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The concept of entrepreneurship is explicated as the effectual phenomenon that is concerned with the personal and professional qualities that need to be possessed by entrepreneurs. In the current era, entrepreneurship has become extremely important as it is not limited to a single concept however, it is the collection of varied mindsets that helps in accomplishing business objectives (Lounsbury et al, 2021). Entrepreneur plays specific roles in terms of personal, situational, knowledge, abilities, and so on, factors, within opens numerous job opportunities for people, and their personal development is being done. Furthermore, abilities and knowledge have been nurtured that contribute to the development of small and medium-sized businesses.
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The present report will be based on exploring the role of entrepreneurship and innovation in developing new business ideas for small and medium-sized organisations. Different theories and conceptual frameworks will be used in the context of presenting outcomes, and new ideas will be generated.
Findings have shown that, entrepreneurs have an effectual capacity through which they can convert an opportunity into a new business idea. Appropriate skills need to be used by the entrepreneurs that helps in conducting market analysis so that market and consumer trends can be evaluated and new ideas can be established (Si et al, 2021). Also, innovation is being taken in consideration by entrepreneurs that promotes innovative products and services.
Product refers to the tangible items that has been sold to the customers, product associates with physical evidence. On the other hand, services are intangible which can be experienced and on the basis of this utilities of the customers can be known. Business idea refers to the concept which is used for financial gains, it comes up with the idea of new products and services.
STEEP Analysis is for analysing the factors of the external environment which has complete potential in the context of impacting entrepreneurship capacity in terms of translating the opportunities into business idea.
Social factors
These factors are comprised with the taste and pReferences of the consumers, it is considered as one of the most crucial factors as the preferences of the customers keep changing. Small and medium-sized companies’ needs to analyse the market before innovating new business or product as the taste and preferences of the customers keeps changing (Diandra and Azmy, 2020). Therefore, the company needs to provide a specific focus on this area and consumer trends need to be analysed so, that new business ideas can succeed.
Technological factors
It is important for new businesses that technology advancement should be adopted as this helps in gaining the attention of the customers (STEEP Analysis, 2023). Currently, consumers shifted towards the online platform and therefore, this aspect needs to be focused out in a specific manner.
Economic factors
Economic environment keeps changing and for a new business it is important to undertake a critical analysis of the market so, they can become able to witness the change (Hoang et al, 2020). Especially for small and medium businesses, the rate of fluctuation in the economy plays a major role and therefore, it is important to analyse the economic factors.
Environmental factors
Sustainability and climate considerations are the two topmost attributes of environmental factors and should be focused on by new ventures (STEEP Analysis, 20230. This helps in creating an efficient image in the market that leads to attracting a larger segment of customers.
Political factors
The political factors depicts about political environment under which an organisation operates. For entrepreneurs, it is important to analyse the policies of the government. For instance- regulations and taxation-related policies need to be analysed so, accordingly, actions can be taken.
Social enterprise is considered as those organisations whose main goal is to promote social welfare rather than financial gains. Entrepreneurs are often using the concept of social entrepreneurship in order to enhance the welfare of society. This can also be taken as new opportunity that could result in succeeding the new business (Entrepreneurship and innovation, 2023). In order to understand the concept of social enterprise, two models of social enterprise have been used and those are-
This model is based on providing the support to the people while creating jobs for them. The social enterprise collects revenue from the salaries of employees and afterwards, reinvest it in new assistance (Kanaan-Jebna et al, 2022). In this manner, social welfare have been promoted, the weighted average of the social value have been generated and direct welfare improvement of the employees have been done that supports in creating effective outcomes.
This model of social enterprise is specifically for selling the business support services to the entrepreneurs that are part of targeted population. This clearly means that, new businesses gets assistance in varied form such as- training, consulting services, technical support and so on (Kanaan-Jebna et al, 2022). Thus, there is no doubt in saying that, this model creates higher value for new businesses and with the help of this effectual support is being given to new businesses that is essential in terms of growing and creating higher customer base in the market.
Thus, the above mentioned models are stating about the social enterprise models that lead to support new businesses.
Innovation is determined as the concept that is based on doing something which lead to create value for the business. Innovation associates with introduction of the new ideas, methods or products that is considered as highly essential for the organisation in terms of growing. There are different types of innovation such as-
This is considered as that innovation in which new product has been introduced.
In this type of innovation, digital tools and technologies have been used that enhances the business operations along with improving the ways of working (Reis et al, 2021).
The incremental innovation is the series of small improvement that is made to an existing product and services which adds the value (Entrepreneurship and innovation, 2023). On the other hand, radical innovation is considered as that innovation which makes significant transformation in breakthrough in technology, business processes and models.
