(MGT8040) Entrepreneurship and innovation assignment addressing the failures and new ventures
Task: Write about failures experienced by three entrepreneurs, their internal locus of control, and their high propensity towards self-efficacy in your entrepreneurship and innovation assignment. Define creativity, innovation and entrepreneurship. Think of a new business/venture idea that you would like to plan for during this course. This idea could be a new business, a social enterprise, a community venture or a new “intra-organisational venture” in the organisation you currently work.
Task 2 of the entrepreneurship and innovation assignment
In the first podcast (626) referred to for the entrepreneurship and innovation assignment, the entrepreneur, Jon Morrow is a successful blogger despite being paralysed from the neck down. However, he has taken his condition as an advantage to push himself toward success. In the second podcast (747) referred to for the entrepreneurship and innovation assignment, the entrepreneur, Sam Horn said she took a client just for the money and worked with someone who promised her money, these are the two failures she faced during the initial phase of her career. However, her strong intuition has helped her to succeed in life.
In the third podcast (2) referred to for the entrepreneurship and innovation assignment, the entrepreneur, Pat Flynn got laid off from his job in 2008. During that time, he did not lose hope and kept appearing for the lead exams. From there he got his business idea and successfully channelled that.
2. Locus of Control
In the first podcast referred to for the entrepreneurship and innovation assignment, Jon’s internal locus of control can be identified as fear. He mentioned that fear is one of the most underrated factors.
In the second podcast referred to for the entrepreneurship and innovation assignment, Sam’s internal locus of control can be identified as integrity. She mainly focused on maintaining her integrity which made her successful.
In the third podcast referred to for the entrepreneurship and innovation assignment, Pat’s internal locus of control can be identified as confidence. Even though Pat did various mistakes in his life, he overcame the mistakes by improving them.
3. High Propensity towards Self-efficacy
Considering the podcasts of three entrepreneurs referred to for the entrepreneurship and innovation assignment, I have observed that individuals with a high sense of self-efficacy can see problems as possibilities that can be achieved. As opined by Gielniket al. (2020), Self-efficacy is the perception of one's own competence, which is the conviction that one can produce a certain result. Here, entrepreneurs have failed far more in control of their destiny than non-entrepreneurs. Moreover, I have realized that intravenous that have high levels of self-efficacy can take risks with confidence.
I have realised that all entrepreneursreferred to for the entrepreneurship and innovation assignment may or may not have a clear vision of the future but they tend to have a roadmap. The road map is critically helpful for entrepreneurs to allow them to determine where they want to go. Moreover, it was quite obvious to me that in order to develop a vision, it is important to create certain objectives.It is not easier to be successful. In order to be successful, individuals are required to be visionary. All the developed plans for the entrepreneurs are exciting.
I have realized that solutions to a particular problem can vary from individual to individual. What one may consider may not be right for another individual. In order to be a successful entrepreneur, one should learn from their mistakes. I have also learned that everyone makes mistakes. However, these mistakes are the most important and beneficial for an entrepreneur. Moreover, I have also realised that investing time in dwelling on ideas is a waste of time. And the last and most important thing is to believe in own self. As learned from one of the podcasts referred to for the entrepreneurship and innovation assignment, that fear is one of the most underrated things; so one should avoid being afraid.
Task 3.1: Creativity, Innovation, and Entrepreneurship
Creativityin the entrepreneurship and innovation assignment Creativity can be defined as the capacity to create or bring into existence anything novel, whether it is a novel approach to a problem, a novel tool or technique, or a novel work of art (Walia, 2019). It has been often observed that independent and non-conformist thinkers and doers tend to be creative individuals. Master in a specific topic or in a field of knowledge requiring a high level of aptitude is equally vital.
Innovation in the entrepreneurship and innovation assignmentcan be defined as a method for updating and modernizing a market, a product, or a service by the use of fresh methods, innovative approaches, or profitable concepts that add value. There is no doubt that for organizations, innovation is important because it allows organizations to increase competitiveness. For instance, companies that go for price leadership should create creative, highly effective methods to ensure their long-term competitiveness (Chen et al., 2018). Here they place a high priority on process improvement and ongoing cost reduction. With the help of innovation, companies can pursue differentiation strategies to create distinctive differentiators from their rivals.
Entrepreneurship in the entrepreneurship and innovation assignmentcan be defined as the capacity and willingness to create, plan and manage a commercial operation with all of its risks in order to turn a profit. The creation of new farms is the most visible illustration of entrepreneurship (Doernet al., 2019). Entrepreneurship, including the capital, labour, land, and other resources, has the potential to be profitable. The entrepreneurial vision is characterized by exploration and taking risks, and it is a crucial component of a country's ability to prevail in a world market that is always evolving and becoming more competitive.
