What is Modern Innovation and Entrepreneurship?
Latest News & Blog
Read the Latest News

What is Modern Innovation and Entrepreneurship?

What is Modern Innovation and Entrepreneurship

If you are looking towards advancing yourself to a Doctor of Business Administration programme, you’re invited to join us for a free trial class on Saturday the 25th November 2017. The subject taught will be ‘Modern Innovation and Entrepreneurship’. This Doctor of Business Admin Trial Class will equip future students with the concepts and practical techniques for harnessing creativity and managing innovation with the motive of developing novel or enhanced profit-generating products and services for existing or new markets. Before the class starts, let’s have a sneak peek at what ‘Modern Innovation and Entrepreneurship’ is all about.

What is entrepreneurship as defined by Peter F. Drucker

Back in 1985, Peter F. Drucker wrote a book titled ‘Innovation and Entrepreneurship’. It was the first book to discuss on the subject of innovation and entrepreneurship in much detail with a systematic approach. It was also the first book to acknowledge innovation as a tool of business management alongside strategy and operations. In the book, Drucker quoted the the French economist J. B. Say of the 1800s defining “the entrepreneur” as someone who, “shifts economic resources out of an area of lower and into an area of higher productivity and greater yield.” It was the original definition of an entrepreneur. Drucker himself defined entrepreneurship as a distinct feature of an individual or an institution, but not a personality trait. He believed that everyone, who can make decisions, can learn to become entrepreneurs, who are open to healthy changes. Entrepreneurs are not the ones, who bring about the changes. Instead, they are constantly on the lookout for changes, react to them and take up the opportunity for changes. In other words, entrepreneurs apply innovation.

What is innovation as defined by Peter F. Drucker

The one word to define innovation is ‘change’. Drucker believed that “Innovation is the specific tool of entrepreneurs”.  It is “…whatever changes the wealth-producing potential of already existing resources”.  According to Drucker, out of all types of innovation, science and technology require the most time and cost. He believed that innovation goes beyond the advancement of science and technology. It has to have “…an effect in economy and society”. An easier and quicker way to succeed is to take advantage of the shift in market or society, as Drucker called it; ‘the unexpected’. A classic example is how a company bought over the rights to antibiotics and profited from selling them to vets, which the former company refused to do, even when it was in demand in the veterinary market. After all, innovation has to meet the consumer’s needs. An innovation is worthless, if it doesn’t meet the market through entrepreneurial management. An innovation needs to change the way people do things. Innovation is key to survival in the industry. By constantly making structural changes to your product and service, you can avoid being overtaken by others in the industry.

How does innovation help entrepreneurship?

Entrepreneurs take calculated risks. An entrepreneur is someone who is able to innovate by taking advantage of someone else’s problem. Innovation helps entrepreneurs come up with solutions to problems by creating new services or products. It is important for entrepreneurs to keep up with current trends and demands, to constantly innovate by producing more but without sacrificing the quality. By innovating, entrepreneurs are able to come up with quality low-priced products which stand tall against their competitors. Innovation contributes to economic growth and increases the chance of survival and success of an entrepreneur.   

Modern innovation

The modern era is often associated with the advancement of technology. Modern innovation is all about modifying old innovation with better and/or additional features. Over the years, the Internet and mobile phones have changed tremendously. Modern innovation is a new technological idea that entrepreneurs put to practical use to ease people’s life.

As defined by J. B. Say, “the entrepreneur shifts economic resources out of an area of lower and into an area of higher productivity and greater yield.” With the advancement of technology, an entrepreneur can use machines and robots in productions, instead of humans. Machines and robots can produce faster than humans, thus, reducing the cost of human employment.

Modern innovation has changed the way people communicate in the business settings. Companies can create virtual settings for employees to interact and develop ideas for innovations. Modern innovation also eases international interaction. Sale and purchase can be done online, either through the company’s website or application. Through the online platform, companies can receive immediate feedback from consumers, which can contribute to the company’s constant innovation. With social media and instant messaging applications, approaching consumers are made even easier. They make great marketing platforms, where companies can send information on new products and services directly to the consumer’s smartphone.

As mentioned by Peter F. Drucker, technological innovation takes time as he believed that innovation goes beyond the advancement of technology. It all depends on the entrepreneur’s ability to spot an opportunity to contribute to innovation. Even with all the technologies available, if the entrepreneur does not have the innovative skill, the business might not succeed.

 

Mark your calendar:

Date: 25th November 2017

Time: 10am-12pm

Event Title: DBA Trial Class (25/11)-Modern Innovation & Entrepreneurship

Target Audience: Candidate with the highest qualification of Masters Qualification

Registration Fee: Free Admission

Venue: Mantissa College, Level 1, Bangunan AHP, Jalan Tun Mohd Fuad 3,

Taman Tun Dr Ismail, 60000 Kuala Lumpur

 

Can't Make it for the coming weekends? Why not mark your calendar for our other dates

Still Undecided? Visit out Upcoming Trial Class Sessions

Event 1- (25/11/2017) DBA-Trial Class-Modern Innovation & Entrepreneurship (Web View

Event 2- (27/01/2017) DBA-Trial Class-Strategic Marketing & Market Research (Web View

Event 3- (17/03/2017) DBA-Trial Class-Trends in Managing International Organisation (Web View

Ready to embark your educational journey with us?

Top MBA Program, Courses & Master Degree Programs in Malaysia - Welcome to Mantissa.edu.my Official Website, Mantissa College offers Executive Master + degree + programs, MBA course, European masters program and Top International MBA programs in Malaysia.