Importance of Innovation and Enterprise in Business - Essay

This essay discusses the importance of innovation and enterprise in business. It covers the process of idea generation, theories and models related to innovation, and practical examples of successful innovation in the market.

Essay

Table of Contents
INTRODUCTION ..........................................................................................................................4
MAIN BODY...................................................................................................................................4
Idea generation is the creative process of generating new methods to solve problems and
improve the product’s conditions or the company itself.............................................................4
CONCLUSION ...............................................................................................................................5
REFERENCES................................................................................................................................7

INTRODUCTION
Innovation enterprise basically refers to the independent business multi-channel media
brand which is focused on the requirement of information of strategy, senior big data, finance,
digital, advanced analytics, decision support executives. Innovation and enterprise is important
because innovation which are in successful terms basically adds value to the business so that
profits can be increased into positive manner(Brocke and et.al., 2017).In the present report, a
statement is taken into consideration which needs to be analysed into appropriate manner. In
addition to this, the report will cover discussion about theories and knowledge which has been
researched on innovative practice and enterprise. Moreover, the report will cover analysis about
in which manner innovation and enterprise are fundamental and important in business.
MAIN BODY
Idea generation is the creative process of generating new methods to solve problems and improve
the product’s conditions or the company itself
According to the above statement, the process of generation of idea is basically a kind of
process or method to solve various problems of business and enhances the quality of product and
organisation. So at the organisational level, it is necessary to have innovation factor so that they
can grow into this competitive market in an out of box manner. When there are lots of ideas then
they can implement it into practical manner so that they can made changes into their process of
working and execution level as well. In context to innovation and enterprise, they are important
for business because they help in terms of raising the revenue level and create a different and
strong brand image into the market. For implementing the change into positive manner, it is
necessary that to have proper discussion, choosing of best alternative, idea development.
According to the model of chocolate which is related to innovative practices which is
majorly focused on changes related to the organisation and on innovation adoption as well. It is
basically structured around four elements which include adopters, change, organisation and the
change agent (LIU and et.al., 2016). It is related to the statement in such a manner that to bring
the changes at the organisational level it is important to generate ideas at the organisational level.
The generation of ideas also help into this context that they solve problems into fast pace manner
with the adoption of different methods as well.

So at the organisational level, innovation and enterprise is very important and
fundamental. It is due to this reason that innovation help in terms of remaining ahead into the
competition and also support in terms of predicting the market into appropriate manner. If
businesses do not innovate themselves then their competitors brings new innovation into the
market and it is difficult for the organisation to stay strong within this competitive market. This
statement becomes more evident through an example which is the Amazon(Sun and et.al., 2020).
It is the company or business who has totally changed the way of doing business into the retail
sector. When Amazon comes with innovative ideas into the market then it has grasped the
market on a larger scale due to which they can attract large number of customers as well. As a
result, Amazon is a company who becomes that company which earns large number of revenue
and profits on large scale as well. Within this company, idea of common factor is related to the
online platforms and bringing the business on the online basis brings the company towards the
road of success.
CONCLUSION
The above stated report concludes that innovation and enterprise is very important within
this business world. It has been concluded that innovation and enterprise is very important and
fundamental within the business. There are certain theories and models which can help in terms
of supporting the statement of innovation factor within this business world. It has been
concluded that innovation is very important into this competitive market for remaining ahead
into the market. It has been determined that there are certain practical and realistic examples into
this business world which showcase about the innovation factor due to which they can stand
competitively into the market. So its very important for the organisation to continuously bring
innovation at the organisational level so that remain ahead into the consistent manner. That's why
innovation is very significant in this business world.

REFERENCES
Books and Journals
Brocke and et.al., 2017. A journey of digital innovation and transformation: The case of Hilti. In
Shaping the Digital Enterprise (pp. 237-251). Springer, Cham.
LIU and et.al., 2016. Technological Innovation Affect Enterprise Value and Cross-industry
Analysis. Science Technology and Industry.
Sun and et.al., 2020. Environmental regulations, enterprise productivity, and green technological
progress: large-scale data analysis in China. Annals of Operations Research, 290(1),
pp.369-384.