NAME REGISTRATION NUMBER

VHURUDZAI SIMBARASHE R2117671N

NYAHUYE NICOLE R R2211987X
MABVUU KUDZAI O R224961H
CHINGOSHO CHARLES R228271P
THEMA NELSON R2212987T

PROGRAMME: LOGISTICS AND SUPPLY CHAIN MANAGEMENT

LEVEL: 1.1

MODULE: ENTREPRENUERSHIP 1

LECTURER: MR MABENGE

DUE DATE: 17 SEPTEMBER 2023

GROUP: 9A
Question 1
Innovation is a crucial aspect and fundamental to the success of an entrepreneur. Discuss?
[25]
Innovation can be defined as the process of creating or developing new ideas, products,
services, or processes that add value to society and meet the changing needs and preferences
of customers. Innovation involves a combination of creativity, experimentation, and problem-
solving, and often requires entrepreneurs to take risks and invest resources in new and
untested ideas. Innovation can take many different forms, from the development of new
technologies and products to the creation of new business models and marketing strategies. It
can occur in any industry or sector, and can be driven by a wide range of factors, including
changes in consumer behavior, advances in technology, and shifts in the economic and social
landscape. Innovation enables problem-solving and provides creative insight that allows you to
look at things from a different perspective, regardless of whether you are developing a new
product, refreshing strategy or finding an original way to stay ahead of the competition.

Examples of successful entrepreneurs who have used innovation to their advantage

There are many successful entrepreneurs who have used innovation to their advantage. Here
are examples:
(a) ELON MUSK
Elon Musk is a billionaire entrepreneur who has founded several successful companies,
including Tesla, SpaceX, and The Boring Company. He is known for his innovative ideas, such as
using reusable rockets to reduce the cost of space travel and developing electric carsto reduce
carbon emissions.
(b) JEFF BEZOS
Jeff Bezos is the founder of Amazon, one of the world's largest online retailers. Bezos is known
for his innovative approach to business, which includes the development of Amazon Prime, a
subscription service that offers free shipping and other benefits to customers.
C) STEVE JOBS
Steve Jobs was the co-founder of Apple Inc., one of the world's most successful technology
companies. Jobs was known for his innovative ideas, such as the development of the iPod,
iPhone, and iPad, which revolutionized the way people listen to music and use mobile devices.
MARK ZUCKERBERG
Mark Zuckerberg is the co-founder of Facebook, the world's largest social networking site.
Zuckerberg is known for his innovative approach to social media, which includes the
development of features such as the News Feed and the Like button.
(e) SARA BLAKELY
Sara Blakely is the founder of Spanx, a company that produces shape wear and other
undergarments. Blakely is known for her innovative approach to product design, which includes
the development of footless pantyhose and other products that have revolutionized the shape
wear industry.

These entrepreneurs have all used innovation to their advantage, developing new products,
services, and business models that have disrupted their industries and changed the way people
live, work, and interact with the world around them. Innovation is indeed a crucial aspect of
success for entrepreneurs. Entrepreneurs who are able to innovate are better equipped to
create new products, services, and business models that meet the changing needs and
preferences of their customers.
Innovation offers numerous advantages across various domains and industries. Here are some
key advantages of innovation:
1. Competitive Advantage
Innovation enables organizations to gain a competitive edge in the market by developing
unique products, services, or processes. It allows businesses to differentiate themselves from
competitors and capture market share.
2. Increased Efficiency and Productivity
Innovations often lead to more efficient and streamlined processes, reducing costs and
improving productivity. Automation, new technologies, and improved methods contribute to
enhanced operational efficiency, allowing organizations to achieve more with fewer resources.
3. New Market Opportunities
Innovation opens up new market opportunities by identifying unmet needs and developing
solutions to address them. By understanding customer preferences and emerging trends,
businesses can create products or services that cater to market demands, providing a pathway
for growth and expansion.
4. Enhanced Customer Satisfaction
Innovations that focus on improving customer experience and satisfaction can lead to
increased loyalty and retention. By understanding customer pain points and developing
innovative solutions, businesses can deliver better products, services, or experiences, leading to
higher customer satisfaction levels.
5. Business Growth and Revenue Generation
Innovation drives business growth by creating new revenue streams. Introducing novel
products or services, expanding into new markets, or developing disruptive technologies can
fuel revenue growth and increase profitability.
6. Adaptation to Changing Environment
Innovation enables organizations to adapt to rapidly changing market conditions, technological
advancements, and customer preferences. By embracing innovation, businesses can stay ahead
of the curve and remain relevant in a dynamic and evolving landscape.
7. Employee Engagement and Motivation
Encouraging innovation within an organization fosters a culture of creativity and empowers
employees to contribute ideas. This can enhance employee engagement, satisfaction, and
motivation, leading to higher levels of productivity and retention.
8. Sustainability and Social Impact
Innovation plays a crucial role in addressing environmental and social challenges. By developing
sustainable practices, renewable energy solutions, or socially responsible initiatives,
organizations can minimize their environmental footprint and create a positive societal impact.
9. Collaboration and Partnerships
Innovation often thrives through collaboration and partnerships. By connecting with external
stakeholders, such as research institutions, startups, or customers, organizations can leverage
diverse expertise and resources to drive innovation forward.
10. Continuous Improvement
Innovation fosters a mindset of continuous improvement, encouraging organizations to seek
better ways of doing things. By continuously innovating, businesses can refine their processes,
products, and services, leading to ongoing optimization and evolution.

