizing opportunities, converting them into workable or marketable ideas by adding value to them through time, money effort or skills. It is assuming the risks in the implementation of these ideas and the realization of the benefits from these efforts to beat the high competition in the market (Kuratko, 2009: 4). Entrepreneurship is the process of creating increment of wealth through innovative practices and ideas that aim at meeting the demands of the customer in the market. It is the process that leads to the provision of better services and goods according to the line which the business ventures (Kuratko, 2009: 5). Entrepreneurship is an ideological process of change, creation, and vision, which requires application of passion and energy in the creation of ideas and solutions. Roles of innovation and entrepreneurship in the economy Innovation and entrepreneurship go hand in hand, in any business. The viability of a business in implementing its innovative ideas depends on its entrepreneurial ability, that is, whether it has the best human and material resource needed for meeting the goal. Entrepreneurship and innovation play an