Innovation in Business Social Entrepreneurship Week 3 Abdullah Al Shukaili

Quiz 1 Will be in Week 4 Tutorial class ( 21/2/2017) 15% of total marks

Review questions Describe in 5 WORDS who is the entrepreneur? What is the role of entrepreneurship in the economy? What are the advantages of self-employment? Where do you find business ideas?

Review questions 5) What is the difference between innovation and creativity? 6) Give examples of service and good business? 7) What are the options to start a small business? 8) What is the difference between sole and partnership business forms? 9) What are the obstacles to start a business?

What is Innovation Innovation generally refers to changing processes or creating more effective processes, products and ideas. For businesses, this could mean implementing new ideas, creating dynamic products or improving your existing services.

Innovation and entrepreneurship Innovation is the entrepreneurship tools to change the opportunity for different business or different services, therefore entrepreneurship and innovation are inter-linked

Innovation and change Innovation in business sense can mean a lot Developing new product Developing new technology Developing any new way of doing something New way of delivering an existing product or services New way of informing the customer about the product Any new approach to manage the business and gain profit

Digital Business Models

Apple, the world's most valuable company, turns 40 this year Apple, the world's most valuable company, turns 40 this year. Building its wealth on a history of innovations that changed daily life — from its leading role in the personal computer revolution of the 1970s and 1980s to the smartphone 

What is creative thinking? Creative thinking is the process of coming up with new ideas or new approaches. There is no innovation without creativity. While creativity is the ability to produce new and unique ideas, innovation is the implementation of that creativity - that's the introduction of a new idea, solution, process, or product.  Creativity improves the process of solving problems Creativity is the capability or act of conceiving something original or unusual Innovation is the implementation of something new. If you have a brainstorm meeting and dream up dozens of new ideas then you have displayed creativity but there is no innovation until something gets implemented. Somebody has to take a risk and deliver something for a creative idea to be turned into an innovation.

Oman’s innovation system and global Look to this report prepared by The Research Council in Oman ( TRC) http://unctad.org/en/PublicationsLibrary/dtlstict2014d1_en.pdf Global Innovation Index (GII), global indicator for the innovation Oman is ranked 80th on the GII (2013) Oman is ranked 73rd on the GII (2016)

What is a Social Entrepreneur? Social entrepreneurs work to solve critical social problems and address basic unmet needs through entrepreneurship. Active citizens can use their skills and expertise to tackle the most social and environment problems.

Social Entrepreneurship Social entrepreneurship focus in community development and long term capacity building Social entrepreneurship is important for the welfare of the society in:- Generating and acting on new ideas Providing new services in new way Creating new organizations or ways of delivering services No profit aim in social entrepreneurship

Taxonomy of enterprises Multiple forms of social enterprises exist Taxonomy of enterprises Imitative nonprofit organizations Innovative nonprofit organizations Hybrid nonprofit organizations For-profit organizations

Widespread Needs and Interests Serve the social interest Examples: charitable, religious, educational, scientific, literary, testing for public safety, fostering amateur sports, preventing animal cruelty

Outreach focus, rather than differentiation Promote social value as a nonprofit Are easily replicated without modification Examples: schools, scientific research centers, sporting clubs Typically introduced to a new geographic area