Entrepreneurship Development by T Nagalakshmi et al,

What is Innovation?

An invention is creating something new that the market has not seen before. But, an INNOVATION is taking an existing concept of idea and improving it, typically using a step-wise process of development stages leading to c0mmercially viable product.

Challenges

• Getting into the correct mindset
• Working with the right people
• Identifying and securing the best financial resources
• Managing your cash flow
• Understanding your market place
• Seeing your idea through prototyping
• Seeing the cost and value of the products correctly
• Recognising the opportunities available

Entrepreneurial competencies

1. Integrity: The entrepreneur has a clear sense of values and beliefs that underpin the creative and business decisions that they make, and that influence the actions they take, particularly when in difficult or challenging circumstances
2. Conceptual thinking: The entrepreneur is prepared to use fresh approaches, comes up with crazy ideas that may just work, leading to radical change or significant improvements and take time to listen to new ideas without pre-judgement
3. Risk-taking: The entrepreneur understands the risk taking means trying something new and possibly better, in the sense of stretching beyond what has been done in the past, and that the constant challenge is to learn how to assess choices responsibly, weighing the possible outcomes against his/her values and responsibilities.
4. Networking: The entrepreneur understands that networking is a key business activity which can provide access to information, expertise, collaboration and sales, and that carefully planning and preparation helps achieve desired results.
5. Strategic Thinking: The entrepreneur understands and values the planning process, thinking and planning over a significant timescale, recognises external trends and opportunities, and is able to think through any complex implications for the business.
6. Commercial Aptitude: The entrepreneur keeps upto date the developments in the sector, seeks out best practices and identifies and seizes opportunities thar are not obvious to others.
7. Decisiveness: The entrepreneur resolves issues as they arise, does not get bogged down in analysis during decision making, and responds flexibly to deal with changing priorities.
8. Optimism: The entrepreneur persists in pursuing goals despite obstacles and setbacks.operates from hope of success rather than fear of failure and sees setbacks as manageable circumstances rather than as personal flaw.
9. Customer Sensitivity: The entrepreneur builds trust and long standing relationship with customers, generates and expectation of high level of customer service and regularly exceeds customer expectations,
10. People focus: The entrepreneur values the people in the organisation, walks the talk, sees the capability and builds team synergies with inclusiveness in planning and execution of project and ensures deliveriesde