Entrepreneurship & Innovation Dissertation Example | Topics and Well Written Essays - 2500 words

Entrepreneurship & Innovation - Dissertation ExampleAs of 2010, more than half a billion people use up embarked on new entrepreneurial ventures. One of these extraordinary entrepreneurs is Arthur Lok Jack. Arthur Lok Jack is an entrepreneur who possesses the following characteristics risk-taker innovative has foresight and vision resourceful persistent ambitious, intelligent and conditioned hard-working realistic adaptable business savvy and practices networking. Risk-taking Risk-taking among entrepreneurs involves taking calculated actions designed to control and belittle the risks involved, at the same time ensuring that goals are achieved. This behaviour sets entrepreneurs unconnected from gamblers who depend on chance and from individuals who prefer to play it safe (Joseph 2003). Risk-taking behaviour is viewed as beneficial, as revealed in the positive association between risk and yield wherein a higher direct of risk increases the likelihood of getting impressive results ( Analoui & Karami 2003). Penrose (1959) asserted that entrepreneurship involves determining opportunities within the economic system, including those which entail a high measuring rod of risk. Rauch and Frese (2007) attributed risk-taking behaviour on the entrepreneurs propensity to make decisions on situations which show low likelihood of success. This behaviour makes entrepreneurs stand out compared to risk-averse individuals. However, risk-taking may receive different interpretations. For example, ordinary consumers might view such behaviour as reckless. On the other hand, business owners consider risk-taking as a move to minimize risk when making business decisions. Innovativeness Entrepreneurs constantly strive to find ways to develop and gain new and unique products and services. Innovation may come in five forms (1) introduction of a new product or improvement in the quality of existing ones (2) new methods of production (3) opening of new grocery (4) new source of supply or raw materials or half-manufactured goods and (5) new industrial organization (Joseph 2003). Schumpeter (1935) envisioned an entrepreneur as an economic agent sufficient of creating novel combinations of production factors in response to investment opportunities. An entrepreneur is viewed as an indispensable element of the capitalist economy who embodies the principles of capitalist change, as well as industrial and technological change. There is mounting evidence that entrepreneurial innovativeness is significantly correlated to success. This applies to innovation on a personal and organizational level. Organizational level of innovation reflects how innovative an entrepreneur is. The relationship between innovation and success can be predominantly observed on new technology organizations compared to tralatitious industries (Rauch & Frese 2007). Rutherford and Holts (2007) investigation on the link between individual and corporate-level innovativeness pointed out two important facts. First, innovativeness is based on a personal willingness to develop and introduce improvements and innovations in work process. Second, individual focus on innovativeness is suggested since entrepreneurial activities are created and implemented by individuals. Foresight and vision Entrepreneurs are visionaries, able to foresee where the federation should be in the future. Gillespie-Brown (2008) describes how an entrepreneur envisions the (1) future of existing products and services (2) reinvention of the business and (3) generation of opportunities in present markets. Bellini (2005) defined foresight