In conclusion, overall, innovation is a key driver of progress and success, enabling organizations
to stay competitive, meet evolving customer needs, and create sustainable growth in a rapidly
changing world. Innovation is a crucial aspect of success for entrepreneurs. By constantly
innovating, entrepreneurs can differentiate themselves from their competitors, increase their
efficiency and productivity, adapt to changes in the market or industry, increase customer
satisfaction, and drive long-term growth and success for their business
Reference
Abernathy, W.J. and Utterback, J.M. (1978) ‘Patterns of industrial innovation’, Technology
Review, vol. 80, no. 7, pp. 40–7.
Baregheh, A., Rowley, J. and Sambrook, S. (2009) ‘Towards a multidisciplinary definition of
innovation’, Management Decision, vol. 47, no. 8, pp. 1323–39.
Barras, R. (1986) ‘Towards a theory of innovation in services’, Research Policy, vol. 15, no. 4, pp.
161–73.
Bartol, K.M. and Martin, D.C. (1998) Management, 3rd edn, Boston, MA, Irwin/McGraw-Hill.
Birkinshaw, J., Hamel, G. and Mol, M.J. (2008) ‘Management innovation’, Academy of
Management Review, vol. 33, no. 4, pp. 825–45.
BIS (2011) Innovation and Research Strategy for Growth, Department for Business Innovation
and Skills.
BIS (2012) Innovation [online],
http://www.bis.gov.uk/partnerabc/sitecore/content/BISCore/Home/policies/innovation
(Accessed 29 October 2012).
Question 2
Of late, the government have been pushing through the Ministry of High and Tertiary
Education for innovation and industrialization. Justifying the reasons for the government
pushing for innovation and industrialization? [25]

The government's push for innovation and industrialization can be justified for several reasons:
1. Economic growth
Innovation and industrialization are key drivers of economic growth. By promoting innovation,
the government aims to create new industries, products, and services that can generate
revenue and boost overall economic activity. Industrialization, on the other hand, involves the
expansion of manufacturing and production capabilities, which can lead to increased
employment opportunities and higher productivity levels.
2. Job creation
Innovation and industrialization have the potential to create a significant number of jobs.
Developing new industries and technologies often requires a skilled workforce, leading to
increased employment opportunities for citizens. This can help address unemployment issues
and improve the overall standard of living in the country.
3. Global competitiveness
In a rapidly changing global economy, countries that invest in innovation and industrialization
tend to be more competitive. By fostering an environment that encourages innovation, the
government can help industries stay ahead of emerging trends and technologies. This can lead
to improved export capabilities and attract foreign investment, enhancing the country's overall
competitiveness in the global market.
4. Technological advancement
Innovation and industrialization drive technological advancements, which can have far-reaching
benefits for society. By investing in research and development, the government can support the
creation of new technologies and their applications across various sectors. This can lead to
improvements in healthcare, agriculture, transportation, energy, and other critical areas,
ultimately improving the quality of life for citizens.
5. Sustainable development
The government's push for innovation and industrialization can also be tied to sustainable
development goals. By encouraging the adoption of clean technologies and sustainable
practices, the government can mitigate the environmental impact of industrial activities. This
includes promoting renewable energy sources, reducing waste and pollution, and fostering eco-
friendly manufacturing processes.
6. Increase competition
Innovation and industrialization increase competition amongst our old industries and tertiary
institutions which leads to reduction of prices, improving the quality of services or products
offered through science and innovation.
7. Enhance quality of life
Innovation and industrialization can lead to the development of new products and services that
improve the quality of life for citizens’ .From advancements in healthcare and education to
improved infrastructure and transportation, these sectors can drive societal progress and
enhance the wellbeing of the population.
8. Diversification of the economy
Over reliance on a single sector can make an economy vulnerable to external shocks. By
promoting innovation and industrialization, the government seeks to diversify the economy and
reduce dependence on traditional sectors .This diversification can lead to a more resilient and
sustainable economy, capable of withstanding economic downturns and adapting to changing
market conditions.
9. Value addition and export diversification
Industrialization enables value addition to raw materials and agriculture products, increasing
their market value. By processing and manufacturing goods locally, Zimbabwe can reduce
dependency on exporting primary commodities and move towards higher value-added
products. This can lead to increased export earnings, balance of trade improvements, and
economic resilience. For example producing ethanol from sugar cane and maize, biodiesel from
soya beans. The Green Fuel Project in the low veld is a clear practical example of agricultural
innovation bearing fruit. In conclusion, the government ‘s push for innovation and
industrialization is driven by the desire to stimulate economic growth , create jobs ,foster
technological advancement , diversify the economy and promote sustainable development.
These efforts are aimed at improving the overall well –being and prosperity of the country and
its citizens.

Overall, the government's emphasis on innovation and industrialization is driven by the desire
to stimulate economic growth, create employment opportunities, enhance global
competitiveness, foster technological advancement, and promote sustainable development.

Reference
Beaver. &Prince, C. (2002).Innovative, entrepreneurship and competitive advantages in the
entrepreneurial venture Journal of small Business and Enterprise Developments, 9(1), 28-37
doi: 10.1108/14626000210419464
Kaldor, N. (1967) Strategic Factors in economic development. Cornell University Press, Ithaca,
NY.Meena, R. (1962).Gender in Southern Africa Conceptual and Theoretical Issues. Jongwe
Printers, Harare.
Mlambo, A.S (2017).From an industrial powerhouse to a nation of vendors: Over two decades
of economic decline and deindustrialization in Zimbabwe 1990-2015.Journal of Developing
Societies, 22(1), 99-125
Murwira,A.(2019)Regional Universities Forum For Capacity Building In Agriculture (RUFORUM)