Task 3.2: Critical discussion on the chosen quality for further developmentin the entrepreneurship and innovation assignment
Self-awareness is able to help an individual to minimise the drawbacks and accelerate opportunities for being an exceptional entrepreneur. The previous column in the entrepreneurship and innovation assignmenthas shown the basic qualities of creative people, qualities of innovators, and qualities of successful entrepreneurs. Self-rating section of this table has highlighted that I have conducted several traits and qualities infrequently. In the case of creative qualities, I have a lack of complexities which can affect the chances of exploring Creative Thinking. Creative people emerge their conscious and unconscious processing systems at the same time which can create complexity in their emotions (Forbes.com, 2022). As per psychology, complexity can emphasise the ability to identify different viewpoints from a similar scenario. Lack of knowledge about complexity in the entrepreneurship and innovation assignmenthas reduced my chances of being a creative personality. In order to develop complexity for creative thinking, I need to challenge my own bias and analyse the same situation from a different perspective.
In a different context, a risk-taking mentality is highly required to be an innovative thinker. In this section, I am very infrequent. A risk-taking mentality is highly required to be an innovative thinker that reduces the chances of taking shortcuts. Moreover, and innovative thinker as per the entrepreneurship and innovation assignmentis not afraid of any kind of complex solution which can emphasise their potential to get a successful innovative idea. However, a risk-taking mentality can make people arrogant sometimes which also can produce innovative ideas. In that case, the risk-taking situation must be in a limited scenario which must not drive the thinking abilities of an individual towards arrogance and a do not care attitude. In contrast, a risk-taking mentality is highly required for me to explore my creative ideas in reality that can develop revolutionary change in my section (Forbes.com, 2022). In order to develop a risk-taking mentality, I need to create a breakdown structure of the potential risk in small steps to analyse my capabilities. In addition, I also have a lack of confidence which is a significant quality of being anunsuccessful entrepreneur. A high confidence level as per the entrepreneurship and innovation assignment is required to improve the mental strength of innovating things that can improve the future in this competitive business scenario (Entrepreneur.com, 2022). In order to develop self-confidence, I need to recognise my unique talents and abilities. Along with this, I am also required to develop my emotional intelligence to expand my knowledge and scope of being a successful entrepreneur.
Task 3.3: Critically analysis of the role of creativity and innovation in entrepreneurship
Creativity and innovation as per the entrepreneurship and innovation assignmentare considered the key element of developing opportunities by making interesting ideas for business which can improve the rate of being a successful entrepreneur. Innovation is able to open a door to various opportunities to explore current business in a completely different way. As argued by Fredin and Lidén (2020), a lack of market research while innovative ideas can affect the entrepreneur's success in this competitive era. Moreover, creativity also adversely influences entrepreneurship. It signifies that a lack of flexibility and adaptation mentality from others can reduce the potential success rate of an entrepreneur (Kobia and Sikalieh, 2010). It has been reported in the entrepreneurship and innovation assignmentthat the implementation of collaborative aspects can minimise the risk related to degrading entrepreneur success (Kuratko and Audretsch, 2013). It has also been reported that emerging business areas require Innovation and creative ideas as per situational maturity which can help the organisations to flourish continuously. According to the opinion of Kuratko and Audretsch (2013), grounded innovation is able to provide potential profitability in this present scenario. It can be categorised into strategic renewal, innovative mentality, knowledge acquisition, effective configurations and others. Effective evaluation is highly required to focus on the major changes in emerging business scenarios to expand the business dimension throughout the world.
It has also been reported in the entrepreneurship and innovation assignmentthat improving knowledge about the categories of creativity can help the entrepreneur nature in this competitive market. Relationship creativity is considered a potential way for developing an engagement scenario with the main stakeholders such as employees and the consumer base. As a result, it can help to improve business sustainability as a successful entrepreneur (Boldureanuet al. 2020). It has also been reported that self-motivation regarding the creative dynamics can help an individual to make sacrifices as per the circumstances. As a result, it can emphasize the rest-taking mentality for Business Development. Moreover, it also can emphasize the professional curiosity that developed the relationship and participative nature within the workplace (Ranville and Barros, 2021). According to the opinion of Mauzyet al. (2003), it helps an individual to accelerate their strength as per professionalism which can support their determination towards the problem-solving method. As a result, it also can improve the magnetism and orientation to develop the required infrastructure to be a successful entrepreneur (Konys, 2019). Moreover, effective communication within the workplace can develop connectivity and collaboration which help the organisation to get ideas about the personal vision of the team members. As a result, it also improves the motivation of an individual to accelerate their Creative Thinking.
