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Entrepreneurship Development and Innovation Management: Key

Tejvir Singh Tomar
Commerce Department, S.M.J.N.(P.G.) College, Haridwar, Uttarakhand, India
Abstract: Entrepreneurship development and innovation efforts in business increase in scope, complexity and link to
increasing numbers of key stakeholders, so do demands for careful and systematic execution of developmental and
innovative implementation in evolutionary learning. Use of innovative strategies and tools is an emerging solution for
entrepreneurial implementation. Entrepreneurship development and innovations have brought about a evolution of thinking
in the field of business and expanded the boundaries that traditionally separated economics and other social science
disciplines. In entrepreneurial development of business, the concept of innovation is increasingly being used to diagnose
entrepreneurial problems as well as to craft economic interventions. In an era of increasing global competition, it is argued
that innovation and entrepreneurial skills are the key sources of competitive advantage. It discusses how the innovations
influence and changes their roles and how those roles are organized. It explores the emergence and increasing importance
of social networking competency for entrepreneurial innovations as successfully engaged in new roles. It provides a
conceptual model of innovative entrepreneurship development, integrating the literature on business angels, new venture
creation, entrepreneurship, small and medium enterprises, business simulation, start up management, entrepreneurship
development programs, assumption based planning, e-commerce, strategic management and alignment, competitive
advantages and entrepreneurial challenges. In addition, the findings from emerging entrepreneurial literature were reported
as four key themes: model, tools, theories and research. The article discusses interventions that can be used by
entrepreneurship development researchers and practitioners to improve performance in business by developing
innovational commitment in the organization.
Keywords: innovation, entrepreneurship, e-commerce, tools, theory and model

1. Introduction
Globalisation and use of information technology have resulted in increased competition, increased mobility and
consequently shorter product life cycles, smaller profit margins and higher risks. To stay in business,
entrepreneurs must spread risk to innovate that is developing new products and services, at a high speed and
on an efficient scale. More and more businesses choose for a model in which they specialize in one area. The
consequence of this specialization is that to innovate, these entrepreneurs increasingly rely on inputs from other
The importance of this controversy for innovational entrepreneurship in business can be felt in this era of
economics downturn and limited resources. Entrepreneurship professionals must be even more frugal and wise
with their decisions as they seek to innovate foster and retain sustainability.

2. Statement of the problem

Entrepreneurial innovations in business may be the most inclusive term used to describe the economic
development that has come to represent a range of learning opportunities to focus on accomplishing broad
business or professional goals. Similarly, business management and development involve innovation through
multiple programs and experiences, often involving role plays and simulations with an emphasis on acquiring
the underlying competencies required for a business.
The conceptual framework of entrepreneurial innovations is comprised of the interaction of three variables; the
location of innovations, the extent of planning that has been invested in developing and delivering the innovative
experiences and the role of the entrepreneurial innovator, facilitator or others during the process of
entrepreneurial innovation. Formal and informal entrepreneurial innovations represent incompatible levels of
discourse, making it difficult to have a cohesive understanding of innovative practices. Second, definitions of
innovation appear to exclude a large segment of entrepreneurship in business, particularly when formal
innovative programs occur in the business planning.


