Page 1
70
UNIT 4
Entrepreneurship as Innovation
and Problem Solving
Learning Objectives:
After reading the chapter the student would be able to:
Understand the role of entrepreneurs as problem solvers in society
Appreciate the role of innovations in entrepreneurial ventures
Explain the concept and importance of social entrepreneurship
State the meaning of entrepreneurial risk and risk management
Differentiate between internal and external risk
Describe the role played by technology in creation of new forms of business
Explain the different barriers of entrepreneurship
Identify the various support structure available for promoting entrepreneurship
Understand the term Business Incubator
Case Study
Read the story and write a few lines what you have understood from it:
The Japanese have always loved fresh fish. But the waters close to Japan have not held many fish for
decades.
So to feed the Japanese population, fishing boats got bigger and went farther than ever. The farther the
fishermen went, the longer it took to bring in the fish. If the return trip took more than a few days, the
fish were not fresh. The Japanese did not like the taste.
To solve this problem, fishing companies installed freezers on their boats. They would catch the fish and
freeze them at sea. Freezers allowed the boats to go farther and stay longer. However, the Japanese could
taste the difference between fresh and frozen and they did not like frozen fish. The frozen fish brought a
lower price.
So, fishing companies installed fish tanks. They would catch the fish and store them in the tanks. After a
little thrashing around, the fish stopped moving. They were tired and dull, but alive. Unfortunately, the
Japanese could still taste the difference. Because the fish did not move for days, they lost their fresh-fish
taste.
The Japanese preferred the lively taste of fresh fish, not sluggish fish. So how
did Japanese fishing companies solve this problem? How do they get fresh-
tasting fish to Japan? How do the Japanese manage to keep the fish fresh?
Page 2
70
UNIT 4
Entrepreneurship as Innovation
and Problem Solving
Learning Objectives:
After reading the chapter the student would be able to:
Understand the role of entrepreneurs as problem solvers in society
Appreciate the role of innovations in entrepreneurial ventures
Explain the concept and importance of social entrepreneurship
State the meaning of entrepreneurial risk and risk management
Differentiate between internal and external risk
Describe the role played by technology in creation of new forms of business
Explain the different barriers of entrepreneurship
Identify the various support structure available for promoting entrepreneurship
Understand the term Business Incubator
Case Study
Read the story and write a few lines what you have understood from it:
The Japanese have always loved fresh fish. But the waters close to Japan have not held many fish for
decades.
So to feed the Japanese population, fishing boats got bigger and went farther than ever. The farther the
fishermen went, the longer it took to bring in the fish. If the return trip took more than a few days, the
fish were not fresh. The Japanese did not like the taste.
To solve this problem, fishing companies installed freezers on their boats. They would catch the fish and
freeze them at sea. Freezers allowed the boats to go farther and stay longer. However, the Japanese could
taste the difference between fresh and frozen and they did not like frozen fish. The frozen fish brought a
lower price.
So, fishing companies installed fish tanks. They would catch the fish and store them in the tanks. After a
little thrashing around, the fish stopped moving. They were tired and dull, but alive. Unfortunately, the
Japanese could still taste the difference. Because the fish did not move for days, they lost their fresh-fish
taste.
The Japanese preferred the lively taste of fresh fish, not sluggish fish. So how
did Japanese fishing companies solve this problem? How do they get fresh-
tasting fish to Japan? How do the Japanese manage to keep the fish fresh?
71
To keep the fish tasting fresh, the Japanese fishing companies still put the fish in the tanks. But now they
add a small shark to each tank. The shark eats a few fish, but most of the fish arrive in a very lively state.
The fish are challenged.
Have you realized that some of us are also living in a pond, but most of the time feel tired and dull, so
we need a „Shark? in our life to keep us awake and moving? Basically in our lives, Sharks are new
challenges to keep us active.
For an entrepreneur, the main motivating factor which urges them to continue in their entrepreneurial
pursuit is challenge. The more intelligent, persistent and competent they are, the more they enjoy a
challenge.
From this story, it is clear that, to be a successful entrepreneur, one has to be a problem solver.
Identify the various problems involved in the story, and the various solutions available to solve it.
