The Importance of Innovation in Business

This assignment discusses the importance of innovation in business, highlighting its role in bringing new ideas and creativity. It also emphasizes the need for skilled entrepreneurs who can implement innovative ideas effectively, leading to customer satisfaction.

Entrepreneurship and
Innovation

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK...............................................................................................................................................1
Different types of entrepreneur ventures.....................................................................................1
Importance of mini research in innovation process....................................................................3
Difference between invention and innovation............................................................................3
Value and importance of innovation to organisation and how this can be embedded within the
leadership and culture in organization........................................................................................4
4Ps of innovation which support capability and management of organization..........................5
Approaches organization used at the time of innovation funnel and frugal innovation.............6
Steps used by the company while introducing new products and services.................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Entrepreneurship is an effective process of designing and launching a new business with
new ideas. Basically, it is a small business which contributes in improving overall growth of the
economy of the country. The person who operates this kind of business is called as an
entrepreneur (Anderson, Potočnik and Zhou, 2014). Mainly, it is based on innovation because
entrepreneurs set new and innovative ideas and products in market place to generate large
profits. Along with this, it also helps in providing employment to the local people in order to
improve their living standard which directly contributes in developing economic growth. Present
report is based on Brooklands Hotel which operates their business at small scale and provides
their services to its customers. Mainly, they focus on producing new and innovative services in
order to enhance their profitability level. This report discussed about difference between
innovation and invention. Along with this, 4P's of innovation and its importance is also
mentioned in this project which leads in increasing profitability level of the company at market
place.
TASK
Different types of entrepreneur ventures
In today's business environment, various entrepreneurial ventures are there who operate
their business with new and innovative ideas using limited capital with the purpose of generating
profits. They also take risk for attaining better results and responsible for any kind of aspects.
Mainly, those individuals have various innovative ideas to run their business in order to offer
new and quality products in market place. It directly helps in improving the economic growth
and at the same time, also satisfies their customers by providing them quality services.
Entrepreneur:
An individual develops a new business with the purpose of generating revenue called as
entrepreneur. They are innovator and risk taker by which they start their business with limited
capital in order to attain profitability level at market place by introducing new services to its
customers (Boh, De-Haan and Strom, 2016). Entrepreneurship process also provide employment
to other local people to develop their business which leads ion improving the economic
condition in effective manner. In this context, there are various type of entrepreneur who operate
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their business in market place to enhance their profit and business growth. They are also affected
by the external and internal environment. All these can be understood by following points: Serial entrepreneurs: These entrepreneurs start their business in small level and selling it
another entrepreneur to run it effectively (Chell and et. al., 2016). They are more
innovative and creative in which they set their business in effective manner and provide
better services to its customers. Social entrepreneurs: They are those individuals who initiate their business with the
purpose of providing better social welfare rather than earning profits. They are hard-
working and easily accept challenges in order to resolve people’s issues in an effective
manner and provide them with better solutions to remove their problem and improve their
lifestyles. Female entrepreneurs: These types of entrepreneurs mainly focus on empowering
female staff members. Apart from this, women own and control their business who
responsible for determining employment.
Concept of entrepreneurship:
It is an effective process which is used by the people to design and launch their business
in market place with the purpose of attaining profits. Basically, they start their business at small
scale in order to provide new and innovative products and services to expand their business in an
effective manner. As per current scenario, it can be stated as innovative products which needs
money and time to make a successful business at market place. This can be aid in improving
economic growth by delivering quality services to its target audience and attain better place at
market. Along with this, some key ventures of entrepreneurs are as follows: Small business entrepreneurship: As per current scenario, these are more effective
ventures which operate their business in UK. In this, government authorities also provide
finance to small business to operate their activities. Along with this, approximately 5
million small businesses operate in market. It helps in improving the growth level of the
economy of the country (Decker and et. al., 2014). Grocery stores, cafe and consultancy
firm comes under small enterprise with the aim of attaining profits.
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 Scalable entrepreneurship: These types of ventures define new and innovative ideas
with the aim of making innovative products and services. In this, they generate finance
from various investors by convincing them to invest their money.
