National College of Ireland

NAME: LUIS ALEJANDRO BARRERA ALVAREZ.

“ENTREPRENEURSHIP”
ENTREPRENEURSHIP AND INNOVATION WITHIN A CORPORATE
SETTING. ASSESS THE DIFFICULTY OF IN-COMPANY INNOVATION.

MSc. Management - MSCMGT

Semester TWO– 2020 / 2021

<John McCarthy> Ext.Ex.

Mr. Stephen Kearney BBS. M.Sc.M.P., M.I.I.

APRIL 21 ST, 2021.

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 Abstract

The objective of this paperwork is to make observations on how entrepreneurship

and innovation within the field of company business walk together are getting
challenging every day and difficult to catch the customers attention, however
entrepreneurship is a fundamental part of the spark of the vision of business to
have creativity and for that reason, this final work has been done to identify the
factors and elements have been turned difficult of in business innovation.

Introduction

Nowadays, companies have been changing or have been forced to change their
ways of generating a business since the world has undergone changes and the
main factor is the human being, that is to say, the human being has been the main
driver of large companies to continue innovating or entrepreneurs choose to
generate their businesses and undertake to generate a fortune and not only in
monetary value but also experiences.
The main reason or the fundamental part of entrepreneurship has always been the
human capital as it is the one that provides creativity, innovation and through this,
they have their business venture and all this mix derives in new projects, product
launches, processes that in turn bring benefits to companies such as monetary
gains, status and survival in the market. In this work, we will focus on why it is
increasingly difficult to innovate within companies and how this margin has
increased through the concepts that have been seen in classes such as videos and
readings that have been seen during the course.

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 Entrepreneurship and innovation within a corporate setting.
Assess the difficulty of in-company innovation

Entrepreneurship has been a crucial factor within organizations and the definition
that most attracted my attention was “The entrepreneur is a person who sees an
opportunity to serve people in some way with a product or service that they want
and needs and then can bring this product or service to the customer at a cost that
is lower than the customer is willing to pay. It is a very simple equation. I spent
hundreds of hours studying this because it is fascinating. The bottom line is that
human needs are unlimited. Whatever a person has, they want something more,
and they want something different. [ CITATION Bri19 \l 2058 ] And Tracy is simply
right because the entrepreneur takes an idea and always aims to improve that
product or service, the purpose of entrepreneurship and having the adventurous
spirit is to take risks even if there are more defeats than achievements but from
every fall you learn so that is where human behaviour derives and one of them is
creativity, persistence and tolerance. For example, there are the great
entrepreneurs who started as pioneers in entrepreneurship and are now major
players in their realms such as Steve Jobs, Bill Gates, Mark Zuckerberg, Jeff
Bezos or Daniel Priestley.
Emphasizing the last entrepreneur I mentioned. Daniel Priestley who´s built a
business in different countries and the co-founder of Dent Global, one of the top
world´s top business accelerators for leaders and entrepreneurs and he said in his
interview that we are living in the best age to be an entrepreneur, to try, to invent,
to take the risks and how can you made a business just starting with your creativity
and your normal routine (Anon., 2019), Otherwise, Adegoke Oke and his
associates believe that, while creativity is essential, the need to incorporate and
commercialize ideas makes innovation a necessity. A process that consists of
several stages, each of which may include the use of a cocktail of different abilities
and inputs.[ CITATION OKE09 \l 2058 ]
And practically in his model, he points out the generation of ideas, then the
selection of ideas, evaluation and management of the portfolio, in the third stage is

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the development of the product and finally the diffusion that is the sales where the
companies have to coordinate so that the product is marketed on time. (OKE,
2009) All this stage of innovation will depend on the creativity, tolerance to failure
that many companies are not willing to accept and in the last years there is a
strong fashion to find the innovations through surveys to the public or the own
consumers that are those that at the end of the day buy the product and it is
through it with what the companies look for external factors to promote their
innovation.
Some factors that affect innovation, creativity and entrepreneurship within the
company organization:
 The organisation structure
In terms of organisational structure, each business is a world unto itself; it operates
in a specific industry and has a variety of other resources that are critical to the
success of its operations. Many other vital resources for the expansion of its
business, which it must also manage and organize with two primary goals in mind.
(Bartlett, 1993)

