Need of Innovation in Business
Added on 2019-11-26
9 Pages2231 Words77 Views
Running head: INNOVATION AND ENTREPRENEURSHIPInnovation and EntrepreneurshipName of the Student:Name of the University:Author note:
1INNOVATION AND ENTREPRENUERSHIPOrganisation is a complex structure and business is known to be the enabler oforganisation. One of the many business processes is innovation. Evolution is one of the factorsthat comprises of innovation. The competition and economic growth of an organisation is driverof different kind of innovation. Many models explain the innovation. Some of them are discussedin the following text. The sustainability of the innovation factor is also discussed here There is arelation between the creativity factor and innovation (Tidd & Bessant, 2015). Among theFortunes’ listed most innovative companies are Google, Apple and IBM, which goes by theincremental and radical innovation change (Soriano, & Huarng, 2013). There is also risk inincorporating innovation in business. Entrepreneurship is directly related to innovationcapabilities of people (Trimi & Berbegal-Mirabent, 2012). The entrepreneurs are noted to be oneamong the most creative-minded people in a society. This text analyses the restaurant business inAustralia and what are the innovation factor that can be incorporated to this hypotheticalbusiness name “Elysium”.There is different level of innovation in a restaurant business. They are Individual,society and state. Three of the level is simultaneously important. The individual level creativitycan be used in organisation level also. The few stages that enable the company to use thecreativity of an individual are - Trust management in the staff of the restaurant ; Media ofsharing knowledge of marketing and innovation ; Environment that encourages sharing ideasabout implementing new process; Good integration and communication strategies; Ideamanagement tools utility; (Franz,, Hochgerner & Howaldt, 2012). Recognition of employeesthat voluntarily contributes to the innovation process.
2INNOVATION AND ENTREPRENUERSHIPThe first and foremost idea of innovation will be in the matter of integrating all thedepartments of the restaurant under a single enterprise recourse planning system. This willensure the smooth communication among of the stakeholders of business. Evidence based socialmedia platform to reach the food lovers in the region will be a good strategy to check theposition of the restaurant for the business (Trimi & Berbegal-Mirabent, 2012). To ensure thedevelopment strategy and the business runs for some of the next decades there must be plans thatwill implemented. The capacity of the restaurants must be regarded for that plan, as the capacityis a major factor to drive innovation. The next implementation of innovation can be on the business model. Different industriesand sectors have different affect on the industry. Business Canvas model is covers the keyfeature of business (Franz,, Hochgerner & Howaldt, 2012). Identifying the menu of therestaurant and taking a good look in the available resources in the company and what are thetrends and what unfamiliar trends can or will be acceptable by the customers can be factor tocatch the attention of people. Offering wifi for customers has contributed to the success factor ofinnovation for Starbucks Cafe (Weissenberger-Eibl & Koch, 2013). The free online orderingsystem and free delivery system is known to be the cherry on top service for online orderinglovers. The market research will be for website visibility will be good for gathering investors forfurther innovation in the company. The sustainability factor of innovation is known as to successful innovation capacity. Thetriple helix model of innovation focuses on the university-industry-government relation. Thequadruple helix, which is an addition to the triple helix, is the culture and media based civilsociety. Knowledge economy is an enhancement of knowledge innovation, which leads to thetransition in the whole economy (Nanda., Younge & Fleming, 2014).. Further, the quintuple
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