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Summative Assessment:Written Report Applying alternate theories, concepts and tools developed in the module, outline the the key elements of contemporary entreprenurship and innovation as they apply to the development of the individual characteristics - Essay Example

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Entrepreneurship can be defined as a dynamic process of creation, vision and change that requires an application of passion and energy towards the implementation and creation of new creative solutions and ideas. It is a field of research which helps to develop skills for the…
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Summative Assessment:Written Report Applying alternate theories, concepts and tools developed in the module, outline the the key elements of contemporary entreprenurship and innovation as they apply to the development of the individual characteristics
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Extract of sample "Summative Assessment:Written Report Applying alternate theories, concepts and tools developed in the module, outline the the key elements of contemporary entreprenurship and innovation as they apply to the development of the individual characteristics"

Download file to see previous pages scopes or opportunities and takes initiative to develop a business idea; adds value through money, time, effort and skills; assumes the competitive advantages which can be achieved from market and probable risk factors in the business. An entrepreneur is not only involved in innovative work but also builds an organization after collaborating manpower, material and capital. He gathers resources for the purpose of manufacturing procedure and plans about the key strategies which will help to bring success in the business. Willingness to face risks, adventurism, innovative concepts, creative power etc is the inborn qualities of an entrepreneur. In this essay many concepts, tools and theories will focus on the fields of innovation and entrepreneurship for developing individual characteristics.
Entrepreneurship is a multi dimensional concept in the economic environment and business field. Innovation is one of the major characteristics of an entrepreneur. Without innovative ideas and plans a business cannot be developed or implemented in market. Again development is not only the important factor for achieving success. Entrepreneur should make his business different than the other existing firm in the same industry. For this reason he should implement innovative ideas in the offered products or services so that those can attract people in a different way. So this can be said that innovation is a key strategy for developing a successful business in the market. Varieties in the product and service category also increase the dependency of customers on the offered products or services by any particular organization (Bessant and Tidd, 2011). This variety can be generated only after the implementation of innovative ideas in the operational activities in business. Again innovation is required in problem solving procedure also. An entrepreneur has to solve different types of problem by finding appropriate solution and for this work analytical skill and innovative thoughts are ...Download file to see next pagesRead More
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