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Concept of Innovation and Entrepreneurship

   

Added on  2020-02-24

11 Pages2112 Words75 Views
Running head: Innovation and Entrepreneurship 1Management and Business ContextInnovation and Entrepreneurship

Innovation and Entrepreneurship 2ContentsIntroduction.................................................................................................................................................3The concept of innovation and entrepreneurship in the Hi- Five restaurant.................................................4Contextual factors in innovation and entrepreneurship................................................................................5Importance of innovation in entrepreneurship.............................................................................................7Innovation technology in entrepreneurship..................................................................................................8Conclusion...................................................................................................................................................9References.................................................................................................................................................10

Innovation and Entrepreneurship 3Introduction Innovation and entrepreneurship is the two essential elements to develop the growth of the business. Innovation is the procedure which involves the conversion of new knowledge into anew product, service and process and keeping this new products and services in the actual use. There are many reasons which are able to push the innovation such as technology push, market pull, product innovation, process innovation, continuous innovation and tight linked innovation. Entrepreneurship mostly involve in the managing with other companies such as corporate venturing, spin off and eco system. The decision of entrepreneurship is related with social mission, organizational form and business model (Bruton, Khavul, Siegel & Wright, 2015). Innovation and entrepreneurship are the contextual factor which will be helpful to enhance the business practice of the business. It is the report which helps to describe the contextual factors in the concern of Hi- Five restaurants.

Innovation and Entrepreneurship 4The concept of innovation and entrepreneurship in the Hi- Five restaurantThe concept of innovation and entrepreneurship is strongly interlinked. Innovation is considered as the essential tool of entrepreneurs, it refers that the change is required to enter the new market and for expanding the business in larger way. It is the concept which is capable to represent as a capable of being learned, discipline and being practiced. Innovation and entrepreneurship are interconnected. To expand the Hi- Five restaurants, entrepreneurs need to search initially for the resources of innovation. Apart from that entrepreneurs of the business need to apply the principles in the business for getting the successful innovation. An innovation is the way of accomplishing the task with new ideas (Ratten, 2014). All goods of the business whether it is physical products or services is made up of three elements. These elements are nature raw materials, mental and physical labor and capital. Innovation is the process which contains all three elements in it appropriately. Entrepreneurs can be the innovators for the business who build new combinations of these factors and then show them in the market. It is considered as the technical conceptualization of what is innovation is about. It is the concept which helps entrepreneur to know about the innovation within the business to enhance the growth of business (Drucker, 2014). There are some valuable areas in which innovation might bemade will be described below.New products in the form of new dishesIt is one of the most common forms the creation of new products. By producing the new products, business may grow unexpectedly and gain competitive advantages appropriately. Product are not a physically tool for attaining an individual’s ends but also it have the role to play in contenting the needs of emotional (Vivarelli, 2013). The name of brand is more

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