Who is an entrepreneur?
He/she is the one who undertakes risks.
Why are they called problem solvers?
Entrepreneurial actions are efforts to solve problems for others. Therefore, entrepreneurs
are Problem Solvers. When one solves a problem a new value is created. In the business
world, problem solvers take risks, but often create value by solving a customer or
market problem, which is the key to creating a profitable enterprise. The more or larger
problems an entrepreneurial organization solves, the more profit it can generate.
Case Study
Humble beginning of KFC
In 1930, the then 40 year old Sanders was operating a service station in Corby, Kentucky, USA and he
encountered a lot of hungry travellers who stopped for gas. He saw that the travellers wanted to eat
something as there was nothing available in that area. He saw and understood the problem. As a child,
he used to cook for his siblings and so he knew how to cook, which instigated him to cook for the
travellers. He did not even have a restaurant to serve food but his secret blend of 11 herbs and spices
made his chicken recipe such a super hit among travellers that he started getting regular customers for
his food, which prompted him to start a restaurant. This is the humble beginning of the world famous
fast food chain “KFC- Kentucky Fried Chicken”.
Problem Solution
1. Love for fish Led to using of Bigger boats
2. Need for fresh fish Installation of freezers
3. Taste of fresh fish Installation of fish tanks
4. To improve taste of the fresh fish Added shark
Page 3
70
UNIT 4
Entrepreneurship as Innovation
and Problem Solving
Learning Objectives:
After reading the chapter the student would be able to:
Understand the role of entrepreneurs as problem solvers in society
Appreciate the role of innovations in entrepreneurial ventures
Explain the concept and importance of social entrepreneurship
State the meaning of entrepreneurial risk and risk management
Differentiate between internal and external risk
Describe the role played by technology in creation of new forms of business
Explain the different barriers of entrepreneurship
Identify the various support structure available for promoting entrepreneurship
Understand the term Business Incubator
Case Study
Read the story and write a few lines what you have understood from it:
The Japanese have always loved fresh fish. But the waters close to Japan have not held many fish for
decades.
So to feed the Japanese population, fishing boats got bigger and went farther than ever. The farther the
fishermen went, the longer it took to bring in the fish. If the return trip took more than a few days, the
fish were not fresh. The Japanese did not like the taste.
To solve this problem, fishing companies installed freezers on their boats. They would catch the fish and
freeze them at sea. Freezers allowed the boats to go farther and stay longer. However, the Japanese could
taste the difference between fresh and frozen and they did not like frozen fish. The frozen fish brought a
lower price.
So, fishing companies installed fish tanks. They would catch the fish and store them in the tanks. After a
little thrashing around, the fish stopped moving. They were tired and dull, but alive. Unfortunately, the
Japanese could still taste the difference. Because the fish did not move for days, they lost their fresh-fish
taste.
The Japanese preferred the lively taste of fresh fish, not sluggish fish. So how
did Japanese fishing companies solve this problem? How do they get fresh-
tasting fish to Japan? How do the Japanese manage to keep the fish fresh?
71
To keep the fish tasting fresh, the Japanese fishing companies still put the fish in the tanks. But now they
add a small shark to each tank. The shark eats a few fish, but most of the fish arrive in a very lively state.
The fish are challenged.
Have you realized that some of us are also living in a pond, but most of the time feel tired and dull, so
we need a „Shark? in our life to keep us awake and moving? Basically in our lives, Sharks are new
challenges to keep us active.
For an entrepreneur, the main motivating factor which urges them to continue in their entrepreneurial
pursuit is challenge. The more intelligent, persistent and competent they are, the more they enjoy a
challenge.
From this story, it is clear that, to be a successful entrepreneur, one has to be a problem solver.
Identify the various problems involved in the story, and the various solutions available to solve it.
Who is an entrepreneur?
He/she is the one who undertakes risks.
Why are they called problem solvers?
Entrepreneurial actions are efforts to solve problems for others. Therefore, entrepreneurs
are Problem Solvers. When one solves a problem a new value is created. In the business
world, problem solvers take risks, but often create value by solving a customer or
market problem, which is the key to creating a profitable enterprise. The more or larger
problems an entrepreneurial organization solves, the more profit it can generate.
