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Entrepreneurship in the RDO!

! Businesses, either the brick-and-mortar establishments or cybermarketplaces are the exit points of the products targeted for consumers. To cater to their needs, the producers need to know what the customers want through research and development. The mechanisms of R&D result in the enhancement of products and services to cater to the continuously getting wider specications of products to provide more options for customers. Therefore, entrepreneurship begins with the opportunity to sell a spectrum of products or services conceived from the fruits of invention and innovation. Innovation, as Drucker (1985) puts it as the specic tool of entrepreneurs in order to exploit change as an opportunity for a different business or a service. ! ! The practice of entrepreneurship extends to the ability of cyclically examining the business portfolio - weighing opportunities for prot or otherwise. Risk-taking and foresight are talents that can be developed by looking at the market trends to be successfully incorporated into the launch or cessation of a product line or service. Furthermore, entrepreneurship, like the RDO, will enlist the services of multiple disciplines to for it to be successful. This requires building partnerships with multiple companies to acquire the best components of or the product itself. To illustrate this, Samsung partners with Google to provide the smartphone with a top-caliber mobile operating software.! ! At the center of the practice of entrepreneurship, the entrepreneur is a person who embodies change. As noted by Drucker, innovation is the skill that entrepreneurs use and that change is within that sphere. Schumpeter and Kirzner (Sobel, 2008) concurs with this stating that entrepreneurs are innovators who implement change by introducing new products or new ways of production. In product development, the entrepreneurs sees opportunity to increase the market value of a product, ensuring that there are customers willing to pay the price, and thus earn a prot to continue with his enterprise. This ability to make a prot is not the single goal of entrepreneurs but through their efforts to innovate, lift and better the quality of life. In effect, the entrepreneur is not solely dened to what he can for his business, but what he can do for the greater society.!

! References:! ! !

Drucker, P. (1985). Innovation and Entrepreneurship. Harper and Row Publishers, Inc.: New York.! Soberl, R. (2008) Entrepreneurship. Viewed from http://www.econlib.org/library/Enc/ Entrepreneurship.html on November 30, 2012.!