Innovation to Socio-Economic Development Essay.
Drawing on theories, concepts and models discussed in this Module, critically analyse the contribution of entrepreneurship and innovation to socio-economic development in a context of your own choosing.Innovation to Socio-Economic Development Essay.
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Entrepreneurship And Innovation Assignment Business Essay
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Being in the competitive environment, innovation and entrepreneurial leader are essential for an organisation for its survival and success. The definitions of entrepreneurship, innovation and the way in which they are applied in Small and Medium Enterprise (SME) is briefed in this assignment. The SME operates in textile industry and the name of the organisation is “Sri Vishnu Perumaal Spin Yarn Ltd”, a family business run by founder and his a son (Managing Director) in Coimbatore, South India.Innovation to Socio-Economic Development Essay.
Assignment: Contribution of Entrepreneurship and Innovation
The growth of the Indian textile industry is limited because of the Chinese entrants. In spite of this limitation, Indian entrepreneurs who operate their business in this industry are continuously changing their production process to compete with the Chinese competitors. The growth and development of the Indian SMEs is also discussed. The process of generating ideas, selecting one among the available ideas and implementing them are explained.Innovation to Socio-Economic Development Essay. Timmons model of individual entrepreneurship is used to explain the entrepreneurial behaviour of the founder and way in which he managed the innovation. The opportunity found leads to a incremental change in the production process of the firm. As succession is widely seen in Indian family business, the process of succession and the characteristics required by the successor to make the succession successful are explained in detail. Some the characteristics, that a successor should posses are intellectual knowledge, personal motivation and commitment towards the firm are discussed.Innovation to Socio-Economic Development Essay.
Apart from this factors which facilitates the entrepreneurship within the firm are highlighted. These factors are knowledge management, organisational culture, individual resources, size of the firm, internal and external networking. Employing a non family member in the senior management and changing the issue raising culture are recommended by the author. This could take the company to higher levels and increase the responsibility of all the employees working the organisation. Production process is explained in Appendix A and Appendix B consists the organisational structure. This assignment will take you through the all the above mentioned…Innovation to Socio-Economic Development Essay.