Commercialisation of innovation is a necessary part of the entrepreneurial process. What are the five (5) most important elements of entrepreneurship as they apply to commercialisation ?

Abstract

It is very difficult to survive, sustain and build a new venture. Entrepreneurship requires more than just coming up with a new idea. It requires that the entrepreneur is able to use their experience to identify a window of opportunity into the market place, be able to know how to enter the market, how to meet and satisfy the unmet need, identify a point of competitive advantage and create a profitable venture. These are the five crucial elements of entrepreneurship if a product or service is to be successfully commercialized.

Entrepreneurship is not simply coming up with an idea. This approach is the stage associated with invention. The true test of an entrepreneur is their ability to take the idea to market in a commercial manner. “A good idea is not necessarily a good opportunity.” (Timmons, 1999: 38) Whether a good idea becomes a commercial proposition is determined by market demand, market structure and size and profit margin analysis. “The greater the g...