The increasing rate of complexity within the workplace as per the entrepreneurship and innovation assignment has minimised the sustainability of innovative ideas. In that case implementation of the innovation, and process model can develop the entrepreneur mentality of organisations to push the technology and pull the target market. In addition, the 4th generation innovation process model has developed the interactive approach for maintaining a strategic vertical relationship with main stakeholders (Du Preez and Louw, 2008). 4th generation model is identified as the Minnesota innovation research program model which was developed in the year 1980 that analyses the basic characteristic to improve innovative ideas with the help of reflection (Du Preez and Louw, 2008). Moreover, it also transforms innovative and creative ideas toward concrete reality. It also provides a clarified idea about the potential boundaries and restrictions which can be previously analysed through the collaborative nature. As per the entrepreneurship and innovation assignment it also supports continuous improvement based on innovation and creativity as per the situational maturity that can emphasize the success rate of entrepreneurship.
Venture idea in the entrepreneurship and innovation assignment-
This new venture in the entrepreneurship and innovation assignmentwill deliver healthy meals to hostel students with biodegradable packaging. No plastic packaging will be used to deliver meals to students. Apart from that monthly subscribers will get an extra discount on the food delivery. The problem which is going to be solved with this product or service- It is being expected that this new venture considered in the entrepreneurship and innovation assignmentwill solve the unhealthy eating pattern of hostel students by delivering healthy meals at times. Apart from that, the biodegradable packaging idea will help the venture to operate with minimal carbon footprint. Moreover, all customers will receive a positive message about the issue of plastic pollution and the necessity of biodegradable packaging. Moreover, in future this new venture would be able to spread a sustainability message among younger sections of the demography. Type of people suffer from this problem- Students who live in hostels and young adults suffer from this problem as poor eating habits damage their health.
How widespread this problem is-
According to the report more than 60.30% of the hostel students are suffering from unhealthy eating habits as most of them only consume junk foods (Jalloun and Shikier, 2021). The entrepreneurship and innovation assignmenthas highlighted that due to the unavailability of healthy eating options students consume unhealthy foods which is increasing the rate of obesity and other health issues related to it. Apart from that, studies have found that 28.6% female students are suffering from nutritional anaemia which is quite alarming (Vibhuteet al. 2019). Moreover, unhealthy eating habits are widespread among students and young adults.
What disruption occurred-
Needless to say that disruptive technology has changed the operational process of all industries and the food sector industry is not an exception. Studies in the entrepreneurship and innovation assignmenthave mentioned that the food sector industry is highly disrupted by the 3D printing technologies, bacterial sensors in the packaging of food, artificial intelligence and many more (Hassoun et al. 2022). Additionally, the introduction of robotics accelerated the production process but neglected the nutritional aspect of food. For this reason leading food Sector Companies implemented advanced technologies to their operational process. On the contrary, advertising of junk foods on social media platforms is attracting students to those food items which are easily available. Moreover, technological disruption as per the entrepreneurship and innovation assignmenthas changed the health eating pattern and increased the risk of diseases caused by unhealthy eating patterns.
What survivors did to adapt and stay in the game-
Leading food sector companies as per the entrepreneurship and innovation assignmentinstalled robotics, AI to manage food delivery and production processes. Apart from that PepsiCo, McDonalds, KFC, Cargill, Nestle are using big data to bring efficiency in demand forecast (Kakaniet al. 2020). Moreover, survivors of this sector are utilising disruptive technologies to maintain sustainable operation in the market sector.
What disruption might occur and why-
Experts of entrepreneurship and innovation assignmentare predicting that due to the increased involvement of technology in the food sector industry may result in increased energy cost. Apart from that, food technology is genetically modifying foods that may result in gastrointestinal disorder and infertility in human beings (Vega Rodríguez et al. 2022). Additionally, genetic modification in food may damage human organs in the long run. Therefore, it can be stated that technological disruption in the food sector industry may be the cause of adverse health effects and economic loss. On the other hand, use of modern machines may cause fewer job availability especially food farmers and unemployment rate will increase (Gilleret al. 2021). As more farmers of the society can be unemployed because of the disruptive technology, hence GDP can fall and most of the people will move to city areas which will cause rural depopulation.
What should do to stay in the game-
In order to stay in the game, as per the entrepreneurship and innovation assignmentfood companies need to think of a big picture that will ensure sustainable growth both for the company and society. Kakaniet al. (2020) suggested that technology needs to be used in a controlled way but needs to ensure that it is not becoming the reason for unemployment. Additionally, the similar study outlined that leaders need to focus on the change management strategy as it helps to survive whenever any changes occur in the operating sector or within the company. Apart from that, Jagtap et al. (2020) suggested that investing more in sustainable growth, focusing on agro-export food companies can stay in the game and can help farmers to increase their income. Moreover, this particular strategy mentioned in the entrepreneurship and innovation assignmentwould help to increase income of farmers as well as business organisation which will eventually improve the economy of country.
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