Business as usual or innovative/creative Business, which one would you prefer? The better we can communicate as human beings, the better we can know and the better we can explore our self and learn different culture, behaviors, way of life and with this helps us to grow a good relationship with other people anywhere in the world. The process of being a better businessman means starting on a journey to learn about how to present ideas or innovative work through your performances and your creative work. (Eleri Sampson 2004) I don’t like to do jobs. So, I want to be an Entrepreneur and for that I like to do business. My business would be a sole proprietorship business and I like to choose innovative/ creative way. First, for creating that business I have to find out some issues like what is sole proprietorship? What is mean by …show more content…
Innovation is revealed by its Latin root, nova, or new. It is called as the introduction of a new thing or method. (Managing creativity and innovation 2003) MIT professor ED Roberts once defined innovation as invention plus exploitation. Here is a more elaborate definition: “innovation is the embodiment, combination, or synthesis of knowledge in original, relevant, valued new products, process or services.” (Managing creativity and innovation 2003) there are two types of innovation one is incremental and the other is Radical. Incremental innovation is generally exploited existing from or technology to serve some other purposes for example, Intel’s Pentium IV computer chip represents an incremental innovation over its immediate predecessor. On the other hand, radical innovation is something new to the world and a departure from existing technology or methods. Break through innovation and discontinuous innovations are often used as synonyms for radical innovation. (Managing creativity and innovation
A sole proprietorship is characterized a business in which one individual (sole proprietor) controls the administration and benefits (Kubasek, 2014). A sole proprietor is the single individual at the leader of
In the article “Difference Between ‘Invention’ and ‘Innovation’”, Tom Grasty claims that invention is creating a new thing, while innovation is making change and contributing something new based on existing things. I agree with him. “Invention” is to create something from nothing, and it emphasizes “the first”; “innovation” is to make something better. Moreover, since every company has different status and resources, “innovation” might not be the first one, but it could not be exactly the same. Another point is that we can distinguish inventions from their positive and negative impact. The positive one is like computer, which improves technology development; the negative one, like computer virus, destroys people’s data. However, “innovation”
Innovations are traditionally categorized into solely two groups, radical innovation and incremental innovation. However, Henderson and Clark felt that these two groups provide little insight on minor innovations that creates tremendous impact on the industry. Therefore, they bring forth a concept called architectural innovation, to classify innovations that modify the way in which components of a product are linked together while keeping the fundamental design concept the same. It is essential for firms to recognize the importance of architectural innovation in order to stay competitive because the failure to distinguish this innovation will result in the loss of market shares as shown by the example of Kasper and Canon.
Innovation is defined as generation of new ideas or application of new ideas to existing situations to improve productivity, quality of care, and outcomes. Some of the principles of innovation are creative problem-solving; open, assertive communication to empower
The first step to setting up a business is to pick a business structure. Sole-Proprietorships are the oldest and most common form of business making up about 72% of the businesses in the United States.(Ref. 3, pg.76) It is a simple form of business to set up; all you need is a product or service to offer, any applicable licenses or permits, and a business name. Although sole-proprietorships are the most common form of business, they only account for about 5% of the total profit in the US. The advantages to a sole-proprietorship are that they are easy to set up and cheap to operate. There are no filing fees with a state or national government, and the book keeping requirements are very relaxed.
A sole proprietorship is a business entity formed by an individual, and are the most common and simple form of business structure. The owner is responsible for all of the control, liability, and management of the business. Although the business owner gets all the profits from the business, they are personally liable for all debts incurred by the business. Because the sole proprietorship is merely an extension of its owner, it has no life apart from its owner. It is not a legal entity; therefore, it cannot sue or be sued. Creditors must sue the owner and vice versa. There are no formalities necessary when creating a sole proprietorship. By simply not choosing another business form or structure, the person going into business by himself automatically creates a sole proprietorship by default. The business name simply needs to be registered with the state.
Innovation is an object that was successfully implemented in production and making a profit as a result of scientific research or discoveries made qualitatively different from previous counterpart. The term innovation and disruptive innovation are similar. The innovation process is associated with the creation, development and dissemination of innovations.
Innovation is a procedure in which the product or provided service is ready for improvement, in order to maintain a good company and to not be the same as the competitors. So in other words, innovation is being done to make a product or service better and more valuable, and therefore attracting more customers. Because the product has improved, customers are willing to buy this specific product because it is better than the product that the competitors provide.
Sole proprietorships are typically businesses that have one owner. There many advantages to operating a business as a sole owner. One of those advantages is that it is fairly easy to form. When operating a sole proprietorship, filing an independent tax report for your business is not mandatory. It is optional for the owner to hire employees to help run the business. The owner is in charge of making all business decisions and transactions. Sole owners have the ease of selling their business, closing it or giving it to his heirs. While opening businesses sometimes require you to obtain a business license, sole proprietorships are typically less expensive than others. Also, it is often less expensive to start a sole proprietorship.
The definition of a sole proprietorship is essentially a business that is run by one person and owned by that person as well. Specifically, a sole proprietorship is separated from the other business entities because of the specific the legal dynamics between the business and the owner of the business. Moreover, because of this factor, sole proprietorships are usually easy to both form, maintain as well as dissolve if need be. In a New York Times article, the authors expressed that small businesses are typically sole proprietorships and as such, this is why it was selected as the business entity (1). Furthermore, the aforementioned reasons allowed for a rather rapid decision on the basis that with this entity, there is an ability of the owner to run it how they see fit.
3. Convenience – The sole proprietor is his own boss. He does not report to anybody when making company decisions. No third party or outside criticism/disapproval if wrong choices are made. No business charter from the state, or company regulations to regulate or reduce his authority. The sole proprietor can at his own will, expand the business operations, give it out on contract or outsource it. He can seize/ignore business opportunities, sell or liquidate the business or even relocate to another place.
In the United States, approximately one in eight adults are self-employed. In their minds exists a one common dream. This is the entrepreneurial dream of self-employment. It is the freedom to start, grow, and cash in a new business. Most of the extravagant millionaires of today build up their wealth in this way. An entrepreneur is someone who has the ability to build and develop his own business. In today's fast paced world of business, many people chose to work for themselves. A career as an entrepreneur is a risky, yet personally rewarding endeavor.
Sole Proprietorship can be defined as the simplest form of business organization. This form is the easiest form of ownership where that individual would be in complete control. The individual would be able to make decisions as they see fit along with the right to keep all profits from their business. Now this can be a great decision based upon the business one is running and how successful it is turning in customers and orders. One great advantage with retaining there profits would be automatically be entered into that individuals tax return when the time comes. This is a great tool to not only save time but get a little extra back when February comes along.
There are many advantages and disadvantages when owning your own business. When you own you own business, it’s known as a sole proprietorship. But with any type of business, there will always be advantages and disadvantages.
One of the hardest jobs I have had in life was being an entrepreneur. I was not one of those students who just had a hobby and tried making some extra money; I was a true entrepreneur. Back in 2010, while attending Texas State University, my best friend and I co-founded an online marketing company. Once we finished the legalities of starting a new company, we were finally prepared to set out and build our business, Row.net. In the article by Jayson Demers titled, 7 Communication Skills Every Entrepreneur Must Master, he highlights 7 critical skills that did, and would have helped me in my short time as an entrepreneur. I will be going over 4 of the 7 critical skills and how they helped my short tenure as an entrepreneur