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STP007 Entrepreneurship
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STP007 Entrepreneurship
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Course Code: STP007
University: Victoria University
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Country: Australia
Question
1. Outline and discuss the concepts of innovation management and entrepreneurship . In your discussion, consider the similarities of and differences between the concepts . Illustrate your discussion with two examples from the business domain .2. Outline and discuss key motivators that appear to be associated with individuals engaging in entrepreneurial activity, using relevant theories to support your discussion . Illustrate your discussion with examples .3. Outline and discuss the concept of gazelles . In your answer, outline their key characteristics , and discuss their significance to national and regional development . Illustrate your discussion with examples .4. Outline and evaluate the role of innovation champions in fostering innovation within organisations . Identify their key characteristics and examine why they are so important to organisations in the contemporary business landscape . Illustrate your discussion with examples .
Answer
The concepts of Innovation Management and Entrepreneurship
Innovation management
The blending of innovative methods with the management of products, industries, and organizations is known as innovation management (Dees, 2017). The concept of innovative management permits the executives and the engineers to work together with the aim of a common objective. It also permits the companies to react to any new prospects and to create some innovative concepts and products.
Entrepreneurship
The procedure of planning, starting and running a new business is known as entrepreneurship, and those persons involved in entrepreneurship are known as entrepreneurs (Kazanjian, Drazin, & Glynn, 2017). An entrepreneur is a person who has a plan to work and produce business which people would accept and build an organization by supporting the desired deals.
The similarities and differences between the two concepts
Similarities
Innovative management is the method of presenting innovative ideas to the existing businesses (Hitt, & Duane Ireland, 2017). The method is not restricted to small industries or inventive persons who work in their garage.
Whereas entrepreneurship is also the process of presenting innovative ideas but the ideas for more for individual incentives. Most entrepreneurs are creative employees and could perceive the needs of the clients or the technical growths in a new and innovative way.
Differences
Both are interconnected terms in the professional world, but there are also vital differences between the two.
Innovative management is using one’s inventive mind to find any particular plans and to provide solutions for executing that plan. It is a technical development which allows people to do what they had not done before. The growth is determined by the innovative management, and a good innovator could become wealthy by this inventions (Cooper, & Folta, 2017).
Entrepreneurship, on the other hand, is using the innovative management to turn the ideas into reality. It is a social development which allows people to do what they had not done before. The entrepreneurs grab the chance to create businesses and take the inventions onwards. The growth is determined by the entrepreneurship, and a good entrepreneur would become wealthier than the good innovator.
Two examples each for Innovation Management and Entrepreneurship
Example of Innovation Management
The example of innovation management is the company of Pitney Bowes who desires to develop the communication between their workers to create new plans. The company restructured their private workplace to create an atmosphere of a peaceful village with its coffee shop. This change in the office makes the staffs comfortable, and the company saw a remarkable profit (Illumine, 2013).
Example of Entrepreneurship
The example of entrepreneurship is Facebook created by Mark Zuckerberg who started Facebook, not with the aim of developing it as a company but to personally satisfying a universal necessity for connection. In less than a few years the entrepreneurship of Zuckerberg could be opposed by very few people (Wilson, 2018).
Key motivators that help an individual to select entrepreneurship
The motivations that push people to select entrepreneurship are as follows:
Money – Most entrepreneurs get in entrepreneurship at least to some extent to earn huge amount of money. Any devoted businessman with good planning and skill could earn more money than the small businessman (Farhangmehr, Gonçalves, & Sarmento, 2016). If their only aim is to earn money, then they would become upset when they would not be able to make revenue in the first few years.
Flexible Way of Working – Working as an entrepreneur meansworking in one’s way like working in one’s own time and setting one’s aims and goals. But that does not mean that one would work for less time or work under less pressure.
The controller of Business – The aim to control motivates many people in business to achieve the position of a leader. In entrepreneurship, the businessmen have full authority over every single decision taken under them. On the other hand, there would be more pressure in carrying out these decisions. One would earn the profit from one’s own business, but if there is any loss, one has to take the blame to oneself.
Working in a Team – An independent businessman could select own members of one’s team (Turner, & Pennington, 2015). They do not have to concern about the team that one does not like to work with. It would be like working with the family with some partial differences.
Inheritance of Business – Few businessmen would like to turn out to be the face value of their company and also earn the reputation for themselves. They may also want to pass the company on the forthcoming generation. In one word, it means the businessmen desire to leave behind them something significant for the future generation.
Discussion of the concept of gazelles
Examples of motivations in Entrepreneurship
The example of motivations in entrepreneurship is of Walt Disney, the owner of the Disneyland. Once he told one of his staff that his brother would not give him money to make motion pictures so whether the staff would help him to get money from Disneyland. The particular staff formed a group of seven people and one of them a woman would keep the check on the regular activities of the park. They decided to give a discount on the tickets, and the idea ran beyond hopes as the people who got discounts on the ticket spent more time in the park with their kids. They were all rewarded for this initiative to work better in the future (Bradt, 2015).
Gazelle Companies
A gazelle company is a company with a higher growth rate and has been incrementing its returns by at least 25% yearly for four years or more with a returns base of at least $110,000 (McMullen, & Bergman Jr, 2017). This signifies that the business for four years has more than doubled its returns.
Their key characteristics
The essential characteristics of gazelle companies care as follows:
Swiftness – The gazelle companies are fast-growing companies with higher growth rate. Most of the big companies in the current market are gazelle based companies.