Case Study
Humble beginning of KFC
In 1930, the then 40 year old Sanders was operating a service station in Corby, Kentucky, USA and he
encountered a lot of hungry travellers who stopped for gas. He saw that the travellers wanted to eat
something as there was nothing available in that area. He saw and understood the problem. As a child,
he used to cook for his siblings and so he knew how to cook, which instigated him to cook for the
travellers. He did not even have a restaurant to serve food but his secret blend of 11 herbs and spices
made his chicken recipe such a super hit among travellers that he started getting regular customers for
his food, which prompted him to start a restaurant. This is the humble beginning of the world famous
fast food chain “KFC- Kentucky Fried Chicken”.
Problem Solution
1. Love for fish Led to using of Bigger boats
2. Need for fresh fish Installation of freezers
3. Taste of fresh fish Installation of fish tanks
4. To improve taste of the fresh fish Added shark
72
Solving Problems to Meet the Needs and Wants of People:
Most entrepreneurial ventures have survived when they solve problems of people,
understanding their needs and accordingly changing the product to their needs. Study the
following examples:
The Story of Kellogg: In 1894, Dr. John Harvey Kellogg was superintendent of a famous
hospital and health spa in Battle Creek, Michigan. His younger brother, Will Keith Kellogg, was
the business manager. The hospital stressed healthful living and kept its patients on a diet that
eliminated caffeine, meat, alcohol and tobacco.
The brothers invented many foods that were made from grains, including a coffee substitute
and a type of granola, which they forced through rollers and rolled into long sheets of dough.
One day, after cooking some wheat, the men were called away. When they finally returned, the
whet had become stale. They decided to force the tempered grain through the rollers anyway.
Surprisingly, the grain did not come out in long sheets of dough. Instead, each wheat berry was
flattened and came out as a thin flake. The brothers baked the flakes and were delighted with
their new invention. They realized that they have discovered a new and delicious cereal, but
they had no way of knowing that they had accidentally invented a whole new industry. Will
Keith Kellogg eventually opened his own cereal business and its most famous product is still
sold today. It wasn‘t until 1906 that Kellogg?s Corn Flakes were made available to the general
public.
Innovations Leading to Entrepreneurial Ventures
An entrepreneur is also known to be a person who habitually creates and innovates to build
something of recognised value around perceived opportunities.
Creativity and innovation are the distinguishing marks of the entrepreneur. That is why they
disturb markets and can challenge large established businesses. Creativity is a continuous
activity for the entrepreneur, always seeing new ways of doing things with little concern for
how difficult they might be or whether the resources are available. But creativity in the
entrepreneur is combined with the ability to innovate, to take the idea and make it work in
practice. Once the project is accomplished, the entrepreneur seeks another =mountain to climb‘
because for him or her creativity and innovation are habitual, something that he or she has to
keep on doing.
Let us look into some innovations that led to successful ventures:
Penicillin
Inventor: Sir Alexander Fleming, a scientist
What he was trying to make: Ironically, Fleming was
searching for a "wonder drug" that could cure diseases.
However, it wasn't until Fleming threw away his experiments
that he found what he was looking for.
Page 4
70
UNIT 4
Entrepreneurship as Innovation
and Problem Solving
Learning Objectives:
After reading the chapter the student would be able to:
Understand the role of entrepreneurs as problem solvers in society
Appreciate the role of innovations in entrepreneurial ventures
Explain the concept and importance of social entrepreneurship
State the meaning of entrepreneurial risk and risk management
Differentiate between internal and external risk
Describe the role played by technology in creation of new forms of business
Explain the different barriers of entrepreneurship
Identify the various support structure available for promoting entrepreneurship
Understand the term Business Incubator
Case Study
Read the story and write a few lines what you have understood from it:
The Japanese have always loved fresh fish. But the waters close to Japan have not held many fish for
decades.
So to feed the Japanese population, fishing boats got bigger and went farther than ever. The farther the
fishermen went, the longer it took to bring in the fish. If the return trip took more than a few days, the
fish were not fresh. The Japanese did not like the taste.
