Innovation and Enterprise: Concepts, Theories, and Practices

INNOVATION AND
ENTERPRISE
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TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6
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INTRODUCTION
Innovation is a special tool for entrepreneurs through which they make changes in order
to grab opportunities for different business activity or different service. For the evaluation of
successful innovation, entrepreneurs needs to search sources of innovation, changes and
requirement or evidences that betoken opportunities for successful innovation. Innovation is not
about making new inventions while it is more about take advantages of new opportunities and
changes (Kahn, K.B., 2018). This report will highlight the concept of innovation and enterprise
along with the theories and practices in order to give detailed information through real business
examples.
MAIN BODY
Innovation is a concept of putting new ideas and approaches into action. Inventing
something in order to make the business activities is one thing but it is necessary to make it
commercially viable for the company. In such way the innovation works. Innovation has become
successful for the company if it has been creating and adding value for the organization such as
improvement in existing goods, processes or services and development of new products and
services in order to add value to the business that has not been existed previously. These kinds of
innovations require certain challenges that includes the status que, deep and detailed
understanding of customer needs or requirements and imaginative solutions of the customers
problems (Baglioni, S., 2018).
Enterprise is a willingness to take a new project or business venture. A new start up
business, company, organization and other purposeful attempts are good examples of enterprise.
It is basically kind of organization through which the company provide its services and products
within the market space in order to meet customers requirements and also making profit
maximization for themselves as well. In the current world of constantly changing and highly
competitive, the ability to think innovative is highly important for any enterprise as well.
Individuals have to gain creative confidence, improve their problem solving capabilities,
discover solution structuring tools to tackle complex issues, and turn ideas into action also
requires high amount of innovation within ideas.
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