In a developing economy, industry plays an immense role, whose most important aspect is innovation. Through innovation there has been a continuous growth in the sophistication of entrepreneurship, from ancient times till the present day world. It is the process of translating an idea into products or services. It is about defining and setting goals and putting in efforts for entrepreneurial success. It is the dynamism of converting an opportunity into a business and an application of better solutions that meet the demand requirements. Therefore, a conceptual relationship has been portrayed in this book between innovation and entrepreneurship. This book covers the concept of entrepreneurship and the challenges, rewards and issues faced by the entrepreneurs at the initial stage of any enterprise—giving the tangible strategies for business owners to build wealth and financial freedom. It inspires those who think that they do not have the potential to get out and put plans into action.
Additional Info
  • Publisher: Laxmi Publications
  • Language: English
  • ISBN : 978-93-85750-41-0
  • Chapter 1

    Preface Price 0.99  |  0.99 Rewards Points

    In a developing economy, industry plays an immense role, whose most important aspect is innovation. Through innovation there has been a continuous growth in the sophistication of entrepreneurship, from ancient times till the present day world. It is the process of translating an idea into products or services. It is about defining and setting goals and putting in efforts for entrepreneurial success. It is the dynamism of converting an opportunity into a business and an application of better solutions that meet the demand requirements. Therefore, a conceptual relationship has been portrayed in this book between innovation and entrepreneurship.

  • Chapter 2

    Acknowledgement Price 0.99  |  0.99 Rewards Points

    I would like to express my thanks to all those people who helped me in bringing out this book
    and a heart-felt gratitude to my mother Smt Savitri Bhatt for her blessings and inspiration. This
    book is an outcome of not only the desire of the author but also the blessings and support of the senior fellows. I forward my sincere thanks to the renowned academicians Dr. Nurelegn Tefera, President, Addis Ababa Science & Technology University (AASTU); Prof. Teketel Yohannes, Vice President for Academics; Dr. Habtamu Hailu, Vice President for Research and Technology Transfer; Dr. Habtamu Itefa, Vice President for Institutional Development and International Relations; Dr. Leakemariam Berhe, Vice President for Administration Affair; Dr. Zeleke Ewnetu, Head of the President Office; Dr. Solomon Benor, Academic Program Officer Director; Dr. Mesfin Tafese, Research Directorate Director; and Mr. Antigen Birhan, Director for Plan and Budget Directorate, AASTU

  • Chapter 3

    Foreword Price 0.99  |  0.99 Rewards Points

    Innovation is at the basis of economic development and it has become an instrument for developing and least developed countries. Innovation can be defined as all the scientific, technological, organizational, financial, and commercial activities necessary to create, implement, and introducing new or improved products or processes. Innovation is an attribute that is beneficial to a large society such as a nation or region. Innovation introduces new products and services that enrich the lives of individuals, both nationally and internationally. Innovation also increases the amount of economic growth by providing cost competitiveness within a nation and attracting investment by organizations that establish bases there. National economies develop through the innovation and manufacturing abilities of their organisations and from selling the resulting innovative products on the global market.

  • Chapter 4

    Table of Contents Price 0.99  |  0.99 Rewards Points

    Table of Contents

  • Chapter 5

    Introduction to Innovation and Entrepreneurship Price 0.99  |  0.99 Rewards Points

    The 21st century belongs to innovations and technology and it has brought a new paradigm shift in the global workplace. The economy has become global and is totally stimulated by innovations and technology.
    Innovation is a part of technology management and organizational innovation is driven by creative and
    enterprising individuals. Innovation is widely recognized by industry and academics as an essential competitive enabler for any enterprise that wants to remain competitive, survive and grow.

  • Chapter 6

    Entrepreneurship An Overview Price 0.99  |  0.99 Rewards Points

    Entrepreneurs are the major power houses of a business or the social sectors, who play a vital role in the economic development of a country. Without entrepreneurs, there would be no business or social development. Entrepreneurs are the ones who identify gaps in the market and then turn these gaps into business opportunities. Entrepreneurs provide the energy, creativity and motivation to initiate new businesses. Entrepreneurs seek business opportunities that bring success by satisfying the customers’ needs. Entrepreneurs identify the needs of customers and find ways to fill those needs.

  • Chapter 7

    Entrepreneurial Process Price 0.99  |  0.99 Rewards Points

    Many personalities have difficulty bringing their ideas to the market and creating a new project. Whether or not they decide to pursue that idea depends on factors such as his alternative career prospects, family, friends, role models, the state of the economy, and the availability of resources. So far, entrepreneurship and the actual entrepreneurial decisions have resulted in several innovative businesses being started all over the world. Masses of ventures are formed despite recession, inflation, high interest rates, and lack of infrastructure, economic uncertainty and the high probability of failure. The entrepreneurial decision process entails a movement from something to something—a movement from a present lifestyle to forming a new enterprise.