 Social entrepreneurship: These businesses operate for providing benefits to local people
in order to improve their living style (Johnston and Marshall, 2016). They offer quality
products to customers at affordable cost in order to improve their living standard in an
effective manner.
Importance of mini research in innovation process
Mini research is important for every business project which helps in improving their
performance at market place. It includes capital labour and another factors which directly affect
the business environment. Along with this, primary research is also more effective which helps
in collecting all the relevant information towards the business and its products from the
customers and respondents. It includes interview, questionnaires and existing video which help
company in gathering data towards the company. Which the help of this company improve their
performance level at market place.
Difference between invention and innovation
Innovation: It is an effective process which define new ideas and products which is not
discover in market. Basically it is relate with the customers taste and preferences which leads in
attaining the better opportunities to enhance company performance (What is innovation?, 2017).
In this Brooklands Hotel define their innovative services and also use new techniques which
helps in capturing marker share form its rivals.
Invention: It is also an effective way of introducing something different which is never
done before by business. This helps in enhancing the product demand in market place. This is
done by those firm whose loose their market share in market.
Basis Innovation Invention
Meaning It define new ideas which
implement in products and
services for first time.
It refer to the ideas for the
products which never been
mad before by company.
Abilities It required technical and It required scientific skills
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strategic skills.
Value and importance of innovation to organisation and how this can be embedded within the
leadership and culture in organization
Innovation is more beneficial for every business organization which helps in improving
performance of the Brooklands Hotel and its workers also. These can be understood by following
points:
 Innovation helps in increasing skills and knowledge of the workers in which they
effectively done their work which contribute in overall success of Brooklands Hotel at
market place.
 Innovation assist in developing operational activities of the company in which
Brooklands Hotel provide quality services to its customers as per their needs (Lee, Kao
and Yang, 2014).
 By innovation company enhance their market share form its rivals.
Apart form this, Brooklands Hotel use various advertisement and commercialisation
within their activities is to produce new and innovative products and services. In this there are
some various qualities which helps in attaining mission vision of the company are as follows: Vision: This aspect is relate with long period of time in which company use new and
innovative ideas to attain their set objectives, with the help of this Brooklands Hotel
enhance their overall growth at market place. Mission: This is also an important which is related with Brooklands Hotel vision. In this
innovation helps in attaining long term benefits by delivering quality services to its
customers. Culture: Business environment is also impact the process of innovation so that manager
have to maintain their employees and make ethical practice for their employees. Further
for attaining better results company have to pay fair trade to maintain their business
activities.
 Leadership: In this way, it is important for company to maintain leadership which helps
in improving entire business activities in effective manner. This is possible by providing
better training to its workers so that they easily implement their task.
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4Ps of innovation which support capability and management of organization
Innovation is more important for every business organization to enhance their
performance level because it helps in taking strong place at market place (Suddaby, Bruton and
Si, 2015). Long with this innovation helps in implementing all the changes in business
environment. It can be understood by 4P's of innovation are as follows: Product innovation: It is an effective way in which company use new and innovative
products to attract their customers. By this company easily enhance their profitability
level and capture larger market share. In context of Brooklands Hotel expand their
business activities in which they use innovative techniques to develop they quality
services as per customers demand which leads in attaining better results. Process innovation: In this factor company focus on the way in which they profits their
products and provide their customers. In context of Brooklands Hotel use innovative
technologies with their production process which helps in reducing the cost of
manufacturing in order to maintain their sustainability. Positioning innovation: It is also an important factor Brooklands Hotel to effectively
understand about all those techniques which used by its competitors so that they easily
take strong place at market place. On the other side it also helps in increasing overall
profitability of the company and attain competitive advantage firm its rivals.
 Paradigm innovation: It is also an important way in which company define their
intellectual models which define new and innovative ideas for the business organization
(West and Bogers, 2014). By this company easily enhance their performance level and
attain competitive advantage.