Innovation is highly essential in new businesses especially in small and medium-sized companies as it depicts about the varied things that lead to attract larger segment of the customers. There are different roles which have been played by innovation and those are-
Innovation enhances the productivity of the business as new products and services are being developed. This shows that, it helps in creating effective support for the organisation while enhancing the productivity of the business (Ataei et al, 2020). Therefore, this can be said that, innovation plays important role in enhancing the productivity of the business.
Consumers gets attracted towards the business when they see consistent innovation in the business. Hence, innovation helps in attracting the larger segment of the customers that enhances the over-all productivity of the company.
Another role that is being played by innovation is that, it lead to strengthen the business within increasing the customer base in the organisation (Alvarez and Barney, 2020).
Innovation assures consistent improvement in the business that is important in terms of experiencing higher growth in the organisation.
This theory of innovation is not limited to innovating new product or services, this is a wider concept which is based on the implication of new technology and method (Audretsch, Belitski and Cherkas, 2021). The main motive of this theory is to undertake economic development with the help of new business idea.
This theory of innovation states about the new ideas, behaviours and technologies that enhances the productivity of the organisation. This theory believes on the pattern and speed through which new practices can be spread with the help of population.
From the secondary sources it has been analysed that clusters are promoting the innovation in frequent manner (Gimenez-Jimenez et al, 2022). This supports in creating frequent interaction and proceed exchange of information. This initiate collaborative support and network that is fostering and increasing the diffusion of knowledge.
Peter Drucker has introduced the seven sources of innovation that supports in undertaking innovation in effective manner. The seven sources of innovation which have been given by Peter Drucker are-
This source state that, it is important to understand the reason behind the success and failure of any product.
This focuses on linking the premises and reality so, the gap can be identified and on the basis of this further decision could be taken (De Mol et al, 2020).
It is important to analyse the deficiencies as it impacts the whole operational procedure of innovation and does not provide effective outcomes as well.
In case, any change in industry and market structure takes place that needs to be analysed and along with this, potential risk should be identified.
This is concerned with the new changes such as- new consumer trends or any change in the lifestyle factor (Granstrand and Holgersson, 20200. The taste and preferences of customer should be evaluated on significant note as it helps in taking appropriate actions.
This source states that perception of the people needs to be changed as this results in creating new wants and desires (Pel et al, 2020).
In accordance with this source, knowledge should be used in terms of developing innovative products and services so, customers can be attracted.
In order to collect primary data, questions from 20 customers have been asked in relation to knowing about the type of business that can be considered as new business idea.
| Are you aware with the concept of entrepreneurship? | Response |
| Yes | 18 |
| No | 1 |
| Not sure | 1 |
| Total | 20 |
Interpretation- From the above graph this can be stated that, majority of the customers were aware about the concept of entrepreneurship.
| 2. Which type of business should be taken as new business idea that attracts large number of the customers? | Response |
| Organic makeup | 6 |
| Organic drinks | 10 |
| New café | 4 |
| Total | 20 |
Interpretation- From primary data it has been analysed that, organic drinks as a new business idea should be taken in consideration.
| 3. Do you think innovation is important in new business? | Response |
| Yes | 16 |
| No | 1 |
| Not sure | 3 |
| Total | 20 |
Interpretation- Innovation is highly essential in entrepreneurship and this can be evidenced with the response of the customers.
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It has been found from the secondary sources that, entrepreneurship and innovation are linked with each other which means it is important to undertake innovation while starting new business (Garzón et al, 2020). Also, it has been witnessed that currently customers are looking for such businesses that deals in organic product and that does not create any harm to them. Therefore, this can be taken as new business idea.
Digital technologies such as- social media platform, AI and e-commerce has impacted the concept of entrepreneurship and innovation. It has become important for the entrepreneurs that they must use these technologies so, they can attract customers on larger note. Also, this helps in performing the innovative practices in significant manner (Al-Khatib et al, 2022). Customers are highly active on online platform and therefore, these technologies should be used.
CONCLUSION
Conclusively; this could be said that, entrepreneurship and innovation are interlinked with each other. New business cannot get succeed before undertaking any kind of innovation and therefore, it is important to develop significant focus on this area. The report has reflected on the theories and models through which better understanding of entrepreneurship and innovation have been developed. From the findings it is being analysed that demand for the customers in terms of organic products is being increasing on greater note. Furthermore, it is evaluated that technology needs to be adopted while starting new business as this helps in gaining higher profitability.
