“Entrepreneurship, Innovation, Change Management and Leadership"

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An overview of “Entrepreneurship, Innovation, Change Management and Leadership”

Entrepreneurship

Entrepreneurship, Innovation, willingness to change and Leadership play a unique, yet complementary role reflecting links among these factors in the economic development of a country. An attempt will be made to clarify the meaning of the concepts and the concluding section will discuss how there is unity in diversity among the above factors for achieving economic growth. The first topic is Entrepreneurship. Reading materials have been collected from diverse sources. Other topics will follow one after another. It is hoped students, prospective entrepreneurs and general readers may find the very brief presentations useful in stimulating interest in the subject matter.
Entrepreneurship is one of the most widely discussed topics in recent literature on development economics. The surge of academic interest and policy focus on the subject underlines its importance as a vital determinant of economic growth. According to Schumpeter, JA (1934) entrepreneurship is a driving force of innovation and more generally an engine for economic development. Entrepreneurs are believed to contribute to economic development and structural transformation in the economy by reallocating resources from less to more productive uses (Acs and Storey 2004) and by performing “cost-cutting”, “gap-filling” and “input-competing” functions in the economy (Libenstein, et, al. 1968, Hausman and Rodrik, 2003). Many other eminent economists and scholars emphasize entrepreneur’s role as a leader and organizer and coordinator of production and recognize entrepreneurship as a fourth factor of production.
Entrepreneurship is a process through which people and teams pursue an opportunity, use resources and initiate change to create value. Entrepreneurs are driven by a need to control their own destinies and bring their dreams to the marketplace. Starting a business takes time. It requires balancing commitments, it costs money and it involves taking risks. Before, starting a business, one needs to learn the basics of entrepreneurship.
Successful entrepreneurs develop feasible ideas into profitable businesses. An entrepreneur does not need a novel or unique idea on which to base an enterprise. Most entrepreneurs start companies based on existing products and services whose market is well established. Few new enterprises are based on new discoveries or inventions.


Importance of Entrepreneurship

•   Entrepreneurs create jobs
•   Entrepreneurs innovate
•   Entrepreneurs create change
•   Entrepreneurs gives to society
•   Entrepreneurs add to national income
•   They change the  world
•   They don’t want a boss
•   They want flexible hours
•   They want to work from anywhere
•   They can’t get a job
•   They don’t fit into the corporate environment
•    They are curious
•   They are ambitious

Key Elements of Entrepreneurship
•   Innovation
•   Risk-Taking
•   Vision
•   Leadership
•   Persistent
•   Ethical
•   Competitive Spirint
•   Resilient


Tips to be successful Entrepreneur

Dr. Md. Sabur Khan in his famous book ‘A Journey towards Entrepreneurship’ writes about the following tips for a successful entrepreneur. The author is Honorable Chairman, Board of Trustees, Daffodil International University.
•   Plan before action
•   Take what you do seriously
•   Always do what you enjoy
•   Capitalize money wisely
•   Sale, Sale, Sale
•   Customer is all
•   Be a self-promoter
•   Show a positive business image
•   Create a competitive advantage
•   Invest in yourself
•   Always be accessible
•   Focus on reputation
•   Sell benefits
•   Get involved
•   Capture the art of negotiation
•   Get and stay organized
•   Understand your level
•   Follow-up constantly
•   Maintaining Awareness
Students of the Entrepreneurship and prospective entrepreneurs in particular are advised to go through the details from this book.


Need some Inspiration?

The following Entrepreneur Quotes may inspire us:
   “The entrepreneur always searches for change, responds to it, and exploits it as an opportunity” – Peter Drucker
   “Entrepreneurs are simply those who understand that there is little difference between obstacle and opportunity and are able to turn both to their advantage” – Niccolò Machiavelli
   "Speed is useful only if you are running in the right direction." -Joel Barker
   “From my very first day as an entrepreneur, I've felt the only mission worth pursuing in business is to make people's lives better” - Richard Branson
   “A person who sees a problem is a human being; a person who finds a solution is visionary; and the person who goes out and does something about it is an entrepreneur” - Naveen Jain
   "An entrepreneur is someone who jumps off a cliff and builds a plane on the way down." -- Reid Hoffman.
   “The number one reason people fail in life is because they listen to their friends, family, and neighbors” - Napoleon Hill
   ''It's not about ideas, it's about making ideas happen'' Scott Belsky.
   “There’s lots of bad reasons to start a company. But there’s only one good, legitimate reason, and I think you know what it is: it’s to change the world.” ~Phil Libin
   “Being an entrepreneur is a mindset. You have to see things as opportunity all the time” – Soledad O’Brien
   “To improve is to change; to be perfect is to change often” - Winston Churchill
   “They always say time changes things, but you actually have to change them yourself” - Andy Warhol


Rafiqul Islam
Professor
Department of Business Administration
Faculty of Business & Entrepreneurship
Daffodil International University