Reasons for Successful Innovation and Entrepreneurship

Table of Contents

Topics                                                                                                                 Page Numbers

a)     Executive Summary                                                                                  3

b)     Concepts and Theories                                                                              3

1)     Innovation                                                                                             3

2)     Degree of Innovation                                                                            3

3)     Innovation Process                                                                             3-4

4)     Strategy                                                                                                 4

5)     Entrepreneurship                                                                                 4

6)     Theories of Entrepreneurship                                                             4

7)     Entrepreneurial Creativity                                                                  5

8)     Business Model                                                                                     5

c)      About the Entrepreneur                                                                            6

d)     Application and critical analysis of entrepreneurship theory                6

e)      About the idea                                                                                             7

f)       Key stages of entrepreneur                                                                        7

g)     Key stages of innovation process                                                             7-8

h)     Business Strategy                                                                                      9-10

i)       Business Model                                                                                         11-13

j)       Conclusion                                                                                                   14

k)     References                                                                                                15-18

l)       Appendix                                                                                                  19-20

Executive Summary

The essay highlights an entrepreneur and the reasons for the success of his idea. A detailed understanding of how he used the innovation process is done. A critical analysis of how he identified the gaps in the economy and spotted the opportunity, developed his services through testing and how the complete analysis of the internal and external environment helped him before he successfully implemented the idea. The finding shows his current market position, financial position and how he achieved it. A detailed description of the business model used by the entrepreneur is explained in detail and also the changes made by him are highlighted. The report concludes by showing how the entrepreneur identified the problem and used it as an opportunity to successfully implement his idea.

1)  Concepts and Theories

1.1)    Innovation: – The term is derived from the Latin word “Innovare” which means to make something new. It is a process used widely to grab an opportunity and turn it into an idea (Tidd, et al., 2005).

1.2)Degree of Innovation

a)    Incremental Innovation: – Step by step improvement in an existing service is incremental innovation, there are improvements and additions in the existing features. Makes the existing service more competitive (Gross, 2016).

1.3) Innovation Process  (Tidd & Bassent, 2016)