  • Chapter 8

    Small Business A Vital Component of the Economy Price 0.99  |  0.99 Rewards Points

    Small-scale industries play a key role in the industrialization of a developing country. This is because most of the small-scale industries have a low capital intensity and high potential for employment generation. They hold location flexibility which serves as an effective tool for achieving a wide dispersal of industries. Small-scale units serve as a means of bringing forth indigenous entrepreneurship and saving lying undeveloped, particularly, in semi-urban and rural areas. 

  • Chapter 9

    Planning and Business Plan Development Price 0.99  |  0.99 Rewards Points

    An intelligent plan is the first step to success. To initiate and developing a new business plan, the entrepreneur requires acquiring considerable amount of different information and carrying out a large number of tasks. Researchers on business failure have identified numerous factors, among them one reason that continually appears at the uppermost of list is the failure to plan. Amusingly, some people argue that planning is not essential for a start-up business, but they are in a minority. The overwhelming agreement is that a well-developed plan is essential for the survival of any business.

  • Chapter 10

    Products and Services Concept Price 0.99  |  0.99 Rewards Points

    Product Planning refers to the systematic decision-making related to all aspects of the development and management of a firm’s products, including branding and packaging. Every product includes a range of qualities capable of exchange and use. New products management is a large business. Over US$100 billion are spent annually on the technical phases alone. Millions of products are marketed every year and hundreds of thousands make their living producing and marketing them. However, because new products are often managed in an ad-hoc disorganized way, a large percentage of those new products flop, and all the resources spent are lost. The key process required in the product planning is identification, design, development, marketing, and lifecycle management of successful new products.

  • Chapter 11

    Marketing and New Venture Development Price 0.99  |  0.99 Rewards Points

    Marketing is frequently defined as all the activities that are involved in the transfer of goods and services from the producer to the consumer. Before launching a business, an entrepreneur should research the target market and analyze competitive products. After the new firm is launched, the entrepreneur needs to apprise potential customers about their product or services efficiently, effectively and within the limits of a budget. Frequently, marketers are advised to consider demand of the potential and actual consumers in the production of goods and services. People satisfy their needs and wants with products (goods and services) that are both physical objects and intangible services. They select the products that provide maximum satisfaction. While consumers are trying to maximize satisfaction with goods and services, the need for exchange arises.

  • Chapter 12

    Management of Resources Price 0.99  |  0.99 Rewards Points

    An organization is essentially a collection of resources which are brought together to take the advantage of an innovative business idea. An entrepreneur must define the least set of necessary resources in order to determine the amount of capital that he needs to get started. The first thing an entrepreneur should do; is to judge what resources are crucial for the company’s success in the marketplace. For an instance, if the company is making a new high-tech product, technological know-how becomes vital. Its most important resource will be engineers and the designs they produce. Therefore, the company must quintessence on recruiting and keeping outstanding engineers, and protecting their engineering designs through patents. If
    the entrepreneur is determined for retail business, the critical issue becomes its location. It makes no sense to choose a site a poor location just because the rent payment is low-priced. Choosing the wrong initial location for a retail store can be a mortal mistake. 

  • Chapter 13

    Estimating and Obtaining Finance for Business Price 0.99  |  0.99 Rewards Points

    All innovative ventures require start up finance to develop and to stimulate the activities that will generate adequate revenues and surplus cash to pay for the purchases of materials, services and labour. Often entrepreneurs miscalculate the amount needed because they only take into consideration the expenditures
    for investment items such as machines and equipment’s, cars, and so on. They are not aware that during the starting months of operations (trading, manufacturing or providing services) the sales revenues
    do not cover the expenditures for running the business. This can lead to a problem of liquidity whereby the entrepreneur cannot pay salaries or suppliers.

  • Chapter 14

    Organizing and Managing the Enterprise Price 0.99  |  0.99 Rewards Points

    When an entrepreneur considers a business idea and further works on developing a business plan first and foremost he needs to focus on legalising the business and registering it. Aspiring entrepreneurs have to decide the legal forms of business ownership that they will establish. Also, the entrepreneur should get legal protection to their inventions or creations. Hence, they have to get a legal property right from the concerned body. One of the first decisions for an entrepreneur is to determine the legal form of ownership of the enterprise. However, this initial decision may not be final. Not only may the business grow and alter its operations over the time, but financial and tax situations may also affect the advantages and disadvantages of the various legal forms of ownership. 

  • Chapter 15

    Assessing and Managing Risks Price 0.99  |  0.99 Rewards Points

    Entrepreneur’s risk starts from the point, when he/she decides to start a business. The risk may be of security, profession and miscalculation of an opportunity or investing internal resources into a new business. Most entrepreneurs take calculated and moderate risks. Entrepreneurs avoid low- risk situations because there is lack of challenge, but they also avoid high-risk situations because they want to succeed. They set high goals and enjoy the excitement of a challenge, but they do not gamble. Hence, low-risk situations and high-risk situations are avoided because these risks do not satisfy the entrepreneur. In short, the entrepreneur likes a difficult but achievable challenge. 

About the Author