All these are important for Brooklands Hotel which helps in improving and expanding
the business at market place. Along with this it also aid in maintaining their sustainability.
Approaches organization used at the time of innovation funnel and frugal innovation
Innovative funnel: It is an important funnel which use by the company to improve their
performance. It define alternatives but manager choose the best one ideas which help company in
attaining its set goals and objectives in effective manner. Mainly it is develop by skilled person
within the company to enhance their overall profitability level.
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Frugal innovation: These type of innovation helps in minimizing cost of the production
by eliminating entire issues and complexity with the product line. With the help of this company
enhance their performance and profitability also. For this firm needs to use innovative techniques
in the products. Along with this there are effective approaches which used by Brooklands Hotel
for determining new and innovative ideas are as follows: Engage and literate: Under this company determine customers taste and preferences in
order to provide the same to attain better results (Wolin, 2016). Improve assets: Under this, Brooklands Hotel use effective tools which helps in
improving their existing assets and attain long term benefits.
 Understand customers behaviour: In this Brooklands Hotel have to set their customers
behaviours by providing then quality services as per their demands.
Steps used by the company while introducing new products and services
Introducing new products and services is more important for business to attain better
results in which Brooklands Hotel use various steps to introduce their new products and services
are as follows: Generation of idea: It is one of the important step in which company generate the ideas
for launching the products in market. Screening of idea: It is also an important step in which company select one ideas which
is relate with the company. Testing the concept: Under this phase, manager of the company collect feedback and
opinion form the customers towards the company products and services. Development of market strategy: It is important for manager to develop an effective
marketing strategy to evaluate how they invite and attract their customers towards the
company products and services. Business analysis: In this phase, manager of the business project develop and plan to
determine the utilization of the funds which needs at the time of formulating the project
in effective manner. Test marketing: It is also important step which include first taste of the products. It is
comes before launching the product in market place. With the help of this company easily
determine positive and negative factors of the products and services.
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 Commercialisation: Under this last stage, company sale their final products in market
through promotional tools which helps in increasing the overall sale of the company.
CONCLUSION
From the above mentioned report, it can be concluded that innovation play vital role in
every business organization because it bring new ideas and creativity which make a successful
business at market place. In this it is also important that company have skilled entrepreneur who
easily implement new and innovative ideas within their business which leads in satisfying
customers customers demand.
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REFERENCES
Books and journals
Anderson, N., Potočnik, K. and Zhou, J., 2014. Innovation and creativity in organizations: A
state-of-the-science review, prospective commentary, and guiding framework. Journal
of Management. 40(5). pp.1297-1333.
Boh, W. F., De-Haan, U. and Strom, R., 2016. University technology transfer through en(Wolin,
2016)trepreneurship: faculty and students in spinoffs. The Journal of Technology
Transfer. 41(4). pp.661-669.
Chell, E. and et. al., 2016. Social entrepreneurship and business ethics: Does social equal
ethical?. Journal of business ethics. 133(4). pp.619-625.
Decker, R. and et. al., 2014. The role of entrepreneurship in US job creation and economic
dynamism. Journal of Economic Perspectives. 28(3). pp.3-24.
Johnston, M. W. and Marshall, G. W., 2016. Sales force management: Leadership, innovation,
technology.
Lee, J., Kao, H. A. and Yang, S., 2014. Service innovation and smart analytics for industry 4.0
and big data environment. Procedia Cirp. 16. pp.3-8.
Suddaby, R., Bruton, G. D. and Si, S. X., 2015. Entrepreneurship through a qualitative lens:
Insights on the construction and/or discovery of entrepreneurial opportunity. Journal of
Business venturing. 30(1). pp.1-10.
West, J. and Bogers, M., 2014. Leveraging external sources of innovation: a review of research
on open innovation. Journal of Product Innovation Management. 31(4). pp.814-831.
Wolin, S. S., 2016. Politics and vision: Continuity and innovation in Western political thought.
Princeton University Press.
Online
What is innovation?. 2017. [Online]. Available through:
<https://www.merriam-webster.com/dictionary/innovation >.
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