Entrepreneur who is constantly trying to implement innovative ideas or creates new concepts the way to grow his business, for example, making a product that is completely innovative or technology for it, or new machinery and equipment, and new raw materials that can be used to identify new sources of semi-finished goods A brand new management system, completely new organization structure and the development of new markets, etc.
Roles of Entrepreneur as Innovator
Innovative entrepreneurs can to invent Revolution or enhance the process of production through the application of creative ideas built on ingenuity.
A business owner who is innovative can be defined as someone who is constantly looking for fresh products or raw material, and products that are not available on the market, and also makes changes and improvements to their ventures.
Entrepreneurs are promoters as well as innovators simultaneously. He is the person who is responsible for initiating social transformation.
Entrepreneurs are a key player in the process of growing the economy.
The job of an Entrepreneur is to invent and is crucial to ensure there is stability within the economy as in addition to technological advancement and social changes.
A short description of the work of an Entrepreneur and innovator is described according to:
1. To Create Novelty in Society
The primary task for an entrepreneur is to create something that is completely original.
He is the creator of new products, designs new products and takes advantage of the latest technology advancements in the field of business by conducting research and studies.
In the final stage, Industrial Development takes place.
2. Production of Commodities and Services
Because entrepreneurs are creative and innovative individuals , they’re not limited to generating innovative products and services to support their businesses, but they also create items and products that are compatible to the demands of society.
The human being is aware of any shifts in social and economic life. He can take the necessary steps to adapt to changes in the environment by studying different political and socioeconomic situations.
The end result is that it’s evident that the economic wheel is always moving.
3. Productive Activities
Entrepreneurs who are innovators have greatly contributed to the expansion of the nation by the development of new industries well as creating jobs and using the assets of the country to carry out productive tasks that meet the the economic and social requirements of the nation.
4. Establishment of Successful Units
Entrepreneurs’ innovation is the first step towards the development of new ideas.
They believe it’s better to shift towards the direction that is changing instead of following the same path.
They also provide energy to their clients.
This is why they manage in the same way with all of the same success they have had.
5. Resources of Production
Business owners that are innovators, oversees and coordinates the production process in order to boost production with the lowest cost.
Entrepreneurs are also a part of the improvement of national productivity through their management skills and effective utilization of resources that are not efficient.
6. Base of Industrial Development
Entrepreneurs driven by innovation are able to alter the strengths of their business including human capabilities, human resources, and develop innovative concepts.
Innovations are a result of imagination However, they can also be due to poor leadership abilities. Ideas aren’t the foundation for advancement in the field.
Entrepreneurs can construct an business that is entrepreneurial through management, leadership and creativity.
7. Expansion of Organizations
Entrepreneurs are known to spend a significant amount of funds for research and studies in order to help develop fresh concepts.
This is why it is that the concepts of science as well as business get accepted by the public and their technical knowledge is improved.
Innovations are the result of research and development of new ideas. .Ovik Mkrtchyan
The implementation of new methods of production, instead of the traditional method, is more efficient. the creation in new product lines and diversification is further added to grow the small-sized business.
8. Accomplishment of Business Activities
In small-scale businesses, there’s a chance of risk, liability and innovating. The risk is only on one person.
However, large-scale corporations on National as well as International scales are an opportunity that is taken by a very small amount of people , not only one individual.
Thus, business operations are carried out by those who have organized themselves by making partnerships, corporations, and co-operative societies.
9. Products and Services to Society
Entrepreneurs are the ones who develop concepts and are the inventors , who create new products, concepts and markets, as well as ways of producing to society. In addition, he develops research and development in order to accomplish this.
In all these, individuals are able to try many new services and products. Final, the standard of living of people is greatly improved.
10. Economic Prosperity of the Nation
Entrepreneurs with an eye for detail, create new ventures in order to move their business forward, by removing the obstacles and issues that may arise within their business.
They also face problems and enhance their skills by inventing new methods.
They also aid in the overall well-being of the nation. Ovik Mkrtchyan
The creativity of entrepreneurs is essential in the development of the sector industry across the country.
11. Highly Dynamic
Innovators who come up with ideas can boost the economic growth of the country to an extent by making use of fresh techniques, raw materials and equipment to make their products.
They have developed new products and services that are innovative. They have adopted new strategies, both internally and externally and have also implemented novel distribution strategies.
Economy is always changing.
12. Existence of Business
In the current business climate where leaders in business who are at the forefront of innovation are creating new research and advancing manufacturing techniques and technology equipment financial inputs, and other technological.
This is the reason why several issues have arisen in the business and it has become imperative to ensure that the business is in a position to stay in a position of being at the forefront.
Modern business without being creative in this age of rapid growth and rapid changes.
13. Dynamic Leadership to the Business
A successful entrepreneur has two key attributes. The ability to take the risks of investing in equipment that is new.
In our current age creative entrepreneurs are able to connect their business with environment and society.
Thus, they start new business ventures in their company and also look for opportunities to follow up in accordance with social norms.
The company is in a position to profit from the dynamic the management of the entrepreneurs.
14. Catalyst Elements
The prosperity of the society is create by entrepreneurs while the poor are the ones who suffer.
Additionally, the efficient use of resources as well as the creation of an independent community is achievable.
15. Social Responsibility and Satisfaction
entrepreneurs who’re creative can fulfill their social obligations and bring satisfaction to society by creating new activities, ideas as well as values and utility.
Types of Entrepreneurs as Innovators
These are different kinds of innovators and entrepreneurs:
1. Initiator Innovators
The creators of the creator are business owners who do not know about the most recent developments, however, they are currently expanding their thinking and participating actively in developing making use of the most advanced technology.
2. Prime Mover Innovators
Primmovers are describe as entrepreneurs who create something distinctive and original such as the development of new products. As in addition to the development of new production methods as well as the introduction of new equipment and machinery as well as the development and development of fresh raw materials and pursuing a completely new market.
They are constantly looking for new ways to improve the performance of their company. They are the creators of the future.
3. Minor Innovators
Entrepreneurs who are deem to be innovators don’t take the initiative to think of new ideas on a massive size. However, they must take advantage of all the resources available to the society to aid in the growth of society.
4. Satellite Innovators
These satellite pioneers could be describe as entrepreneurs that act as intermediaries or suppliers. But they later establish their own business or other related industries to it on their own.
5. Local Trading Innovators
The pioneer local in the field of trading runs his company (Trade industries, Commerce Direct Services, as well as Trade Industry Industries) Limit to a particular zone. He isn’t capable of moving to a new location.