Innovation The Entrepreneur

Question: HowInnovation helps the entrepreneur? Explain. Answer: Innovation helps the entrepreneur to come up with new ideas and as a result, every entrepreneur must possess the skill of innovation. However, risk management helps in reviewing as well as prioritizing the risk in the trade. The risks are in turn minimized by using resources that were helping reduce those risks. To provide the students with the knowledge of managing the risk in business, it is important to prepare an assignment report on risk management and innovation. However, I faced both benefits as well as challenges while preparing the assignment report (Davenport 2013). Benefits: This assignment report is mainly based on business permanence, and it helped me to get equipped with the information of sustainability. The assignment report also enabled me to get a broad outlook of the company that is enjoyed by the entrepreneurs. The assignment report also helped me to gain knowledge regarding globalization as well as assortment. I was also acknowledged about creativity and innovation. I have also come to know that to become a successful entrepreneur; it is imperative to come up with new ideas that do not exist in the market. Apple, for example is one of the company that is known for its innovation process. I have gathered information about the innovation that is generated by Apple, which includes the launching of mobile payment service on the Smartphone. This was later followed by Samsung (Jun and Sung Park 2013). I have also been equipped with academic and risk management skills with the help of this module. The skills helped me to think significantly as well as imaginatively. With the support of this skill, I was able to analyze as well as identify the statement and also prove the logics that are false. With the help of this assignment report, I was able to assess the information which is based on facts and not an assumption. By examining the risk management, I was able to get the skills to identify the performance of the different organization. The risk management also helped to manage and measure the financial risk. I also obtained the transferable as well as the practical professional skills. I developed those skills that helped me to work in a group. The skills which I developed also helped me to influence others who were not performing well. I also developed an excellent communication skill along with the self-awareness that helped me to become efficient. The research that I performed was the secondary research. I collected information about the innovation that was carried out by Apple from the article The innovative Success that is Apple, Inc. The data were already collected as well as researched. I referred to various journals and articles in order to get the information regarding the risk management and innovation. Challenges: The challenge which I faced was very critical as well as too broad. The assignment report involved various key concepts that included globalization, development of the enterprises as well as sustainability and risk management. I had to acquire the concepts of the terms to understand the details of the terms that were used. As a result, I was not able to gain enough knowledge due to the overload of the experience. I mainly faced the challenges in the terms of risk management as various risks are encountered in the real world in diverse forms. There is no clear design about the risk management, which can be applied to all the risks. These are the few challenges which came on my way while completing the Innovation Risk Management module assignment report. References Davenport, T.H., 2013.Process innovation: reengineering work through information technology. Harvard Business Press. Jun, S. and Sung Park, S., 2013. Examining technological innovation of Apple using patent analysis.Industrial Management Data Systems,113(6), pp.890-907.