Innovation and Enterprise

Innovation and Enterprise

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................2
MAIN BODY..................................................................................................................................2
Enterprise and innovation............................................................................................................2
Purpose and significance.............................................................................................................3
Innovation and new product generation theories.........................................................................3
Factors influencing innovation success.......................................................................................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
The terms innovation and enterprise are closely associated with each other and are crucial
for success of business. Innovation is defined as the application of creativity and knowledge to
leverage any unique solution or idea while enterprise can be considered as application of
innovation results into practical application within society as social invention (Bennett and
McWhorter, 2019). The essay will discuss the significance of both these terms as fundamental
driving force of success in both established and new ventures.
MAIN BODY
Enterprise and innovation
Innovations refer to the new or unique solutions so that existing practices can be
improved and made more productive. Like with digital marketing online retailing companies like
IKEA and Tesco are able to make their marketing more interactive and transparent. Similarly
technological innovations bring more flexibility in time or comfort. Enterprises uses and apply
these innovation into practical application at business context so that each of the innovation can
be made feasible and accessible to the people. However enterprises can achieve success only
when they are able to implement and deliver novel and imaginative solutions which can meet the
diverse and rapidly changing consumer needs.
Innovation can result from various sources such as from employees, consumers,
suppliers, market research, educational research studies or even from the competitors. They play
crucial role in improving productivity and cost aspect along with the strong establishment of the
brand. It cannot be denied that the companies which have innovation in practice are more
successful in grabbing the attention of investors as well as customers. For gaining and
continuously improving the profitability and sales rate creativity must be made an integral part of
the business process (Schulman and Richman, 2019). Without innovation and creativity for
service delivery companies may fail to maintain competitive positioning.
Purpose and significance
The key purpose of bringing enterprises and innovation is to meet the social and business
needs and to improve the existing systems. There are limitations in existing practices. For
example when online retailing or digital marketing was not available it was not common to shop