Tejvir Singh Tomar

3. Purpose and method

The challenges before we address the core objectives of the article, it seems important to contextualize the need
for this review by highlighting two key trends in modern business. First, of course, is the increasing pressure for
innovation in business. Second, is shifting role for entrepreneurs and potential opportunities that this provides
for entrepreneurs to apply innovative processes and technologies.
We proposed to synthesize various frameworks to derive common and key components needed to
institutionalize innovations and to highlight areas where entrepreneurship can play a significant role in the
institutionalization of innovative practices. Based upon the practical and scholarly significance of innovation
management and entrepreneurial development intersections, we formulated two central purposes for our
investigation. First we wanted to better understand the landscape of literature that overtly examined
entrepreneurship development and innovation management connections. Second, because the innovation
management field has begun to explore emerging areas and programs beyond the relatively narrow innovation
management literature, we are interested in how emerging innovation management research and scholarship,
beyond the limited literature related to innovation management and entrepreneurial development connections,
had developed in recent years and the potential associations with entrepreneurship development related
A database search was conducted (Academic Premier, Business Source, and Google Scholar) for key words and
phrases related to the focus of the article, such as started earlier and the tracks suggested by the international
conference on innovation and entrepreneurship in business. Sources used for this article also included websites,
articles and books published by scholars who addressed innovation and entrepreneurship from the perspective
of business. In addition, following thematic analysis of the topics, the articles were categorized as theory if a
theory was identified as a focus or support in the framing of the article; as model if a model, cycle or process
was emphasized in the article; as tools if any word such as tool, technique, software, schedule, financial,
technology, network or resource was highlighted in the article, and as research if data in the article were
collected from stakeholders to the research study.

4. Innovations and entrepreneurship overview

Changes in laws, expectations of the stakeholders and unrelenting media scrutiny illuminate the challenges with
integrity in entrepreneurial innovations. A common challenge leading to ineffective innovations initiatives in
entrepreneurship is the failure to communicate implicit and explicit expectations and desired results. Another
challenge often cited in the literature is illusive innovative standards as a result of lack of knowledge, ambiguity,
or general hesitancy on the part of entrepreneurs to address innovative issues openly in the enterprises.
Innovations are increasingly viewed as an integral component for organizational success related to
entrepreneurial strategy, financial and legal issues, productivity and reputational capital. The promising
indicators would lead us to believe that it is right time for emergence of a meaningful and substantive focus on
innovations and innovative business cultures.

5. Entrepreneurial role in the institutionalization of innovations

The increasing focus on the institutionalization of innovations is exciting. Entrepreneurs play a vital role in the
development of an innovative culture in a business because of their involvement in administration and
enforcement of organizational policy and programs and activities needed to develop people and all stakeholders.
The innovations may be instrumental in the development of formal programming to promote, communicate and
align activities with the beliefs of the organization. Moreover, the role purpose and primary competencies of
entrepreneurs are fundamentally related to facilitating and managing culture and innovative change. The
process of institutionalizing innovative practices is still a topic that has not been thoroughly explored in the
entrepreneurship literature, yet, it is clearly an area of interest that would benefit from increased research.

6. Summary of literature
Innovation and entrepreneurship in business fails to deliver quality results because of inadequate planning, lack
of alignment with resources and deliverables, inadequate change management and insufficient feedback
processes. Innovation and entrepreneurship connections and emerging innovations are operationalized in
business settings because of the need to ensure that innovative planning and execution are aligned with
strategic goals to support resource requirements and to assist in successful innovation in management


Tejvir Singh Tomar

deliverables. The literature integrating innovation and entrepreneurship in business provides a means for
planning, controlling and executing innovative initiatives. Figure 1 includes the related articles divided into four
sections; innovation and entrepreneurship related models, innovation and entrepreneurship related theories,
innovation and entrepreneurship specific research and findings and a discussion of related innovation and
entrepreneurial tools. Following sections summarize each of the systematically selected articles from emerging
literature on innovation and entrepreneurship in business.
Emerging Innovational Literature: Emerging innovations and entrepreneurship literature is defined as articles
identified in a systematic search as discussed earlier that are related to nontraditional innovations management
in business. Four key themes from the literature were reviewed and explored. The entrepreneurs were
implementing a variety of innovative environmental actions in significant degress and would lead to enhance
return on investment. (Rao, 2008)

