Different Forms Of Innovation and phases in successful Innovation

According to Hamel (1997) in Dess and Lumpkin (2005), innovations come in different forms:
Technological innovativeness primarily comprises research and engineering efforts aimed at developing new products and processes.

Innovation: It's meaning and benefits

Zimmerer, Scarborough, and Wilson (2008) define innovation as the specific instrument of entrepreneurs, the means by which they exploit change as an opportunity for a different business or a different service. As a dimension of corporate entrepreneurship, innovation is a firm’s commitment to creating and introducing products, production processes, and organisational systems (Covin and Slevin, 1991; Lumpkin and Dess, 1996; Zahra, 1996). Innovation is the process that provides added value and novelty to the firm and its suppliers and customers through the development of new procedures, solutions, products and services as well as new methods of commercialisation.

Creativity and Stages of creativity

The terms creativity and innovation are often used to mean the same thing, but each has a unique connotation. Creativity is ‘’ the ability to bring something new into existence.”This emphasizes the “ability,” not the “activity,” of bringing something new into existence.

Factors affecting the supply of entrepreneurship

What factors affect the supply of entrepreneurship? Basically, two factors affect the supply of entrepreneurship: opportunity and willingness to become an entrepreneur. Opportunity is the possibility to become self-employed if one wants to. The primary factors that affect opportunity are:

Non-Motivational Influences on Entrepreneurs

Non-motivational influences or the dark side is used with reference to the stress producing tendency of each of the issues discussed below.

How Motivation Infliuences Entrepreneurs

Need for Achievement:
David C. McClelland, a psychologist, the father of the Need for Achievement Theory posits that individuals who are high in N Ach are more likely than those who are low in N Ach to become entrepreneurs. This is because such individuals tend to engage in activities or tasks that have a high degree of individual responsibility for outcomes, require individual skill and effort, have a moderate degree of risk, and include clear feedback on performance. In a nutshell, these individuals effectively operate in situations in which they can achieve results through their own efforts, pursue moderately difficult goals and receive relatively immediate feedback on the outcomes of their performance (Unilag, 2007).

See What Motivates Entrepreneurs

Motivation is the driving force within individuals that propel them to action. Entrepreneurial motivations are those factors that propel individuals to become entrepreneurs. Scholars have conducted various researches on entrepreneurial motivations and have come up with several factors that motivate people to become entrepreneurs.