Name: AFAQ IQBAL

Roll No: 03

Department: BS Economics

Semmester: 4 th

Subject: Entrepreneurship

Assignment: Entrepreneur Innovation

Govt Emerson College, Multan

By: Afaq Iqbal

Entrepreneur Innovation

Innovation can refer to something new, such as an invention, or the practice of developing

and introducing new things. An innovation is often a new product, but it can also be a new
way of doing something or even a new way of thinking.

Entrepreneur Innovative:
An innovative entrepreneur is a person who discovers totally new things.
An innovative owner is a person who creates innovative products and services.
An innovative entrepreneur is a person who innovates the business processes in his
business. An innovative person is a person who is not afraid to take a risk.

Who are innovative persons?

Every person has enough creativity, dreams, and desires that can lead him to become an
innovative entrepreneur. If you succeed to bring your creativity, your dreams and your
desires on your to-do list, and start doing something about them, you can become an
innovative entrepreneur.

By: Afaq Iqbal

Characteristics of an entrepreneur Innovation:

1. Creativity
Becoming an entrepreneur starts with an idea. You need to see opportunities, find
innovative ways to do things and bring solutions to the public.
To improve your creativity, develop habits that support the creative system. Think about
what makes you feel creative, such as music, meeting people, reading or some other
activity. Dedicate a specific part of your day to find inspiration for new solutions. During
this part of the day, start by doing what inspires you, then let your mind flow. You can make
a list of ideas and select some to pursue.

2. Passion
Passion is what drives entrepreneurs. They usually love what they do, and this helps them
invest their time in their projects.
To become a more passionate entrepreneur, focus on the meaning of your work.
Remember that you contribute to finding solutions that will help many people. Knowing
that your commitment makes an impact may give you the drive you need to continue when
doubt settles in or when the business gets difficult. Passion is what keeps you focused on
your objective.

3. Motivation
Motivation is the will to accomplish certain things. Entrepreneurs are driven to make their
business a success and push themselves.

To increase motivation, you can start by setting small goals. Small goals can help you reach
larger ones and encourage you to aim higher. Recognize the work already accomplished
and celebrate your results, even minor ones. Also, keep a positive mindset. Turn your mind
away from negativity and daily obstacles to focus on what you want to achieve and the
positive aspects of your life.

4. Product or service knowledge

Entrepreneurs know what they have to offer and to whom they can sell it.
Clearly define the category of products or services you sell and how they
provide value to consumers. Also, study your target clients to make sure you
answer their needs. This will allow you to improve your offer continuously so
you can stay on top of industry trends.

By: Afaq Iqbal

To increase the positive impact of this knowledge, you should continually
learn about your market, understand what people need and know the features
that differentiate you from competitors. Talk with your clients and use their
feedback. With this information, you can adjust your position when necessary.

5. Ability to network
The ability to connect with people and to recognize opportunities for
partnership is crucial to successful entrepreneurship. Meeting new people
might facilitate access to resources or knowledge that your business needs. It
allows you to learn from the success of others, promote your services or goods
and meet new clients.

6. Self-confidence
Entrepreneurs believe they can achieve their goals. They may have doubt, but
they persevere through it. They are ready to invest the necessary work
because they are confident they can create something better than what
already exists.
Self-confidence is essential because it allows you to feel better and makes it
easier to overcome challenges, take risks and be persistent. Therefore, it
contributes to your success overall.

7. Vision
Entrepreneurs have vision. They see a big picture they wish to accomplish,
which fuels their efforts and pushes them to do more. Moreover, vision is
what defines the culture and identity of an organization. Not only does it keep
entrepreneurs energized, but it allows them to motivate others and keep them
working towards the company's success.

8. Risk-taking
Entrepreneurs are ready to take risks. They plan for the unknown so they can
make calculated decisions that are profitable for them and their business.
To increase your risk-taking abilities, you can start considering your journey
as a learning process, including the possible failures. You must keep your goal
in mind and commit to persevering.

By: Afaq Iqbal

9. Decision-making
Entrepreneurs need to make quick decisions and take action for the success of
their business.
To improve your decision-making skills, you can inform yourself to
understand better the problems you try to solve. Assess the impact of the
decision you need to make, and allow a corresponding amount of time to
decide. You can also narrow your options to ease the process of making a
decision.

10. Money management

Entrepreneurs need to understand the financial situation of their business.
Even if they hire a specialist like an accountant, they are the decision-maker
and must know their situation to run the business successfully.
You can improve your basic money management skills by preparing a budget
and committing to it and investing available funds rather than spending them.
You can also acquire more financial knowledge by taking classes or training
programs.

Types of entrepreneur innovation

There are three types of entrepreneur innovation:

1-Product Innovation:
This is the most well-understood and common form of innovation and is
related to a) either a completely new product. Product innovation is most
often a result of new technology or new insights about customer need.

2- Process Innovation
Process innovation is how a product or service is produced or delivered to the
client. It can be a combination of methods, capabilities and technologies to
produce, market, deliver and support a product or provide a service.

By: Afaq Iqbal

3-Architectural innovation

This type of innovation employs new technology that represents a

groundbreaking departure from conventional systems of production. This
results in the creation of new linkages, users and markets. Subsequently, new
industries are created and old ones are restructured.

By: Afaq Iqbal