Entrepreneurs and Third Innovative Techniques

Question: Discuss about the Entrepreneurs and Third Innovative Techniques. Answer: Introduction The aim of this literature review is to learn and understand about the entrepreneurs and third innovative techniques that help them to be a successful entrepreneur. An entrepreneur is a person who is born with some natural traits so that they can be successful in their business (Parasuraman, 2010). They have the advantages to think out of the box and power to implement their unique ideas. In this way, the innovation and entrepreneur are deeply connected to each other (Smith, 2005). They are the inventors and discoverer of new and latest ideas in the business organizations. They have many qualities like risk taking. Innovators, resource allocators, deep thinker, think out of the box, etc. In this competitive world, it has become very important for companies to bring continuous innovation in the business organization. In order to sustain in the competition, innovation and change are the two pillars that help to gain competitive advantage (Chesbrough, Vanhaverbeke, West, 2014). The leaders of an organization are responsible in brining innovation. There is a need and requirement of the business organization and enterprises to be more creative and innovative. Creative leaders help the organizations to differentiate and innovation lead the same to have better ideas and information. In this present study, the motive is to learn innovation, its definition and also about the evolution of the innovation (Edquist, 2010). Literature review on innovation and its evolution First of all there is a need to understand what innovation all about is? Innovation refers to a situation in which the process of transformation takes place in which an idea or invention takes place into the goods and services so that a new value can be created in the old version for the customers and consumers (Lambert, Davidson, 2013). The innovation is a process which is simple related to the changes. The changes must be positive to the company, customers and also the other people who are related to the company (West, Lakhani, 2008). They can be stakeholders and employees also. The innovation is called as innovation only in few situation that are it must be economic in cost, not harmful to anyone , the idea must be new and fresh, imagination of the entrepreneur, and must satisfied the needs and wants of the customers (Edquist, 2010). It is related to the deliberate application of the imagination, information and also a type of initiative takes by the individuals to bring the change in the society, company, organization and many other places (George, McGahan, and Prabhu, 2012). The innovation only takes place when the imagination of developed ideas is practically applied o implemented in the reality (McLean, 2005). The innovation is of two types that is evolutionary innovation which is continuous and dynamic kind of innovation and it helps in bringing up of advancement in technology or new process in the companies (Bell, 2011). The other type is revolutionary innovation which is not continuous of discontinued after the changes take place. It can be disruptive and new also depending on the situation and condition (Osayawe McAndrew, 2005). The innovations and changes are synonymous with the risk taking. It helps the companies in creating new products and services by using new or old technologies by taking a huge amount of risk as they have to create new markets in the economy (Ordanini, Parasuraman, 2010). The innovation is generally related to the entrepreneurs as they are the one who are capable to take high risk. The imitators take less amount of risk thats why they cannot bring innovation (Fixsen, Naoom, Blase, Friedman, R. 2005). They are the people who start the business with the products of innovator and use most effective approaches and theories. Example- there is personal computer manufacturing companies like IBM with its personal computers that are against apple computers and laptops Compaq with its personal computers and cheap in the process against IBM Dell with its more cheap clones against Compaq (De, Frattini, Pizzurno, Cassia, 2015) A critical analysis on innovation The idea on innovation and evolution is directly related to the positive economic development and growth f the company that leads in the performance development and increase in the productivity (Pettigrew, Woodman, Cameron, 2001). The empirical evidence shows that the process of innovation has always bring positivity in the business organizations. They are the inventors and discoverer of new and latest ideas in the business organizations. They have many qualities like risk taking (Heller, Zavaleta, 2009). Innovators, resource allocators, deep thinker, think out of the box, etc. There is a need and requirement of the business organization and enterprises to be more creative and innovative. Creativity leaders help them to differentiate and innovation lead them to have better ideas and information. In a nutshell it says that innovations play a role of knowledge, information and dynamicity which gives an insight of growth and development process (Janssen, Schoon, Ke, Brner, 2006). A critical analysis on the approaches and designs of innovation The main purpose of these approaches and designs is to understand the perspective of the innovation and its theories. The innovation is a set of all the developed changes that are required to be done and apply. There are five criteria on which the innovation process depends that is strong sustainability, voluntary initiatives and design and innovative frameworks (Chrisman, Chua, Massis, Frattini, Wright, 2015). The design frame works help in designing the layout on which the innovation of organizations will take place. The changes are dependent on the measures, regulations, possibility to change, product-service innovation systems, etc. The approaches and designs of innovations must be sustainable in nature and they do not have any negative impact on any activity of the business (George, McGahan, and Prabhu, 2012). In order to achieve this, the organization first establish clear understanding by analyze and evaluate