Innovation, Technology & Risk
BUS 363: Technology & Innovation in Entrepreneurship
For this assignment, we were asked to explain the interrelationship between innovation and entrepreneurship. As I sit here and think of this subject, I wonder if there is much difference or much of the same definition of the two. These are terms that are used in the business world most of the time and have a big ordeal to say the least. The word, entrepreneurship is often used pertaining to a small business or also known as a New Venture.
When someone asks what is New Venture, I like to answer with it being the first stage of organizational growth. It’s the critical developmental parts of a business including marketing and the product itself. There are so many things to think of when someone is in the new venture stage. Things such as much money will be needed to run the business. This is a vital situation only because you are at the beginning stage of the business and not much is there for you to do whatever you want to do. The company doesn’t have limitless revenue because it just started. It doesn’t have a gang of customers waiting because basically its new and you don’t know until after the business opens what you are looking ahead of.
Innovation is basically the process of how to run the new idea, product or business so to speak. One must come of with a strategy or also known as a business plan to be able to run the business clearly or smoothly. Or if its just a new product, have a plan of some sort to make sure that the product has a good chance of selling.
I, myself, am in the middle of starting my own business, a photography studio and am working to be a great entrepreneur. I know it is going to be difficult because for one, I am in a new city that I just moved to, there are plenty other photography studios that customers can go to rather than coming to a new place that no one knows anything about. So, I intend to promote my new venture, make sure I have discounts to give to the new customers and also make special packages to make it easier for customers to want to come to me instead of my competition.
A new business, also known as new venture, will be considered still in stage I (new venture) until they meet $1 million in sales. To me, this means that a lot of businesses are in this stage for a while till they meet that amount.
The risks of a social organization relating to change and innovation is limitless but of course some examples for myself would have to be changes such as moving from one state to another and the business not do so well in the new state. This is a major change, for if it doesn’t make any customers then there would be decline quickly and the business would suffer fast. I could make changes in the innovation as time goes by according to the way the business is performing. If the business isn’t doing so well, I could do things such as a grad opening deal, a free family portrait with purchase or something of some sort.
The benefits of these changes would either be that the company prospers and glows or the company could still bottom out if the innovations don’t work. Either way it goes, in the beginning of this adventure, a clear, in order business plan needs to be in place before any bank gives me a loan to start this business.