Needs and Critical Aspects of Small and Medium Enterprises Essay

Needs and Critical Aspects of Small and Medium Enterprises - Essay Example On the other hand, marketing is also a key element. Although it is easy to market an innovative idea, it doesn't usually happen. Many novel ideas are only found practicable when someone faces problem years later, only to find that the solution had been there years ago. Other inputs that are crucial is the entrepreneur's ability to take measured risks, how adaptable he is, ability to identify a need in the market as well as find a niche or a universal selling proposition in order to make this product appealing to the consumer in the marketplace. We as humanity have come a long way, progressed from the stone ages into the new millennia via information superhighway. But time doesn't end here and nor will the need of mankind to prosper, thrive and flourish! Discuss the relationships among entrepreneurship, innovation, and marketing in the SME new venture context. It is important to use both academic theory and research to support your arguments. You should include up-to-date research from journals; however, you must not just quote the research, as you are expected at a university to show that you can also analyze and comment on the implications of the research. Include in your assignment good examples from business (and personal experience if possible) of this relationship, remembering to give examples of notable successes as well as failures, and the lessons that can be learned from them both academically and entrepreneurially. Since ages, man has always wanted to engage in new endeavors and look for innovative ways to prosper. This is how; he usually tries to maximize profit by investing his intellectual capital. This urge has always brought novel accomplishments for themselves as well as their countries. However, this has not always been a successful activity. And this is the point that brings us to our discussion regarding 'Relationship among entrepreneurship, innovation, and marketing in SME new venture context.' SMEs are an essential driving force that keeps economies operating; they play a crucial role in the generation of employment. However, in order to secure such a position a minimum level of innovativeness within these companies needs to be maintained. A research on factors for winning innovations can give a much efficient strategy from these organizations as well as the public sector in developing motivating surroundings. Since the fall of Rome to the eighteenth century, there was 'no' escalation in per capita wealth creation in the west. However, with the start of entrepreneurship, per capita, wealth generation and earnings in the West rose interestingly by 20 percent in the 1700s and kept on increasing to 740 percent in the1900s (Drayton, 2004). This was some exemplary growth. All through this time, entrepreneurial thinking has evolved by random twist and turns and reflective developments offering new conceptualizations of what it means for something to be entrepreneurial. It is now widely accepted by both Academy and in business schools globally that the management field has changed its vision and perspective on entrepreneurship. In past 5 years, the Academy of Management's Entrepreneurship Division has "dramatically outpaced the growth of every other division" by 77 percent (Shaver, 2004).