It requires vision passion and the commitment to lead others in the pursuit of

It requires vision passion and the commitment to lead

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It requires vision, passion and the commitment to lead others in the pursuit of that vision. It also takes a willingness to take calculated risks’ Source: Timmons New Venture Creation 3rd Edition BS2402 Innovation & Entrepreneurship 35 36
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‘Entrepreneurship is process by which individuals - either on their own or inside organisations - pursue opportunities without regard to the resources they currently control’ Stevenson, Roberts and Grousebeck 89 Individual or Corporate entrepreneurship BS2402 Innovation & Entrepreneurship 36 37 Stevenson and Gumpert 1990 “the process of discovering innovative opportunities, evaluating them and managing the innovation process to bring the innovation successfully into use”
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Sharma and Chrisman 1999 “ a process whereby an individual or a group of individuals in association with an established company, creates a new organisation or instigates renewal or innovation within the current organisation” Corporate Entrepreneurship Definitions BS2402 Innovation & Entrepreneurship 37 38 A pattern of management behaviour that produces innovation (individual, group or firm level) Perceives and Identifies innovative opportunities
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Takes ‘Risk’ in pursuing this opportunity Finds and Gathers scarce resources into appropriate combinations to create an organisation, which delivers innovation and value to customer, founder, investor and stakeholder Continually ‘reaches’ for the necessary resources to solve problems and foster firm growth (Baumol) Entrepreneurship: BS2402 Innovation & Entrepreneurship 38 39 Fitting the entrepreneurial management process onto innovation using Robert’s innovation model Successful Exploitation and Implementation
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INNOVATION Good Idea Invention = + INPUTS Group member Knowledge, skills, effort Entrepreneurial/ Innovation Management Process OUTPUTS adding or creating value
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39 BS2402 Innovation & Entrepreneurship Unit 2: Role of Innovation & Entrepreneurship in the Economy BS2402 Innovation & Entrepreneurship 40 Why is entrepreneurship & Innovation so important? Class Discussion
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National Level Organisation Level Individual Level 41 BS2402 Innovation & Entrepreneurship 41 National Level - The impact of entrepreneurship / new firm starts / innovation on economic performance
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Number of new enterprises linked to overall GDP performance ( Link of TEA / global entrepreneurship monitor to economic performance / OECD Audretsch & Thurik I.e. positive effect of start-ups on economic growth. In Developed Economies Industry structure is generally shifting towards an increased role for small enterprises. Extent and timing of this shift not identical across countries. Shift in industry structures towards a greater role for SMEs heterogeneous / shaped by country-specific factors. 42 BS2402 Innovation & Entrepreneurship 42
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UK “Innovation Nation” White Paper Mar. 2008 “Innovation is essential to the UK’s future economic prosperity and quality of life. To raise productivity, meet the challenges of globalisation and to live within our environmental and demographic limits, the UK must excel at all types of innovation.”
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