Enterpreneurship, Innovation and Economic Development Essay

Enterpreneurship, Innovation and Economic Development - Essay Example Therefore, organizations require innovative and creative individuals; who are ready to explore new opportunities. Entrepreneurship, innovation, creativity, and problem solving are the key aspects that result to economic development in any society. The term entrepreneurship in business to describes the process of taking the risk to explore markets and invest capital with the hope of making profits. An entrepreneur is a confident person, who is willing to venture into the market sometimes with a new product or idea (Wennekers, Stel, and Carree, 2010:370). However, he or she is ready to face the challenges involved and keep focused on the results. Such individuals are dedicated to achieving their goals of making profit no matter the market trends. Entrepreneurs do not limit their ability to the resources they control but seek opportunities of mobilizing more resources. Entrepreneurship requires prior planning. One must analyze the market critically. Despite the risk, one must have faith of creating a difference in the global market. An entrepreneur must think positively and be able to make decisions. Due to changes in the market trends, the entrepreneur should learn how to adapt to new situations. Therefore, flexibility is a necessity but the goal of making profits remains unchanged. Successful entrepreneurs should study the market and recognize a need that other businesses are not addressing fully. They then set out to transform the unrefined, raw idea into a business venture. The viability of the idea should be critically. This requires a lot of patience and hard work. Persistence is evident from Ted Turner’s example on his road to becoming a successful entrepreneur. Ted came up with the idea of giving people more news than they were receiving and started CNN. He carefully studied the market to recognize the opportunity and it took him faith and persistence to pull it through effectively. People who lack endurance are not successful entrepreneurs. For an entrepreneurial venture to be a success, planning and management should be effective. Self-discipline is also compulsory. One should ensure that there is sufficient financing before they choose to start up any venture. Management is very critical in entrepreneurship because many ventures fail due to lack of proper management. Some are ideas are very viable but the individuals lack critical managerial skills and therefore personal failure contributes to failure of the idea (Terrence and Ulijn, 2004:105). The market should be read logically and analytically to avoid disappointment. There are individuals who prefer to start on small scale and advance with time as they learn to adjust to market trends. Others start large-scale businesses. Capital entrepreneurs invest a lot of capital and therefore take a greater risk. Capital entrepreneurs are daring enough to invest a large sum, expecting better profits. Usually, they have control on more resources and have the right connections in the market. However, even small-scale entrepreneurs can succeed if they plan strategically. Entrepreneurs must apply innovation to compete effectively in the market. Innovation is the exploitation of any new opportunity in the business world to comer up with a new product or service in the market. Innovation seeks to improve the products, goods, or services existing in the market. Innovation takes advantage of new technologies to improve the existing products. Innovators are critical thinkers and can recognize the sectors of business that can benefit