...TECHNOLOGY ENTREPRENEURSHIP (ENT600) UNIT 2: CREATIVITY, INNOVATION AND TECHNOLOGY ENTREPRENEURSHIP Entrepreneurship Dept, FBM (2009) ENT600/UNIT 2: CREATIVITY 1 Introduction • Discovery of opportunity at the right time and place is the corner-stone of any entrepreneurial success • Technopreneurs need to be creative in discovering new opportunities (in terms of products or services) either through invention or innovation. Entrepreneurship Dept, FBM (2009) ENT600/UNIT 2: CREATIVITY 2 What is creativity? • Creativity can be defined as the production of new and useful ideas as well as the ability to discover new ways of looking at problems and opportunities. • It is the ability to use imagination to develop new ideas, new things or new solutions. These generation of ideas should lead to improved efficiency or effectiveness of a system (Adapted from Fredrick et al., 2006 and Dorf and Byers, 2005) Entrepreneurship Dept, FBM (2009) ENT600/UNIT 2: CREATIVITY 3 Creative ideas often arise when creative people observe established solutions, practices, or products and think of something new or different. Examples ►Creating the “NEW” o Knowledge o Products o Processes o Services o Markets o Business models o Raw materials Entrepreneurship Dept, FBM (2009) ENT600/UNIT 2: CREATIVITY 4 Creativity & Role of Teams • Technology entrepreneurship is at its best when the creativity of a pool of people...
Words: 1965 - Pages: 8
...Discuss the relationship between entrepreneurship, innovation and economic development. What role do creativity and problem solving play in this relationship? Refer to both theories and examples from the business world to support your discussion. Since last century, entrepreneurship and innovation have been heavily discussed. Entrepreneurs create new business and provide the job opportunities to society as well as promote the economic development. However, with the increasing global economic competition, normal entrepreneurship becomes less competitiveness, government committed to develop innovative entrepreneurship in recent years (Cukier, 2006). Therefore, the relationship between innovation and entrepreneurship becomes one of the most significant topics in the business field. Economists do a large number of researches to explore the connection between entrepreneurship and innovation as well as the position they related in economic development. During the process of exploring, a considerable amount of definitions are put forward by experts based on their research knowledge and the analysis of entrepreneurs developed in recent decades. This essay will list the definitions put forward by different economists, then support the ideas that innovation, entrepreneurship and economic development are deeply connected and interacted. Finally, combine with the experience of university group entrepreneurship project, attempt to explain importance role that the creativity and problem...
Words: 2450 - Pages: 10
...to Corporate Entrepreneurship Executive Summary Entrepreneurship is the process or application that drives creation and development of creative and innovative ideas (Frederick and Kuratko 2010). It involves market changes through systematic process to assist in the identification and address of new business opportunities (Alizadeh 2012). Corporate entrepreneurship is about the total process whereby organisations act in an innovative, risk-taking and proactive (Bouchard 2010) ways to help organisations, similar to entrepreneurship of creative and innovative thinking, however, the keyword for corporate entrepreneurship is ‘Organisation’. The aim of this manual was to describe and give an overview of corporate entrepreneurship to senior management and provide the necessary information and updates for an organisation to implement entrepreneurial thinking with its’ internal resources within its organisation. The manual will provides insightful information through the principle types and various dimensions of corporate entrepreneurship. The manual also included the journey through the various generations of innovation process models from simple to full integration models. To promote corporate entrepreneurship within organisation, a framework serving as best practices was discussed in the manual to support smooth adoption and implementation of corporate entrepreneurship. The manual will put emphasis on the different focal areas of corporate entrepreneurship such as benefits...
Words: 3016 - Pages: 13
...Subject : Entrepreneurship and Business Planning (EntrepHRM) Definition of Entrepreneurship * The art of science of innovation and risk-taking for profit in business. * The practice of starting new organizations or revitalizing mature organizations, particularly new businesses generally in response to identified opportunities. * It came from the root word “entrepreneur” * French word means “entreprendre” which means undertake Common Themes in Definitions of Entrepreneurship * Individual * Innovation * Organization Creation * Creating Value * Profit or not-to-profit * Growth * Uniqueness * Process Misconceptions about Entrepreneurship * Successful entrepreneurship needs only a great idea * Entrepreneurship is easy * Entrepreneurship is a risky gamble * Entrepreneurship is found only in small businesses * Entrepreneurial ventures and small businesses are the same thing. Men behind Entrepreneurship Eighteenth Century * Early 1700s – Richard Cantillon, coined the term entrepreneur who was then used to describe a “go-between”or a “between-taker” * Late 1700s – the risk bearing concept entrepreneur was expanded to include planning, supervising, organizing, and owning the factors of production. Nineteeth Century Early part of the century – Jean Baptiste Say proposed the difference between the profits of entrepreneurship from the profits of capital ownership. Late part of the century – distinction was made between those who supplied funds and earned interest...
