Entrepreneurship and Innovation: The Impact on the Evolution and Performance of The LEGO Group

This report discusses the impact of entrepreneurship and innovation on The LEGO Group. It covers the history, mission, nature of innovation, organizational structure, networks, and the impact of innovation on the company's evolution and performance. It also explores the broader impact of innovation outside the company.

Entrepreneurship and
innovation

Table of Contents
Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
The history of the company; -.....................................................................................................1
The mission of the company; -....................................................................................................2
The nature of the innovation and how it came into being, including details where appropriate
of key entrepreneurs underpinning the innovation; -................................................................2
The organisational structure supporting the realisation of that innovation; -.............................3
The networks established in the realisation of that innovation; -................................................3
The impact of the innovation on evolution of the company and company performance; -........4
The broader impact of the innovation outside the company, including any societal impact:.....5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................8

INTRODUCTION
Entrepreneurship is the act of starting business or businesses in order to make change in
current market and environment of the businesses(Paik, Kang and Seamans, 2019).
Entrepreneurship start with the innovation in the mind set of the person and how they think out
of the box to provide solution of the problems. Entrepreneurs focus on the idea and problems
around them and provide effective solution so that they can create and innovates new product
and services for the individuals. Innovation in the entrepreneurship involves the solution of the
problems so that person can gain advantages from the new product and services in most
appropriate manner. entrepreneurship and management of innovation works effective when the
solution of the current problems is provided by the businesses so that effective outcomes can be
achieved in most appropriate manner. this report is based on The LEGO Group, it is a Danish toy
production organization which is located in Billund. The company best known for the production
of Lego manufacturing toys mostly made of the plastic interlocking plastic bricks. This report
includes information about the history of the organization, mission of the business, nature of the
innovation that company begins. Also this include organizational structure supporting the
innovation, impact of innovation and evaluation of the businesses. In the last it includes impact
of outside businesses innovation.
MAIN BODY
The history of the company; -
The LEGO Group, launched its first brick made of the plant named polyethylene last year.
The sustainable bricks include the new LEGO sets. Company innovate and provide the toy that is
sustainable and increase the level of growth in the market. The three houses of the company
contain highest number of sustainable bricks and it’s the most important step that company take
to fulfil the need of sustainability of LEGO Group( Schmiedeknecht, 2020). Organization has
stated its journey on 10 August 1932 and its founder is Ole Krik Christiansen. The LEGO Group,
become world largest group of toy company by the revenue. The history of The LEGO Group, is
nearly spans of 100 years and with the highest growth and fulfilment of the customer need of
sustainable environment they gain profit and success in the market. Company begins its journey
form Denmark in 1947 to include the toy factories through out the world.
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The mission of the company; -
“ Inspire and develop the builders of tomorrow” their ultimate purpose is to develop and inspire
the thinking process of the children to think in most creative way and shape their future in most
appropriate manner so that effective growth and success in the future can be provided to the
students. form the mission statement company follow its growth and objectives in most
appropriate manner so that effective outcomes can be achieved. They provide the product that
helps the children to analyse their potential and gain effective growth of mind.
The nature of the innovation and how it came into being, including details where appropriate of
key entrepreneurs underpinning the innovation; -
The nature of innovation: the three house of LEGO has been focused on the innovation of
the creative thinking process so that effective outcomes can be achieved and growth can be
gained by the individuals. The company focus on the creativeness in the toy and creative
thinking process of its users so that they can gain better insight about the future growth of the
organization with more innovativeness( Ozkeser 2019). During 2018 LEGO company began
making botanical elements, including threes, leaves, and bushes form the plant based
polyethylene using sustainably sources. This provides improved growth to the children and
provides innovativeness in the thinking process. The three house in the creation of the LEGO
group is the example of effective thinking process and master designs. During the innovation of
the ideas that can help the business to gain effective customer base. LEGO master design the
growth and proficiency of the business so that effective growth can be achieved. the model was
designed by the LEGO group helps to attract the people and encourage them to gain better
objectives and growth in the market.
