Entrepreneurship is at the heart of successful business, driving forward innovation and constantly pursuing new achievements and ambitions while the technological innovation system is a concept developed within the scientific field of innovation studies which serves to explain the nature and rate of technological change.
You can’t have one without the other, entrepreneurship and innovation play vital roles in knowledge creation and exploitation to generate value and drive sustainable economic, social, technological and organisational development. Innovation is simply introducing a change of some kind that adds new value to an organisation or to a person, entrepreneurship, on the other hand, is more commercially driven. It typically refers to a person who has a drive to build or make something that delivers commercial benefits to them, while also adding value to the broader world.
Entrepreneurship and innovation are increasingly important in all areas of business and government. Successful entrepreneurs have relevant additional backgrounds like engineering and psychology and the ability to learn a variety of new skills, like accounting, game design and set building. Established firms innovate in order to outmaneuver or respond to their competition. In the public sector, there is need for effective policies to deal with new challenges and for increasing service delivery with declining budgets also places a premium on innovative thinking.
We are using entrepreneurship and technological innovation synonymously in this regards because even if they are both different, they tally, let’s considers the dynamics of entrepreneurship in global context, now every day, innovative technologies are introduced that provide significant value to society. However, if they aren’t backed by entrepreneurial talent or awareness, those innovations will never achieve their commercial potential; help you to develop business skills that are essential in a wide range of different organizations, as well as preparing you for the possibility of one day starting your own business.
Globalisation is occurring at an increasingly fast pace and entrepreneurs are influenced both by the global society and their national society. The higher the societal barriers, the more skills were needed to overcome them, entrepreneurship is an important determinant for growth and development and they have an opportunity to interact with the global world more than ever before because the ability to take advantage of globalisation is particularly outspoken in the technology and service industries, where the output crosses borders with fewer barriers than in the production industry and for entrepreneurs operating within these highly mobile industries, the global world brings with it. Their network can grow more diverse and they have more areas from which to attract investors.
Innovative ability is essential for entrepreneurs as new economic cycles are driven by product innovation, and this originates from entrepreneurs wild spirit and desire to create something new, considering creative thoughts and behaviours and dealing with existing or new problems, or something being done differently.
Article by: Blessing Bassey