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Entrepreneur the innovator
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It is about the detailed note about innovations leading to Entrepreneurial Ventures,Role of Technology and Social media in creating new forms of busines etc
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UNIT 4ENTREPRENEUR THE INNOVATOR
Innovation
Innovation involves the translation of useful idea into application which has
commercial value. Innovation means doing new things or doing existing things in a new
way. “Any creative idea, getting implemented or realised successfully, is called
Innovation”.
According to Joseph A Schumpeter Innovation may be,
1. Introduction of a new product.
2. Introduction of a new method of production.
3. Developing new markets.
4. Finding fresh source of raw-materials.
5. Making changes in the form of organisation
6. Making changes in Management.
Innovations leading to Entrepreneurial Ventures
Creativity is a continuous activity of the Entrepreneur. Creativity is a mental
process leading to the generation of new ideas. Innovation means application of such
creative ideas. So, creativity is developing something new, original and unique.
Innovation is an attempt to produce new things.
Penicillin : Penicillin was discovered by the scientist Sir Alexander Fleming. Penicillin is
now the most widely used antibiotic, and became a successful business venture.
Pacemaker : Pacemaker was invented by an electrical engineer John Hops. It became a
successful business venture.
Krishnanunni.T, GVHSS Karakurissi, Palakkad
, Old products Innovative products
3G Mobile Phones 5G Mobile Phones
MP3 HD Sound
LED TV Ultra HD TV
Printing Press 3D Printing
CFL Bulb LED Bulb
Elements of Innovation Process.
Analytical planning Resource organisation Implementation Commercial -
Application
Role of Technology and Social media in creating new forms of business
Consumers want more powerful devices and applications, while business seek
more cost-effective technology to cope with increasingly complex challenges. Satisfying
these demands will lead to an explosive growth and realignment of many industries.
For example, Paytm, Amazone, Flipkart, Snapdeal, e-Bay, e-Pay etc. have a
prominent market share in the world economy.
The Power of Social Media.
Face book, Twitter, Google+, Instagram, Whats app, Wechat, Linkedin, Pinterest
etc. are now reshaping the way companies communicate with employees, partners, and
customers. Through the possibilities for “social listening” businesses are able to better
understand what their customers and employees need and want.
Face book
Face book is the biggest social network on the Web, both in terms of name
recognition and the total number of users. Face book is a great medium for connecting
people from all over the world with your business. Face book was started as a simple
networking tool for use of the students community. It is used in business by creating a
face book page to market their products. It allows business to share text, images, live
videos, etc. of the products.
Krishnanunni.T, GVHSS Karakurissi, Palakkad
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