Entrepreneurs are individuals who change the world through invention and innovation. Invention and innovation make new or existing things with added value where there are potential markets. Entrepreneurs change problems and risks in to opportunities and final products. They also have the abilities to overcome difficulties that would hamper many people.
Innovation of changes started by Entrepreneurs
This is the advancement of modifications launched by entrepreneurs which include the following:
1. Initial Project
- New environment-friendly or Eco-friendly task and manufacturing of goods
2. Expansion of the Project
- Succeeding modifications and developments in the amount of items created
3. Factors Innovation
Increase in supply or performance of elements of production. It includes the following:
- Financial- Procurement of capital resources from new supply or new in kind.
- Labor- finding of labor from new source or in new type; upgrading of an existing labor.
- Material-Procurement of old product from brand-new resource or usage of brand-new material.
4. Production Innovation
Modification or Adjustments in the manufacturing procedure or process. Includes:
- Technological - introducing of brand-new production methods. Worth addition to an already existing product.
- Organizational - adjustment of type or structure or connections among people.
5. Market Innovation
Changes in the size or make-up of the marketplace; which includes:
- Product-production of new item or change in quality or reducing price of an existing product.
- Market-penetrate in to new marketplace.