Alertness – This type of companiescreates substantial job prospects for the employers. They are always aware of the current conditions of the market.
Flexible – The gazelles are flexible in their way of working andcould change the track of any company.
The significance of the Gazelle Company to national and regional development
The aim of most of the gazelle companies is to start a new product or facility to meet t5he needs of the people. The gazelles generate employment both directly and indirectly as this type of company needs the facility of cleaning, maintaining for the offices.
These type of companies could not begin without the workers or the necessary money to execute the company with the aim of achieving the domestic or global market. The company would get it profits on its own, but a start-up fund is important.
It is shown in a study that a Gazelle based in France has earned about 700,000 euro an about 12 employees and gazelle based in London has earned double its capital and double its numbers of workers.
Examples of Gazelle Company
Twitter and Facebook are examples of gazelle companies’ those who have increased the base of their customers rapidly. But it took them a long time to increase the growth of their customer base into remarkable sales and revenues (Market Business News, 2018)
The role of innovation champions in fostering innovation within organizations
Innovation champions are those people whose job is to endorse, inspire, support and motivate new ideas in their companies. This job is done by them with their impulsive vision in an innovative way. The role of innovation champions is to act as a medium between the planned resolutions of the high-ranked executive and the regular attention of the staffs.
Their key characteristics
The main characteristics of an innovation champion are as follows:
Good Impact- A good innovation champions are those people who are admired by their colleagues and leave behind a positive impact on oneself.
Well, Connections- A person who has strong connections with other people could become a good innovative champion.
Broad-minded- An innovative champion have to be liberal-minded person those who are always exposed for thoughtful and innovative plans.
Positive Planner- Innovation champion has to strictly obsessive for creating new and optimistic ideas within their companies.
Open Communicator – An innovative champion have to create prospects for free interaction and boost self-confidence among the employees.
Importance of Innovation Champions in Organizations
The champions are essential for any company to help the growth and development of that business. They are always ready to take the risk to execute their plans and make it successful and are also capable of imparting this quality into their groups.
They have the vision to observe the future of the market and find out the certain requirements to face the opposition in the market. They have exclusive ideas and plans, and they are firmly dedicated to it in spite of facing many hurdles from other officials.
Illustration of Innovation Champions with examples
Big companies always feel the burden of updating different products and facilities in order to stay in the race of the market and to understand the changing power of buying and manners of an unstable client. In order to cope up with this changes, many companies are hiring people for the post of innovation champions. Their job is to invent new ideas continuously to keep the companies updated on the current situation of the market.
For example, Vodafone is one of the big international telephones company that has changed its conventional invention procedures by starting its Innovation Program in the year 2011. The basis of this agenda is the Innovation Champions which includes about 50 staffs of Vodafone from about 25 nations and several other different departments. Their only objective other than their full-time jobs for which the Vodafone had appointed them is to communicate personally with the customers of the Vodafone and to create new ideas and plans with them (Jefferson & Spann, 2016).
References
Bradt, G. (2015). Disney’s Best Ever Example Of Motivating Employees. Retrieved from https://www.forbes.com/sites/georgebradt/2015/05/20/disneys-best-ever-example-of-motivating-employees/#58521d55144b
Cooper, A., & Folta, T. (2017). Entrepreneurship and high?technology clusters. The Blackwell handbook of entrepreneurship, 348-367.
Dees, J. G. (2017). 1 The Meaning of Social Entrepreneurship. In Case Studies in Social Entrepreneurship and Sustainability (pp. 34-42). Routledge.
Farhangmehr, M., Gonçalves, P., & Sarmento, M. (2016). Predicting entrepreneurial motivation among university students: The role of entrepreneurship education. Education+ Training, 58(7/8), 861-881.
Goldman, M. (2018). Gazelle Company. Retrieved from https://marketbusinessnews.com/financial-glossary/gazelle-company/
Hitt, M., & Duane Ireland, R. (2017). The intersection of entrepreneurship and strategic management research. The Blackwell handbook of entrepreneurship, 45-63.
Illumine, C. (2013). 3 Examples of Innovation in the Workplace. Retrieved from https://www.illumine.co.uk/2013/05/examples-of-innovation-in-the-workplace/
Jefferson, S., & Spann, J. (2016). Deep dive: How the innovation champions program works at telecom giant Vodafone. Retrieved from https://www.innovationleader.com/vodafone-innovation-champions/
Kazanjian, R. K., Drazin, R., & Glynn, M. A. (2017). Implementing strategies for corporate entrepreneurship: A knowledge?based perspective. Strategic Entrepreneurship: Creating a new mindset, 173-199.
McMullen, J. S., & Bergman Jr, B. J. (2017). Social entrepreneurship and the development paradox of prosocial motivation: A cautionary tale. Strategic Entrepreneurship Journal, 11(3), 243-270.
Turner, T., & Pennington, W. W. (2015). Organizational networks and the process of corporate entrepreneurship: how the motivation, opportunity, and ability to act affect firm knowledge, learning, and innovation. Small Business Economics, 45(2), 447-463.
Wilson, M. (2018). 5 Entrepreneurial Lessons from Facebook CEO Mark Zuckerberg. Retrieved from https://under30ceo.com/5-entrepreneurial-lessons-from-facebook-ceo-mark-zuckerberg/
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