Figure 1: Innovation and entrepreneurship in business literature: Key themes

Theories: Innovation and entrepreneurial management is considered an evolving field of study and as such does
not have a fully established theoretical background. Innovation and entrepreneurship in business often
integrates theories from other well established disciplines / fields including management, human behavior,
psychology and operations. Several approaches to theory development or clarification take the form of
analogies, integrated relationships, facts or systematic procedures. Theories are important because they help
explain and predict events, patterns and trends (Carden and Egan, 2008).
Globalization, the emergence of knowledge economy, and adoption of new technologies by entrepreneurs have
brought more focus on the contribution of business angels to competitiveness and performance. Innovations
are increasingly considered to have the potential to provide sustainable competitive advantage. (Mason and
Harrison, 1977).
Macht and Robinson (2015) find that entrepreneurial business often faces financial and experiential gaps, which
can constrain their growth. Business angels (BAs) can provide sources of financial, human and social capital to
overcome these gaps. Chahine, (2007), analyze the investment patterns and the stock market performance
effects of two types of early stage investors, venture capitalists (VCs) and business angels (BAs).
A framework for describing new venture creation integrates four major perspectives in entrepreneurship,
characteristics of the individual, the environment surrounding the new venture and the process by which the
new venture is started. The analysis of venture creation success conducted is based upon the same theoretical
model for venture creation. This model structures together different elements that are relevant to venture
creation in order to the best describe the outcomes that are achieved (Gordon and Davidsson, 2013).


Tejvir Singh Tomar

Person, process and choice are needed a truly and psychological perspective on new venture creation. The
reference point has a positive effect on new venture creation and differentiates entrepreneurs. Foba and De
Villiers (2007) identified the needs for a new theoretical construct called intrapreneur to identify those
employees who demonstrate entrepreneurial behavior in the corporate environment. There is a need for new
entrepreneurs to emerge and generate new economic activity which will eventually develop into larger business,
thereby generating capital growth and employment opportunities, a substantial need also exists for
entrepreneurship within the new knowledge-based, value-added business organizations of the global economic
environment (Hathway, 2009).
Bosma et al. (2010) explored the development of a new generation score card for the management of
entrepreneurship, which is referred as the Intrapreneurial Performance Management Model (IPMM). Stenberg
and Rocha (2007) found theoretical arguments as well as empirical evidence to support the hypothesis that the
regional context influences both an individuals prosperity to start a company and growth of the new venture,
emphasizing the role of clusters as a special configuration of contextual factors. Zacharakis and Eckermann
(2007) find that venture capital decision effectiveness declines, possibly due to overreliance on gut feel rather
than a concrete examination of all decision factors, (Amatucci and Sohl, 2007).
Models: Models have typically been used as a process to control, track and implement a series of phases, steps
or patterns. A model provides a framework with which entrepreneurs can conduct a formal assessment of their
current entrepreneurial capabilities to determine action plans for innovations that need to be completed to
improve performance. In addition, models are used by entrepreneurs and team members as frameworks to
increase the efficiency of innovation activities and resources, (Johnes et al., 2005; Tirupati, 2008). More
specifically, models provide structure and organization for scheduling, performance tracking, communication
and innovation activities. The identified models were divided into innovation planning and control models and
entrepreneurial resource models to focus on strategic goal execution using quality improvement for planning,
co-ordinating and executing entrepreneurship tasks. More specifically, innovation planning and control process
and cycles include scheduling, updating business, data management and entrepreneurial reporting capabilities.
Entrepreneurial resource models specifically, are focused on developing innovative team members to enhance
performance. The key features of the model are focus of the entrepreneurs, co-operation, co-ordinator,
regulatory support and capability building support (Majumdar, 2008).
Timmons model highlights the essential components of the entrepreneurship process, opportunity evaluation,
resource marshaling and entrepreneurial team formation (Spinelli Jr. et al., 2007). The potential entrepreneurs
be primed to perform better in the simulation game (Chlosta et al., 2007). A perspective process oriented model
of enhancing the perception of new venture opportunities by contributing to the amount of entrepreneurial
alertness (Corbett and Mc Mullen, 2007). However, the mindfulness that acts as the engine of the model is not
limited to identifying entrepreneurial opportunities.
Decker et al. (2006) find that small and medium sized enterprises (SMEs) play an important economic and social
role to innovation. Lesakova (2009) concludes that the contemporaneous financial and economic crisis has
impact on all areas of business activities and results in problems with free accessible financial sources for
investments, especially in innovations, (Ghatak, 2010).
Khalique et al. (2011) concluded that intellectual capital in SMEs is appeared as lubricant of organizations to
become competitive in knowledge based economy (Springer and Borthick, 2014). The factors correlated with
simulation success are able to use to predict simulation performance, have shown that business simulation are
a powerful tool and variables (Faria, 2001; Thavikulwat, 2011; Bell et al., 2008). Duinkerken and Brinkkemper
(2015) point out that there are several known assumption based planning methods used to reduce and test the
uncertainty in a business plan. Mendelow et al. (2013) formalize the notion of assumption based planning,
establishing a relationship between assumption based and conformant planning, and prove properties of such
plans. A dialectical theory for plan synthesis based on a multi agent approach (Pellier and Fiorino, 2014) planning
under uncertainty (Boutilier et al. 1999) is a central problem in the study of automated sequential decision
making and has been addressed by researchers in many different fields, including artificial intelligence (AI),
planning, decision analysis, operations research, control theory and economics.
Tools: Tools have been developed as some mechanisms to ensure that even the smallest activity moves towards
the ultimate goal. Tools are used throughout various phases of the innovation and include entrepreneurial


