Opal Leung's Blog

Among the various definitions of entrepreneurship, Schumpeter places emphasis on:

a. new products,

b. new production methods,

c. new markets, and

d. new forms of organization.

Apple is definitely a pioneering company in terms of change and innovation. Not only does the company release innovative products on a periodic basis, Apple also works towards engaging different sectors of the market. For instance, while targeting youth with the iPad and iPod, Apple has also introduced office-oriented products geared for professionals.

Innovation is not limited to products, as changes in organizational structure are also encouraged in the company. Steve Jobs’ transformational leadership instils a sense of vision among the employees and develops a culture rewarding positive changes to the company.

As opposed to small businesses, Apple has the resources and reputation to generate a significant amount of wealth in a relatively short period of time. Furthermore, the risk of Apple’s entrepreneurial venture is considerably high, but this is justified by the incentive of the profits that the company can earn.

Innovation is necessary for an entrepreneur, but it does not necessarily lead to entrepreneurship.