Words: 709 - Pages: 3
...came from the French meaning 'one who takes between' but over the years the term has developed with varying definitions from academic literature, the media and often people classed as entrepreneurs themselves, causing great difficulty in finding a universal definition. In the late 18th Century, Cantillion and Say from the French school of thought were amongst the first to recognise the role of the entrepreneur. Cantillion first defined entrepreneurs as a 'risk taker', buying at a certain price and selling at an uncertain price. (Cited in Blaug 1986:220) Jean-Baptiste Say backed this up by stating entrepreneurs are 'the pivot of the economy, a vehicle for economic change. Deakins and Freel (2009). In the years to come, further concepts of entrepreneurs were developed and argued amongst academics. By examining the differing opinions from a broad spectrum of authors since the role was first distinguished, through the years where the meaning has become diverse and arguments have surfaced over the true meaning of entrepreneurship, I hope to make clear whether the term is so unclear to render it worthless or find some way of giving it some true common definition in today's society. To investigate the varying opinions and definitions of the entrepreneur successfully, it is important to compare views on all aspects of being an entrepreneur. By Looking into how entrepreneurs have ideas for new ventures, the effects on the economy, the number of entrepreneurs and the types of ideas they...
Words: 4440 - Pages: 18
...manufacture, trading and profit generation. However, it also appears that the term entrepreneurship is not easy to understand although this subject seems similar to the term of entrepreneur. Based on this background, this essay will first fully analyze the principal subject of entrepreneurship reflecting various economists’ perspectives, and secondly illustrate the relationship between entrepreneurship and innovation, before suggesting that in general, entrepreneurship is closely linked with innovation and they are both significant elements in the development of economy. Furthermore, this essay will also illustrate that creativity and problem solving are effective capabilities in entrepreneurial processes of business planning and decision making in the realization of innovation. To understand the relationship between entrepreneurship, innovation and economic development, it is crucial and necessary to analyze the keywords in this statement. First of all, what is entrepreneurship? In fact, despite the potential that every individual may take a mutual view directly on the term of entrepreneurship, there is no fixed definition of this term. As is noted by Baumol (1968: 64), the concept of entrepreneurship is in fact obscure and it is not often the case that, this term can be defined explicitly in the theoretical scope. Traced back to the early history in economic context, the subject of entrepreneurship was first put forward by the economist, Richard Cantillon, in his essay named Essai...
Words: 2324 - Pages: 10
...Entrepreneurship Entrepreneurship is the act and art of being an entrepreneur or "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods". This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. The most obvious form of entrepreneurship is that of starting new businesses (referred as Startup Company); however, in recent years, the term has been extended to include social and political forms of entrepreneurial activity. When entrepreneurship is describing activities within a firm or large organization it is referred to as intra-preneurship and may include corporate venturing, when large entities spin-off organizations.[1] According to Paul Reynolds, entrepreneurship scholar and creator of the Global Entrepreneurship Monitor, "by the time they reach their retirement years, half of all working men in the United States probably have a period of self-employment of one or more years; one in four may have engaged in self-employment for six or more years. Participating in a new business creation is a common activity among U.S. workers over the course of their careers." [2] And in recent years has been documented by scholars such as David Audretsch to be a major driver of economic growth in both the United States and Western Europe. "As well, entrepreneurship may be defined as the pursuit of opportunity without regard to resources currently controlled...