To solve this problem, fishing companies installed freezers on their boats. They would catch the fish and
freeze them at sea. Freezers allowed the boats to go farther and stay longer. However, the Japanese could
taste the difference between fresh and frozen and they did not like frozen fish. The frozen fish brought a
lower price.
So, fishing companies installed fish tanks. They would catch the fish and store them in the tanks. After a
little thrashing around, the fish stopped moving. They were tired and dull, but alive. Unfortunately, the
Japanese could still taste the difference. Because the fish did not move for days, they lost their fresh-fish
taste.
The Japanese preferred the lively taste of fresh fish, not sluggish fish. So how
did Japanese fishing companies solve this problem? How do they get fresh-
tasting fish to Japan? How do the Japanese manage to keep the fish fresh?
71
To keep the fish tasting fresh, the Japanese fishing companies still put the fish in the tanks. But now they
add a small shark to each tank. The shark eats a few fish, but most of the fish arrive in a very lively state.
The fish are challenged.
Have you realized that some of us are also living in a pond, but most of the time feel tired and dull, so
we need a „Shark? in our life to keep us awake and moving? Basically in our lives, Sharks are new
challenges to keep us active.
For an entrepreneur, the main motivating factor which urges them to continue in their entrepreneurial
pursuit is challenge. The more intelligent, persistent and competent they are, the more they enjoy a
challenge.
From this story, it is clear that, to be a successful entrepreneur, one has to be a problem solver.
Identify the various problems involved in the story, and the various solutions available to solve it.
Who is an entrepreneur?
He/she is the one who undertakes risks.
Why are they called problem solvers?
Entrepreneurial actions are efforts to solve problems for others. Therefore, entrepreneurs
are Problem Solvers. When one solves a problem a new value is created. In the business
world, problem solvers take risks, but often create value by solving a customer or
market problem, which is the key to creating a profitable enterprise. The more or larger
problems an entrepreneurial organization solves, the more profit it can generate.
Case Study
Humble beginning of KFC
In 1930, the then 40 year old Sanders was operating a service station in Corby, Kentucky, USA and he
encountered a lot of hungry travellers who stopped for gas. He saw that the travellers wanted to eat
something as there was nothing available in that area. He saw and understood the problem. As a child,
he used to cook for his siblings and so he knew how to cook, which instigated him to cook for the
travellers. He did not even have a restaurant to serve food but his secret blend of 11 herbs and spices
made his chicken recipe such a super hit among travellers that he started getting regular customers for
his food, which prompted him to start a restaurant. This is the humble beginning of the world famous
fast food chain “KFC- Kentucky Fried Chicken”.
Problem Solution
1. Love for fish Led to using of Bigger boats
2. Need for fresh fish Installation of freezers
3. Taste of fresh fish Installation of fish tanks
4. To improve taste of the fresh fish Added shark
72
Solving Problems to Meet the Needs and Wants of People:
Most entrepreneurial ventures have survived when they solve problems of people,
understanding their needs and accordingly changing the product to their needs. Study the
following examples:
The Story of Kellogg: In 1894, Dr. John Harvey Kellogg was superintendent of a famous
hospital and health spa in Battle Creek, Michigan. His younger brother, Will Keith Kellogg, was
the business manager. The hospital stressed healthful living and kept its patients on a diet that
eliminated caffeine, meat, alcohol and tobacco.
The brothers invented many foods that were made from grains, including a coffee substitute
and a type of granola, which they forced through rollers and rolled into long sheets of dough.
One day, after cooking some wheat, the men were called away. When they finally returned, the
whet had become stale. They decided to force the tempered grain through the rollers anyway.
Surprisingly, the grain did not come out in long sheets of dough. Instead, each wheat berry was
flattened and came out as a thin flake. The brothers baked the flakes and were delighted with
their new invention. They realized that they have discovered a new and delicious cereal, but
they had no way of knowing that they had accidentally invented a whole new industry. Will
Keith Kellogg eventually opened his own cereal business and its most famous product is still
sold today. It wasn‘t until 1906 that Kellogg?s Corn Flakes were made available to the general
public.
