According to the author, personal entrepreneurship is the ability of a person to trade in goods and services for the purposes of creating wealth for the individual, while personal innovation is the ability to generate new ideas for the purpose of creating new or improved products or services.
The author further argued that organizational entrepreneurship is the knack of the registered business to exchange its goods and services for the purpose of generating profits, while organizational innovation is the knack of a registered many to come up with new products and services for improved delivery of products and services to its customers. The two complement each other and can never be separated if the business is to thrive as well as remaining competitively advantage.
You can have business ideas but if you cannot improve on them sooner or later you will find yourselves beaten down and out of business while it is good to have new and brilliant ideas but if you cannot trade them then you are also out of business. In his research Hunter. (2012) argued that the concept of “locus of control” has some level of influence with people who are entrepreneurs in that, people with the internal locus of control will take charge and believe they can turn around the environment while people with external locus of control don’t take charge and believe they do not have the ability to turn around the environment around them.
Hunter. (2012) further argued that entrepreneurs belong to the group of people with internal locus of control. According to the study done by the Harvard business review titled “Can startups help turn the tide? ” When times are very difficult with very few jobs, people are forced to become innovative and entrepreneurs. The article revealed that successful businesses such as IBM, Disney and Microsoft where birthed during world economic meltdown. It was during these hard times when entrepreneurs and innovators like Bill Gates took up the challenge to start up their businesses.
Implications of the Relationship for Individuals and Organizations From the Leadership perspective the author’ evaluation of his leadership style and capabilities showed that he is able to provide direction for his team effectively of which an entrepreneur or somebody leading a business requires in order o take the organization forward. The author’s score on “fostering teamwork” was low an indication which poses danger to the business because entrepreneurship and innovation flourish so much on the efforts which are generated by teams.
This means that the author will not be able to embrace and nurture the input and innovative ideas which will come from the team members hence affecting the organization at large. According to the top boss for Amazon. Com Bozos, there is a strong link between individuals and the growth of their organizations in that the success is dependent on the big stakes the employees make which is the driver to overcome the hurdles (Dyer. , Greenest. , & Christensen 2009).
The author’s leadership assessment score on “Acting with Integrity” was impressive. Impact on Personal Approach to Risk Taking According to marketing week article entitled “Why true innovators must behave like entrepreneurs Having a belief in your ability to make a difference is a crucial step towards leaving an indelible mark on your business”. The author’ score under “leading courageously’ was fairly good an indication which demonstrate that he is capable of making tough decisions even when times are hard in business.
An entrepreneur must be ready to take a risk by embracing innovative ideas and be ready to take on new products in the face of competition on the market. In their study Dyer. , Greenest. , & Christensen. (2009) discovered that great innovators of our time Apple’s Steve Jobs, Amazon’s Jeff Bozo and Keep expounder Nikolas Sonnets¶m are enthusiastically willing to make a difference from the way things and frequently “take risks” to create change.
Further the results under “championing change” was also not good enough meaning that the author has an element of resistance to change which is a recipe for failure in cuisines because an entrepreneur must be ready to embrace and deal with changes on the market due to innovation which brings about new and sophisticated products on the market thereby threatening the existence of the business if the business leader is unable to champion the change. Reflection of Personal Strength on Relationship between Innovation and Entrepreneurship Dyer, Greenest, & Christensen. 2009) argued that “Innovators rely on their courage to innovate, an active bias against the status quo and an unflinching willingness to take risks to transform ideas into rueful impact”. It was interesting enough to see the author’s high score in “coaching and developing people” a personal strength which builds relationships and an ingredient which fosters trust and growth in business because when you invest in people, they become engaged in innovation and entrepreneurship as well as identifying themselves with the organization.
According to Core, & Chokes. (2012) fear has been the major reason why many people have not been able to demonstrate their inner strengths because they feel it is not possible for them to succeed. The author argues hat fear has direct influence on the personal strength in relation to innovation and entrepreneurship.