Innovation and Entrepreneurship
Entrepreneurship is the act of starting a business or a series of enterprises with the goal of making a profit. However, as a fundamental definition of entrepreneurship, that one is a little limited. The more contemporary meaning of entrepreneurship includes the goal of changing the world by solving major issues. For example, bringing about societal change or developing a new product that disrupts the status quo of how we go about our everyday lives. What the entrepreneurship definition leaves out is that entrepreneurship is what individuals do when they take control of their careers and aspirations and steer them in the direction they choose. It’s all about creating a life that you can live on your own terms. There are no bosses. There are no time constraints. And there’s no one to stop you. Entrepreneurs have the ability to take the first step toward improving the world — for everyone in it, including themselves.
A domain, a product, or a service is refreshed and kept up to date by the application of new procedures, the introduction of new techniques, or the establishment of innovative concepts to generate new value. Organizations may improve their competitiveness in one of two ways: they either pursue price leadership or establish a differentiation strategy. In both instances, creativity is required. As a result, continuous innovation is critical for all businesses. The primary distinction is the focus of the innovation strategy, which differs significantly from one firm to the next.
Although there is a connection between innovation and entrepreneurship, the two terms have distinct meanings. The key distinctions between the two ideas are listed below.
Endurance: Innovation has a finite shelf life. Entrepreneurship has a lengthy shelf life, which increases the value of the opportunity it creates.
Liability: There are no big risks associated with innovation. Risk-taking is unavoidable when turning a concept into a commercial opportunity. In entrepreneurship, taking risks is essential.
Sympathy: After the concept stage, innovators lose interest. Entrepreneurs fail, reconsider, and work hard to improve their business.
Competence: Innovators have a strong desire to learn and experiment with new ideas. Entrepreneurs require abilities such as planning, leading, managing, and making decisions. Entrepreneurs take chances, work hard, and are dedicated to their company’s success.
Element: A fresh way of thinking leads to innovation. Entrepreneurship is the process of turning an idea into a viable commercial venture.
For me, I have an entrepreneurial idea on Financial Technologies that add value to the payment method from the business perspective. With the COVID pandemic, there is a surge for tap&pay but there is many innovation from user perspective; however, there is not any for payment-taker perspective. I want to focus on that.