Entrepreneur under print during the innovation:
Innovation in the business of LEGO group helps to gain better objectives and growth of the
creative assessment of the tools so that effective outcomes can be achieved in most appropriate
manner. LEGO owners create an innovative growth and development of creativeness in the
business so that effective outcomes can be achieved(Hero, and Lindfors, 2019). CEO of
company focuses on making creative product so that the customers can be attract and make
customers more creative so that they can use the toy product. Ole Krik Christiansen become
successful entrepreneur by providing better services and sustainable product and services so that
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effective outcomes can be achieved. sustainable martials is used for the product so that
innovation can be done in the business.
The organisational structure supporting the realisation of that innovation; -
The company follow the organizational structure that support the growth of innovativeness
for the better development of goals and objectives in the business and enhancement of
creativeness. They train the employees and managers of the organization to think in innovative
way so that effective growth can be gained in most appropriate manner. They use divisional
structure in the business so that creativeness in the firm can be fulfilled and better growth can be
achieved. in divisional structure business focus on the improvement of innovation and
creativeness so that proper solution of the problems can be provided( Thukral, 2021). Divisional
structure helps the business to increase the number of growth of innovation in the business so
that effective growth can be achieved. they dived their structure in three main segment where
they divide in product, market and geographical segment. This assist business to increases the
number of growth and success of the product and services in the market. The level of motivation
increases by the business to gain innovation and provide better growth to the product in the
industry. To become one of the largest in the industry they provide continues innovation strategy
in the market.
The networks established in the realisation of that innovation; -
Innovation in the networking support continues improvement in the product and services
so that effective idea and management can be done. It assists business to enhance the innovation
process so that product and services of the company can be innovative and helps in the growth.
this benefits the business by increasing the number of innovative culture in the organization so
that effective outcomes can be achieved( Sergi, and Scanlon, 2019). in the context of LEGO
group company follow all the innovative guidance to enhance the level of creativeness in the
business. In the phase of digital competition in the market they build strong and loyal customer
base that support and help the individual to gain better innovative success in the business. They
focus on making strong networking in the market so that it can assist their business towards
better growth and proper development of innovation. In 2017 company was having revenue
declining 8% and layoff totalling of 1400. With this company continue to make strategy that
support their business can increase the level of customer base in the market. They introduce
famous turnover strategy for engaging the customer base and growth of the market. The
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company start its product on the basis of the customer needs and it helped the business to
increase the level of customer in the market and increase their growth at market. They launched
many innovative product that helped their business to increase the level of customer in the
market and enhance the level of effective growth and proficiency. Their strategy of making
sustainable products helps in the growth and fulfilment of customer demand so that effective
growth to the business can be achieve.
Innovation in the business and enhancement of creativeness assist the business of LEGO
group, to gain customer base and enhance the level of revenue and networking. Various strategy
used by the LEGO group provides better market assessment and growth so that effective network
can be achieved in the market( Tidd, and Bessant, 2020). They increase the level of brand
awareness in the market so that they can gain better customer base and provide their customer
assesses to the product and services. For the better development of needs and wants of customer
they start market survey that helped them to gain effective growth and fulfilment of needs and
wants in most appropriate manner. impact of brand awareness in the business is to gain better
growth and fulfilment of needs and wants in most appropriate manner. focusing on the product
that would sell in the market and provide customers access to those product can help the business
to gain better future growth and fulfilment of needs.
Thus, introducing market growth and fulfilment of need and demand of the customer assist
the business of LEGO group to gain better innovation networking. Also their innovative strategy
helped their business to gain better growth and profitability( Mei, 2019). This helped the
business to develop effective customer base so that effective success of the business can be
gained. For the effective growth of the business in the market they introduce the product and
services with sustainable resources so that customer can fulfil their needs and wants. Also
company focus on making their product creative so that children can use those product and
enhance their level of creative thinking.
The impact of the innovation on evolution of the company and company performance; -
Innovation play major role in the success and growth of the individual so that effective growth
and proficiency of the business can be gained. The CEO of the LEGO group focus on making
their product creative so that their customer can use it can develop loyalty towards the brand.
They focus on making creative innovation in the toy so that children can use and increase their
mind set and enhance their level of creative thinking. This innovation in the product helped the
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company to gain better customer base and growth in the marketplace. They also motivate their
employees to think creative so that business can gain success and high customer base in the
market. Use of innovation in the business helped the organization to enhance the level of
customer base and growth on the business in the market. Effective way of using the technology
and making product and services assist business towards the achievement of organized goals and
aim of organization. For the better future development they use sustainable resources for the toys
so that high customer base can be attracted towards the brand, the customer segment of the
company enhance by the use of effective product and services and providing customers high rang
of effective products.
