Entrepreneurship is the process of adding something new [creativity] and something different [innovation] for the purpose of creating wealth for the individual and adding value to society. An entrepreneur has to be creative and innovative in order to have a sustainable growing business. In fact, entrepreneurs are considered as one of the main contributors to country economy growth. Entrepreneurial activity benefit community and society as it creates job opportunity, income, products and services with his creativity and innovation to us. Important Factors of Entrepreneurial Motivation Motivation is one of the elements in influencing the process of entrepreneurship. The general entrepreneurial motivation factors, including need for achievement, locus of control, vision, desire for independence, passion, and drive. Need for Achievement: Individuals who have higher level in need for achievement are will have higher desire to involve in activities or tasks that have a high degree of individual responsibility for outcomes. EntrepreneurialContinue reading
Entrepreneurship Articles
The Concept of Entrepreneurial Opportunities
Most entrepreneurial firms are started with finding the opportunities. The opportunity is very importance. It is a favorable set of circumstances that creates the need for a new product, service, or business idea. An opportunity has four essential qualities: it is attractive, durable, timely and anchored in a product, service or business that creates or adds value for its buyer or end user. The entrepreneurs usually use three ways to identify an opportunity. There are observing trends, solving a problem and finding gaps in the marketplace. Entrepreneurial opportunities as situations in which new goods, services, raw materials, markets and organizing methods can be introduced through the formation of new means, ends, or means-ends relationships. These situations do not need to change the terms of economic exchange to be entrepreneurial opportunities, but only need to have the potential to alter the terms of economic exchange. In addition, unlike optimizing or satisfyingContinue reading
Case Study of Steve Jobs: The Ultimate Intrapreneur and Entrepreneur
Apple’s success can be without a doubt is credited to Late Steve Jobs and his entrepreneurial skills which reflected the way Apple developed their strategies and hence becoming a corporate Entrepreneur organization. Steve Jobs was an entrepreneur who turned into an intrapreneur due to demands of the environment he worked in. Apple was established on April 1st, 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne to sell the Apple I personal computer kit. The kits were hand-built by Wozniak. Steve Jobs was booted in 1985 and returned as CEO in 1997. By the time of his death in 2012 at the age of 56, he had transformed a company that was in such weak financial shape that it accepted a $150 million investment from Microsoft, into the most profitable technology company in the world. A consummate showman, Jobs was adept at explaining his vision to a mass audience andContinue reading
How Creativity Helps in Problem Solving Process?
The first step of problem solving is to define the problem. Although this may sound trivial, in many cases it is not. Many people and organisations rush in to tackle a problem by finding a solution, without previously knowing that the problem really is. So, to achieve a solution, one first has to fully understand the problem. Once the problems have been clearly defined, the most important factor in solving it is creativity. Creativity is required in order to create a ask the right questions about the problem and find the correct and appropriate answers to them, creativity is necessary in order to provide “out of the box” ideas and suggestions and creativity is what defines the process of finding a new way in doing things. Brainstorming is a very popular way to solve a problem and it is a characteristically creative method. It involves the rapid exchange of ideas,Continue reading
Forms of Corporate Entrepreneurship
Corporate entrepreneurship is one that generates and exploits new technologies, products, or businesses under the corporate umbrella of an established firm. Corporate entrepreneurship can speed up processes inside the company and helps to invent and commercialize innovative products or services. Corporate entrepreneurship is the process by which teams within an established company conceive, foster, launch and manage a new business that is distinct from the parent company but leverages the parent’s assets, market position, capabilities or other resources. Corporate entrepreneurship is also more than the development of new products; it also implies innovations to existing products or brands. Corporate entrepreneurship is also defined as the process of stimulating innovative ideas and processes. The common goal of the concept is creating wealth. This definition differs from the other two definitions above in the sense that it doesn’t mention the protection of an established firm as a characteristic of corporate entrepreneurship. InnovationContinue reading
Value Architecture – Snapshot of the Company’s Business Model
For an entrepreneur is very important organize his key operational activities to make fundamental business decisions with respect to ‘focus’ — the strategic relevance and prioritization of these activities to achieve a developmental milestone; ‘locus’ — where you should geographically conduct these activities; and ‘modus’ — the way in which these different activities are executed. At the business model level, the focus, locus, and modus of the entrepreneur’s activities represent the company’s output, so represents the unique way in which a business executes its strategy to the market. Focus: Focus decisions are related to the strategic importance and allocation of a company’s resources to business activities, like where to invest additional resources or disinvest resources. The entrepreneur has to focus his attention on what business activities demand priority, resources, and attention. The key decision process here is to prioritize which activities to focus on during a specific stage of growthContinue reading