NATIONAL INSTITUTE OF TRANSPORT

DERPATMENT OF BUSNESS AND ENTERPRENEURSHIP STUDIES(BES)

PROGRAM NAME: HIGHER DIPLOMA IN ACCOUNTING AND TRANSPORT FINANCE

(HDATF 7 II)
MODULE NAME: ENTREPRENEURSHIP

MODULE CODE: BAU 07419

LECTURERS NAME: FAUSTINE MASUNGA

SEMESTER: FIRST SEMESTER

ACADEMIC YEAR: 2022 / 2023

STREAM: A&B

TASK: GROUP ASSIGNMENT ONE

SUBMISSION DATE: MARCH 2023

PARTICIPANTS
NO. NAME REGISTRATION NUMBER SIGNATURE
1. DELIUS EMMANUEL NIT/BATF/2021/1621
2. GOODLUCK E. KILEMBE NIT/BATF/2021/1631
3. ERICKA A. KIHOKO NIT/BATF/2021/1774
4. AMIRI A KIGONO NIT/BATF/2021/1473
5. FORTUNE J. LAZARO NIT/BATF/2021/1719
6. REHEMA E. MIKA NIT/BATF/2021/1459
7. ANGEL FESTO UKULULE NIT/BATF/2021/1776
8. FREDRICK JAMES NIT/BATF/2021/1447
9. ASHURU NYAMBULAPI NIT/BATF/2021/1810
10. AGNESS H AUGUSTINE NIT/BATF/2021/1506

QUESTION

Provide a clear difference between

i) innovation and invention as used in the entrepreneurship

ii) do you think entrepreneurship is a central or hub toward solving employment problems for
graduates
Entrepreneurship, according to Hisrich, R.D (2011) is the process of creating something new
with value by devoting the necessary time and effort, assuming the accompanying financial,
psychical and social risks and receiving the resulting rewards of monetary and personal
satisfaction and independence

The following are the difference between invention and innovation by using comparison
concept as follows.

Meaning, According to Elias G. carayannis (2013 Invention is defined as the act of creating,
designing or discovering a device, method, process that has not existed before for example
includes Airplane by Wright Brothers, Steam Turbine by Charles Parsons, Light Bulb by
Thomas Edison, Electricity by Benjamin Franklin while innovation defined as the transformation
of an idea into reality also it can be redesigning the existing ones that provide solution to the
current market requirements example of innovation that have been made nowadays are the light
bulb, computers.

Occurrence of an idea, According to Hisrich, R.D (2011) the occurrence of an idea for a
product or process that has never been made before is called the invention while the
implementation of the idea for product or process for the very first time is called innovation

What is it, according to Elias G. carayannis (2013) the invention is related to the creation of
new product for example robotic cat on the other hand, innovation means adding value or
making a change in the existing product for example global positioning system (GPS) in
various devices like car.

Skills required; According to Hisrich, R.D (2011) the invention requires scientific skills.
Unlike innovation, which requires a broad set of marketing, technical and strategic skills.

Concerned with, According to Hisrich, R.D (2011) The invention is concerned with a single
product or process. As against this, innovation focuses on the combination of various products
and services
(ii) As the question stated above, yes entrepreneurship is a central or hub toward solving
employment problems for graduates in Tanzania by the following facts as follows.

Entrepreneurship helps to drive sustainable economic growth

According to Elias G. carayannis (2013) starting a business is just one aspect of

entrepreneurship and another is reviving the community, when business owners make
investments in their community, they contribute to boosting employment and the local
economy.

Entrepreneurship generates new job opportunities

According to Elias G. carayannis (2013) entrepreneurship is more important than ever, for
creating new jobs and driving the economic growth of a country. A new business typically
allowed to grow their staff to scale the business and generates addition growth and
employment opportunities

Entrepreneurship provides new skills to the market

According to Peter f. d (1985), equips individuals with out of the box talents, thus meeting
market needs and developing solutions for business even those adopting traditional working
style. In this aspects entrepreneurship utilizes these new skills, adopt them in business and
equip youth with competitive skills in the working field

Entrepreneurship encourage regional and international commerce

According to According to Hisrich, R.D (2011) technology and established trade

infrastructures are now assisting entrepreneurs. This means that successful entrepreneurs may
easily start exporting goods and service to neighbouring regions or even abroad, through this it
resulting into creation of new job opportunies to a lot of youth in Tanzania

Conclusion

The unemployment gap in Tanzania can be addressed successfully through entrepreneurship

that is n essential source of job opportunities and economic welfare
REFERENCE

Elias G. carayannis (2013), encyclopendia of creativity, invention and entrepreneurship. New

York. ISBN 9781461438588

Hisrich, R. D (2011), entrepreneurship. McGraw hill education ISBN 9780070620179

Peter f. d (1985), innovation and entrepreneurship. New York. ISBN9780060154288