For innovation in the product company use different strategy that makes product
innovative and increase the level of brand awareness. For the better growth and development of
customer base they enhance the level of marketing of their product and services in innovative
way so that customer can be attracted towards the goals and objectives and growth of the
business can be gained. With the use of creative ideas and innovation they develop high level of
revenue and become largest by the revenue in the industry(Wang, 2020). This makes the
business of the company much higher and provide customer different way of thinking about the
various product and services in the market. LEGO group also enhance the level of innovation
and networking so that the other competitors in the market can gain better growth and fulfilment
of needs and wants in most effective manner. for the betterment of future growth and needs of
customer base they analysis the market demand and enhance the level of growth. for more
effective growth and fulfilment of needs in the market it can be provided by the company and
their needs and wants can be fulfilled in most innovative way.
Thus, form the above discussion it can be understand that LEGO group focus on the
innovation and development of creative product and it assist their business towards the growth
and fulfilment of customer needs in the market. LEGO group also make innovative strategy that
provides betterment to their future challenges of the business and helped them to deal with the
outside competition.
The broader impact of the innovation outside the company, including any societal impact:
External innovation helps the business to improve the product and survives of the company
so that effective outcome can be achieved. External innovation helps the organisation to enhance
the level of customer base in the market and increase the level of efficiency. For the betterment
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of the customer base businesses enhance the level of brand awareness in the market so that
effective growth can be achieved by the businesses in the market. For the development of need
and wants of the customer to make higher growth and proficiency. For the better future growth
company make high level of investment in the external innovation so that high level of customer
base can be develop in the market and growth of the business can be gained. In the context of
LEGO group, company implement new product and services in the market so that they can
attract higher customer base and growth in the market. Company focus on the external
innovation by development of services and product according to the need of the customers and
growth of the market base. They also provide the innovation in toy product so that effective
growth can be achieved in the market.
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CONCLUSION
From the above information it can be conclude that innovation and entrepreneurship is
essential part of the business growth and success in the market. With the innovative product and
services business can achieve high level of customer base and growth. Customer focuses on the
product and service and its innovation. With the innovative product and services company can
achieve its goals and objectives. For the development of needs and wants of the future so that
effective growth can be achieved in the market and innovation of the product can be done in
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most appropriate manner. with the use of creativeness in the business company can attract their
target market and enhance the level of growth and success. For the effective use of product and
services they provide better future growth and fulfilment of needs and wants. With the use of
product and services in the market business use their innovation as a strategy so that they can
increase the loyalty of the customers and provide them better product and services.
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REFERENCES
Books and Journals
Paik, Y., Kang, S. and Seamans, R., 2019. Entrepreneurship, innovation, and political
competition: How the public sector helps the sharing economy create value. Strategic
Management Journal, 40(4), pp.503-532.
Schmiedeknecht, M.H., 2020. Social innovation and entrepreneurship supporting the Sustainable
Development Goals (SDGs)–fostering social value creation. In The Future of the UN
Sustainable Development Goals (pp. 211-225). Springer, Cham.
Ozkeser, B., 2019. Impact of training on employee motivation in human resources
management. Procedia Computer Science, 158, pp.802-810.
Hero, L.M. and Lindfors, E., 2019. Students’ learning experience in a multidisciplinary
innovation project. Education+ Training.
Thukral, E., 2021. COVID‐19: Small and medium enterprises challenges and responses with
creativity, innovation, and entrepreneurship. Strategic Change, 30(2), pp.153-158.
Sergi, B.S. and Scanlon, C.C. eds., 2019. Entrepreneurship and Development in the 21st
Century. Emerald Publishing Limited.
Tidd, J. and Bessant, J.R., 2020. Managing innovation: integrating technological, market and
organizational change. John Wiley & Sons.
Mei, H., 2019, October. Research on the Countermeasures of College Students’ innovation and
entrepreneurship development under the perspective of “Internet+”. In Journal of
Physics: Conference Series (Vol. 1325, No. 1, p. 012060). IOP Publishing.
Wang, Y., 2020, April. Teaching Reform Practice of E-Commerce Major Integrating Specialty
and Entrepreneurship. In 2020 International Conference on E-Commerce and Internet
Technology (ECIT) (pp. 32-35). IEEE.
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