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Innovation is the specific function of entrepreneurship, whether in an existing business, a public service institution, or a new venture started by a lone individual in the family kitchen. It is the means by which the entrepreneur either creates new wealth-producing resources or endows existing resources with enhanced potential for creating wealth.
Oslo manual: guidelines for collecting and interpreting innovation data. The measurement of scientific and technological activities (3rd ed.). Paris: OECD. 2005. ISBN 978-92-64-01308-7. Paul, B. (2007). "Entrepreneurship and Innovation Opportunity, Innovation and Entrepreneurship". In Paul, B. (ed.). Entrepreneurship and Small Business.
Others disagree that numerous entrepreneurs are generating low-capacity companies helping regional markets. [13] Business cluster – A business cluster is a geographic concentration of interconnected businesses, suppliers, and associated institutions in a particular field. Early research was done in this context by Benjamin Chinitz in 1961.
Joseph Schumpeter was one of the first and most important scholars who extensively tackled the question of innovation in economics. [2] In contrast to his contemporary John Maynard Keynes, Schumpeter contended that evolving institutions, entrepreneurs and technological change were at the heart of economic growth, not independent forces that are largely unaffected by policy.
An entrepreneur (French: [ɑ̃tʁəpʁənœʁ]) is an individual who creates and/or invests in one or more businesses, bearing most of the risks and enjoying most of the rewards. [1] The process of setting up a business is known as "entrepreneurship".
Profitability is a business's ability to generate earnings compared to its costs over a certain period of time. [12] This is possibly the most important aspect of any business idea in the long term, as this is what makes a business survive in order to keep having the impact that it has.
Entrepreneurial leadership is (as per Roebuck's definition) "organizing a group of people to achieve a common goal using proactive entrepreneurial behavior by optimising risk, innovating to take advantage of opportunities, taking personal responsibility and managing change within a dynamic environment for the benefit of [an] organisation".
Exploratory and value-added innovation require different leadership styles and behaviors to succeed. [14] Value-added innovation (PwC, 2010) involves refining and revising an existing product or service and typically requires minimal risk taking (compared to exploratory innovation, which often involves taking a large risk); in this case, it is most appropriate for a leader for innovation to ...