Tejvir Singh Tomar

planning and monitoring, scheduling performance and communication and technology in the business. Planning
and monitoring tools assist entrepreneurial teams in coping with complex innovations deliverables on time and
within budget. Scheduling tools are used to manage the activities, performance and time associated with
innovation. Each of the tools uses a different technique for tracing time control. The tools facilitate identification
of stakeholders with an emphasis on their roles and influences, (Greene et al., 2007; Nair and Pandey, 2006;
Roomi and Parrot, 2008). Communication and technology tools are used to communicate the processes and
procedures to transfer innovative knowledge. In addition technology tools are used as a means to visualize,
reduce and manage entrepreneurial risks for innovations in business. Women entrepreneurship had been
explored as a tool for economic development and innovation in the business. (Bhatnagar, 2011; Loss and
Bascunon, 2011; Saxena et al., 2008; Khanka, 2009; Desai, 2009; Barringer and Ireland, 2009.
Motoyama and Watkins (2014) investigated four key connections within the ecosystem, between entrepreneurs
and formal support organizations, key support organizations and other forms of support, such as to other
entrepreneurs in the area, periodic entrepreneurship-oriented events or other relevant organizations,
(Chowdhary and Prakash, 2010; Cho and Honorati, 2013). Reconsidering entrepreneurship's role in
development leads to three level realizations of fresh perspectives in development economics (Naude 2013),
entrepreneurship influences development outcomes positively and entrepreneurship is in turn significantly
determined by the dynamics of development, (Thurik, 2009; Awogbenle and Iwuamadi, 2010).
Bakos et al. (2005) analyze the impact of e-commerce on markets where established firms face competition from
Internet based entrants with focused offerings. The relevance was observed for quality differentiation, price
convergence and profit decline in a variety of market where traditional incumbents are faced with changes in
the competitive landscape as a result of e-commerce, and diffusion of e-commerce to enhance the development
(Efendioglu et al., 2015). Electronic commerce is becoming one of the drives of competition and is starting
playing an important role in industry structural change (Scupola 2015), and accessibility of internet connectivity
and powerful online tools (Awais and Samin 2012) resulted a new era of e-commerce, completely revolutionized
the concept of business. However, the strengths, weaknesses, opportunities and threats faced by e-commerce
in current scenario are not less, (Chua et al. , 2015). The e-commerce market is thriving and poised for robust
growth in Asia, (Vogt et al., 2010; Chanana and Goele 2015).
Jorfi et al. (2011) concluded that strategic management has a positive relationship with strategic behavior and
strategic alignment that can influence motivation in educational administrations and agricultural bank of Iran.
Sarhan and McDonagh (2015) argued that strategic alignment practice (SAP) has a great deal to offer for
advocating SAP application into strategic alignment (SA) at the point in time. Consequently, they identify new
avenues for research and examinations of SA supplemented with SAP, particularly in terms of episodic practices
under which SA is shaped, and tools mobilization in practices and have given further attention to contextual
configurations under which SA is practiced.
Research: To indicate the complexity of innovation goals, innovation management literature distinguishes
between radical or discontinuous versus incremental or marginal innovation. Continuous improvements are
often characterized as incremental or marginal innovations, as opposed to radical innovations or technological
revolutions. Innovation management literature often distinguish between the development of new products,
new methods of production, new sources of supply, exploitations of new markets and new ways to organize.
(Chatenier, 2009).
Women entrepreneurship has been a great concern for the researchers in the field of management and
innovation in business allover the world. (Tomar, 2014; Parida , 2011, Vasanthagopal and Somnath 2008, Desai,
2009; Haridoss and Fredrick, 2009). Baron (2007) suggested that in order to fully understand entrepreneurs and
entrepreneurship we must consider not only entrepreneurial cognition, but the potential impact of
entrepreneurial affect as well, (Bauckkenooghe et al., 2007; Treichel and Deeds, 2007).
Start-up companies which are mainly defined as newly founded companies are usually associated with high-tech
projects and are often lost on the way from the founding the start-up to achieving a business success. Software
as a service (SaaS), also known as the on-demand model, is changing the way business of all sized and in all
industries use software, (Calopa et al., 2014; White paper, 2015). Sanyal and Mann (2010) conclude that startups
are likely to suffer from greater information opacity and higher asset specificity than large established firms, or


