Describe a Low Innovation/High Risk.

First and foremost an entrepreneur should be a risk-taker and the main reason for this is because venturing into a new business or industry can be risky mainly because you do not know if the business will be successful or not (Liu, Walley, Pugh, & Adkins, 2020). Sometimes, you might start a business and it ends up being unsuccessful which means that all the investments that are kept into the business will be a waste and thus to know if someone is an entrepreneur, in this case, the person will still try again to make it works even though he might have suffered several losses.

An entrepreneur should be self-motivating in the sense that people might not understand and accept his ideas as an entrepreneur but on the other hand, it is crucial that the entrepreneur should believe in himself and motivate himself that his business ideas will be successful. Sometimes you might have a plan for your business or success but it does not mean that the plan will be straight mainly because life is full of obstacles that can easily demoralize someone and thus, this is where the concept of self-motivation comes in as an entrepreneur.

High Innovation/ Low Risk

This particular cell involves business ideas that have low risk mainly because the cost of starting the business is little and a good example of this kind of business can be evident when an entrepreneur tries to create handbags from bamboo trees (Liu et al., 2020). This is a business that has less competition or even none and also it has a low-risk level mainly because you can start the business with no money. You just need bamboo trees to facilitate the creation of the handbags.

High Innovation/ High Risk

This particular cell involves businesses that are of high innovation and risk at the same time mainly because it requires a huge sum of money to start the business and also there is a high level of competition for the business in the marketplace (Patiño, Arias, & Pérez, 2020). A good example of a business that is in this group is the automobile industry. It requires a lot of money to create a car and also there is a high level of competition in the automobile industry. An entrepreneur might decide to create a car which turns out to be a total failure mainly because no one is interested in that car.

Low Innovation/ Low Risk

This cell involves businesses that have low innovation levels and at the same time have low risk mainly because it requires a minimal amount of money to start the business and also there is a low level of competition in the market for that business. Good examples of a business that can be found in this cell are the small scale businesses that are started in small-town whereby you might not find another competitor for that business.

Low Innovation/High Risk

Small scale businesses tend to be in a high risk but low innovation mainly because the entrepreneurs of these businesses are entering into a market that was already existing and dominated by big and successful companies (Patiño et al., 2020). This means that there is a high chance that the business might fail at the end of the day. Some businesses that are in this category include new hotels and retail shops.

References

Liu, T., Walley, K., Pugh, G., & Adkins, P. (2020). Entrepreneurship education in China. Journal of Entrepreneurship in Emerging Economies.

Patiño, O. A., Arias, C. L. R., & Pérez, P. E. (2020). Sustainable Entrepreneurship in Indigenous Communities in Colombia. In Handbook of Research on Smart Territories and Entrepreneurial Ecosystems for Social Innovation and Sustainable Growth (pp. 378-398). IGI Global.