Contemporary Dynamics of Innovation and Entrepreneurship

Abstract

In order to understand the term ‘entrepreneurship', it is important to know the exact meaning of entrepreneur. The term entrepreneur refers to those individuals who focus on the development of new product and services in such a manner that maximum satisfaction is obtained by consumers through its use. The Secondly most important work that an entrepreneur need to perform is, to find an innovative solution of the problem that pertains in market by using the knowledge that he/she poses, therefore it is not wrong to say that an entrepreneur indulges in more thinking work as comparison to any other person. When it comes to the definition of entrepreneurship, it simply means taking those acts that are typically not taken during regular business hours. Nowadays the term innovation and entrepreneurship are used as synonyms. The entrepreneur of today’s is working like an innovator who always prefer to introducing something new in his business and setting up the trend which is good for the economy. Now let put some light on the concept of innovation. Innovation mainly stands for introducing a new production process which is not yet been introduce in market and not even commercially exploited. Innovation also includes the introduction of a new product about which the customers are not familiar; moreover, any change in the product's existing quality, raw material or even in semi-finished product which was not there earlier is termed as innovation only. Innovation play a key role in an enterprise as it helps the entrepreneur to do things in a new and appropriate manner. The concepts of creativity and entrepreneurship are the main topics of this essay. The paper tries to explain how innovation in products/services helps business in long term survival and growth in the present era globalisation.