Question

Entrepreneurship and Innovation concepts in selected Chinese and Western companies

Project overview:

Students work individually and analyze entrepreneurship and innovation concepts in one Chinese and one Western company belonging to the same industry. The main goal is to understand entrepreneurship and innovation “in practice”, and to compare the situation in China and Western countries.

General instructions:

Student should focus on the following key concepts related to innovation and entrepreneurship:

1. Who was the entrepreneur(s) starting this business?
2. Main characteristics of entrepreneur.
3. Background: Provide a minimum of three facts about their background: - Where is he/she from? - What natural talents did they have as a child? - What were their potential early successes?
4. How it started - Provide a minimum of three facts about their early business ventures: - What choices did they make that impacted their business or education? - What job experiences did they have?
5. Risks? Provide a minimum of two examples of risks that they took.
6. Identify and explain a minimum of two personal characteristics that have contributed to their entrepreneurial success
7. How did they identify an opportunity? Which were their sources of innovation?
8. Original business model and further business model innovations?
9. Main innovations – types of innovation, products, services etc.
10. R&D
11. Patents
12. How was the entire innovation process structured?
13. Are outside individuals part of the innovation process – for example out-sourced R&D, community-based users such as open source, academics? If so, what are the incentives for them?
14. Understand the strategies that a firm must consider to most effectively exploit the value of their innovation
15. Does the firm engage in strategic partnerships? If so, what are the basic factors that make this partnership-based approach effective?
16. Development of Industry - Describe what the entrepreneur is doing to continue their work in the business world: - Identify their current projects.
17. Future challenges for growth and internationalization.

Assessment:

Report (2,500 words) based on this project work. APA style referencing.

Answer 1

ENTREPRENUERSHIP AND INNOVATION CONCEPTS

An entrepenuer is the key factor in innovation for the development and sucess of an economy.entreprenuer is one who starts a business with a new or an excisting idea. word entreprenuer translates, one who undertakes in french. He is th one who takes all the risk associated with the business and enjoys the profit as well. entreprenuer is one who brings total changes in the field of innovations such as new goods , technologies,services, ideas etc. entreprenuer are considered as the rising force of a countries economy. they are both investers as well as innovators.

Heberton defines the enterpeneru is the person or group of persons who have the task of determining the kind of buisness to be operated. he is a person who is action oriented and highly motivated to take a risk and to achieve the goal for bringign changes in the process of genersting services and goods or re-initiates the progress in the advent of creating new organisations.

CHARECTERISTICS OF ENTERPENEUR

A n enterpeneur is the one who take risk associated with the buisness

He act as a agent in the process of enterpeneirship

The main motive of a entepeneur will be profit making.

He always a capital provider who contributes inital investment for a biusness

He is a high potential person

He shoyuld be a person who takes all the challenges in the foeld of biusness

An enterpeneur is a innovator

He recieves reward for the efforts put forward by him and for the risk taking .

There are generally two types of enterpeneurs:

1.small scale enterpeneurs

They are one who contributes small amount of capital or investment as well as who has only a small production capacity, less number of employers and limited area of market.

2.Large scvsle entertpeneurs:

Large scale enterpeneurs are those who initiate a buisness which has a large production capability. They adress more number of customers with huge investment i n tne production technology. They are small i n number in all countries of the world.

FACTORS THAT MAKE PARTNERSHIP BASED APPROACH EFFECTIVE

There are many patnership based approaches for the mutual bnefit of two buisness some of the factors are listed below:

1. vision:

Your potential patner should share your vision or complement the same with their ideas

2. complementary skills:

Patnership work better if you skills diverage . Thus a great sales person and a great web developer may make a powerful team. Investors dont like to pay twice for the same poisition. Expertise in dife-ferent aspects of buisness 9s the plus , and it helps when patyners can approach problen from different prospectes.

3.Temporent

Often one patner is a natural leare while the other is more of a functuional epert. Succesful enterprises requires a balance of the both.

4. No overlapping networks

Each having a network and the less they overlapp the better enabling yoiub to gain acess to the widest range of the possible investors, patners and the ventors.

