Entrepreneur who constantly tries to incorporate new ideas or invents into his business, like creating an entirely innovative product or technology to produce it, as well as new equipment and machinery and new raw materials which can be utilized to discover new sources for semi-finished commodities A new management system, a an entirely new structure for organization, the creation of new markets, etc.
Entrepreneur as Innovator
Innovative entrepreneurs are able to create Revolution or improve the process of production by the application of innovative ideas based on ingenuity.
An entrepreneur who is creative can be described as one that is always searching for new products, raw materials that are new to the market and makes adjustments and enhancements to new ventures.
Entrepreneurs are promotors and an innovator simultaneously. He is the one who initiates social change.
Entrepreneurs play a role in the process of expanding economic activity.
The role of the Entrepreneur is to be an innovator is vital to making sure that there is stability in the economy as well as industrial growth and social transformations.
A brief description of the work of an entrepreneur who is an innovator goes as the following:
1. To Create Novelty in Society
The most important job of an Entrepreneur is to come up with something totally unique.
He is a creator of new products, creates new products, and makes use of the latest technological advances in the field of business through studies and research.
In the final phase, Industrial Development takes place.
2. Production of Commodities and Services
Since entrepreneurs are innovators and creative individuals they aren’t limited to developing new products or services as part of their business however, he is also involved creating products and services that are in tune with the needs of society.
The man is well-aware of any changes in the economic and social life. He can make the necessary changes to adjust to the changing circumstances by studying various socio-economic and political situations.
In the end, it is clear that the economic wheel progresses continuously.
3. National Resources
As innovators, entrepreneurs have significantly contributed to the growth of the nation through the creation of new industries, as and also creating jobs and making use of the resources in the economy of the nation to perform productive tasks that satisfy the needs of the social and economic needs of the country.
4. Establishment of Successful Units
Innovation by entrepreneurs is the beginning of new ideas.
They believe it is better to make a move towards toward a direction that is changing instead of following the exact route.
They also supply energy to their companies.
This is the reason they run their business with the success they have achieved.
5. Coordinating the Resources
Business owners, who are innovators, manages and coordinates production processes, so as to increase production at the least cost.
Entrepreneurs also contribute to the improvement of the productivity in the nation through their management abilities and efficient use of resources that are inefficient.
6. Base of Industrial Development
Innovation-driven entrepreneurs can adjust the strengths of the business such as human resources, human capacities and come up with new ideas.
Innovations are created by imagination, but they are also caused by inadequate leadership skills. concepts do not constitute the basis for progress in the industry.
Entrepreneurs can build a enterprise that is entrepreneurial by leadership, management, and imagination.
7. Expansion of Organizations
Entrepreneurs spend a lot of money on research and studies to encourage the development of new ideas.
This is the reason that concepts in both science and business are accepted by people and their technical understanding is enhanced.
Innovations result from research and the development of fresh ideas.
The adoption of new production methods, rather than traditional methods, is also more efficient, as is the development of new products and diversification are also added to help grow the small-sized company.
8. Accomplishment of Business Activities
In small businesses, there is the possibility of risk, liability, and innovation. risks fall on only one individual.
But large-scale companies at National and International scales is a risk that is carried by a tiny number of people and not by a single individual.
So, business activities are performed by people who have organized themselves through creating corporations, partnerships and co-operative societies.
9. New Products
Entrepreneurs are those who come up with ideas and are the inventors who in turn introduce innovative products, concepts and markets and methods of production to the society, and standard of living is raised. However He also conducts research and development to achieve this.
Through all of these, people have the opportunity to experience a variety of new products and services. In the end, that the quality of life of the people increases significantly.
10. Economic Prosperity of the Nation
Entrepreneurs who have a clear vision set up new ventures to propel their business forward, removing obstacles and challenges that could occur within their businesses.
They also tackle challenges and improve their abilities by inventing new techniques.
They also contribute to the general well-being of the country.
The inventiveness of the entrepreneur is vital to the development as well as of the industry sector in the nation.
Public Sector
11. Economic System
Entrepreneurs who invent can help boost the economy of the nation extremely vibrant because they make use of new raw materials, innovative methods and machines for their production.
They have introduced innovative products and services. They have adopted as well as innovative strategies both internal and external and have also implemented innovative distribution strategies.
The economy is dynamic.
12. Existence of Business
In today’s business environment where business leaders from the forefront are inventing new research and developing improvements to production techniques, technology equipment, financial inputs and other technological. Ovik Mkrtchyan
This is the reason that a number of as well as problems have emerged in the business and it has become crucial that the company is in a position to remain in a position to be competitive.
Modern business cannot be accomplishe without being innovative in this era of rapid development and swift shifts.
13. Dynamic Leadership to the Business
A good entrepreneur possesses two main qualities. The ability to accept the risk of investing in new equipment.
In this present age, innovative entrepreneurs can connect their businesses with the society and the natural environmental.
Therefore, they create new ventures within their as well as business as well as look for opportunities and then take action in accordance with the social practices.
The company also is able to benefit from the dynamism of management of the entrepreneurs.
14. Catalyst Elements
The wealth of society is create by entrepreneurs and the poor suffer.
In addition, efficient use of resources and the creation as well as of a self-sufficient community is feasible.
15. Social Responsibility and Satisfaction
Entrepreneurs who are innovative are able to fulfill social obligations and give satisfaction to society by establishing new ideas, activities, values and utilities.
Types of Entrepreneurs as Innovators
Here are the various types of entrepreneurs and innovators:
1. Initiator Innovators
The innovator as well as of the initiator are business owners that are not aware of the latest developments, but are in the process of expanding their ideas and are involve in the process of development employing the latest technologies.
2. Prime Mover Innovators
Primmovers can be describe as entrepreneurs as well as that develop something unique and unique. For example, the creation of new products as well as the development of new techniques of production. And the introduction of new machinery and equipment along with the creation of new raw materials. And seeking out an entirely new market, etc.
They continuously seek out new ways to enhance their business.
3. Minor Innovators
Entrepreneurs who are consider to be innovators aren’t taking the initiative to come up with innovative ideas. At a large scale However, they should make the most of as well as the resources available. To society to assist in helping the development of the society.
4. Satellite Innovators
The satellite innovators can be describe as well as entrepreneurs who serve as intermediaries. Or suppliers but they eventually start their own business or other industries related to it independently.
5. Local Trading Innovators
The local pioneer in the area of trading operates his business (Trade industry Industries, Commerce, and direct services). Limited to a particular area. He isn’t able to move to a new place.
