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Question: Discuss about the Entrepreneurship and Innovation. Answer: There are various definitions of entrepreneurship that has been given by the theorists. In general, entrepreneurship can be expressed as the process that deals with exploiting the market opportunities in order to develop a business in a unique and different way. R.Cantillona has defined entrepreneurship as self-employed. As per him the entrepreneur need to balance their activities according to the demands of the market. Another author J. Achumpeter has defined entrepreneurship as the vehicle that supports the economy of the place to move forward. Likewise many definitions of entrepreneurship have been proposed but entrepreneurship in total is regarded as the set of traits and that is required by the driver of the entrepreneurship that is entrepreneur (Drucker, 2014). There are several qualities that the leader should possess and one of the qualities is innovator. This makes innovations the basic element of entrepreneurship Entrepreneurship is the practice that can be practiced in the institution that is considered as the carrier of innovation. Innovation is the aspect that is very necessary in terms of performing something unique in the business and to attain the competitive advantages over the other businesses. Definition of innovation has always been a great topic of discussion amongst the researchers and the authors. It has been identified that the innovation can be defined differently or the different organisations as per their way of defining their activities. The ability of the person to innovate is always found to be important for the organisations to get success. This suggests that innovation is the subset of entrepreneurship. Drucker has defined innovation as one of the two basic functions of the organisations (Drucker, 2014). Mohr, on the other hand described innovation as the new change that can be implemented to the organisation. As far as the definition by Covin ?i Slevin, Lumpkin and Dess, Knox is considered, it has been analysed that innovation is the process that adds value to the organisation (Morris, Kuratko Covin, 2010). Other than these definition, there are many definition t has been postulated for innovation. In total, it has been analysed that innovation is the process to bring new and unique process or products to the organisation that adds value to the same and helps the entrepreneur to perform his entrepreneurial activities successfully. Drucker suggest that entrepreneurship always look for making changes and as per the definition of innovation, it is considered as the process of bringing the change thus these concept that are entrepreneurship and innovation are so much related to each other (Stevenson Jarillo, 2007). But have different types of benefits in the organisation. Entrepreneurship is the activity or the process to conduct the business activities and provides a path to conduct the same while innovation at the same time makes it unique to have competitive advantage. Innovation is itself a change while entrepreneurship is the process that is above recognizing that change. Entrepreneurship creates new business. It has been analysed that entrepreneurship results in development of the business that contributes in the economy (Bessant Tidd, 2007). Trailblazing contributions byentrepreneurs, in the form of new goods andservices,can produce a flowing effect byinspiringrelated businesses or sectors aiding the new venture,furthering economic development. Innovation is also the aspect that contributes in economic development. This is because innovation in the business helps the companies to enter the new market with competitive edge over other competitors. Entrepreneurship also helps in creating social change in the society and this is the major advantage of entrepreneurship (Schaltegger Wagner, 2011). By providing new and unique contributions of new goods and services, businesspersons break away from tradition and indirectly support independence by reducing dependence on out-dated systems and technologies. This leads to better life quality and the economic freedom to the society. Innovation at the same time help the business to have competitive advantage and serve the market with new and innovative product offerings that makes the life of the people very easy. As far as the comparison between the benefits of entrepreneurship and innovation is considered, it has been analysed that most of its benefits are very much related because innovation is termed as the sub set of entrepreneurship (Doganova Eyquem-Renault, 2009). Without innovation, entrepreneur cannot perform its functions effectively. Innovation is the base of every new business that enters the industry and it is the basic element that is required to attain the competitive advantage in the market. Innovation is about applying the creativity that leads to the development of new ideas and processes and entrepreneurship is applying the innovation in order to make it practical and meaningful so that those ideas can get the life. It is very important to learn about the relation between entrepreneurship and innovation. It has been analysed that both these terms are used at each others place by the people who are not clear with the differentiation between the two terms (Anokhin Schulze, 2009). As far as innovation is concerned, it has been analysed that it is related to invention of the product and the process that changes the proceeding concept of the same. It has been analysed that the link of entrepreneurship and innovation is difficult to be explain than it sounds. Various models are there that shows different relationship between entrepreneurship and innovation. It has been analysed that when both the concept are integrated, it results in successful business. A good idea and innovation is the tool that remains in the hands of the entrepreneur. This suggests that innovation is the single aspect of entrepreneurship (Windrum Koch, 2008). When the change in technology takes place, this leads to invention whi le when it includes the business activity hat it results in innovation. An entrepreneur performs the business activities in order to gain profit and growth and innovation is one of the characteristic of entrepreneur. Schumpeter suggests that entrepreneurship is the creative destruction. Creative destruction means the entrepreneur introduces the new idea and links the activities of the business to the economic growth and development of the country or the place where the company operates. Schumpeters theory of economic development is one of the theories that integrate entrepreneurship with innovation (Onetti, Zucchella, Jones McDougall-Covin, 2012). This is the theory that deals with circular flow. It has been analysed that any changes that needs to be implemented should be in the flow and these changes can only takes place with he helps of innovations and innovative practices. As per this model, innovation can be defined as the alteration in the processes or the products that already exist in order to make profits (Ketchen, Ireland Snow, 2007). According to this model, any innovation involves several factors such as introduction of the new products, introduction of the new process, opening of th e new market and gaining the competitive advantage in the industry. These are the factors that can be combined differently for the innovation process to start (Ketchen, Ireland Snow, 2007). These practices are practiced by some of the agents known as entrepreneurs. Entrepreneurs are the central figure in the model of Schumpeter. It has been analysed that conducting business activities are not the only job of the entrepreneur but it is required by him to make innovations in the process and the products. Various examples can be studied in order to find out the combination of innovation and entrepreneurship is UBER is the one of the great business examples that justified that innovation can helps in providing entrepreneurial success. It is the application based taxi company that provide taxi services to the customers. The company has launched its services in 2010 and now it is found to be in 200 cities (Szirmai, Naud Goedhuys, 2011). It is considered as one of the major threats and competitor for the other taxi services. The innovation is about connecting the driver and the rider by the application that is installed in the mobile phones. UBER also have the rating system in which the customers and the driver both have the facility to rate each other. It has been analysed that taxi services were there since years but launching a business with an innovation makes UBER interesting and successful (Trimi Berbegal-Mirabent, 2012). This suggests that entrepreneurship when coupled with innov ation results in success. However, it is required that the innovation should be accepted by the market. It has been concluded from the discussion that innovation can be defined as the process of generating new ideas by exploiting the resources available in the market while entrepreneurship is about implementing such innovative practices and ideas to give them life in order to earn profits and revenues. As both of these term are different but the differentiation is not that much clear in nature, however, the association and linkage of these concepts results in successful business as a whole References: Anokhin, S., Schulze, W. S. (2009). 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