Innovations Leading to Entrepreneurial Ventures
An entrepreneur is also known to be a person who habitually creates and innovates to build
something of recognised value around perceived opportunities.
Creativity and innovation are the distinguishing marks of the entrepreneur. That is why they
disturb markets and can challenge large established businesses. Creativity is a continuous
activity for the entrepreneur, always seeing new ways of doing things with little concern for
how difficult they might be or whether the resources are available. But creativity in the
entrepreneur is combined with the ability to innovate, to take the idea and make it work in
practice. Once the project is accomplished, the entrepreneur seeks another =mountain to climb‘
because for him or her creativity and innovation are habitual, something that he or she has to
keep on doing.
Let us look into some innovations that led to successful ventures:
Penicillin
Inventor: Sir Alexander Fleming, a scientist
What he was trying to make: Ironically, Fleming was
searching for a "wonder drug" that could cure diseases.
However, it wasn't until Fleming threw away his experiments
that he found what he was looking for.
73
How it was created: Fleming noticed that a contaminated Petri dish, he had discarded, contained
a mold that was dissolving all the bacteria around it. When he grew the mold by itself, he
learned that it contained a powerful antibiotic, penicillin.
Potato Chips
Inventor: George Crum, a chef at the Carey Moon Lake House in Saratoga Springs
What they were trying to make: A plate of fried potato.
How it was created: One day, a customer sent back his plate of potatoes
many times and kept asking for them to be more fried and thinner.
Crum lost his temper, sliced the potatoes insanely thin and fried them
until they were hard as a rock. To the chef's surprise, the customer
loved them and wanted more! And this is how potato chips came into existence.
The Pacemaker
Inventor: John Hopps, an electrical engineer
What he was trying to make: Hopps was conducting research on hypothermia
and was trying to use radio frequency heating to restore body temperature.
How it was created: During his experiment, he realized that if a heart
stopped beating due to cooling, it could be started again by artificial
stimulation. This realization led to the pacemaker.
Microwave Ovens
Inventor: Percy Spencer, an engineer (with the Raytheon Corporation)
What he was trying to make: The engineer was conducting a radar-related
research project with a new vacuum tube.
How it was created: Spencer realized that the candy bar in his pocket began to melt during his
experiments. He then put popcorn into the machine, and when it started to pop, he knew he
had a revolutionary device on his hands.
Ink-Jet Printers
Inventor: A Canon engineer.
How it was created: After resting his hot iron on his pen by accident, ink
was ejected from the pens point a few moments later. This principle led to
the creation of the inkjet printer.
X-Rays
Inventor: Wilhem Roentgen, a physicist
What he was trying to make: He was interested in investigating the properties of cathode ray
tubes.
Page 5
70
UNIT 4
Entrepreneurship as Innovation
and Problem Solving
Learning Objectives:
After reading the chapter the student would be able to:
Understand the role of entrepreneurs as problem solvers in society
Appreciate the role of innovations in entrepreneurial ventures
Explain the concept and importance of social entrepreneurship
State the meaning of entrepreneurial risk and risk management
Differentiate between internal and external risk
Describe the role played by technology in creation of new forms of business
Explain the different barriers of entrepreneurship
Identify the various support structure available for promoting entrepreneurship
Understand the term Business Incubator
Case Study
Read the story and write a few lines what you have understood from it:
The Japanese have always loved fresh fish. But the waters close to Japan have not held many fish for
decades.
So to feed the Japanese population, fishing boats got bigger and went farther than ever. The farther the
fishermen went, the longer it took to bring in the fish. If the return trip took more than a few days, the
fish were not fresh. The Japanese did not like the taste.
To solve this problem, fishing companies installed freezers on their boats. They would catch the fish and
freeze them at sea. Freezers allowed the boats to go farther and stay longer. However, the Japanese could
taste the difference between fresh and frozen and they did not like frozen fish. The frozen fish brought a
lower price.
So, fishing companies installed fish tanks. They would catch the fish and store them in the tanks. After a
little thrashing around, the fish stopped moving. They were tired and dull, but alive. Unfortunately, the
Japanese could still taste the difference. Because the fish did not move for days, they lost their fresh-fish
taste.
