Innovation and Enterprise: Importance and Real-life Examples

This article discusses the importance of innovation in enterprise growth and success. It explains how new and creative ideas can improve business processes, increase efficiency and productivity, and meet consumer needs. Real-life examples of companies like Amazon, Tesla, and Tesco are used to illustrate the concept of innovation.

Innovation and
enterprise

Contents
INTRODUCTION ..........................................................................................................................1
MAIN BODY...................................................................................................................................1
CONCLUSION................................................................................................................................2
REFERENCES................................................................................................................................3

INTRODUCTION
Innovation refers to the result of detailed analysis and evaluation in the form of the
solution for the targeted issues of the people. In simple words it can be explained as new idea
and approach into action. It plays an important role in enterprise growth and success. To
effectively run an enterprise new innovative and creative ideas should be formulated (Chen,Hao
and Chen,2022). Sometimes business processes should be improved or replaced to increase the
efficiency and productivity of an enterprise. Development of new and improved products to meet
the consumer need is also a part of innovation.
MAIN BODY
“A pile of rocks ceases to be a rock pile when somebody contemplates it with the idea of a
cathedral in mind.”. This statement is philosophical in nature and is related to the concept of
innovation in the modern business. The finest way to create something new, innovative and
amazing is to be able to look at a rock and see a church. To do this effectively one should
constantly train yourself to overcome current pattern and to expose to new innovative ideas and
concept. In simple words it can be explained as that one should not stuck to predetermined ideas
but must initiate innovative thinking and try to build new creative ideas. To attain success, the
business enterprises should focus on innovative ideas creation and should not rely on old process
(Joly, 2019). These innovative ideas help the enterprise to operate smoothly. Amazon is probably
one of the most innovative company. To cater a position in this diversified market the company
has expand its business to various different sectors. The company started its business from online
bookselling and now it deals in all the different sectors such as clothing, grocery, web services
including Amazon prime, Alexa and many more.
.
“If you have always done it that way, it is probably wrong.”. This statement is related to the
concept of creativity and innovation. This quote implies that the ways by which people think
could be considered beneficial for some it could not be considered that beneficial. It depends on
the condition on which people work or implement those thoughts in. It’s always better to
experiment and innovate new ways of solving the issues that comes in one’s path instead of
sticking with the monotonous theories. By experimenting the processes can be smoothen out and
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work can be done in shorter duration with more effectiveness. The business enterprise should
experiment new ways to foster new methods, which can lead the organisation to success. It also
helps the business enterprise to adapt changes in environmental conditions and to work with
more flexibility. For example – Tesla is one of the valuable auto manufacturer in the world. It
constantly works on various factors and innovative ideas to change the future of energy and auto
mobile industry (Blankesteijn, Jong and Bossink, 2019). To deal with the constantly changing
demand of the consumer Tesla has start selling its cars with fast charging sustainable batteries,
which helps in utilization of renewable energy creation and storage.
“The creation of something new is not accomplished by the intellect, but by the play instinct
arising from inner necessity. The creative mind plays with the objects it loves. This statement is
also related to the concept of innovation in modern business enterprises. This statement explain
that every innovative idea is not taken on the basis of predetermined method and theories, it
explained that to develop an innovative idea creative and innovative mind-set is also important.
The business enterprise should develop new ideas on the basis of instinct and the demand of the
situation, it should not always rely on knowledge and intellectual capacity. To attain success, the
business must focus on instincts because these instincts are framed from the situational analysis.
Tesco is one of the largest supermarket industry in UK. The company has worked on its instinct
and start online services before the pandemic. It helps the company in gaining competitive
advantage over others in the market.
CONCLUSION
In the above file a brief discussion is done on innovation and enterprise. It also states that
how innovation helps in growth and success of an organisation. Quotes of different authors
describing innovation has been explained in the file with the real life example of different
companies such as Amazon, Tesla and Tesco. Different ideas, knowledge and theories has been
applied to create innovative ideas for the success of the enterprise.
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REFERENCES
Books and Journals:
Blankesteijn, M., Jong, F.D. and Bossink, B., 2019. Closed-open innovation strategy in Tesla. for
autonomous vehicle development. International Journal of Automotive Technology and
Management, 19(1-2), pp.74-103.
Chen, Z., Hao, X. and Chen, F., 2022. Innovation and enterprise reputation value. Business
Strategy and the Environment.
Joly, P.B., 2019. Reimagining innovation. In Innovation beyond technology (pp. 25-45).
Springer, Singapore.\
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