Entrepreneurship Development and Innovation Management: Key Connections

Entrepreneurship development and innovation efforts in business increase in scope, complexity and link to increasing numbers of key stakeholders, so do demands for careful and systematic execution of developmental and innovative implementation in evolutionary learning. Use of innovative strategies and tools is an emerging solution for entrepreneurial implementation. Entrepreneurship development and innovations have brought about a evolution of thinking in the field of business and expanded the boundaries that traditionally separated economics and other social science disciplines. In entrepreneurial development of business, the concept of innovation is increasingly being used to diagnose entrepreneurial problems as well as to craft economic interventions. In an era of increasing global competition, it is argued that innovation and entrepreneurial skills are the key sources of competitive advantage. It discusses how the innovations influence and changes their roles and how those roles are organized. It explores the emergence and increasing importance of social networking competency for entrepreneurial innovations as successfully engaged in new roles. It provides a conceptual model of innovative entrepreneurship development, integrating the literature on business angels, new venture creation, entrepreneurship, small and medium enterprises, business simulation, start up management, entrepreneurship development programs, assumption based planning, e-commerce, strategic management and alignment, competitive advantages and entrepreneurial challenges. In addition, the findings from emerging entrepreneurial literature were reported as four key themes: model, tools, theories and research. The article discusses interventions that can be used by entrepreneurship development researchers and practitioners to improve performance in business by developing innovational commitment in the organization.