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