principle of entrepreneurship

In the field of science, there are three symbols of successful scientists which comprise Nobel Prizes, name on scientific equations, and being an owner of a start-up business. This essay will present the summary of concepts of entrepreneurship, innovations, and entrepreneurial processes for success that I learned. Regrading to the definition of entrepreneurship, it relates to the actions or abilities which transform opportunity and business ideas into value and profits. The major components of entrepreneurship consist of creativity which is a starting point of all, an innovation which is a supreme invention from creative ideas, and commercialization which is a process generating incomes from innovation By meaning, Innovations comes about through new combinations, resulting in new products, new processes, the opening of new markets, new business organization methods and even new supply sources. But in general, many people have known innovations in the term of invention and products from brilliant business ideas and are developed to launch into the market. The process for innovation development called “open innovation process” deals with the concept of research progression which contributes to a current market or new market. Therefore, we can separate innovation into 4 categories depending on the newness of technology and business model. Innovations of green and environmental science are classified in radical type which requires new technical competencies but still uses the existing business model. In comparison, mRNA vaccines, Pfizer and Moderna, can overcome traditional vaccine, Sinovac and Sinopharm, in the term of popularity, COVID-19 protection efficiency and incomes by using overwhelming technological advance but still using an old business model such as direct trading with governments. In the term of the entrepreneurial process, the definition of entrepreneurial process or commercialization is the method which changes idea and innovation to commerce. In practice, it is the process driven by a business founder and/or team of co-founders to manage initial resources of the company parsimoniously and alleviate any risks which impact to existence and stability of the company. In the first step of start-up business construction, many companies need to face problems about the limitation of resources, including funds, employers, and necessary devices. Almost one-third of newcomer businesses came to failure in this step of the company’s progression and were forgotten in the flash. Nevertheless, there are few successful companies, such as Tesla, SpaceX and Bytedance, that could present positive results in both popularity of profits for investors at the beginning of business growth, resulting in a rise of investors’ trustworthiness and funding from large capital ventures. In summary, there are 3 key steps for success in start-up business competition. Creative idea which can solve social problems or pain points in current situation, great entrepreneurial teams and significant resources are necessary in the beginning step, following by effort to do business and launch innovations to markets in good opportunity. Then, the final step to make business ongoing is efficient management and fantastic results that make people and investors recognize an existence of company. Finally, besides contents of basic knowledge and reference story of successful start-up business, I still would like to learn more in how to use essential tools for business analysis such as business model and value proposition canvas which both have a little interview in the previous class.