The Japanese preferred the lively taste of fresh fish, not sluggish fish. So how
did Japanese fishing companies solve this problem? How do they get fresh-
tasting fish to Japan? How do the Japanese manage to keep the fish fresh?
71
To keep the fish tasting fresh, the Japanese fishing companies still put the fish in the tanks. But now they
add a small shark to each tank. The shark eats a few fish, but most of the fish arrive in a very lively state.
The fish are challenged.
Have you realized that some of us are also living in a pond, but most of the time feel tired and dull, so
we need a „Shark? in our life to keep us awake and moving? Basically in our lives, Sharks are new
challenges to keep us active.
For an entrepreneur, the main motivating factor which urges them to continue in their entrepreneurial
pursuit is challenge. The more intelligent, persistent and competent they are, the more they enjoy a
challenge.
From this story, it is clear that, to be a successful entrepreneur, one has to be a problem solver.
Identify the various problems involved in the story, and the various solutions available to solve it.
Who is an entrepreneur?
He/she is the one who undertakes risks.
Why are they called problem solvers?
Entrepreneurial actions are efforts to solve problems for others. Therefore, entrepreneurs
are Problem Solvers. When one solves a problem a new value is created. In the business
world, problem solvers take risks, but often create value by solving a customer or
market problem, which is the key to creating a profitable enterprise. The more or larger
problems an entrepreneurial organization solves, the more profit it can generate.
Case Study
Humble beginning of KFC
In 1930, the then 40 year old Sanders was operating a service station in Corby, Kentucky, USA and he
encountered a lot of hungry travellers who stopped for gas. He saw that the travellers wanted to eat
something as there was nothing available in that area. He saw and understood the problem. As a child,
he used to cook for his siblings and so he knew how to cook, which instigated him to cook for the
travellers. He did not even have a restaurant to serve food but his secret blend of 11 herbs and spices
made his chicken recipe such a super hit among travellers that he started getting regular customers for
his food, which prompted him to start a restaurant. This is the humble beginning of the world famous
fast food chain “KFC- Kentucky Fried Chicken”.
Problem Solution
1. Love for fish Led to using of Bigger boats
2. Need for fresh fish Installation of freezers
3. Taste of fresh fish Installation of fish tanks
4. To improve taste of the fresh fish Added shark
72
Solving Problems to Meet the Needs and Wants of People:
Most entrepreneurial ventures have survived when they solve problems of people,
understanding their needs and accordingly changing the product to their needs. Study the
following examples:
The Story of Kellogg: In 1894, Dr. John Harvey Kellogg was superintendent of a famous
hospital and health spa in Battle Creek, Michigan. His younger brother, Will Keith Kellogg, was
the business manager. The hospital stressed healthful living and kept its patients on a diet that
eliminated caffeine, meat, alcohol and tobacco.
The brothers invented many foods that were made from grains, including a coffee substitute
and a type of granola, which they forced through rollers and rolled into long sheets of dough.
One day, after cooking some wheat, the men were called away. When they finally returned, the
whet had become stale. They decided to force the tempered grain through the rollers anyway.
Surprisingly, the grain did not come out in long sheets of dough. Instead, each wheat berry was
flattened and came out as a thin flake. The brothers baked the flakes and were delighted with
their new invention. They realized that they have discovered a new and delicious cereal, but
they had no way of knowing that they had accidentally invented a whole new industry. Will
Keith Kellogg eventually opened his own cereal business and its most famous product is still
sold today. It wasn‘t until 1906 that Kellogg?s Corn Flakes were made available to the general
public.
Innovations Leading to Entrepreneurial Ventures
An entrepreneur is also known to be a person who habitually creates and innovates to build
something of recognised value around perceived opportunities.
Creativity and innovation are the distinguishing marks of the entrepreneur. That is why they
disturb markets and can challenge large established businesses. Creativity is a continuous
activity for the entrepreneur, always seeing new ways of doing things with little concern for
how difficult they might be or whether the resources are available. But creativity in the
entrepreneur is combined with the ability to innovate, to take the idea and make it work in
practice. Once the project is accomplished, the entrepreneur seeks another =mountain to climb‘
because for him or her creativity and innovation are habitual, something that he or she has to
keep on doing.
