Importance of Innovation and Enterprise in Business

INNOVATION AND
ENTERPRISE

TABLE OF CONTENT
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
Theories and model......................................................................................................................3
Fundamental importance of innovation and enterprise in a business..........................................4
Examples of how organization implemented innovation successfully........................................5
CONCLUSION ...............................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Innovation is the application of developed ideas for improving the activities in a business
for achieving success. Enterprise is a business or company which are associated with a venture
for creating profit. This project will use theories and examples for explaining the importance and
fundamentals of innovation and enterprise in business.
MAIN BODY
Theories and model
Diffusion of Innovation model help a business for understanding the customer adopts
and grabs new technologies and products in a given period. This model shows how five different
categories or customers types adopt a product of the company (Al-Razgan and et.al., 2021). With
the help of this model business understands how to engage with such customers.
Source : Hanlon , 2018
According to this model the characteristics of customer which adopt the product of the
company are,
Innovators :
These are those group of people which are always exploring new products and new
technologies. These are bloggers and social media specialists which are doing it for online
marketing.
Early Adopters :
Illustration 1: Diffusion of innovation model