Question 1

A person who starts an enterprise that searches for change and responds to it is an entrepreneur.
An entrepreneurs are innovators who come up with new ideas for products, markets or
techniques. In other words, an entrepreneur is someone who perceives opportunity, organizes
resources needed for exploiting that opportunity and exploits it.
ntrepreneurship is a process of action an entrepreneur undertakes to esta!lish his enterprise.
ntrepreneurship is a creative activity. It is the a!ility to create and !uild something from
practically nothing. ntrepreneurship is the attitude of mind to seek opportunities, take calculated
risks and derive !enefits !y setting up a venture. It comprises of numerous activities involved in
conception, creation and running an enterprise.
ntrepreneurship is equally applica!le to !ig and small !usinesses, to economic and non"
economic activities. #ifferent entrepreneurs might have some common traits !ut all of them will
have some different and unique features.
Question 2
$reative %rocess
$reative process is the a!ility to develop new ideas and to discover new ways of looking at
pro!lems and opportunities. Innovation is the a!ility to apply creative solutions to those
pro!lems and opportunities to enhance or enrich people&s lives. ntrepreneurship is the a!ility of
the entrepreneur to succeed !y doing things in an innovative way.
$reative process starts with Idea generation. It is the stage where the entrepreneur recognises an
opportunity exist. 'he second stage is %reparation stage. At this stage, the entrepreneur
consciously searches for information. 'he third stage is incu!ation. 'his is the su!conscious
assimilation of information. 'hen the illumination stage which is also called the eureka stage.
'his is when the idea pops up clearly and the individual recognizes the idea as feasi!le and
realiza!le, ready for launch. 'he final stage is verification stage, which is also known the
validation or testing stage. 'his is where the idea is verified to prove that it has value. 'his is the
most difficult phase of creativity as o!stacles !egin to appear. 'he idea may also start evolving
and taking a different direction. (ome times the individual is forced to go !ack to the previous
phases.
Question 3
)odel #iagram *f $reative %rocess
Question +
An entrepreneurial culture can !e referred to a system of shared values, !eliefs and norms of
mem!ers of an organization. It includes valuing creativity and tolerance of creative people,
!elieving that innovating and seizing market opportunities are appropriate !ehaviours to deal
with pro!lems of survival and prosperity, environmental uncertainty, competitors, threats and
expecting organizational mem!ers to !ehave accordingly.
Idea Generation
Preparation
Incubation
Illumination
Verification
$ulture is a !alancing act !etween many elements of a company and requires careful execution
at each level. ,or entrepreneurial companies, the !uilding of a !usiness is at the same time is the
!uilding of a culture. $orporate culture must !e led, nurtured, constantly monitored and ad-usted.
It requires a com!ination of the right ingredients, in the right way, to ensure that what you grow
is not an a!erration of your intentions.
,or the entrepreneurial !usiness, its culture !egins from day one. 'he culture is a reflection of
the values the entrepreneur !rings into the !usiness.
$ulture is important for an entrepreneurial venture !ecause it is the mechanism that
institutionalizes the values of its founders. $ulture serves to socialize new employees. It helps
them understand how they should treat the customers, how they should treat each other, how
they should act in their -o!s, and how to generally fit in and !e successful within the !usiness.
Among the key factors in !uilding entrepreneurship culture are as in the followings .
1. Authenticity "" #emonstrate your sincerity !y !eing enthusiastic a!out entrepreneurial
strategies and actions pursued !y the !usiness.
/. $ommitment to %eople 0 An entrepreneurial culture is !ased on the idea that each
individual can !e a powerful force for change in the organization. (upport the
professional development of the staff, cele!rate exceptional work, and don1t !e stressful.
2. $ommitment to the 3usiness "" Align an individual1s interests with those of the !usiness.
+. $ontinuous ffort "" 'he work of !uilding a company&s culture never ends.
Question 4
'he followings are the steps that can !e employed in starting a new !usiness. (tarting a !usiness
involves planning, making key financial decisions and completing a series of legal activities.
'hese 15 easy steps can help you plan, prepare and manage your !usiness.
(tep 1 . %repare a 3usiness %lan
(tep / . 6et 3usiness Assistance and 'raining
(tep 2 . $hoose and esta!lish 3usiness 7ocation
(tep + . ,inancing 3usiness
(tep 4 . #etermine the 7egal (tructure of 'he !usiness
(tep 8 . 9egister a 3usiness name
(tep : . *!tain 3usiness 7icenses
(tep ; . Assess your strengths.
(tep < . %lan for promotions
Part B
Introduction
Innovation can !e seen as the !usiness of science organizations. 'he early research on innovation
tended to address the organization&s a!ility to respond and adapt to external and=or internal
changes >3urns and (talker 1<81? @ull and @age 1<;/A. (u!sequent work on innovation stressed
more pro"active innovation and distinguished !etween types of innovation. mphasis was on the
organization&s a!ility to promote !oth process and product innovation, regardless of an
immediate need for change >Banter 1<;;A. 'he organization&s a!ility to promote process and
product innovation has !een argued to !e no longer sufficient and a third type of innovation has
!een introduced in the literatureCcalled strategy innovation !y some and !usiness concept
innovation !y others. 'his type of innovation stresses the growing need for today&s organizations
to proactively address challenges of the future !y undertaking radical innovation that will
transform their environments and the marketplace >@amel and %rahalad 1<<+ ? @amel 1<<8A.
*rganizations can no longer remain successful !y merely adapting to external change or
innovating in terms of products and services.
Company Profile:
(irloin 7estari >9egistration Do . 551/<8541"EA is a company set up to run a !usiness in
providing services for live stock supplier. 'he company also provide consultation on !reeding.
