BU2570 Creative Thinking, Innovation, and Entrepreneurial Action Assignment Example TCD Ireland
The aim of this module is to provide students with a critical perspective on entrepreneurship, its major trends, and dynamics. Over the past decade, it has become one of the most relevant disciplines in business as well as attracting interest from all around including practitioners who are interested not only in making money but also because they want their knowledge served by others just like them-a human network effect. Entrepreneurship has been touted as the driving force behind innovation and economic development, but it can also be criticized for its role in wealth inequality. In many cases where entrepreneurs take on an unviable project or succeed early on before others enter their industry space – they reap the most benefit from success while those who follow them may not see benefits at all.
As entrepreneurship becomes more global and generates opportunities to cause controversy, it’s important that we work together on an international level. A multi-disciplinary approach will be required for this module as there are many different complexities involved in modern-day business ventures.
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Learning Outcomes of Creative Thinking, Innovation, and Entrepreneurial Action (BU2570)
On the completion of this module, students will be able to understand:
“Competing in the 21st century: Major trends and dynamics in the field of entrepreneurship”
Ever since the Industrial Revolution, entrepreneurship has been a crucial driving force behind economic development. The 21st century is no exception as entrepreneurs now compete for global markets in an increasingly competitive world that demands innovation and adaptation on an international scale.
The main trends and dynamics of entrepreneurship are:
- Globalization and Entrepreneurship: Technologies like the internet, mobile phones, and others have allowed small ventures to compete on a global market and form collaborative networks while reducing costs of entry into new markets. Market globalization has changed consumer needs which in turn requires constant innovation from entrepreneurs to stay relevant.
- New Forms of Entrepreneurship: Instead of starting their own businesses, many entrepreneurs are choosing to become involved in different forms of collaborative entrepreneurship. This includes social entrepreneurship (solving social/environmental problems), sharing economy (renting out idle assets), and the gig economy (gig workers using short-term contracts).
- The Growth of Startup Culture: Due to the globalized nature of business today, people are frequently moving between countries. This is leading to the growth of startup culture where there’s a movement towards shorter job tenures and an emphasis on self-employment or work in small firms.
- The Modern Worker: Economy shifts have changed consumer needs across the West which has led to changes in employment structure. People are now working longer hours and multiple jobs to generate an income. This increased demand for flexibility and options has given rise to the gig economy.
- The Rise of Entrepreneurial Education: With the growth of startup culture, entrepreneurial education has become an important aspect of business education. This is aimed at training the next generation of entrepreneurs who are equipped with the skills required to navigate through a rapidly changing business landscape.
“International entrepreneurship and born-global startups”
SMEs are the crux of most modern economies. While they may not have the ability to compete with major corporations on large contracts, their size allows them to be more flexible and adaptable. The rise of global entrepreneurship during this century has helped SMEs become involved in international markets while reducing entry barriers into new markets through collaboration.
Globalization has made it possible for small businesses to start at a local level and expand internationally. However, many still fail as they do not have the knowledge, resources, or expertise to compete on an international scale.
Born-global startups are companies that are started in one location but aim to become global entities from the onset of their existence. They benefit from a global mindset, cultural fluency, and international networks which gives them a competitive edge in the ever-growing global marketplace.
The success of born-global startups can be attributed to their ability to navigate through a rapidly changing business landscape. This includes being able to identify and capitalize on new opportunities as they arise while also mitigating risks associated with international expansion.
“Entrepreneurial Finance: How to raise money for your business?”
The main challenge most entrepreneurs face is a lack of capital often due to a lack of investors, difficult or lenient lenders, and low-risk tolerance from financial institutions. Entrepreneurs need to be familiar with the realm of finance in order to understand how their business will operate within it. This includes knowledge of accounting practices, investment strategies, and the various financial instruments that are available to them.
Raising money for a business can be difficult, but there are a few options that entrepreneurs can explore. These include bootstrapping (self-funding), angel investors, venture capitalists, and government grants/loans.
- Bootstrapping is when an entrepreneur funds their own business with money that they have saved or earned themselves. This limits the amount of capital available but gives entrepreneurs more control over their business since they are not reliant on outside investors.
- Angel investors are private individuals who invest in new businesses based on potential rather than track records. They are often willing to take on more risk in exchange for a higher potential return.
- Venture capitalists are professional investors who provide money, advice, and connections to young businesses in exchange for a stake in the company. They are usually interested in companies that have the potential to grow rapidly and become profitable.
- Government grants and loans are available from a variety of sources and are aimed at helping businesses start, grow, and expand. However, these can be difficult to obtain and come with a number of restrictions.
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“Entrepreneurship and the State: The role of institutions and industrial commons”
While entrepreneurship is often seen as a purely private activity, it cannot be divorced from the institutions and policies that shape it. The role of the state in promoting or inhibiting entrepreneurship varies depending on the country and its stage of development.
In developed countries, the state often plays a role in creating an environment conducive to entrepreneurship. This includes providing education and training, creating an efficient legal system, and establishing policies that support innovation and risk-taking.
In developing countries, the state often has a more interventionist role in promoting entrepreneurship. This includes setting up special institutions to support startups, providing funding and mentorship, and creating favorable business conditions.
The role of the state is also changing as the world becomes more globalized. This has led to the creation of “industrial commons” which are public goods that are open to entrepreneurs regardless of their nationality. These include infrastructure, common law, and financial markets.
“Business ethics and entrepreneurship: A possible coexistence?”
While entrepreneurship and business ethics may seem to be two separate concepts, they are actually closely related. Entrepreneurship is about using innovation and creativity to create value in the world, while business ethics is about using those same qualities to create value in an ethical way.
Many people believe that the two are incompatible, but this is not always the case. This is because ethics are about creating value for stakeholders instead of just for the bottom line. As long as entrepreneurs focus on maximizing value for all parties involved, they can still create businesses with strong moral values.
The biggest challenge entrepreneurs face when incorporating ethics into their business model is finding a way to do so without limiting profits or growth. This requires a willingness to develop new skills that are not usually associated with entrepreneurship, such as negotiating with stakeholders and building relationships instead of just focusing on the numbers.
“The growth of the social economy in Ireland: Social Enterprise Ireland”
The social economy describes a wide variety of companies that have high levels of social and environmental impact along with a commitment to making profits. Social enterprises are often hybrid organizations that combine the goals of a business with those of a non-profit organization.
In Ireland, the number of jobs in social enterprise has doubled since 2010 while revenues have tripled. This is due to a variety of factors, including increased recognition of the social economy and more funding opportunities.
Due to its flexibility and lower barriers to entry, Ireland saw an influx of entrepreneurs who were excluded by traditional financial institutions like banks and venture capitalists. This led the government to take several steps in order to help these social enterprises grow, such as developing a national strategy and creating a dedicated funding agency.
“Growing an entrepreneurial venture: From seed to harvest”
Many entrepreneurs dream of starting a business from scratch with an idea that will grow into a global empire. However, only a small percentage of startups actually make it to the point where they can keep growing without additional support.
This is because most ventures go through several stages in order to become self-sufficient and sustainable. They start as an informal activity driven by passion, then turn into a hobby when they become profitable. From there, they must establish themselves as an organization before developing their own processes to manage growth.
Finally, the startup becomes an enterprise when it has managers who are committed to running the business instead of just being driven by profit. This allows it to keep growing while remaining in line with the company’s values.
The key to success is not just in having a great idea, but also in knowing how to grow it into a real business. This takes time, energy, and a lot of hard work, but it can be done with the right amount of dedication.
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