Enterpreneurship, Innovation and Economic Development Essay

Enterpreneurship, insane asylum and Economic Development - Essay Examplethitherfore, organizations require innovative and fanciful individuals who are ready to look for new opportunities. Entrepreneurship, innovation, creativity, and problem solving are the key aspects that result to scotch development in some(prenominal) society. The term entrepreneurship in business to describes the process of taking the risk to explore grocery stores and invest capital with the hope of making profits. An entrepreneur is a confident person, who is willing to venture into the market sometimes with a new product or idea (Wennekers, Stel, and Carree, 2010370). However, he or she is ready to saying the challenges involved and keep focused on the results. Such individuals are dedicated to achieving their goals of making profit no matter the market trends. Entrepreneurs do non limit their ability to the resources they control but seek opportunities of mobilizing to a greater extent resources. Ent repreneurship requires prior planning. One must analyze the market critically. Despite the risk, one must have credit of creating a difference in the global market. An entrepreneur must think positively and be competent to make decisions. Due to changes in the market trends, the entrepreneur should determine how to adapt to new situations. Therefore, flexibility is a necessity but the goal of making profits remains unchanged. Successful entrepreneurs should study the market and lie with a need that other businesses are not addressing fully. They then set out to transform the unrefined, stark idea into a business venture. The viability of the idea should be critically. This requires a lot of patience and hard work. perseverance is evident from Ted Turners example on his road to becoming a successful entrepreneur. Ted came up with the idea of giving people more news than they were receiving and started CNN. He carefully studied the market to get along the opportunity and it took him faith and persistence to pull it through effectively. People who lack endurance are not successful entrepreneurs. For an entrepreneurial venture to be a success, planning and management should be effective. Self-discipline is too compulsory. One should ensure that there is sufficient financing before they choose to start up any venture. Management is very critical in entrepreneurship because many ventures fail due to lack of proper management. roughly are ideas are very viable but the individuals lack critical managerial skills and indeed in the flesh(predicate) failure contributes to failure of the idea (Terrence and Ulijn, 2004105). The market should be read logically and analytically to avoid disappointment. There are individuals who prefer to start on small scale and advance with time as they learn to adjust to market trends. Others start turgid-scale businesses. Capital entrepreneurs invest a lot of capital and therefore take a greater risk. Capital entrepreneurs are daring enough to invest a large sum, expecting better profits. Usually, they have control on more resources and have the right connections in the market. However, even diminished entrepreneurs can succeed if they plan strategically. Entrepreneurs must apply innovation to compete effectively in the market. Innovation is the exploitation of any new opportunity in the business world to comer up with a new product or service in the market. Innovation seeks to improve the products, goods, or services alive in the market. Innovation takes advantage of new technologies to improve the existing products. Innovators are critical thinkers and can earn the sectors of business that can benefit