Innovation & Entrepreneurship Assignment
13 Pages3182 Words225 Views
Added on 2019-12-18
Innovation & Entrepreneurship Assignment
Added on 2019-12-18
ShareRelated Documents
ENTREPRENEURSHIPAND INNOVATION
Table of ContentsINTRODUCTION....................................................................................................................................................3ASSIGNMENT 1.....................................................................................................................................................3ASSIGNMENT 2.....................................................................................................................................................7CONCLUSION........................................................................................................................................................9REFRENCES.........................................................................................................................................................10
INTRODUCTIONInnovation is a new idea, design or method given by any person called as innovatorfor achieving any specific goal. Entrepreneurship is the outcome of innovation in which aparticular person comes out with a business normally small scale called as start-up with highrisk factors attached to it. To do a work in a better order it is adopted but before adoption ofany it. A company always try to recruit people who has innovative ideas and believe in doingthings differently. It can be in any form depending upon the situation and and the work place.It can be tried at every level of organization (Bosma and Levie, 2010). It consists ofinformation, skills and imagination. A new idea brings the creativeness and that thing is madeinto useful product. Tesco, which is one of the world's largest retailer in terms of profitgeneration. So it needs more unique ideas in the grocery sector so that it could expand theirbusiness worldwide. At a single department it can be very effective and can spark to otherwho are lagging behind. Managers and leaders of this firm have to use various of innovativemethods which are help to meet their set of target and objectives. ASSIGNMENT 1Forms of Innovation.Illustration 1: Forms of Innovation, 2017
Incremental Innovation:- A small change or a little improvement in the products iscalled as Incremental Innovation. Companies all around the world do up-gradation inthere products whether it could be change in technology or any other (Chell,Nicolopoulou and Karataş-Özkan, 2010). Tesco also change its outlets design,structure or come out with any other promotional schemes. Further, small change ingoods and services is having impact on existence of organization and able to improveprofit margin as well. With the help factor they are meet expectation of their targetedcustomers. Disruptive Innovation:- In this a product comes with simple features but suddenly asthe time progress new technology is introduced in with that product or business.Tesco used to sell its items manually but than it started selling them online. With thehelp of advance technologies companies are promote their goods and services ininternational market and improve profits as well. Architectural Innovation:- This is concerned with the applying of the ideas ortechnology to the other business or at a new environment. It may be dangerous asevery thing has some different laws and ethics (Dacin, Dacin and Matear, 2010). Anew firm entering into the unknown market applying their own plans would be theexample of this. Radical Innovation:- We may say this is the most important out of all as this leads tobig revolution in the market. Anyone introducing a new ideas which could impactdirectly to the economy of an country. This can able to expand organization in newmarket and earn effective returns. Further, it can having an capacity to attract largenumber of customers and improve performance as well. Drucker’s Purposeful Innovation.This says that every purposeful innovation results from inspection, reviews of theideas, teaching of it, learning of it and can be changed or can be copied. Every innovationstarts with the survey of the matter or the environment and finding out the hiddenopportunities there. The survey should be conducted on regular basis so that the variationscan be avoided. It should be simple and understood able and should only focus on single goalor single outcome because approaching more than one thing could lead to failure of a it. They
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Impact of Experience and Background on Entrepreneurship - Reportlg...
|13
|4190
|94
Entrepreneurship and Small Business Managementlg...
|11
|3085
|77
Entrepreneurship: An Approach Towards the Development of New Productlg...
|10
|3232
|206
Importance of Small Businesses and Start-ups for Economic Growthlg...
|15
|4396
|66
Entrepreneurship and Types of Entrepreneurial Ventureslg...
|18
|4960
|40
Small Business Management and Entrepreneurship in the Social Economylg...
|14
|4025
|255