When a pain point is identified in a proprietary product or a competitor product, the company brings creativity to find and test solutions that bypass or eliminate pain and make innovation marketable.
Entrepreneurship is how an individual or team identifies and acquires, and deploys the resources necessary to exploit a business opportunity. In the early nineteenth century, the French economist Jean Baptiste Said proposed a broad definition of entrepreneurship, saying that entrepreneurship shifts economic resources from areas of low productivity to areas of high productivity and higher returns.
Entrepreneurship is the act of an entrepreneur who innovates with financial and entrepreneurial acumen to turn it into an economic good. This narrow definition defines entrepreneurship as the process of designing, establishing, and running a new business or small business with the ability and willingness to develop, organize and manage a business regardless of its profit risk. Entrepreneurship in a large organization is often called intra-entrepreneurship.
Entrepreneurs create something new and different. They change and transform values. The most obvious form of entrepreneurship is creating a new company, often referred to as a startup. Thousands of entrepreneurs are opening brick-and-mortar stores, founding tech startups, and launching new products and services.
If you are thinking about entrepreneurial activities, you should identify the motivators mentioned above that serve as your leitmotif. Also, consider whether you have specific characteristics or attributes that enable you to succeed as an entrepreneur. Entrepreneurship is the act of an entrepreneur who is the owner or manager of a company or enterprise that is more of a risk initiative than an attempt to make a profit. An entrepreneurial mindset allows you to identify opportunities.
Entrepreneurial activities include developing and establishing a new company, marketing to sell it, and generate a profit. Entrepreneurs start new businesses, sell them or start new ones (serial entrepreneurs). Entrepreneurs recognize a need that an existing company can address and find a solution to this need.
In his book “Classical Entrepreneurship and Psychology,” the management thinker and author Peter Drucker emphasize the single-mindedness of innovation. Drucker summarizes the sources of innovation in seven categories.
- Unexpected occurrences. These often include failures. …
- Incongruities. …
- Process needs. …
- Industry and market changes. …
- Demographic changes. …
- Changes in perception. …
- New knowledge
Increasing global competition, the speed of technological change, and the complexity of the trading and communication systems help explain why creativity is emphasized and in business circles. Product developers in the twenty-first century can expect more of a push for product innovation than a step along a planned path. It is to be expected that a new generation of entrepreneurs with new products, services, and processes will lead the way.
These new tools of democratized manufacturing will foster innovation and manufacturing entrepreneurship the same way that the Internet and cloud computing have lowered entry barriers for digital startups and create the groundwork for new products and processes that will help revitalize American manufacturing.
Even Maker Faire-like events inspire a new generation of entrepreneurs and empower decision-makers to start manufacturing startups, just as Steve Wozniak and Steve Jobs developed and marketed the first Apple computers after participating in homemade computer clubs. Mentors and educators will pass them on and inspire boys and girls to invent, craft, and learn essential skills through STEM education.
Entrepreneurs pursuing this architectural strategy design new value chains and control the main bottlenecks in these chains. They are not the originators of the underlying innovation (for example, a search engine that exists before Google or a social network like Facebook), but they bring it to the mass market by carefully aligning it with its technology and identity choice. This architectural strategy allows startups to compete and gain control because it achieves many, if not most, ideas, however risky they may be.
Only through innovation and entrepreneurship do we build a better world!
