The concept of entrepreneurship, innovation and economic development is closely related to our life. A look at your surroundings and you shall find the product of entrepreneurs, packaged in innovative ideas, which might draw reflection on how the economy of a nation is doing today.
For instance, standing in front of my eyes is a heat-resisting vacuum flask, with branded Thermos. The Thermos’ vacuum flask was invented by a Scottish named Sir James Dewar in 1892. The fact that a vacuum flask, conceptually designed by a Scottish, being bought and used on the other side of the world, would undoubtedly require the abilities of one of more entrepreneurs to make it possible. ...view middle of the document...
Entrepreneurship is essentially the process brought about by individuals, of identifying new opportunities and converting them into marketable products and services . Stemming from the definition of entrepreneurship, entrepreneurs on the other hand, are individuals who are able and willing to venture into new opportunities using the available resources.
Innovation refers to an act of introducing new ideas, methods or products. On the same note, innovators are persons who are able to provide unique ideas, methods or products in tackling a real world problem.
Two main areas of innovation are the product innovation and the process innovation. Product innovation is usually the creation of new products that may be the solution to real world problems. Next, process innovation would be defined as introducing a new methods or new materials to add value to the existing products.
Economic development, as defined by the World Bank, is the qualitative change and restructuring in a country’s economy in connection with technological and social progress . GNP per capita of GDP per capita of a nation is usually the indicator of the economic development of that particular nation, which helps to reflect the increase in economic productivity and average material wellbeing of the nation’s population.
Why innovation is essential for entrepreneurs, and the world
The marriage of entrepreneurship and innovation often give birth to a brand new plethora of consumer products. Thermos’ vacuum flask, as mentioned previously, was one of it. Coca-Cola, or Coke, on the other hand, was another ingenious product of entrepreneurship married innovation, without which it may not be able to cause the changes in the world’s habit in consuming beverages.
Asa Griggs Candler is the man behind this world second-most widely understood word after ‘okay’ . As much as innovation is about coming out with new ideas and products, Asa Griggs Candler is the perfect example of innovation in methods, particularly in methods of advertising. Being the first entrepreneur to advertise Coca-Cola on the calendar in 1891 shows the creative side of Asa Griggs Candler. Not only his creative move made Coca-Cola better known to the consumers, he opened up a whole new plethora of advertising possibilities. Such process innovation is undoubtedly first of its kind in 1892, and Coca-Cola continues to innovate further in their advertising platform. From television commercials to FIFA World Cup sponsorship and even the World of Coca-Cola is indeed the product of the Coca-Cola Company’s fine innovation in their advertising platform. To explore deeper, the driving force behind such innovation is indeed entrepreneurship and their aims of making profit.
Product innovation is also particularly evident by the Coca-Cola Company. To meet the consumers’ need for change in taste, Coca-Cola introduced different flavours to the world. Today, there are Coke Zero...