RECOMMENDATIONS
Below mentioned are recommendation through which organisation can respond to global innovation and marketing needs-
Adopting digitalization
Companies should adopt digitalization as this lead to enhance the operational efficiency of the business and further supports in adopting innovation in better way (Haefner et al, 2021).
Identifying market gaps
Market gaps needs to be identified and this can be done within analysing the market, this support in taking appropriate decision through which customer could be attracted towards the business.
Act on great ideas
Ideas should be evaluated and analysed after evaluation of market needs and then, work upon best idea should be done. This support in adopting the innovation within considering the needs of customers (Min et al, 2021).
Feedback mechanism
Customer feedback system should be approached and feedback of the customers’ needs to be analysed so, accordingly decision can be taken.
REFERENCES
Books and Journals
Al-Khatib, A.W. and Al-ghanem, E.M., 2022. Radical innovation, incremental innovation, and competitive advantage, the moderating role of technological intensity: evidence from the manufacturing sector in Jordan. European Business Review. 34(3). Pp.344-369.
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Alvarez, S. and Barney, J.B., 2020. Has the concept of opportunities been fruitful in the field of entrepreneurship?. Academy of Management Perspectives.34 (3). Pp.300-310.
Ataei, P., Karimi, H., Ghadermarzi, H. and Norouzi, A., 2020. A conceptual model of entrepreneurial competencies and their impacts on rural youth's intention to launch SMEs. Journal of Rural Studies. 75. pp.185-195.
Audretsch, D.B., Belitski, M. and Cherkas, N., 2021. Entrepreneurial ecosystems in cities: The role of institutions. PloS one.16 (3). p.e0247609.
De Mol, E., Cardon, M.S., de Jong, B., Khapova, S.N. and Elfring, T., 2020. Entrepreneurial passion diversity in new venture teams: An empirical examination of short-and long-term performance implications. Journal of Business Venturing. 35(4). p.105965.
Diandra, D. and Azmy, A., 2020. Understanding definition of entrepreneurship. International Journal of Management, Accounting and Economics. 7(5). Pp.235-241.
Garzón Artacho, E., Martínez, T.S., Ortega Martin, J.L., Marin Marin, J.A. and Gomez Garcia, G., 2020. Teacher training in lifelong learning—The importance of digital competence in the encouragement of teaching innovation. Sustainability.12 (7). p.2852.
Gimenez-Jimenez, D., Edelman, L.F., Dawson, A. and Calabrò, A., 2022. Women entrepreneurs’ progress in the venturing process: The impact of risk aversion and culture. Small Business Economics. 58(2). Pp.1091-1111.
Granstrand, O. and Holgersson, M., 2020. Innovation ecosystems: A conceptual review and a new definition. Technovation.90.p.102098.
Haefner, N., Wincent, J., Parida, V. and Gassmann, O., 2021. Artificial intelligence and innovation management: A review, framework, and research agenda✰. Technological Forecasting and Social Change.162. p.120392.
Hoang, G., Le, T.T.T., Tran, A.K.T. and Du, T., 2020. Entrepreneurship education and entrepreneurial intentions of university students in Vietnam: the mediating roles of self-efficacy and learning orientation. Education+ Training. 63(1). Pp.115-133.
Kanaan-Jebna, J.M.A., Alabdullah, T.T.Y., Ahmed, E.R. and Ayyasamy, R.K., 2022. Firm Performance and the Impact of Entrepreneurial Education and Entrepreneurial Competencies.
Lounsbury, M., Cornelissen, J., Granqvist, N. and Grodal, S., 2021. Culture, innovation and entrepreneurship. In Culture, Innovation and Entrepreneurship (pp. 1-12). Routledge.
Min, S., So, K.K.F. and Jeong, M., 2021. Consumer adoption of the Uber mobile application: Insights from diffusion of innovation theory and technology acceptance model. In Future of tourism marketing (pp. 2-15). Routledge.
Pel, B., Haxeltine, A., Avelino, F., Dumitru, A., Kemp, R., Bauler, T., Kunze, I., Dorland, J., Wittmayer, J. and Jørgensen, M.S., 2020. Towards a theory of transformative social innovation: A relational framework and 12 propositions. Research Policy.49 (8).p.104080.
Reis, D.A., Fleury, A.L. and Carvalho, M.M., 2021. Consolidating core entrepreneurial competences: toward a meta-competence framework. International Journal of Entrepreneurial Behavior & Research, .27(1). Pp.179-204.
Si, S., Ahlstrom, D., Wei, J. and Cullen, J., 2021. Introduction: Business, entrepreneurship and innovation toward poverty reduction. In Business, entrepreneurship and innovation toward poverty reduction (pp. 1-20). Routledge.
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