Let us look into some innovations that led to successful ventures:
Penicillin
Inventor: Sir Alexander Fleming, a scientist
What he was trying to make: Ironically, Fleming was
searching for a "wonder drug" that could cure diseases.
However, it wasn't until Fleming threw away his experiments
that he found what he was looking for.
73
How it was created: Fleming noticed that a contaminated Petri dish, he had discarded, contained
a mold that was dissolving all the bacteria around it. When he grew the mold by itself, he
learned that it contained a powerful antibiotic, penicillin.
Potato Chips
Inventor: George Crum, a chef at the Carey Moon Lake House in Saratoga Springs
What they were trying to make: A plate of fried potato.
How it was created: One day, a customer sent back his plate of potatoes
many times and kept asking for them to be more fried and thinner.
Crum lost his temper, sliced the potatoes insanely thin and fried them
until they were hard as a rock. To the chef's surprise, the customer
loved them and wanted more! And this is how potato chips came into existence.
The Pacemaker
Inventor: John Hopps, an electrical engineer
What he was trying to make: Hopps was conducting research on hypothermia
and was trying to use radio frequency heating to restore body temperature.
How it was created: During his experiment, he realized that if a heart
stopped beating due to cooling, it could be started again by artificial
stimulation. This realization led to the pacemaker.
Microwave Ovens
Inventor: Percy Spencer, an engineer (with the Raytheon Corporation)
What he was trying to make: The engineer was conducting a radar-related
research project with a new vacuum tube.
How it was created: Spencer realized that the candy bar in his pocket began to melt during his
experiments. He then put popcorn into the machine, and when it started to pop, he knew he
had a revolutionary device on his hands.
Ink-Jet Printers
Inventor: A Canon engineer.
How it was created: After resting his hot iron on his pen by accident, ink
was ejected from the pens point a few moments later. This principle led to
the creation of the inkjet printer.
X-Rays
Inventor: Wilhem Roentgen, a physicist
What he was trying to make: He was interested in investigating the properties of cathode ray
tubes.
74
How it was created: When light through tubes he noted that sheets of fluorescent paper in his
lab were illuminated even though his machine had an opaque cover.
It is clear from these examples, that the various inventions people all over the world have tried,
failed and succeeded in sometimes by mistake. Utility for the invention will be developed later
in life, so immediate results for all one‘s actions should not be expected, but keep
experimenting.
Social Entrepreneurship
What is Social Entrepreneurship?
According to J. Gregory Dees, ?Social entrepreneurship is which combines the passion of a social
mission with an image of business-like discipline, innovation, and determination”.
Who is a Social Entrepreneur?
According to Martin & Osberg, ?the Social Entrepreneur aims for value in the form of large-scale
transformational benefit that accrues either to a significant segment of society or to society at large.”
Moreover, the social entrepreneur targets his/her programs at the ?underserved, neglected, or
highly disadvantaged population that lacks the financial means or political clout to achieve the
transformative benefit on its own.”
A Case in Point: The Grameen Bank, a Model of Sustainability
Muhammad Yunus, the founder of the Grameen Bank and winner of the
2006 Nobel Peace Prize, found a solution to the plight of poor Bangladeshis
who are unable to acquire funds to start their own business – microcredit.
He lent $27 of his personal funds to a group of poor women, who quickly
started a sewing business that was able to generate enough income to help
them pay back the loan, and more importantly, to rise above poverty. Thus
the idea of the Grameen Bank was born. According to Martin & Osberg, “Grameen Bank sustained itself
by charging interest on its loans and then recycling the capital to help other women.” Having thus
proven microcredit to be a sustainable method of combating global poverty, Yunus continues to inspire
organizations worldwide to adopt the Grameen model to combat poverty in their own communities.
Like the Grameen model, there have been instances of various self-help groups in India, which foster
various models of sustainability. The success of AMUL in at Anand in Gujarat eventually led to the
creation of various co-operative societies across the country.
Example: Co-operatives; Saras in Rajasthan, Mother Dairy in Delhi and Aarey in Maharashtra
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