Entrepreneurship and Small Business Development Essay - 1

Entrepreneurship and Small descent Development - Essay ExampleThis research will begin with the statement that the project constructs a feasibleness study on a hot venture creation. The emphasis is on the role of the entrepreneur and the cultivate of applying relevant theories and concepts. According to intellectuals and business experts, the definition of entrepreneurship is simply the combining of suppositions hard work and adjustment to the changing business market. Entrepreneurs use personal initiative and engage in calculated risk-taking, to create mod business ventures. This can be achieved by raising resources to apply innovative red-hot ideas that solve problems, execute challenges and satisfy the needs of a cl early on defined market. Understanding the importance of how entrepreneurs develop, the circumstances that can get on or induce entrepreneurship and the beliefs of entrepreneurs could prove helpful both in supporting the existing class of entrepreneurs along with boosting economic growth. The selected business entrepreneur is Steve Jobs, the founder and Chief executive officer of orchard apple tree since 1976. By 1980, Apple had released three improved versions of personal computers whose success made this founder a multi-millionaire. An innovative computer open who helped found Apple Computer and returned to the company to bring it the second period of success in the industry. The lineament that is going to be tested and discussed is the intro theory. The context will explore innovative entrepreneurship which looks at the ontogeny accomplish of an idea into an application.pplication. Innovation can be defined as Transformation of a new idea into a new harvest-time or service, or an improvement in organization or process (Heye 2006). The paper is set to describe the entrepreneurial and innovativeness of Steve Jobs while at the same time providing a detailed literature review of the development of small business and the role of inn ovation in the process. In addition, the paper takes a closer look at the ways employed by Steve Jobs in qualification Apple a top company in the US and the world in general. Literature critiqueInnovation and creativity is a concept that enables the entrepreneur to exploit new ideas from concept to completion. This entrepreneurial attribute implies the discovery, assessment and exploitation of opportunities. In perspective this leads to new merchandises, services or production processes new strategies and new markets for products and inputs that did not previously exist (Shane and Venkataraman 2000). Similarly product innovation could be a new modeling in the existing product range or a new product outside the existing range but in a similar field of technology. Moving the focus to product innovation leads to very different conclusions on how alternative institutional set-ups affect economic performance (Bengt-ke Lundvall and Vinding 2004). This demonstrates the advantage of pr oduct innovation as it can lead to an increase in profitability for organisation that implements the support of product innovation in their corporate strategy. To thrive in the global economy, entrepreneurs must rise to the challenge of achieving successfulness through increasing innovation. For instance, NESTAs Innovation Index shows that companies that introduced a new product from 2002 to 2004 saw an honest employment growth of 4.4% during the subsequent 3 years compared to 2% for non-innovative businesses (Design Council 2011). Research overtime has developed and shown that since the early work of Schumpeter (1950) the role of an entrepreneur has been linked with innovation. Amabile et al. (1996) define creativity as the production of novel and useful ideas (p. 1155), while Heye (2006) refer to innovation refers as the implementation or transformation of a new idea into a new product or service, or an improvement in organization or process (p. 253). Stevenson and Gumpert (1985 ) further indicate that innovation is the heart of entrepreneurship (p. 85). Therefore, entrepreneurship is viewed as a prime source