Entrepreneurship and Innovation Discussion 2022

Running head: ENTREPRENEURSHIP AND INNOVATION
ENTREPRENEURSHIP AND INNOVATION
Name of the Student
Name of the University
Author Note

ENTREPRENEURSHIP AND INNOVATION1
Introduction
As discussed by Audretsch, Heger and Veith (2015), entrepreneurship can be defined
as the process that helps to design, launch and run a new organization that was initially a
small business. The individuals who are creators of the business are called entrepreneurs. The
willingness or capacity of the business based on development, organizing and managing the
business venture along with the risks for gaining proper profits is also a major part of
entrepreneurship (Coulson-Thomas, 2017). Entrepreneurship mainly focusses on the proper
launch of a business and running of the business organizations. The risks that are a part of the
operations of different organizations have a major impact on the ways by which they aim at
gaining profitability in the industry (Eftekhari & Bogers, 2015).
Description of the idea or opportunity
The commercial enterprise that has been taken into consideration for analysis in the
essay in Woolworths. Woolworths Supermarkets is an organization that operates in the retail
industry of Australia and is mainly owned by the Woolworths Group. The organization was
established in the year 1924 and has gained 80% of the total share in retail market along with
Coles. Woolworths specialises in the selling of groceries and offers different kinds of
products to the customers that include, beauty and health based products, magazines, DVDs,
baby and pet supplies, household items and different stationery items as well
(Woolworths.com.au. 2019).
The stationery items that are offered by the organization are also able to fulfil
different needs and demands of the customers in Australia. The idea that can be implemented
for the successful future operations of Woolworths in comparison to its competitors is based
on the automation of the stores. The Victoria Park based store of Woolworths can be taken
into consideration in order to implement automation in an effective manner

ENTREPRENEURSHIP AND INNOVATION2
(Woolworths.com.au. 2019). The customers will need to select the products that they wish to
purchase from the giant screen that will be available in the store. The billing will then be
completed with the help of automated payment kiosks that will be built within the stores
(Ghio et al., 2015).
Process followed by the group to develop the idea
The process that has been followed by the group in order to develop or generate the
idea is mainly based on the analysis of demands and needs of the customers in a detailed
manner. The automation process will be implemented based on the opinions that are provided
by them based on the reduction of human intervention in the shopping experience. Efficiency
of the operations will also be increased in the process with the support that is provided by the
automation of different activities (Hampel, Perkmann & Phillips, 2019).
The group has aimed at implementing the idea in order to increase number of
customers who visit the stores in a single day. The increase in speed of operations has a major
impact on the ways by which the organization is able to maintain profitability levels. The
customers of Woolworths are quite loyal to the organization and proper improvement of
services can be considered as the most important part of the sustainability that can be
maintained in the competitive retail industry (Huijbens et al., 2017).
Discuss skills required to be a successful entrepreneur
The entrepreneurs mainly believe that the most significant factors that are related to
the success that is gained by them in different industries is based on their experience levels.
However, the success of entrepreneurs is related to some specific skills that are helpful for
them to maintain their position in the industry. The proper nurturing of skills is thereby