Tejvir Singh Tomar

even small ongoing firms. However, because startups may face financial constraints, the entrepreneur will look
to augment personal resources.
Educated entrepreneurs are more likely to use debt financing. The financial structure of hi-tech startups also
differs from the startup norm with respect to the education and age of the entrepreneur. Davila et al. (2002)
examine the association between the presence of venture capital and the employee growth of startups. Hana
(2013) envisaged that in highly competitive environment the goal of each organization is to defeat competition
and win new customers.
Wen-Cheng et al. (2011) find that the internal sources of competitive advantage cover a wide range of areas.
Exploring the relationship between competitive advantage and technological innovation, competitive advantage
cannot work in isolation to lead to innovation. Technology strategy of an organization can be understood by
analyzing the technological innovation process. The importance of combining competitive advantage and
sources of analysis, HR and training, and development policies can be modulated so as to support the technology
strategy for innovations. A synergy between management of technology and management of softer aspects
would benefit the organization, (Venn and Berg, 2012). A powerful and profound paradox embedded in current
thinking and developments relate to the process of globalization (Keep 2015). Anglo-Saxon model of
management, coupled with its interaction with financial systems and consumer markets, renders it extremely
difficult to adopt the high performance workplace model or to invest in high levels of skill for the bulk of the
workforce, (Ning 2012).
Patel and Chavda (2013) pointed out that rural entrepreneurship is a major opportunity for the people to stop
the migration from rural areas and scrutinize that the major problems faced by rural entrepreneurship are
especially related in the fields of marketing of products, financial amenities and other primary amenities such as
availability of electricity, water supply, transport facilities and required energy etc.
Poor level of education, poor entrepreneurial and management skills, and inadequate support services in order
to ensure success as entrepreneurs are the key challenges, (Ffrench, 2015). Duru, (2011); Santhi and Kumar,
(2011) observe that more than increasing national income by creating new jobs, entrepreneurship acts as a
positive force in economic growth by serving as the bridge between innovation and market place.

