General Definition Organization that provide goods or services to earn profit. (Ebert & Griffin 2011) Specific Definition Business is a goal-directed behaviour aimed at getting and using productive resources to buy, make, trade, and sell goods and services that can be sold at profit. (Jones 2007)
Business Business is about creating and distributing values to the society via goods and service it produces. Profit and long-term growth are only the end result..
Technology or Product Demand or Market
Creativity Wycoff (1991) The act of seeing things that everyone around us sees while making connections that no on else has made.
INNVOVATION Rubenstein 1989 The process whereby new and improved product, process, materials, and services are developed and transfered to a plant and/or market where they are appropriate.
INNVOVATION Seybold 2006 Invention implemented and taken to the market.
INNVOVATION Swann 2009 Invention are the culmination of research activities and are ideas scetches or model for a new product or process, that may often be patened. But invention stops short of commercial use or exploitation. It is when the new idea is used in the market than we have innovation. Innovation is the commercial use of invention.
INNVOVATION MICHAEL PORTER " Competitiveness of a nation depends on the capacity of its industry to innovate and improve. Companies get advantages if they can innovate" It often involves ideas that are not “new” but have never been vigorously persuade.
INNVOVATION JOSEPH A. SCHUMPETER 1.The introduction of new goods 2.The introduction of new method of producing 3.The opening of a new market 4.The conquest of a new source of supply of raw materials or half- manufactured goods 5.The creation of monopoly position or the breaking up of a monopoly position