Search results
Results From The WOW.Com Content Network
Innovation is often a technological change that outperforms a previous practice. To lead or sustain with innovations, managers need to concentrate heavily on the innovation network, which requires deep understanding of the complexity of innovation. Collaboration is an important source of innovation.
According to Schumpeter, an entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation. Entrepreneurship employs what Schumpeter called "the gale of creative destruction" to replace in whole or in part inferior innovations across markets and industries, simultaneously creating new products ...
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.
By incorporating both cultural and material perspectives, policymakers can better design incentives and regulations to foster economic growth and innovation in these ecosystems. This approach suggests that building cultural infrastructure is as important as financial and technical support in developing thriving entrepreneurial environments.
A startup or start-up is a company or project undertaken by an entrepreneur to seek, develop, and validate a scalable business model. [1] [2] While entrepreneurship includes all new businesses including self-employment and businesses that do not intend to go public, startups are new businesses that intend to grow large beyond the solo-founder. [3]
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.
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".
Both social entrepreneurship and social enterprise are important contributions to social innovation by creating social value and introducing new ways of achieving goals. Social entrepreneurship brings "new patterns and possibilities for innovation" and are willing to do things that existing organizations are not willing to do. [17]