5. Experience

Ity is better if you had twice as much experience in the field . The patyners can pool their experience to create deep well of the knowledge and skil to draw from

the main characteristics of an entreprenuers are aimfull, passionate, vision for future. an entreprenuer should have a very sharp aim and a clear vision of his business. he must have short term and long term objectives in the business. he must be a hardworker. entreprenuer is a ultimate source of variation in economic growth of business. so he must use innovation to find better and the best available oppurtunities to overcome any priblems in business. risk taking organisation capability is essential capabilities of entreprenuer. He must be able to organise his workers and to manage them to have maximum output by using resouces available.

  

The students those who worked in chinese and western company aimed to learn from the business about the entreprenuership and innovation . they may have natural potential in this field. noone can do business witout any potential. the children will have ability to take risk and potetial to take initiative. innovation means finding new technologies and methods in business or making additions in an existing technology. from the chinese and western company they wil get differnt aspects of entreprenuership. For those two students who has choosen business rather than education will able to acheive sucess through dedication. they have a lot to learn from business. They actuallly have the oppurtunity to learn from the society which will be helpful than classroom luctures. they took risk in life by sacrificing thier education. early business ventures have greater scope . because these students are able to study from thier own life experience and constraints. The main characteristics of them to have entreprenuerial sucess is the mentality to sacrifice and cope with in risks of life.

One of the best known example of the uccesfull buisness model innovation is the power by the hour buisness model of the Brittish aircraft. before the innovatun of contruction of engines they innovated construction of engines of aircraft manufactures.

Buisness model innovation is the development odf new and unique conceps of supporting an organisation foir it financial vialbility including its mission and the process for bringing thos e conceots to frudion. The primary goal fo buisness model innovation is to realise the revenue sources by improving the value of a product and how products are delivered toi customers. The digital age has become an impetus of the buisness model of innovation ads technology has dramaticaly change how companies operate and deliver services to customers. The global market place has furthert driven the needs for buisness midkle innovatiobn as companies mus t ract to the stifet of the international compettiton and increased potyential of systematic risks.

One of the example of the succesful buisness model is the changes made by apple ibn early 2000s . The Apple indroducvtuon of productys and services such as ipod, Ipghone ,I tune expanded the comapny offering beyond the desktop computer market,.

innovations are the open doors to sucess. If we follow old techniques and methods in business witout any innovations soon we will get out of dated from the society. It is very important to run with the changing trends of the society.Innovations can be done in the area of product, service, reseach and development, etc. patent rights are concerned with thes innovations that we found. it is a legal protection for th product or technique we developed.Some times two firms may engae in statergic partnership for thier common benefit. through such joint ventures both the companies are able to use the production staregies of the other. It is beneficial for thier common growth and sucess.

Companies decide to form statregic alliances for many reasons. One of te main reason is to get acess on another companies resorces or to enter market that the neither could enter alone. It is also done to expand into a new market, improve its product line , or develope an edge over the competitor. The arrangement allows two busines to work toward a common goal that will benefit both. the relationshoip may be short or long term and the arrangement may be formal and informal.

internatinalisation means hiring local talent who can create the right brand and culture is important as is understanding cultural diversuty .American companis have identified huge markets internationally for thier products and services. the purchasing power of consumers and businesses in many countries such as china aand india.

Innovation is a new idea , new imaginations in the form of device . An innovation is something more effective and original and consequence new that breaks into market or society. In ecnomics management science and other fields of practice and analysis , and innovation is generallly considered to be the result o the process that brings together varoius novels. Innovation is a production or adaption , exploitation ,usage and assymulation, of value added novelty in economic and social spheres ,renewal and enlargement of product , services and markert , development of new method of production and establishment of the new management systyem. according to the cander innovatuioin inclides original invention and crwative us e and defines innovation as the generation , admission and realisation of new ideas , products , services and process.

Technology has made it easier than ever to adopt a wide variety of novel buisness model effectively it increase the pace of innovation, diffetentiation, and global competion important than ever .