'he company produce products in the following categories .
Invention 0 'he creation of a new way of packaging product. (omething that has not
!een tired !efore. 'he company uses new packaging and system in ordering and
delivering live stock to customer.
Extension 0 'he expansion of an existing product or service. 'his would mean that the
entrepreneur takes an existing idea and applies it differently e.g. a new use for a product.
Duplication 0 $opying >replicatingA an existing product or service and then adding the
entrepreneurs own creative touch. In order to improve it.
Synthesis 0 A com!ination of more than one existing products or services in to a new
product. or service. 'his means that several different ideas are com!ined in to one new
product or service
Invention
Invention is a creation of a new >novelA product or service. (omething that has not !een tired
!efore. 'he company invented new idea in packaging and ordering system. 'he company
invented a new system in ordering so that customers can -ust visit their we!site and place and
order through we!site. 'he product will !e delivered to customers in /+ hours of order !eing
placed.
Extension
'he company extent its product to smoked !eef. 'his is to add value to the company. Its give an
extension to the existing product since the demand for hygienic smoked !eef is quite
encouraging.
Duplication
'he company improved its product !y ensuring that the meat is pack in a vacuum packaging to
ensure its cleanliness and germ free product.
Synthesis
(ynthesis is a com!ination of more than one existing products or services in to a new product. or
service. 'his means that several different ideas are com!ined in to one new product or service.
'he company had put into its !usiness plan to operate a frozen"cafe outlet which serves as a
restaurants and frozen outlet at the same time. If a customer come and having their meal at the
restaurant and thinking of cooking the same meal then the frozen outlet will provide the
ingredient and the recipe of the food that they are having.
*ther than that (irloin 7estari also organized aqiqah and qur!an services. (irloin 7estari is an
entrepreneur company that com!ine !usiness and community services. (irloin 7estari provides
mixed !oth product and services in one operation. It involves all four types of innovation namely
invention, expansion, duplication and syntheses.
Innovation is discoveries result in new ideas in the form of knowledge and concepts, inventions
result in new technologies and !usiness models, and innovation exploits inventions to allow for
the creation of value through commodities, goods, services and experiences.
'his is !ased very loosely on the concepts presented in $ooger et al. >1<<5A.
Innovation is a process of intentional change made to create value !y meeting opportunity and
seeking advantage. 'here are several key elements that can !e considered .
%rocess . Innovation is a process which it can !e learned and managed.
Intentional . 'he process is carried out on purpose
$hange . It results in some kind of change.
Falue . 'he whole point of the change is to create value in our economy, society and=or
individual lives.
*pportunity. ntrepreneurial individuals ena!le tomorrow1s value creation !y exploring for it
today. having ideas, turning ideas into marketa!le insights and seeking ways to meet
opportunities
Advantage. At the same time, they also create value !y exploiting the opportunities they have at
hand
Innovation involves creating value !y !ringing together resources that are hard to come !y. It
applies to small !usinesses, existing !usinesses and a range of other types of entrepreneurial
ventures such as non"profit ventures. It also applies to you as an individual.
'hus entrepreneurs seek to innovate. And in keeping with earlier definition of innovation as
change, this means that the entrepreneur is an agent of change made to create value.
e! venture: An organizational vehicle through which the entrepreneurial team creates value.
Dew ventures can !e define as.
new or existing?
small, medium or large?
profit or not"for"profit? and
corporations or other types of organizations >such as product development groups,
professional associations, political parties, clu!s, and communities of practiceA.
Strate"y or Business Concept Innovation
It is possi!le to incrementally improve one&s !usiness strategy @amel >1<<8, /555A stated that
radical !usiness concept innovation is now dominant. @e claims that the current environment is
hostile to industry incum!ents and hospita!le to industry revolutionaries. 'he fortifications that
protected the industrial oligarchy have crum!led under the weight of deregulation, technological
upheaval, glo!alization, and social change.
$ontinual revolutionize will ensure organizational success. 'he !asic organizational strategy,
which progressively typically requires.
G 9adically preconceiving products and services, not -ust developing new products and
services
G 9edefining market space
G 9edrawing industry !oundaries. If radical !usiness concept innovation is successful
in accomplishing these o!-ectives, it is !y definition discontinuous.

Drivers of Innovation
'he primary drivers of innovation include.
G ,inancial pressures to decrease costs, in crease efficiency, do more with less
G Increased competition
G (horter product life cycles
G Falue migration
G (tricter regulations
G Industry and community needs for sustaina!le development
G Increased demand for accounta!ility
G $ommunity and social expectations and pressures >giving !ack to the community, doing good,
etc.A
G #emographic, social, and market changes
G 9ising customer expectations regarding service and quality
G 6reater availa!ility of potentially useful new technologies coupled with the need to keep up or
exceed the competition in applying these new technologies
#he chan"in" economy$
Although cost reduction has !een a ma-or driver of innovation, other drivers are also important.
9egulatory drivers have !ecome more important in the last several decades. In addition,
companies increasingly feel they must promote their image and this has !ecome a ma-or driver
of environmental and sustaina!le development innovations. A good image can help promote !oth
customer loyalty and a company&s growth strategy.
As noted a!ove, @amel >1<<8, /555A sees important recent change in !oth >aA the drivers of
innovation and >!A the importance of radical !usiness concept innovation for organization
survival. 3asically, he argues that a dramatic change in the overall economy has occurred and
that this economic environment no longer protects esta!lished mainstream !usinesses. @e further
argues that organizations must develop an innovation competency if they are to survive. 9adical
!usiness concept innovation must !ecome a core component of this competency
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