FEATURE PAPER

Innovation: The Soul of Entrepreneuship

The following paper was written by Jo Ann Carland and James Carland, both from Western Carolina University. It was presented at the 2009 Small Business Institute Conference.

Abstract

Innovation of some type is a hallmark of the entrepreneurial psyche. Research has indicated that it is a characteristic of the entrepreneur. This treatise indicates how to create an environment conducive to innovation and indicates that sometimes only psychic rewards are gained through its endeavor. However, some element of innovation is necessary for survival.

Introduction

Innovation is the Soul of Entrepreneurship. How dare we make this assertion you may ask? Aristotle defined the soul "as the core essence of a being" (Soul, 2007) and that is how we feel about the essence of entrepreneurship: innovation truly is an economic engine, the vital essence of true entrepreneurship.

Innovation typically involves creativity, but is not identical to it: innovation involves acting on a creative idea to make some specific and tangible difference in the domain in which the innovation occurs (Amabile, Conti, Coon, Lazenby & Herron, 1996). Amabile et al. (1996) proposed the following definition:

"All innovation begins with creative ideas . . . We define innovation as the successful implementation of creative ideas within an organization. In this view, creativity by individuals and teams is a starting point for innovation; the first is a necessary but not sufficient condition for the second."

In our view, innovation is the tangible expression of creativity. From an entrepreneurial perspective, innovation is the creation of a new product or service, or a new method or combination. The marriage of innovation and entrepreneurship requires one to visualize the process. First is the vision, the idea, the concept which gradually materializes in our
minds and our hearts; an idea that we simply know is great. It can be described as that "Eureka!" moment of true discovery. We create or develop these ideas and concepts in our minds, we refine and develop them, generally through discussion with others. Finally, we must translate those ideas and concepts into reality. If innovation is to have more than psychological value, it must become more than thought. It must become tangible.

Yet if we stop here, then where is the value to humanity? Is our creation something we feel compelled to share, or will we be satisfied with the secret knowledge of our own creation? Is our creation of potential value to others? If so, then could we find both psychic and financial reward from its becoming? Entrepreneurship is the process of this translation. We create an enterprise which brings our concept to life. Now, we can enjoy the psychic reward of creation while we share our great discovery with the world.

(Read Entire Paper)

TIP OF THE WEEK

The Six W's

1.Who-Who should be considered a patron of a particular department store? Some of the possibilities are:

a. Anyone who enters the department store, whether or not she or he purchases anything
b. Anyone who purchases anything from the store
c. Anyone who makes purchases at the department store at least once a month
d. The person in the household most responsible for department store shopping

2.What-What information should be obtained from the respondents? A wide variety of information could be obtained, including:

a. Frequency with which different department stores are patronized for specific product categories
b. Evaluation of the various department stores in terms of the salient choice criteria
c. Information pertaining to specific hypotheses to be tested
d. Psychographics and lifestyles, media consumption habits, and demographics

3.When-When should the information be obtained from the respondents? The available options include:

a. Before shopping
b. While shopping
c. Immediately after shopping
d. Some time after shopping to allow time for evaluation of their shopping experience

4.Where-Where should the respondents be contacted to obtain the required information? Possibilities include contacting the respondents:

a. In the store
b. Outside the store but in the shopping mall
c. In the parking lot
d. At home

5.Why-Why are we obtaining information from the respondents? Why is the marketing research project being conducted? Possible reasons could be to:

a. Improve the image of the sponsoring store
b. Improve patronage and market share
c. Change the product mix
d. Develop a suitable promotional campaign
e. Decide on the location of a new store

6.Way-In what way are we going to obtain information from the respondents? The possible ways could be:

a. Observation of respondents' behavior
b. Personal interviews
c. Telephone interviews
d. Mail interviews
e. Electronic (e-mail or Internet) interviews

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We invite you to attend the NCIIA 15th Annual Conference in Washington, D.C. March 24-26, 2011. NCIIA's Open is the premier conference for faculty and students involved in technology innovation and entrepreneurship in higher education. Explore the science, business and practice of catalyzing innovation in higher education. You'll have the opportunity to be part of the foremost community of thought leaders in these fields, take away tangible learnings from workshops taught by leading faculty innovators, make connections that will advance your work, see breakthrough technologies at our annual showcase of student innovations at the Smithsonian National Museum of American History, and experience Washington, D.C.. For More Information,Click Here

2011 Small Business Institute® Annual Conference

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2010 ASBE Call for Papers

The Association for Small Business and Entrepreneurship (ASBE) invites you to submit competitive papers, cases, and workshop proposals for our Fall Conference at the Stockyards Hotel located in the National Historic District in Fort Worth, Texas. The conference will take place October 6-8, 2010. The deadline for submissions is August 1st, 2010. For More Information,Click Here

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International Enterprise Promotion Convention: Call For Speakers 2010

Do you see Enterprise as a transformational force for people and communities? Do you support Enterprise Promotion, as a practitioner, funder or policymaker? Are you proud of your own achievements? Do you want to share your successes? Would you like to learn from the experience of colleagues around the World? If you can answer YES to even one of these questions, you should come and speak at IEPC 2010, in Harrogate, North Yorkshire from 8-10 November 2010.. For More Information,Click Here

Student Case Writing Competition

The Baylor University Entrepreneurship Program and USASBE are jointly sponsoring a student case writing competition in conjunction with USASBE's annual meetings beginning in 2011 at USASBE's 25th Annual Conference to be held January 13-16, 2011 in Hilton Head, South Carolina. This is an innovative international event that supports and encourages undergraduate and graduate students who wish to engage in case research and case writing. Submitted cases are suitable if they advance the field of entrepreneurship, broadly defined, and contribute to an understanding of entrepreneurial phenomena. For more information,Click Here

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