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Select a successful entrepreneur or innovator. Against the history of the person, examine their reported characteristics, actions and successes, and critically analyse those things that seem to match up to the various theories of entrepreneurship.

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Introduction

Innovation and Entrepreneurial Studies - Part 1 1.1 Select, with the approval of your tutor, a successful entrepreneur or innovator. Against the history of the person, examine their reported characteristics, actions and successes, and critically analyse those things that seem to match up to the various theories of entrepreneurship. 1.2 Stan Lee is widely renowned as the major innovator in the history of comic books. He is famous for the creation of characters such as Spiderman, The Fantastic Four, The X men, Incredible Hulk, Silver Surfer, Iron Man, and Daredevil, among others. I would like to point out that (in my opinion) Stan Lee is/was an innovator, an intrapreneur, and an entrepreneur. As will be detailed in this assignment maybe at times his entrepreneurial skills were not as well developed as they could have been, and due to this fact he spent a large chunk of his life being intrapreneurial rather than entrepreneurial. In retrospect he realises this and (maybe too late) he now is exhibiting himself as a true entrepreneur. 1.3 'Stan Lee' was born on December 28th, 1922 as Stanley Martin Lieber, in New York City. He was the first child of Romanian immigrants, Jack and Celia Lieber. They were a relatively poor family struggling to make ends meets. His father struggled to find work after the great depression of 1929. This greatly affected his father and left a lasting feeling with Stan "Seeing the demoralising effect that this unemployment had on his spirit, making him feel he just wasn't needed, gave me a feeling I've never been able to shake". It was a hard time and seeing his family (especially his father getting more depressed due to lack of work) in such a bad state gave Stan the need for escapism. He had a great love for reading and would often lose himself in the magical world of books, and making his own basic comics to entertain himself. ...read more.

Middle

Even though he is (by nature) a nice person, and treats his staff with respect and makes the working environment as fun as possible (he'd be a great person to work for in my opinion), he still demands the highest standards and is tough if they are not achieved. His field (comics) is his life and he has sacrificed a lot to achieve his success, but he would not say he has sacrificed as this is what he loves 1.21 Conclusion: I would say Stan Lee is unquestionably an innovator, and was definitely an intrapreneur, when maybe if he had more entrepreneurial characteristics he would have gone into business for himself (he realises this himself too). Maybe he was too nice/na�ve to see how he could have maximised his potential (like going into business himself, or even publishing the 'caption' book example), and now in the twilight years of his life he is realising he can be an entrepreneur by starting his own business (Stan Lee Media). Whether this new venture proves to be successful or not, only time will tell, because any such venture is a risk. Also at the time of writing this report Stan Lee Media is not doing as well a Stan would have anticipated. So he has finally achieved entrepreneurial recognition, whether he will succeed or not is a matter of time, and I'm sure he's aware that being entrepreneurial by nature involves high risk. Innovation and Entrepreneurial Studies - Part 2 2.1 Develop from the literature an account of the key features of the overall processes that lead to innovative products and services. Indicate how the nature and balance of difficulties to overcome might vary between the settings of a) Large Plc b) SME c) Individual Inventor 2.2 Innovation is the key to gaining and maintaining a competitive advantage in the business world. 2.3 Firstly I would like to point out that innovation in firms is a systematic managed set of processes which competes for budget resources with other areas of the firm. ...read more.

Conclusion

as usually the person championing the change is top management. 2.13 Individual Inventor: The Individual Inventor can spend all his time on the innovation side as he's not running a business. His sole purpose is to innovate (invent). Therefore the balance is totally about concentration on innovation. He is in the process of achieving future revenue/prosperity and does not have any current revenue prosperity to worry about. Therefore he is free to innovate as he sees fit, but he is by nature an inventor (maybe and entrepreneur or intrapreneur) and therefore will have the standard difficulties that come with this. He must be everything to his work. Be completely multi-skilled if he is to innovate and be commercially successful. He must be the project champion, be totally engrossed in his work, to the point of obsession. Being totally focused and at times disregarding the feelings of others. He must be fiercely protective and extremely persuasive. He has nobody to motivate or push him in the right direction, and this can be a problem as he could be 'going up a blind alley'. Therefore he may need a 'mentor' figure as a source of guidance and support. All the rewards or on his head, as well as all the problems/issues that come with inventing and being entrepreneurial/intrapreneurial. 2.14 Conclusion: Firms must always expect change, and put in place the relevant infrastructure to adapt and compliment the ever changing environment/economy. Organisations must develop their long term thinking and always consider it when making corporate decisions, especially in times of crisis where innovation is usually one of the first areas to suffer cutbacks. Innovation that creates future wealth is just as important as the company's current wealth creation, and this must be taken into account at all times to ensure long term success. In conclusion I feel vision, strategy and objectives are the bedrock for managing innovation and change, and if firms follow the steps illustrated in this report they will go some way towards ensuring that they have more chance of having success in future innovation attempts, and in turn ensuring their long term survival/success. ...read more.

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