Assignment on Entrepreneurship and Innovation Analysis

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

1ENTREPRENEURSHIP AND INNOVATION ANALYSIS
Table of Contents
Introduction......................................................................................................................................2
Implementation of theories and philosophies behind entrepreneurial personality of the leader of
the company.....................................................................................................................................2
Analysis of the approach implemented by the company to proper innovation management..........3
Recommended strategies to improve innovation management of the company.............................4
Conclusion.......................................................................................................................................5
References........................................................................................................................................6

2ENTREPRENEURSHIP AND INNOVATION ANALYSIS
Introduction
Entrepreneurship can be defined as the process that is implemented for the purpose of
proper designing, launching as well as launching a business organization that initially starts its
operations on a small scale. The individuals who are responsible for the creation of this business
are termed as the entrepreneurs. The case study is mainly based on Sir James Dyson who was the
founder of Dyson Ltd. that was established in the year 1991 (Dyson.com, 2020). The
organization mainly operates in the designing and manufacturing different household based
appliances that include air purifiers, vacuum cleaners, bladeless fans, heaters, lights and hair
dryers. The report will be based on the analysis of entrepreneurial activities that have been
performed by Sir James Dyson in order to maintain the operations of Dyson Ltd (Goffin and
Mitchell 2016).
Implementation of theories and philosophies behind entrepreneurial
personality of the leader of the company
The theory of innovation can be implemented in order to understand the activities that
have been performed by Sir James Dyson. The Innovation Theory had been suggested by J.A.
Schumpeter and was mainly related to the introduction of new combinations. The introduction of
new products with which the consumers are not familiar or this can also lead to the enhancement
of the quality of products (Mir, Casadesús and Petnji 2016). A new method of production can
also be introduced as a part of the innovation theory that is implemented by entrepreneurs. New
markets can be opened as a result of the proper implementation of innovation theory. The new
source of the supply of different raw materials can also be a major part of the innovation theory
implementation (Bbc.com, 2020).

3ENTREPRENEURSHIP AND INNOVATION ANALYSIS
Inventions had always been a major part of the entrepreneurial personality that has been
depicted by Sir James Dyson. Family life had not been quite easy for Sir James Dyson and the
evolving nature of the organization has been a major aspect related to its improvement and
effectiveness of operations as well (Bbc.com, 2020). Sir James Dyson had proved to be an
exceptional designer and a brilliant engineer as well and the success of Dyson Ltd. is mainly
based on the services provided by the entrepreneur. Some of products developed by Dyson Ltd.
had failed in the market and the organization had stopped its manufacturing activities as well.
The organization has flourished and depicted huge levels of growth after the start of its
operations (Fortune.com, 2020).
The competition that had been faced by Dyson Ltd. in the industry had further led to the
development of robot based appliances that are offered to the consumers. The technology based
on “internet of things” has also been implemented by the organization under the leadership of Sir
James Dyson. The founder had also developed a succession plan so that the organization is able
to maintain its operations even after his death (Nambisan et al. 2017). The steps implemented by
the founder and leader of Dyson Ltd. had proved to be a major aspect related to the success
gained by the organization and its rapid growth as well. The vision that had been developed by
his son was also quite similar to Sir James Dyson as he also was not ready to sell the business to
another person (Ft.com, 2020).
Analysis of the approach implemented by the company to proper innovation
management
The open innovation model is implemented by Dyson Ltd. in order to maintain the
operations with respect to the changes that are taking place in the external environment. Open

4ENTREPRENEURSHIP AND INNOVATION ANALYSIS
innovation is considered to be a term that can be used for the purpose of promoting the
information age mindset towards the innovation which is not based on silo mentality and secrecy
of the traditional or corporate research labs. Open innovation is a term which is mainly referred
to the paradigm which assumes that the organizations aim at using the external ideas and the
internal ideas and external and internal paths to the market as the organizations try to implement
the advanced technologies (Fortune.com, 2020).
The nature of Sir James Dyson and his son Jake Dyson had been able to play a major role
in proper implementation of strategies that are based on changes that have taken place in the
external environment. The competitive nature of operations of Dyson Ltd. has also been helpful
for the implementation of open innovation approach in the organization (Goffin and Mitchell
2016). The designing of products that are offered by Dyson Ltd. to the customers has also been
considered important by the leader and management of the organization as well. The publicity of
an organization is considered to be an important factor that is able to influence the
implementation of changes that have taken place in the external environment (Trapp, Voigt and
Brem 2018).
Recommended strategies to improve innovation management of the company
Design-driven innovation management approach can also be implemented by Dyson Ltd.
in order to improve the operations and revenues levels of the organization. Dyson Ltd. can lose
its competitiveness in the process of proper implementation of external environment based
changes. The lack of leadership provided by the founder Sir James Dyson can have an impact on
the revenues gained by the organization and the position in the industry as well. The
implementation of design-driven innovation management approach will be able to enhance the

5ENTREPRENEURSHIP AND INNOVATION ANALYSIS
customer base of the organization. Dyson Ltd. will also be able to maintain the existing customer
base with the help of changes in the designs of the products (Mir, Casadesús and Petnji 2016).
Conclusion
The report can be concluded by stating the entrepreneur or leader is able to communicate
his vision to the employees in an effective manner. Sir James Dyson has been successful in
communicating the vision that he had developed for Dyson Ltd. and the products that are offered
to consumers as well. Open innovation approach has been helpful for the growth of
Dyson Ltd. in the industry. The implementation of design-driven innovation management
approach can help Dyson Ltd. to improve the customer base and also to maintain the existing
customer base.

6ENTREPRENEURSHIP AND INNOVATION ANALYSIS
References
Bbc.com, 2020. Dyson Scraps Plans For Electric Car. [online] BBC News. Available at:
<https://www.bbc.com/news/business-50004184> [Accessed 15 March 2020].
Dyson.com, 2020. Dyson India | Official Site | Shop. [online] Dyson.in. Available at:
<https://www.dyson.in/?utm_redirect=dyson.com> [Accessed 15 March 2020].
Fortune.com, 2020. Inside James Dyson's Costly Decision To Kill His Electric Car. [online]
Fortune. Available at: <https://fortune.com/longform/james-dyson-electric-car-appliances/>
[Accessed 15 March 2020].
Ft.com, 2020. Inside The Dyson Dynasty. [online] Ft.com. Available at:
<https://www.ft.com/content/528c518c-de2e-11e4-8d14-00144feab7de> [Accessed 15 March
2020].
Goffin, K. and Mitchell, R., 2016. Innovation management: effective strategy and
implementation. Macmillan International Higher Education.
Mir, M., Casadesús, M. and Petnji, L.H., 2016. The impact of standardized innovation
management systems on innovation capability and business performance: An empirical
study. Journal of Engineering and Technology Management, 41, pp.26-44.
Nambisan, S., Lyytinen, K., Majchrzak, A. and Song, M., 2017. Digital Innovation Management:
Reinventing innovation management research in a digital world. Mis Quarterly, 41(1).
Trapp, M., Voigt, K.I. and Brem, A., 2018. Business models for corporate innovation
management: Introduction of a business model innovation tool for established
firms. International Journal of Innovation Management, 22(01), p.1850007.