Entrepreneurship & Innovation Dissertation Example | Topics and Well Written Essays - 2500 words

Entrepreneurship & Innovation - Dissertation Example As of 2010, more than half a billion people have embarked on new entrepreneurial ventures. One of these extraordinary entrepreneurs is Arthur Lok Jack. Arthur Lok Jack is an entrepreneur who possesses the following characteristics: risk-taker; innovative; has foresight and vision; resourceful; persistent; ambitious, intelligent and knowledgeable; hard-working; realistic; adaptable; business savvy; and practices networking. Risk-taking Risk-taking among entrepreneurs involves taking calculated actions designed to control and minimize the risks involved, at the same time ensuring that goals are achieved. This behaviour sets entrepreneurs apart from gamblers who depend on chance and from individuals who prefer to â€Å"play it safe† (Joseph 2003). Risk-taking behaviour is viewed as beneficial, as revealed in the positive association between risk and output wherein a higher level of risk increases the likelihood of getting impressive results (Analoui & Karami 2003). Penrose (1959) asserted that entrepreneurship involves determining opportunities within the economic system, including those which entail a high amount of risk. Rauch and Frese (2007) attributed risk-taking behaviour on the entrepreneur’s propensity to make decisions on situations which show low likelihood of success. This behaviour makes entrepreneurs stand out compared to risk-averse individuals. However, risk-taking may have different interpretations. For example, ordinary consumers might view such behaviour as reckless. On the other hand, business owners consider risk-taking as a move to minimize risk when making business decisions. Innovativeness Entrepreneurs constantly strive to find ways to develop and introduce new and unique products and services. Innovation may come in five forms: (1) introduction of a new product or improvement in the quality of existing ones; (2) new methods of production; (3) opening of new market; (4) new source of supply or raw materials or half-manufacture d goods; and (5) new industrial organization (Joseph 2003). Schumpeter (1935) envisioned an entrepreneur as an economic agent capable of creating novel combinations of production factors in response to investment opportunities. An entrepreneur is viewed as an indispensable element of the capitalist economy who embodies the principles of capitalist change, as well as industrial and technological change. There is mounting evidence that entrepreneurial innovativeness is significantly correlated to success. This applies to innovation on a personal and organizational level. Organizational level of innovation reflects how innovative an entrepreneur is. The relationship between innovation and success can be predominantly observed on new technology organizations compared to traditional industries (Rauch & Frese 2007). Rutherford and Holt’s (2007) investigation on the link between individual and corporate-level innovativeness pointed out two important facts. First, innovativeness is b ased on a personal willingness to develop and introduce improvements and innovations in work process. Second, individual focus on innovativeness is suggested since entrepreneurial activities are created and implemented by individuals. Foresight and vision Entrepreneurs are visionaries, able to foresee where the company should be in the future. Gillespie-Brown (2008) describes how an entrepreneur envisions the: (1) future of existing products and services; (2) reinvention of the business; and (3) generation of opportunities in present markets. Bellini (2005) defined foresight

The use of HR Service Centers Term Paper Example | Topics and Well Written Essays - 2500 words

The use of HR Service Centers - Term Paper Example Frederick Taylor and his followers introduced the first formal monitoring system prior to World War I. In the year 1950, it was recognized that appraisal is a useful tool for motivation as well as development of the employees. In the year 1970, the term performance management was introduced by Beer and Ruh. The later section of the project deals with the literature review of performance appraisal where previously conducted research has been taken into consideration in order generate to ideas and to make the base stronger. The last two section deals with the problems as well as recommendations for performance appraisal. Human resource management is one of the most important functions for any organization. It deals with matters relating to staffing, skill management, performance management, payroll, training and development, recruitment and selection among others. HRM is a management driven activity, focused on the values of the business, commitment oriented, with diverse strategic scope which gives strong stress on incorporation. This paper deals with the discipline of performance management which is one of the most important aspects of HRM (Armstrong, 2006). Performance management is one of the most important developments in the areas of human resource management. It is a tool which helps to measure the performance of the employees as well as improve their way of working so that the goals of the organization are achieved in an effective and efficient manner. It is very often found that whenever one thinks of performance in an organization, the first thing that comes to our mind is performance of the employees. Infact the performance management must deal with the products or services, programs, processes, departments, organization, teams and groups, etc. 360 degree feedback method is the modern appraisal method which includes feedback from everyone including self ratings, peer review and upward assessment. It helps in