Words: 6013 - Pages: 25
...1. What is entrepreneurship? Whys is it important in modern society? Entrepreneurship is the process of starting a business, a startup company or other organization. The entrepreneur develops a business plan, acquires the human and other required resources, and is fully responsible for its success or failure. Entrepreneurship operates within an entrepreneurship ecosystem. Entrepreneurship is the development of a business from the ground up — coming up with an idea and turning it into a profitable business. But while the definition of entrepreneurship may be simple, its execution is much more difficult. "Entrepreneurship is the journey of opportunity exploration and risk management to create value for profit and/or social good," said Ajay Bam, a lecturer at the Lester Center for Entrepreneurship at the University of California, Berkeley's Haas School of Business. "Most people think being an entrepreneur is all about coming up with an idea, but that's just one part," Amini told Business News Daily. "It's also important to know right from the start how you will reach interested customers in an effective and affordable way." "An entrepreneur is someone who can take any idea, whether it be a product and/or service, and have the skill set, will and courage to take extreme risk to do whatever it takes to turn that concept into reality and not only bring it to market, but make it a viable product and/or service that people want or need," Gottlieb said. Although there are no specific...
Words: 953 - Pages: 4
...A primer in Entrepreneurship Prof. Dr. Ulrich Kaiser Institute for Strategy and Business Economics University of Zurich Spring semester 2008 Chapter 1: Introduction to Entrepreneurship Table of Contents I. II. Introduction to Entrepreneurship p p Changing Demographics of Entrepreneurs III. Entrepreneurship’s Importance IV. The Entrepreneurial Process University of Zurich ISU – Institute for Strategy and Business Economics Ulrich Kaiser A primer in Entrepreneurship Spring semester 2008 2 1 I. A. 1. 2. 3. Introduction to Entrepreneurship What is Entrepreneurship? “Entrepreneur” derives from the French words entre, meaning “between,” and p prendre, meaning “to take” , g Originally used to describe people who “take on the risk” between buyers and sellers or who “undertake” a task such as starting a new venture Inventors and entrepreneurs differ from one another: 1. 2. 4. Inventor creates something new Entrepreneur assembles and then integrates all resources needed to transform the invention into a viable business. needed to transform the invention into a viable business Entrepreneurship: process by which individuals pursue opportunities without regard to resources they currently control University of Zurich ISU – Institute for Strategy and Business Economics Ulrich Kaiser A primer in Entrepreneurship Spring semester 2008 3 I. A. 4. Introduction to Entrepreneurship What is Entrepreneurship? Established firms with an orientation to behave entrepreneurially practice ...
Words: 2392 - Pages: 10
...Shaping entrepreneurship at universities? A study in the Arab world. Overview: Entrepreneurship education has spread enormously during the last decades, and today entrepreneurship is taught to numerous pupils and students in various disciplines and at different levels of education. Policy makers around the world view entrepreneurship as a key competence to be fostered already at an early stage of education, and an increasing amount of resources are spent on various initiatives in the field. While the number of entrepreneurship education programs is growing, their impact is under-researched and studies paint an ambiguous picture of the impact of entrepreneurship education. In today's world there are so many universities that are taking up classes...
Words: 961 - Pages: 4
...pressures, exploitation of new ideas and businesses which are of great potential to thrive economies, accordingly, is gainning widespread attention (Mansfield, 1972; Wong et al., 2005). In consequence, on a global scale, not only some developed countries with strong capability to absorb and implement new ideas, but also some emerging developing countries, are taking measures to inspire entrepreneurship and innovation with purposes of benefiting economic development from these competitive advantages (Stoneman, 1995; Zhao, 2001). It is universally held that entrepreneurship and innovation are complementary and their combination can efficiently contribute to economy performance (Grupp, 2001; Stoneman, 1995). During the transfer from idea creation to eventually economy development, innovation is supposed to be a necessary condition, but it also demonstrates great insufficiency which can be completed by entrepreneurship’s mediating effects (Audretsch, 1995; Camp, 2005). This essay will primarily conduct a brief definition of entrepreneurship and innovation while introduce the role of problem solving and creativity, and thereby observe the synergy between entrepreneurship and innovation. Then theoretical and practical analysis will be made in their repective relationship with economy development. Ultimately, the holistic realtionship between entrepreneurship, in conjunction with innovation, and economy development will be discussed. Entrepreneurship and innovation are inclined to...