 The Business culture

It is important to point out that within the corporate culture are the beliefs and
customs within each company and which customer it addresses.
At this point, we talk about long-term tolerance as in Henry Ford's phrase "one who
fears failure limits his activities. Failure is only the opportunity more intelligently to
begin again".
It is always necessary to take into account the possibility of error when one is
innovating, creating, undertaking or discovering something new and this factor is
essential in companies to know what type of organisational culture they have.
 Managers & C.E.Os.
In this area the managers are a fundamental piece of this puzzle within a business
organisation because being a leader, allows influencing to be able to innovate or
start a business are the resources of the company thanks to the experience they
come to have, however, When there is too much tension within the department of

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management and directors, unfortunately, this circle is damaged which makes it
impossible to see more innovations due to lack of capital or opportunities because
each time the technology shows better scopes which makes the products
depreciate if they do not have a frequent innovation.
Knowledge and human resources & Marketing
Within this category enters the importance of the innovation strategy since the
problem is that the innovation capacity of an organisation is derived from an
innovation system, that is to say, that there are no processes, investment, vision
and all that generates a problem and without a strategy that is aligned with the
vision and mission of the company, the diversity will be reduced or
counterproductive. (Brigante, June 2015)

Finally, in the map of innovations we can see that there are 4 types of innovations
such as disruptive, architectural, routine and radical and this is where any area
within an organisation comes in, especially marketing because depending on the
product you are offering is the type of innovation and the type of business you want
to address, being more cautious or being more innovative but without so many
changes and that is when leaders make a decision so that it can create value for

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customers and the company, adding that each strategy has to continue evolving in
order to remain competitive.[ CITATION Gus15 \l 2058 ]

Conclusion

To conclude this assignment it is necessary to understand that innovation and

entrepreneurship get a long process where it requires many factors to be
successful in the market, where technology and creativity have played a very
important role for all companies that want to keep investing in their respective
markets.
We have to be clear that there are different types of innovations and it will depend
on each business which is the best option for them and however we are very clear
that there are factors that help entrepreneurship such as family because they can
help you to have a base to generate your own business, meanwhile, all companies
have to analyse the market cause marketing in this line time of the life because the
technology is growing in huge steps and marketing is getting better with the
different tools what it exists now.
65% of billionaires are entrepreneurs and now social media is a way to do
business, to influence the purchase of a product and that's when the entrepreneur
is always looking for a change, something to explore to have a chance to make
money and that's how companies are run as well. When you get away from the
myths of how to be an entrepreneur or that they are not thinking or that they do not
need money or luck. We have to try to move forward and no matter how many
times you fall, you will see a reward at the end of the tunnel when the product is
valuable to people.

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 References

Journal article
Gustavo Brigante, June 2015, “You need an innovation strategy”, Harvard
Business Review, pp. 44-54

Journal article
Bartlett, C. A. and Ghoshal, S. (1993) ‘Beyond the Reform: Toward a Managerial
Theory of the Firm’, Strategic Management Journal (John Wiley & Sons, Inc.), 14,
pp. 23–46. doi: 10.1002/smj.4250141005.

Book
Brian Tracy (2019) Entrepreneurship : How to Start and Grow Your Own Business.
New York: G&D Media. Available at: https://search.ebscohost.com/login.aspx?
direct=true&AuthType=ip,cookie,shib&db=e020mww&AN=2018052&site=eds-
live&scope=site (Accessed: 19 April 2021).

Book
TIDD, J. and BESSANT, J. (2018) ‘Innovation Management Challenges: From
Fads to Fundamentals’, International Journal of Innovation Management, 22(5), p.
N.PAG. Available at: https://search.ebscohost.com/login.aspx?
direct=true&AuthType=ip,cookie,shib&db=edb&AN=129913399&site=eds-
live&scope=site (Accessed: 20 April 2021).

E Journal Article
OKE, MUNSHI, WALUMBWA 2009. SCRIBD” The influence of leadership o
Innovation Processes and Activities”
Available at:https://es.scribd.com/document/342801249/OKE-MUNSHI-
WALUMBWA-2009-The-Influence-of-Leadership-on-Innovation-Processes-and-
Activities-pdf (Accessed 20 April 2021)

Webpage
10 Great Ways to Generate Business Ideas. Available at
read://https_www.entrepreneur.com/?url=https%3A%2F
%2Fwww.entrepreneur.com%2Farticle%2F74184 (Accessed 21 April 2021).