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.

Understanding The Roles Of An Entrepreneur

In order to perform their functions effectively and operate a successful business, entrepreneurs have to perform certain roles. These roles are the same as the basic managerial roles which are as follows:

Want to become an Entrepreneur? See the Characteristics of Entrepreneurship and Entrepreneurs

The types and roles of entrepreneur notwithstanding, all entrepreneurs possess certain
characteristics and are motivated to become entrepreneur due to certain factors.

Types of Entreprenuer: Which one are you?

Based on the interaction with the business environment, various types of entrepreneurs can emerge. To this effect, four types of entrepreneurs that has been Identified  are;  Innovative, Imitating, Fabian and Drone.

An Entrepreneur; A complete Definition

Scholars have given several definitions of the concept ‘entrepreneur’. For instance in
1816, Putari (2006) quoted Say who asserts that the entrepreneur is the agent "who unites all means of production and who finds in the value of the products...the reestablishment of the entire capital he employs, and the value of the wages, the interest, and rent which he pays, as well as profits belonging to himself." He views entrepreneurs as change agents (Say, 1816). Knight (1921) views entrepreneurs as individuals who attempt to predict and act upon change within markets

The concept of Intrapreneur and Techpreneur explained

Intrapreneurs

There are given situations where an entrepreneur is not able to establish his or her own business and as such has to work in an organization. In this case they are referred to as ‘Intrepreneurs’ i.e. entrepreneurs within an organization.

A complete Definition of Entrepreneurship

There are many definitions of the concept ‘entrepreneurship’. For instance, Putari (2006) observes that scholars had not been in agreement in their definitions of entrepreneurship and chronicled the definitions of entrepreneurship by various scholars (Brockhaus & Horwitz, 1986, Sexton & Smilor, Wortman, 1987; Gartner, 1988). Cantillon (circa 1730) views entrepreneurship as: “self employment of any sort”. In 1934, Joseph Schumpeter equated entrepreneurship with the concept of innovation and applied it to a business context, while emphasizing the combination of resources. Penrose (1963) views entrepreneurship as the activity that involves identifying opportunities within the economic system.

The Origin of Entrepreneurship

Various scholars have written extensively on the origin of entrepreneurship. What is interesting is that most of the scholars who wrote about the origin of entrepreneurship are either economists or historians. Basically, the concept entrepreneur is derived from the French concept “entreprendre” which literarily is equivalent to the English concept “to undertake”. From the business point of view, to undertake simply means to start a business (QuickMBA, 2010). From the historical point of view, Schumpeter (1951) opined that the French economist Richard Cantillon, was the first to introduce the concept "entrepreneur" in his work in 1755. He viewed the entrepreneur as a risk taker (Burnett, 2000).