Significance of Innovation and Enterprise in Business

This article explores the significance of innovation and enterprise in business. It discusses how innovation can lead to growth and high profits for a company. It also highlights the factors that contribute to success in innovation and how to deal with failure. The article further examines the impact of innovation on society and the role of entrepreneurship in driving innovation.

Innovation and Enterprise

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MANAGING BUSINESS ..............................................................................................................3
Significance of innovation in enterprise......................................................................................3
Factors to success.........................................................................................................................4
Dealing with failure.....................................................................................................................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Innovation is giving new ideas or solution to problems, enterprise on the other hand helps
innovation to be applied in daily life. Innovation and Enterprise can be two closely related terms,
they do circulate around the same idea but there is a difference which everyone should
understand. Innovation is very useful for the growth of a company, it holds many significance in
make the enterprise rise. This is risky factor no one can predict if it will be fail or succeed.
Failure is a step that leads to success with various other factors helping the process.
MANAGING BUSINESS
Significance of innovation in enterprise
Innovation is a key to excel in performance for a business. Firms focusing on innovation
grow more quickly and make high profits. In this modern digital world, 'Old is gold' is a phrase
which is not applicable, it rather be 'old is bore'. People are looking forward towards a new and
different way for solving their problems. This is very innovation comes into picture, benefiting
the company. Innovation is generating new things or new approach with leads to progress.
Innovation can help an enterprise come at top in this challenging world. Innovation is a vital
reason for present time existence (Nambisan, Wright and Feldman, 2019). Change is necessary
part of, if all company produce the same thing then what will make them different from another,
what will make customers choose them over any other company is important part to look upon.
Looking at the macro significance of innovation and enterprise on the society, innovation has
helped a lot in betterment of society by following sustainable development. For example of car
enterprise, new innovative technologies are helping the emission by fossil fuels becomes
minimum. Technology company like apple and Samsung have contributed in making human life
easy and being connected with the people they love. Another examples are company like Philips,
innovating and launching new gadgets for easy excess to everything. Innovative solutions helps
in reducing poverty by creating many job opportunities, the help fight sickness and hunger in
difficult regions of world. Now to help these innovation reach people, enterprise plays a major
role. Any organisation plays an important role in Production (Coulson-Thomas, 2017).
Somebody who puts all bites and pieces for an organisation to work, is called an entrepreneur,
function of whom include innovation to meet social needs and for better use of resources.

Outcome of innovation and enterprise include, Economic growth, this helps in increase in
market value, of produced goods and services increasing gross domestic product. Innovation are
there to increase productivity and therefore increasing output and economy. Increase in
productivity results in positive changes for careers, creating million of new job opportunities.
But demands for experts are rising and that of regular workers, they have to settle for low
incomes. Development of many agricultural innovations has helped life of farmers and helped
them to generate more profits. Past few years can be said to era a major technological
advancements, From using pagers to land-line phones to this thing in everyone's pocket called a
mobile phone, all have seen technology evolving in our day to day life (Patricio, 2017). They
encourages other company to be even more innovative, it increases change of survival of an
enterprise during any changes. This also has positive impact on company culture, as it increases
chances to obtain best use of skills and knowledge.
Factors to success
Every company wants to be successful, important factors for achieving success via
innovation in an enterprise includes, Outline of innovative process, Creating an idea which is
strategic and can be launched into the market, this process holds the heart of any innovative
enterprise. By focusing on corporate trends, developing new strategy b y brainstorming new
ideas, handling everything responsibly, they all help to aim on increasing innovation capacity.
Commitment to innovations is very important, adherence from all mangers helps in creating a
support system for the innovation leading the basis of innovation process. Time and Budgets are
necessary key for an innovation to be a success. This process should have very organised
approach and disciplinary method because due to the involvement of many functional areas and
many employees in order to launch a product can get messy (Rexhepi, Hisrich and Ramadani,
2019). Defining roles of every employee is really important for the process to go smoothly.
These all factors can help in success of any innovative idea, but as known, launching any
innovative idea is very risky as large part of output is based on many random factors.
Dealing with failure
Accepting reality is very important, some might work and be a huge success, some can be
a failure but this can be a good lesson for future, take example of any company, be it apple or

amazon, they have dealt with failure in order to be this successful today and comes under the
most innovative companies category (Zhang and et.al., 2020). Companies who tend to learn from
failures or to celebrate failure can lead it steps to success. Companies do not learn, its individual
learn, company support an individual who has failed, discouraging them more won't benefit
anyone, be it the organisation or employee itself. Failure is mostly because of two things, if
products do not come out the way it should be or not reaching to customers or in customers
radar. For product to be as desired, enterprise should keep trying, it sure does makes anyone
perfect. Giving a fresh perspective by someone can also help improve the process and
breakthrough can happen. Now if innovation has failed in a market place, company should look
into it customers experience and feedbacks to give better results. Failure can be painful but it is
something that is in the offing while creating a new value. Way of handling the failure
determines success of any enterprise (Luceri, Sabbadin and Zerbini, 2017). Company that can
espouse a innovation can also embrace risks that come with it.
CONCLUSION
As from above it is clear that innovation is key to progress of any business. When these
innovation idea are not powerful, one must try to improvise on the things that can be handled.
Any small improvement or contribution adds up to bigger and better ideas. Patience is the key,
nobody knows what idea can become revolutionary one day. Ray Kroc who invented hamburgers
when died, he was worth half billion dollars. So no matter what the idea for innovation is, just
keep working on skills and other business aspects because at the end work does pays off and in
such cases help in becoming a billionaire.

REFERENCES
Books and Journals
Coulson-Thomas, C., 2017. Stimulating creativity, enabling innovation and supporting
entrepreneurship. Management Services. 2017(Summer). pp.26-29.
Luceri, B., Sabbadin, E. and Zerbini, C., 2017. Innovation in tradition: key success factors of
new entrepreneurs in the retail trade. International Business Research. 10(12). pp.239-
245.
Nambisan, S., Wright, M. and Feldman, M., 2019. The digital transformation of innovation and
entrepreneurship: Progress, challenges and key themes. Research Policy. 48(8).
p.103773.
Patricio, R., 2017. A gamified approach for engaging teams in corporate innovation and
entrepreneurship. World Journal of Science, Technology and Sustainable Development.
Rexhepi, G., Hisrich, R.D. and Ramadani, V., 2019. Open Innovation and Entrepreneurship: An
Overview. Open Innovation and Entrepreneurship. pp.1-7.
Zhang and et.al., 2020. Critical success factors of green innovation: Technology, organization
and environment readiness. Journal of Cleaner Production. 264. p.121701.