Words: 1982 - Pages: 8
...WOMEN ENTREPRENEURSHIP AND EDUCATION Introduction The domain of entrepreneurship education is now faced with ever more interesting choices about what to be, who to serve and from what principles to profess. Opportunities and challenges in teaching and training related to globalization, technology, political organization and shifting demographics and social views have created entirely new understandings of what is important and where attention should be directed. Entrepreneurship is exciting and valued and most agree that while academics and others can’t help every person to be an entrepreneur, but can help those who are interested with tools, skill acquisition and ideas. The emergence and growth of women-owned businesses have contributed to the global economy and to their surrounding communities. The presence of women around the world driving small and entrepreneurial organizations has had a tremendous impact on employment and on business environments worldwide. Women-owned firms comprise between one-quarter and one-third of all the businesses in the formal economy, and are expected to play an even larger role in informal sectors (Delaney, 2002). Entrepreneurship refers to an individual’s ability to turn ideas into action. It includes creativity, innovation and risk taking, as well as the ability to plan and manage projects in order to achieve objectives. To achieve success, growth and employment, we need to stimulate the entrepreneurial mindsets of young women, encourage...
Words: 3279 - Pages: 14
...essay: The Sources of Entrepreneurial Opportunities: Individuals & the Environment Doctoral Research Paper 2 of 5 Nikolina Fuduric Doctoral Supervisor: Professor Anne Lorentzen February 2008 Department of Planning and Development Aalborg University Aalborg, Denmark 1.0 INTRODUCTION No extensive empirical study on the sources of entrepreneurial opportunities included the individual, the environment and the individual’s start-up activities in a post-socialist periphery. However, such layered approaches have been encouraged in theoretical studies of entrepreneurship. Bouchikhi (1993) claims that each approach taken separately has crucial weaknesses and neither the personality of the entrepreneur nor the structural characteristics of the environment illuminate the process. Thus, multi-leveled studies have been encouraged in research programs (Low & MacMillan, 1988). In my previous paper, I attempted to examine the different forms of entrepreneurship by using the interplay between individual personality traits and capabilities and the institutional environment. The goal of this paper is to examine the sources of entrepreneurial opportunities from the perspective of individual and environmental factors. Since opportunities define how the entrepreneur behaves and what kinds of entrepreneurship are manifested, entrepreneurial opportunity discovery and exploitation are two integral...
Words: 14520 - Pages: 59
...The Sources of Entrepreneurial Opportunities: Individuals & the Environment Doctoral Research Paper 2 of 5 Nikolina Fuduric Doctoral Supervisor: Professor Anne Lorentzen February 2008 Department of Planning and Development Aalborg University Aalborg, Denmark 1.0 INTRODUCTION No extensive empirical study on the sources of entrepreneurial opportunities included the individual, the environment and the individual’s start-up activities in a post-socialist periphery. However, such layered approaches have been encouraged in theoretical studies of entrepreneurship. Bouchikhi (1993) claims that each approach taken separately has crucial weaknesses and neither the personality of the entrepreneur nor the structural characteristics of the environment illuminate the process. Thus, multi-leveled studies have been encouraged in research programs (Low & MacMillan, 1988). In my previous paper, I attempted to examine the different forms of entrepreneurship by using the interplay between individual personality traits and capabilities and the institutional environment. The goal of this paper is to examine the sources of entrepreneurial opportunities from the perspective of individual and environmental factors. Since opportunities define how the entrepreneur behaves and what kinds of entrepreneurship are manifested, entrepreneurial opportunity discovery and exploitation are two integral parts of the...
Words: 14506 - Pages: 59
...Semester Entrepreneurship and Business Maris Farquharson Discuss the relationship between entrepreneurship, innovation and economic development. Yasong Zhao Student ID: 6511938 Word Count:1994 1. Introduction Over the past decade or so, the term entrepreneurship has become a fashionable way to describing the attempts at large-scale change by individuals and organizations. During this procedure, Innovation as the most important component of entrepreneurship is at a leading place, whereas, the combination of the two is vital to economic growth and sustainability in today’s dynamic and changing business environment. As a result, exploring the synergy relationship (either conceptual or practical) between entrepreneurship, innovation and economic development is gaining significance. They are complementary and related to each other, not at an initial stage of a new venture; rather they are dynamic and holistic processes. This integrative interaction between the three has had a positive and comprehensive impact to the whole society. Therefore, the role of sustainability is highlighted as the guidance to entrepreneurial and innovative decision making in the organisations or by individuals. This paper will first look into the relationship of the three by discussing each two of them, and then focus on the importance of sustainability from ecology, economy and social levels. 2. Relationship between entrepreneurship, innovation and economic development 2.1 Entrepreneurship and innovation...
Words: 2638 - Pages: 11