7. Limitations and implications for entrepreneurship and innovations

Several limitations regarding available studies were determined in the literature reviewed along with some clear
opportunities for future innovation and entrepreneurship related research. Many of the studies reported used
cross sectional designs exploring innovation and entrepreneurship from a fixed point in time. The results from
this systematic research of the literature point to a clear need for longitudinal designs and more advanced
statistics such as multivariate analysis, structural equation modeling and factor analysis that compliment a more
complex examination of the multiple factors that may contribute to innovation in entrepreneurship generally
and entrepreneurial success at the leadership, team member and economic characteristic levels along with more
specifically defined entrepreneurial innovation processes and outcomes. Although several related theories were
identified, the theory-based studies utilized needed to be repeated in many cases for utilizing the
aforementioned sampling and methodological improvements. Studies using other than qualititative approaches
are warranted.
Despite the limited amount of the literature, innovation related literature including a large amount of
entrepreneurial innovation theories, research, models and tools, appears to be transferable to entrepreneurial
development. In addition, there is much room for the development of entrepreneurship and an absence of
conceptual or theoretical model that examines key elements associated with successful innovations.

8. A conceptual framework for innovation and entrepreneurship

Although a handful of articles identified featured some elements of innovation and entrepreneurship
connections along with some relevant insights, there is a need for more narrowly organized research and theory
building associated with innovation in entrepreneurial contexts. The overarching aspect needing to be addressed
in the development of entrepreneurship innovations are, the absence of a common framework and explicit
assumptions in support of entrepreneurship development theory building, the lack of well tested theory and a
need for shared understanding regarding core concepts of entrepreneurship theory and theory building. There


Tejvir Singh Tomar

is an ongoing possibility that innovation knowledge from the general entrepreneurship development literature
and practice can inform innovational management in entrepreneurship, the unique elements associated with
entrepreneurship development efforts and the inter-dependence between entrepreneurship intervention
success and related innovational management are important considerations in business, particularly as
innovational management knowledge relates to entrepreneurship outcomes. The over arching factors examined
in the conceptual framework address these process steps through consideration of relevant antecedents,
process, issues, outcomes proximal to the entrepreneurship intervention and distal outcomes associated with
the scope of the innovation at the individual, group of entrepreneurial level.

9. Conclusion
Innovation as an entrepreneurial technique has introduced a series of theoretical propositions related to
entrepreneurial inertice and organizational innovations. We reported key findings related to exploring
innovations related areas with explicit connections to entrepreneurship development and an emerging
nontraditional innovative literature that has implications for entrepreneurship management connections.
Entrepreneurship development management explicit connections included findings related to financing,
earnings, organizational development, leadership and development theory of entrepreneurs. In addition, the
findings from the emerging nontraditional entrepreneurship development literature were reported as four key
themes of models, tools, theories and research.
Innovative initiatives have become increasingly prevalent in entrepreneurship development and are important
considerations for organizational success. Innovations are temporary initiatives and can be viewed structurally
as an entrepreneur within the organization; and innovation is a methodology that provides a framework to
successfully define and execute temporary initiative including organizational developments engagements. More
specifically, innovative management helps to define critical success factors (CSFs) in the early states of
entrepreneurship and innovative management defines the infrastructure for supporting the entrepreneurship
development and financing styles of entrepreneurs.
Success of entrepreneurial innovation is predicted on delivering quality products, adequate planning, alignment
of resources and deliverables, adequate change management process and sufficient feedback processes. In
addition the entrepreneurship development and team members utilize tools and techniques along with people
to ensure quality deliverables are on time within scope and efficiently managed in broad area of entrepreneurs
including pharmaceutical, consulting, advertising, legal, health care, safety and emerging manufacturing and
social sectors. Thus, an understanding of innovation management within the context of entrepreneurship and
use of innovation management models, theories, tools and research to ensure entrepreneurship failure statistics
are minimized by emphasizing the importance of resources and their use in supporting and implementing
organizational strategies and goals. Finally, there is additional work including the use of innovative development
to develop entrepreneurship managers that should be done to clarify the use of innovation management
approaches in support of entrepreneurial development professionals and the use of innovation by
entrepreneurs as a business practice in multiple industries and contexts. The additional work includes the use
of resources to implement entrepreneurial strategies.

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