Importance of Innovation and Enterprise in Organizations

INNOVATION AND
ENTERPRICES

Table of contents
INTRODUCTION.........................................................................................................................3
MAINBODY...................................................................................................................................3
Importance of innovation and enterprise in the organization...............................................3
The examples of real business examples whose common factors lead to innovation
success and failure.....................................................................................................................4
CONCLUSION..............................................................................................................................5
REFERENCES..............................................................................................................................5

INTRODUCTION
The report is about the importance of the innovation and the enterprises in a business for
the fundamental in business and for the established organization. It is also important for the
competitive business markets. Real business examples are given for the common factors that
influence the innovation success or the failure.
MAINBODY
Importance of innovation and enterprise in the organization
Innovation in the organization refers to the process undertaken by the organization for the
formation of the products, ideas, process and the reviewing of the existing ideas, process and
products in better and different ways. There are various types of innovation a company can
pursue. The companies have acknowledged the fact that the innovation is necessary for the
growth and development due to the changes with time (Zhang and et.al, 2019).
Innovation provide the companies with:
Help in growing
Introducing innovation in the company is a slow process and involve the perfection of the
already existing products and the business model in the company. The products in the company
needs to be revolved and rethink about, this helps the company in expanding. Innovation can be
used as the business initiative for the growth. The companies can stay ahead of their competition.
Keeping the organization relevant
Innovation helps the companies to change according to the needs of the customers with
the changing time. Technology is used as a driving factor to meet the changing needs. The
changes have promotes the new business to the new age of innovation. A startup company have
to be innovative to enter in the industry, to set up the organization and to remain relevant with
the changing period (Edmondson, 2018).
Helps in differentiate the organization