Question 1: Why study Entrepreneurship
Studying entrepreneurship provides individuals with skills and knowledge of creating value through recognizing, exploiting, and developing new opportunities. Besides, it helps sharpen the decision-making skills of people in the face of scarce resources and stiff market competition. From the market analysis skills, entrepreneurs can create new products and services to satisfy unmet customers’ needs. This automatically translates into a competitive advantage with the reward being increased productivity, contribution to economic growth and high-profit margins.
Question 2: Role of innovation in entrepreneurship and emergence of biotech
Innovation is the creation of new products or services that offer new or improved solutions to existing or new problems. In entrepreneurship, innovation plays a critical role for businesses as it helps entrepreneurs come up with new high-quality products or services to fulfill the ever changing consumer needs (Babu, Krishna, & Swathi, 2013). The ability to come up with new ideas helps entrepreneurs overcome competition from even larger firms with massive resources thereby increasing business longevity. Innovation in business processes can also lead to the reduction of production costs and utilization of limited resources for high revenues.
According to Casper (2001), the driving factor for the emergence of biotechnology industry has been attributed to small and innovative businesses. These companies have focused on the biotechnology fields such as health care, agriculture, chemistry, and the environment. Aside from that, the high rate of population growth, scarce resources, and unmet medical needs has led to increased investment and research on biotechnology to improve health conditions, environmental issues, and increased production of quality food products. Even though it is acknowledged that setting up biotech firms is expensive in regard to facilities needed and high-end technical staff, the success of most biotech companies has centered on creative and innovative solutions.
References
Babu, R., Krishna, M., & Swathi, A. (2013). Role of Creativity and Innovation in Entrepreneurship. Innovative Journal Of Business And Management, (2277-4947), 112- 113.
Casper, S. (2001). National institutional frameworks and the hybridization of entrepreneurial business models: The German and UK biotechnology sectors in Industry and Innovation, 8(1), 5-30.
