Bus 363 Technology & Innovation in Entrepreneurship - Innovation and Risk

Running Head: INNOVATION AND RISK

Innovation and Risk Assignment 1

Tyron Taylor

Mr. Mark O’ Connell

BUS 363 Technology & Innovation in Entrepreneurship

January 30, 2016

        Innovation and Entrepreneurship are two words used today’s business world. A lot of people may think they have the same meaning, but using them together would create a big mistake. Although they reduce around the same idea there is a difference.

        Innovation is applying your own creativity to come up with your own unique idea or solution. The progress of innovation depends solely on how well put together the innovator has prepared him/her; great innovators can make a lot of money. If one tries innovation without a way to sell and support their product, they will likely fail.

        Entrepreneurship is to apply the innovation to bring the new ideas to existence and life. Entrepreneurship is social invention which allows individuals to do what they couldn’t previously do.  Majority of entrepreneurs are innovative, it is hard to imagine an entrepreneur having much success that is not innovative.

If one tries entrepreneurship without an innovative approach or partnership with innovators, they will fail as will. The one thing that one should not do is divide attention between innovation and entrepreneurship.

        When it comes to challenges managers face with managing uncertainty and risk it varies depending on the type of individual and attitude the manager has in general.

        One challenge that you may run into as a manager is being able to put in place a set of rules that everybody can abide by. Miscommunication is a huge part of uncertainty, often managers are given half of the information required to complete the task and causes a level of uncertainty. Giving vague, inconsistent, or incomplete information causes uncertainty and risk for being able to be successful. When managing uncertainty the manager faces a challenge of having the proper attitude towards the unknown without having any knowledge of the likelihood of occurrence for any state.