Entrepreneurship and Innovation Essay Example | Topics and Well Written Essays - 2750 words

Entrepreneurship and Innovation - Essay Example Innovation - â€Å"a process by which opportunities are identified and exploited and it requires the commitment of enterprising people† (Lowe and Marriott 2006: 32). Entrepreneurship - â€Å"the pursuit of opportunity without regard to resources currently controlled† (Lowe and Marriott 2006: 49). Enterprise - â€Å"the ability to handle uncertainty and respond positively to change, to create and implement new ideas and new ways of doing things, to make reasonable risk/reward assessments and act upon them in a variety of contexts, both personal and work† (Lowe and Marriott 2006: 104). Public Sphere - the space of culture and society in which activity affects across familial and community lines, creating action that affects the whole rather than the individual. 2. Introduction With the recent economic crisis and the nature of global environmental issues rising to the surface, and with the addition of so many social problems emerging in a world that is becoming ever more globally centralized, entrepreneurial efforts through innovative solutions provide a resource to both support the issues that represent deep needs for solutions, as well create a financial opportunity for those who have concepts to increase an aspect of the health of the world. Opportunities that arise through innovations that solve problems create jobs, support human life, and advance civilization. In addition, those types of innovations that are created with a socially responsible solution in mind provide for a more enlightened advancement of civilization, while supporting the true needs of humanity over simply just the financial needs. Entrepreneurial efforts, at their basic level, are the needs that someone has to build and grow a business that provides financial compensation for their efforts. Money is not always the driving force, neither is the concept of being an owner, but those two aspects will always be a part of being a entrepreneur. There are times when it is the product, the innovation that drives a person to enter into an entrepreneurial phase, thus the need to achieve and create supersedes the need for profit. In many of the more altruistic innovations that have come on the market, the need to service a socially responsible demand has been the driving force behind the product. This type of entrepreneurship has the consequence, more often, of creating a high level of product when the business end of the process is well balanced In the end, it is the business end of a company that will support its success, not the value of the product. The product could be something that will cure world hunger, but if no one is developing it, capitalizing it, and promoting it into the hands of the right people, the idea will die without fixing the problems that it had been designed to address. It is great if a person develops the cure for cancer, but if it is done in a basement lab and no one finds out about it - if it is never produced, packaged, and sold - it will be lost. Innovation must come with proper business sense or it will not enter into the conscious of culture. Without proper capitalization, good decision making skills, and proper connections, an idea will die before it ever reaches the market. 3. Social Problems and Innovative Solutions Bornsteins and Davis