The Core Of Entrepreneurial Innovation Essay
The core of entrepreneurial is innovation
Based on the definition, entrepreneur is the person who sees an opportunity or gets an idea, would like to take advantage of that opportunity or idea to start a business. As a company, it is necessary to meet the demand of customers, when it comes out a new product or services. Once customers can get new thing from this company, they will change buying habit from don’t to do, or from less to more. Moreover, people would like to pay more to buy this company’s product.
The core of the entrepreneurial is innovation. Paying attentions to innovation on innovation is the common feature for any enterprises which is perpetuate, even most of them already are in a dominant market position. Most of these companies are forcing on actively promoting all aspects of innovation, in order to keep dominant market position and obtain more competitive advantage. According the book “The theory of economic development” (Schumpeter, & Opie, 1943), innovation in economic aspect refers to an entrepreneur implement the combination of factors of production. Usually it includes the following five kinds of situations: 1. introducing a new product or provide a new product quality standard; 2. using a new production method; 3. creating a new market; 4. getting a source of…