Entrepreneurship and Innovation Literature & Language Essay (Essay Sample)

Entrepreneurship and Innovation
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Entrepreneurship and Innovation
Entrepreneurship is the process through which a business is established with the intent of making profits. It involves identifying opportunities, investing resources, and taking risks to ensure the business succeeds. An entrepreneurial culture refers to a set of skills that are characterized by calculated risk-taking, creativity, innovation, and empowered staff. To foster an entrepreneurial culture, many organizations tend to lean towards entrepreneurship by seeking opportunities for innovation (Damanpour and Wischnevsky, 2017). Note that, an innovative opportunity allows a company to realize a potential economic value through a new combination of resources, enhanced by interrelationships between economic actors, customer preferences, and changes in the scientific or technological knowledge base. Entrepreneurial organizations seek opportunities for innovation to develop a competitive edge, overcome demographic changes in the workforce, changes in technology, and consumer preferences.