Entrepreneurship and innovation Essay Example | Topics and Well Written Essays - 3000 words

Entrepreneurship and innovation - Essay ExampleInitially, innovation was a preserve of large organisations, which invested in improving their R&D capabilities. However, in the current business environment, individuals are leaving the corporate world to start their own businesses. As a result, venturing into business as an individual requires an furiousness on innovation to gain advantage in a competitive business environment. On the like note, innovation for an entrepreneur requires the ability to generate parvenu ideas that are unique in the marketplace (Crumpton, 2012). In addition, innovation requires entrepreneurs to prepare adequately for the unexpected changes in the business environment. Conversely, entrepreneurship has challenges and requires a well-thought plan by future entrepreneurs prior to venturing into a particular business (Crumpton, 2012). This paper examines the key elements of contemporary entrepreneurship and innovation as they apply to the development of ind ividual characteristics associated with effective entrepreneurs.In the modern business environment, entrepreneurship is a challenging venture for individuals who want to start a business with the aim of making profits. The business environment is competitive and entrepreneurs compete for the same market with large organisations that capitalise on economies of scales. In this regard, the individual characteristics of an entrepreneur are critical for survival in a competitive business environment. The modern business environment is dynamic because of technological advancement. In this sense, the development of effective entrepreneurs requires adaptation to such changes in order to remain competitive in the marketplace. Entrepreneurs very much start small and as such, venturing into business has many risks compared to large organisations with sufficient start up capital (Johnson, 2001).Further, entrepreneurs main challenge in setting up a business is the start-up capital and most ent repreneurs experience failures with their