Enterpreneurship...read the requirement i send you carefully Essay

Enterpreneurship...read the requirement i send you carefully - Essay Example They can be differentiated from other group of professionals in terms of certain special characteristics including their leadership styles, self confidence levels, unique thinking process, devotion to a particular goal and flexibility. Apart from these skills, innovation is one of the vital characteristics, which must be possessed by each and every entrepreneur in the 21st century context to establish and manage a business to flourish. According to Peter F. Drucker, innovation is the change which drives the entrepreneur towards a better performance (Selman, n.d). The best example of the innovation strategy adopted by entrepreneurs is the invention of an unconventional online retail store, Amazon.com, by Jeff Bezos in 1995. Jeff Bezos is one of the successful entrepreneurs in the world who had pioneered the trend of online stores, initially by selling books and other products. His early interests in computers and the study of computer science and electrical engineering further led him to the setting up of the biggest online store. Amazon began its journey by selling only books in the US market and other regions of North America. Just after two months of its set up, the company started marketing its products in the other regions of the world following its rapidly growing customer demand and changing trends. Jeff Bezos also started diversifying its products from books to other items such as the CDs, electronic items, clothing and many other household products following which, Amazon today is renowned as a market leader (Gitman & McDaniel, 2008). Evidently, these activities, ranging from expansion of the business and diversification of its product line can be examined as the integral part of innovation demonstrating the innovative skills of the employees. Thus, taking the example of Jeff Bezos, this research will intend to elaborate on the significance of innovation to ensure entrepreneurial success in the 21st century context. Literature Review Innovation is one o f the vital characteristics of an entrepreneur, which makes him different from others. According to Andriopoulos & Dawson (2009), innovation is the process of transforming the ideas into a newer and useful product or service, as laid down by the Department of Trade and Industry. As argued in Andriopoulos & Dawson (2009), the Department of Trade and Industry defines innovation as the ability to make successful and positive utilization of newer ideas to satisfy the gap persisting in the current market. Conceptually, innovation is commonly classified into four types, including hypothetical innovation, production innovation, position innovation and process innovation. The theoretical perspective to the concept reveals that innovative skills of the entrepreneur have become quite imperative over the past decade. Again, as Andriopoulos & Dawson (2009) note, in the year 1961, a study was conducted by Burns and Stalker to analyze the organizational innovation. With reference to this study, i t can be argued that the importance of organizational innovation is immense in determining the efficiency of a successful entrepreneur. Entrepreneurial skills to define organizational innovation also tend to design the firm’s potentiality and adaptation to a chaotic environment. However, a critical perspective to this context reveals that many of the organizations have confusions between the concepts of