the type of innovation that will take place in the future. It provides them knowledge and future prospectus of innovation. The theory of innovation The theory of diffusion is the most relevant theory of innovation that seeks that how, why, ad what rate of innovation taken place. It also defines the ideas and technology that must be spread as an innovative process and progress (Keupp, Palmi, Gassmann, 2012). This theory also explains that there are four ways that can help to spread any innovative idea that are innovation itself, time, social system and also the communication channels (Markard, Raven, Truffer, 2012). It is the process that is dependent on the human capital. This thirty stares that the process of innovation can only be successful if it is highly implemented and acceptable by all (Dahlander, Gann, 2010). The innovation and self creation is one of the final ways to reach to the final destination of success (Smits, Kuhlmann, and Shapira, 2010). To bring innovation, one must hire talented and creative employees, analyze the market situations, work with innovative people, take idea for each and every thing, and apply all the ideas practically in the business organization. There are various types of categories of the adopters like innovators, early adopters, early majority, late majority and laggards (Lundvall, Joseph, Chaminade, Vang, 2011). Management of the innovation In order to manage the process of innovation, there is a requirement of innovation knowledge and talent in the business organization and entrepreneurs. The management of the innovation is a creative and challenging takes which can it be handled by all (Uyarra, 2010). Otherwise, everyone is creative and talented enough to think out of the box. But there are few who have the ability and guts to come forward and try to achieve their dream and change them into reality (Lusch, Nambisan, 2015). The innovation only takes place when the imagination of developed ideas is practically applied o implemented in the reality (McLean, 2005). Evolution The motive of the process of management and entrepreneurs is to make a framework of the procedures to that the organization can ensure that they are able to fulfill the current and future needs of the customers and the other people related to it (Metcalfe, Miles, 2012). The process of evolution refers to the changes takes place during the process of innovation. The theory of evolution is based on the ideas that all the things are required to be change with the time. It can be gradually or sudden. There are various types of variations takes place due to which the process of evolution initiate (Chesbrough, Vanhaverbeke, West, 2014). There is evolution in the process of management, technology, entrepreneurship, etc. evolution can be biological and technical (Chrisman, Chua, Massis, Frattini, Wright, 2015). In this study, the focus is on the technical evolution of the management and entrepreneurship process. The process of production, marketing, accounting, advertisement, human resource, etc are changing with the change in the time (Frow, Nenonen, Payne, Storbacka, 2015). It is the requirement of the time to bring changes and evolution. It is a part of life whether it is a life of an individual or any business organization. The obsolete things and people cannot survive for a longer period of time (Jensen, Johnson, Lorenz, Lundvall, 2007). The process of evolution has its three major phases that are transition, industrial revolution, and information revolution. The first process is transition where the human realized that changes can take place and they can take place by small innovations (Mothe, Paquet, 2012). The second phase of evolution is industrial revolution where the companies started and the entire economy has changed. The phase is of information revolution in which the introduction on internet taken place that has changed the entire system of the global economy (Greenhalgh et al, 2005). The theory of evolution There are various types of evolution theory that help the organization in better management of the business. The evolution of this business era takes place from the history of the management principle and theories. There were two theories that are scientific and bureaucratize management (Biber, Leavy, 2010). These theories help the companies to identify and analyze the culture of the organisation and the place where the transactions take place. There are various types of methods used to measure the impact of the evolution theory that is quantitative and qualitative methods (Perkmann, Walsh, 2007). The companies are now having various types of competing approaches to survive the competition and risk in the business organization (Bouncken, Gast, Kraus, Bogers, 2015). Conclusion The aim of this literature review is to critically analyze about the wider impact of the innovation at different levels of the organizations and its teams, members stakeholders, firms, projects, industries, etc. It can be concluded that the world has now become a global village which is highly competitive world full of complexities and challenges. Each and every business organization is facing issues in their survival. So, the innovation is the only way that can help them to survive the competition is this competitive world. There is a need and requirement of the business organization and enterprises to be more creative and innovative. Creativity leaders them to differentiate and innovation lead them to have better ideas and information. In this way by proper combination of these two elements the entrepreneurs can survive in this competitive world and also have competitive advantage. The innovation and self creation is one of the final ways to reach to the final destination of success. To bring innovation, one must hire talented and creative employees, analyze the market situations, work with innovative people, take idea for each and every thing, and apply all the ideas practically in the business organization. Thus, by building creativity and innovation in the organization, companies can ensure there development and growth in the future and they will surely succeed in the future. 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