Being the entrepreneur in the company, one must be open to the process of innovation in order to be of influenced to people. Innovation is an incredibly powerful method that an entrepreneur can use to improve, awaken or save business. Innovation allows one to keep all the good points such as its professional people and its hold of the market. It allows one to get all the working parts together. (Burns, 2001).
The task is to motivate the entrepreneur at all times, through every possible technique or approach available and apt for the situations. They need to enjoy themselves in the process. There are many questions that have to be answered, such as who are the people, what are their job tasks, how do they get paid, with whom do they work? Because of these varied and ever-changing elements in motivation, this is not a simple or easy task. The difficulty is that all people are different from one another in many ways; hence what might motivate one person does not necessarily work for another person – different strokes for different folks.
An entrepreneur must be on a continuous learning mode because he may be left behind. He need to keep in mind that he is striving for the effects of change, not change for the mere sake of change. He needs to develop a regular situational awareness so that he can act when necessary with reasonable judgment. He can only do that when he is well-informed. He needs to plan and think through the steps of change, yet must know that he must not get caught in analysis paralysis. When all else is going haywire, he needs to do something. If he has a good situational awareness, his actions must be reasonably successful and will get him going, (Burns, 2001).
Innovation is process-oriented. Innovative attempts make the inner workings of my company more efficient, allowing it to be more competitive in its chosen target markets. The idea is that a company has laid claim to certain tangible markets and opportunities. To better service those existing markets, Smart Drink can innovate itself to Paul Burns wrote in his book, Entrepreneurship and Small Business: “How entrepreneurs manage and deal with change is central to their character and essential if they are to be successful. Most ‘ordinary people’ find change threatening. Entrepreneurs welcome it because it creates opportunities that can be exploited and often create it through innovation.” (Burns, 2001).
An entrepreneur needs to be innovative and develop projects, organize time and follow through on details. One needs to personally supervise everything. As a dedicated manager, he must be committed to evolving and growing the company so it is always at the best it can possibly be. But being the best requires more than making things different. Being the best involves being creative, disciplined, hard-edged, compassionate, aggressive, flexible and smart
As an entrepreneur looks for changes, hunts and gathers opportunities, repositions and remarkets, and do all the things necessary to transform the company, he must constantly evaluate the results. Keep what works and discard or avoid that which does not. Even the so-called steps of reinvention are not really tangible steps. One should always be seeking and cataloguing strengths, always looking for new weaknesses, always turning lacks into strengths, and always seeking out new opportunities and new customers. The only constant is change. And with constant change must come constant innovation and evaluation. They should understand and rightly perceive the efforts of the work group and how it is needed to meet the goals. In addition, they should receive feedback on how they and the organization are doing (Gewirtz, D., 1996).
Meanwhile, technology-induced stress emerges as a significant influence on an entrepreneur’s burnout. The stress appears to undermine satisfaction and contribute to their burnout. Thus a balance needs to be achieved in this regard so that technology can enhance work rather than cause anxiety. The company probably needs to do some repositioning. Opportunity hunting is an incredibly empowering process. The entrepreneur can take a look at all the opportunities presenting itself to the company. The presence of high technology can be maximized to gain more purchases and answer the needs of the market. The human, material and capital resources of the enterprise must be managed effectively and efficiently. The practice of management requires foresight, intellectual skill, conceptual insight into business realities and judgment. Every business, from the most successful to the most troubled, does some things very right. The most important part of the reinvention process is identifying these things that one does so well – from the simplest office procedure with the help of technology (Vance).
In a time when the nature of work changes with respect to globalization, this era will see the downsizing of many huge corporations as well as the increase in competition for jobs brought about by globalization. The movement towards change and flexibility in terms of numbers and functions is seen as a welcome decision. Therefore, what is essential in the incorporation of flexible work patterns in an organization is that these firms see that flexibility is an agent of change for the positive. Flexibility does benefit both the employers and the employees, as productivity is enhanced on the part of the employee. Many businesses practicing and applying flexible work patterns have seen and enjoyed the benefits of doing so. Among the positive benefits reported are enhanced recruitment, improved employee morale, reduced stress, reduced absences and tardiness, the expanded use of equipment, and improved scheduling. Every entrepreneur should be encouraged to think ahead in visionary terms. Each should consider how his work could be restructured and rethought to improve his contribution to the company.
To achieve balance in life, there is no question one must seek success in his chosen profession. To breed a successful entrepreneur, one must remember that his success is the success of the enterprise. Yet a business leader is more than his profession. He is his interests, abilities, his needs, his desires, his family, his loves, his fears, and his physical self. He must be able to combine values into an expression of objectives and policies which leads to satisfactory outcomes (McDonald, 1977). As an entrepreneur, he must use the business’ existing tools, abilities and resources to search out and take advantage of new opportunities. The world does not stand still. Markets change. Customer requirements change. It is important to be able to change with the times. As an entrepreneur, one needs the flexibility to change again and again – not just to compensate for tough turns in the business cycle, but to take full advantage of the things the company does best.