ENTREP 5016 Entrepreneurship and Innovation : Growth and Expansion

Agricultural Age is referred as the time between the 18^th century and the last of 19^th century in which many improvements were noticed in agricultural production and technology. Some inventions of this age contain of the plough and the wheel, which later on went on to improve the lives of people via effective farming and also food surpluses. Due to that, towns developed and expanded, and the contemporary trade and commerce centers started to spring up in certain regions (Landes, Mokyr & Baumol, 2012).

At the time of Industrial Age, energy sources and power driven machinery were introduced. Growth and expansion became swifter, in which the work environment changed from being individual to being group based in a more centralized setting. Factories mass produced products. Some of the most famous inventions of this age includes textile mills, large scale production equipment and the steam engine. People started becoming more interested in working in cities, which ultimately led to the overcrowding of those cities. One more situation that came up was the improved control over the resources by the rich people, and this further widened the inequality between them and the poor people.

The Information Age was also known as the Computer Age or the Digital Age. The age came into being with the advent of the internet and after that the personal computers. The technological changes of this age comprise of the World Wide Web, which started off with military applications and then moving in to business applications and then to individual use, the internet, microprocessors and fiber optics. Information digitalization had huge influence on several industries like entertainment, education, publishing and retailing. Consequent to this development emerged a new paradigm generated by virtual technology emerged, high speed internet and other different technologies. According to argument, this new paradigm gave rise to a new form of global culture and economy that came to be called as the imagination age. Creativity and innovation finds a key component in imagination, while everyone is required to have the basic skills of creativity and problem solving, irrespective of any everyday situation at home or at the work place (Baum, Frese & Baron, 2014).

Kuratko’s Model Of New Venture

Kuratko in his model of new venture puts importance on the market and technical aspects, even competition for complementing the questions on the basis of internal factors like financial and organizational elements. He suggested the following model for showing the major five elements for addressing while deciding the viability of a new venture (Kuratko, 2016).

Together with other contemporaries, Kuratko also proposed a research model for helping entrepreneurial motivation. His models help manage the dark side of entrepreneurship, like financial risks, which arises with variations in entrepreneurs’ desire for wealth, career risk that results in loss of job security, social risk that comes up with competition between commitment of work and family, and psychic risk that influences failure on the welfare of entrepreneurs (Kuratko, Hornsby & Covin, 2014).

References

Baum, J. R., Frese, M., & Baron, R. A. (Eds.). (2014). The psychology of entrepreneurship. Psychology Press.

Kuratko, D. F. (2016). Entrepreneurship: Theory, process, and practice. Cengage Learning.

Kuratko, D. F., Hornsby, J. S., & Covin, J. G. (2014). Diagnosing a firm's internal environment for corporate entrepreneurship. Business Horizons, 57(1), 37-47.

Landes, D. S., Mokyr, J., & Baumol, W. J. (Eds.). (2012). The invention of enterprise: Entrepreneurship from ancient Mesopotamia to modern times. Princeton University Press.