Four Square

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Case Study: Four Square Student’s Name Institution Affiliation Case Study: Four Square Successful entrepreneurship depends on the ability to identify an opportunity, develop effective strategies and gather the key resources. However, the interaction of innovation and entrepreneurship is what makes a business grow and expand (Kingston, 2014). Foursquare is a perfect example of a business whose growth and development has been defined by entrepreneurs’ skill, experience, and capability to focus on key aspects of management, operations, and finances. It was formed in 2009 as a social network for gaming and networking purposes (Piskorski et al., 2013). Its key use, however, was to check in the important places such as hotels, recreation points, parks, and clubs. Although the founders of Foursquare have forged towards its success through consolidation of resources, teamwork, skills, and knowledge, its future is not bright due to increased competition and technological shift. Question 1-21 Foursquare fits the Schumpeter’s definitions in that it was developed out of a new idea that replaced outdated ones previously used in some failed projects. According to Joseph Schumpeter, this industrial situation in which an innovation improves an economic structure and constantly replaces the old one is creative destruction (Kingston, 2014). Evidently, Dennis Crowley and Naveen Selvadurai who are the co-founders of Foursquare worked in a technology field. Crowley worked in developing Areacode and Dodgeball apps before. These two projects were later shut down due to the emergence of the new others that were competitive (Piskorski et al., 2013). Similarly, Selvadurai worked

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