INNOVATION AND ENTREPRENEURSHIP – at glance


Authors :

Dr. K. Ramasamy
Department of Commerce, SN College
Madurai

&

M. Subramanian
Faculty
R.L. Institute of Management Studies
Madurai
E-mail :
madurai_subbu@yahoo.co.in
 


INNOVATION AND ENTREPRENEURSHIP – at glance

  • Making history out of nothing at all! That's an entrepreneur! One who dares to dream, who knows no matter how tiring the journey, he shall make it.
     
  • Successful entrepreneurs do not follow footsteps; they create their own paths.
     
  • Roads to success! Where angels fear to tread, entrepreneurs boldly stare in the face of any kind of risk.
     
  • Entrepreneurs aren't born. They're trained for success.
     
  • No one is ever as enthusiastic and energized as someone propelled forward by a focused dream. But dreaming is not enough.
     
  • Entrepreneurs are dreamers turned doers. Dreamers who envision a better product or an improved service.
     
  • Entrepreneurs search for change, respond to it and exploit it as an opportunity.
     
  • Entrepreneurship involves combining factors of production to initiate changes and it is a discontinuous phenomenon.
     
  • "Entrepreneurship is the process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks, and receiving the resulting rewards of monetary and personal satisfaction and independence" – by Robert Hisrich Peters.
     
  • An entrepreneur perceives a need and then brings together the manpower, materials and money required to meet that need.
     
  • Innovation is the only sustainable competitive advantage in an ever-changing market place.
     
  • Management experts agree that innovation is an essential core competence for organisations.
     
  • Organisations that lead markets in totally new directions have long-term success.
     
  • Innovation is vital for the success of an organisation for the following reasons:
      • (a) An organisation's underlying market value will be determined by its ability to innovate.

        (b) Innovation is the only sustainable competitive advantage in an ever-changing market place.

        (c) Further growth can be possible only through innovation.

  • A company's culture is built on its shared values, beliefs and norms. Culture drives organizational behaviour.
     
  • To become more innovative an organisation must develop its culture in ways that define, lead and nurture innovative behaviours and performance.  
     
  • Entrepreneurs who are innovative in their approach will definitely succeed in their line of business – we have many live Indian examples like Kabir Mulchandani, Ramasamy Gounder, Sabeer Bhatia, Azim Premji…they all made it! . All that it takes is to find an innovative dream and fulfill it! Go ahead! Find yours and make it big…
     
  • At last to the authors' viewpoint to become a successful entrepreneur he needs a lots and lots of innovation with  " SKILL + WILL + DIL ". A new formula to identify an entrepreneur.


Sources/References/Bibliography

* Entrepreneurship – by Prof. Hisrich Peters PHI International Edition.
*
www.technopreneur.net.
* Entrepreneurial Development – by Prof. SS Khanka, S Chand Publication.
* Effective Executive – Magazine (ICFAI Press) – Dec'02 to April'03
 


Dr. K. Ramasamy
Department of Commerce, SN College
Madurai
&
M. Subramanian
Faculty
R.L. Institute of Management Studies
Madurai
E-mail :
madurai_subbu@yahoo.co.in
 

Source : E-mail March 1, 2004

 

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