Entrepreneurship Essay Example | Topics and Well Written Essays - 250 words - 7

Entrepreneurship - Essay Example Therefore, for an entrepreneur to succeed in combining innovations to revolutionize the patterns of production, he has to carry out new combinations in productions, through a process that requires a work force. In addition, entrepreneurs require professional management skills, since their obsession becomes a liability in managing the growth of a business. 2. On the other hand, feasibility analysis before venturing in a business is necessary, since the analysis enables an entrepreneur to understand the business process and identify the factors that will facilitate success s of the business venture. Therefore, venturing in to a business without conducting a feasibility test can lead to an over estimation or underestimation of factors that will facilitate the continuation of the business. For example, an entrepreneur may have an idea of starting a business, which requires acquisition of a certain machine for production. If the entrepreneur fails to conduct a technical feasibility analysis, a technical problem on the machine can cause a downfall of the business. Therefore, if the entrepreneur had decided to conduct a technical feasibility analysis, he would have had the chance of identifying availability of technical expertise to correct the problem if it occurs, hence sustaining productivity in the Entrepreneurship Essay Example | Topics and Well Written Essays - 2500 words - 2 Entrepreneurship - Essay Example on creating positive outcome for new products and services as well as in the operational processes of that particular business or start up that engages in it. The managerial processes, the market segment and the organizational structure of the business may also experience the positive impact of innovation when it is clearly and properly implemented and integrated into the business. Different businesses and startup companies engage in innovation for different reasons. The ultimate goal of innovation is to improve the businesses (Lee et al., 2000). The changes that are associated with innovation are intended to improve the efficiency, profitability and the viability of that particular business. There are several aspects of a business that are known to benefit from innovation both in an existing businesses or a new entrepreneurial start up. Some of these aspects and areas include finance, research and development, sales, human resources and marketing. Acs and Szerb (2009) state that innovation does not need to be new or revolutionary for it to be of benefit to the business or entrepreneurial start up. The aim of this paper is to explore the role that is played by innovation in entrepreneurial startups and in the growth of businesses. This is done through a reviewed of existing literature in peer reviewed journals. In order to unravel and explore the role of innovation in entrepreneurial startups and in the growth of businesses, this paper relies on secondary data that exist in journals. To explore and understand how innovation impacts on entrepreneurial startups and the role that it plays in the growth of existing businesses, the paper will use peer reviewed journals. The journals that will be used in this paper are those that deal with innovation, entrepreneurship and growth of businesses. In selecting the journals to be used in the paper, an analysis of various journals that deal with the topic was done. After this, the journals that contain data and information