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Management and Business - Essay

   

Added on  2019-11-20

7 Pages2228 Words215 Views
Running head: Management and business context Management and business context

Management and business context The essay presents a brief overview of the innovation and entrepreneurship. It explains that howinnovation and entrepreneurship affect the business activities of the organization. Innovation isthe application and process of better solutions in order to meet implicit needs, new requirementsand market needs and desires. The innovation is related to the new invention. Innovation andentrepreneurship are interconnected with each other. Further, innovation is the process ofimplementation of new ideas, thoughts, technology, and knowledge. Innovation is the result ofcollective and group efforts where success and growth depend upon the new technology andscience. Innovation and entrepreneurship are the broader concepts. Innovation is the process ofconverting an idea and invention into the good and service which create effective values in theorganization (Bloom, Draca & Van Reenen, 2016). It involves the planned application ofknowledge and information, initiative, imagination and different values from resources. It is aprocess which involves many activities, performed by the various players in the organization.Many organizations adopt innovation and entrepreneurship process to gain the more success andgrowth in the future. Innovation is not only the invention process but it also makes changes in thebusiness model of the organization. Innovation increases the customer choices and expectationsand it also maximizes the globalization connectivity. Through innovation, the company can takethe entrepreneurship benefits. Therefore, innovation plays a significant role in everyorganization. It is the combination of entrepreneurial process and inventive process to create andbuild new economic value for the various stakeholders (Hattab, 2014). Entrepreneurship is the process launching, running, operating and designing a new business andtrade. It has been defined as the “Willingness and capability to organize, manage, operate anddevelop a business with reducing the various kind of risk in order to increase the revenue andprofit of the company”. The entrepreneurs identify the opportunities and threats of the market.An entrepreneur defined as “a person who starts, manages, organizes and operates any ventureand enterprise. Entrepreneurship creates and develops the opportunities for the employment andit enhances and increases the economy of the country (Choi & Majumdar, 2014). It is mandatoryfor the enhancement and development of managerial and administrative capabilities. It is thebroad and dynamic concept which eliminates and removes the various barriers and obstacleswithin the organization. In entrepreneurship, people develop new ideas and thoughts and theybecome more aware and measure and identify the opportunities and threats of the company.After the various researches, it has been found that innovation and entrepreneurship are very2

Management and business context important to expand the business activities and to overcome on the market competitors (Bae,Qian, Miao & Fiet, 2014). Innovation and entrepreneurship play a significant role in every organization. Innovation is thespecific instrument of entrepreneurship. Entrepreneurs search and find the sources of innovationand they find the opportunities for the business. Innovation is essential for the survival ofentrepreneurs and it is also necessary to expand the business of the organization. Innovation andentrepreneurship are the key success factor of the organization. In today’s competitiveenvironment, innovation and entrepreneurship are important success factors to overcome on thecompetitors in the market. Innovation and entrepreneurship help to develop and build theorganizational structure and values in the organization. Entrepreneurs are the person whoidentifies and evaluate the various opportunities and finds the gaps in the market and measuresthe feasibility of new business. They collect the feedback from the market to achieve theorganizational goals and objectives. Many companies use the traditional business techniques andmethods in business which affects the business activities of the company. Therefore, theorganization uses innovation and entrepreneurship process in the organization. Entrepreneurs usethe innovations to improve and enhance the quality of work and they also improve the position ofthe company in the global economy. Entrepreneurs are responsible for growth and success of thecompany (Kleinknecht, 2016). Here, “my stuff movement hypothetical company” has been selected for the essay. The essayprovides an overview of the importance and effects of using the innovation and entrepreneurshiptool in the management so that objective can be achieved. My stuff movement is a mover andpacker company which is a transporting business. The company assists the customers indelivering services at their doorsteps. Through these activities, the product is easily reachable bythe customers. Many other activities which the company performs are online delivery, assistingin shifting house, assist in home deliveries etc. As the business is new in the market and the ideaof the business is also creative, thus the company needs to use innovation and entrepreneurialactivities in their business in order to achieve success (Seltzer & Mahmoudi, 2013). The fact is known to all that no business in today’s world can run easily without using innovationtool in their business. In order to create a different position in the industry, each and everycompany needs to implement such techniques. Further, the concept of the business is creative so3

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