Fundamentals of Innovation and Enterprises with Real Business Examples

This report discusses the fundamental importance of innovation and enterprises in business, with a focus on how they can lead to growth and improved performance. Real business examples from successful companies like Amazon and Apple are used to illustrate the benefits of innovation. The report also covers the importance of enterprise in reducing business costs and improving customer service capabilities. References to academic journals and conferences are included.

Innovation and
enterprises

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Fundamental of innovation and enterprises with its importance ...............................................1
Real business examples which leads to innovation success........................................................2
CONCLUSION................................................................................................................................2
References:.......................................................................................................................................2

INTRODUCTION
The company bring innovation in their business for introducing something new product
or replacing business process for increasing efficiency and productivity. It adds new value in
existing product to differentiate the business from its competitors and increases perceived value
to customer and market (Burbidge, 2021). The development of entirely new products helps in
meeting rapid changing customer needs and demands. The innovation and enterprise are both
fundamental for the start-ups and new ventures as they leads to great success. The report will
discusses the fundamental of innovation and enterprise with its importance. Further, the real
business example is taken for knowing the innovation success or failure.
MAIN BODY
Fundamental of innovation and enterprises with its importance
The innovation is an ability of individual, companies that explore different ides and in
successful way value is added to market, government and society. The correct use of innovation
in enterprise whether it is established or start-up will help in improving the efficiency,
productivity and overall business performance. The innovation and enterprise both are crucial as
without any enterprise there would be no innovation. Through business innovation new business
idea is developed which is made useful and practical for society (Ding, 2021). The innovation in
enterprise provides better customer experience to the consumers. For the organisation the
innovation us very important as it is only way to stand out among competition, The present
practice of innovation is related to longevity of business. The innovation is fundamental as it is
strategic endeavour which helps in framing the organisation future. The great innovation is
guided by strategy which is key factor in shaping future strategy. The innovation is resource
allocation problem as in start-up or established business there is creation of more ides which can
be implement to make an enterprise success. It ensures to allocate right resources such as talent,
capital and time on right ideas makes in building the capabilities for succeeding in innovation.
The Start-up is a team of entrepreneurial talent in development of new innovations on progress to
validate and capture the value of created innovation. For established and start-up business the
innovation is important as this helps in business growth which leads to increase of profits. It
helps in staying competition by having innovative thinking for predicting market and keeping
with customer needs (Shuangzhe, 2020). The importance of enterprise is that it reduces cost of
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running business which means company will have more of its budget for increasing customer
service capabilities or investing in other assets that can enhance the experience of customer. For
factors of production enterprise is important which consider land, labour and capital.
Real business examples which leads to innovation success
Amazon- This is taken as real example for its success by using of innovation it bring the
e-commerce platform for the consumers and selling its products through online websites. It
adapted the agile principles and launched beta version of Amazon custom in short time. It take
the use of innovation to sell its supply chain directly to the retail customers and buy loyalty with
extreme convince. The amazon take use of some innovative factor which leads to its business
organisation success such as fast & convenient, omni-channel, supporting decisions,etc.
Apple- This is also considered as live example of business success in terms of
innovation. There were some factors which leads to success such as organisational culture,
people management, innovation strategy and its competencies. The company developed the
innovative culture right from top management (Zanni, and Kirchner, 2020). Its innovative
thinking fosters the innovative process. It focused on making people lives better with smart and
intuitive products. It take use of both incremental and radical innovation and maintain its range
of ipods by increase of storage capacity. It keeps the things simple and offers better customer
services.
CONCLUSION
From the above it is concluded that innovation and enterprise are fundamental for both
the start-up and established business as it helps them in providing new ideas for creativity so that
there can growth in the company and its performance can be improved. The multinational
companies such as Amazon and Apple bring the innovation to have great success and offering
better services, using digital technology to offer customer better services and products leading to
great satisfaction.
References:
Books and Journals
Burbidge, 2021. BOOSTING COMMUNITY ENTERPRISE. RSA Journal, 167(1 (5584), pp.26-
29.
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Ding, 2021, September. An Empirical Study on The Impact of Venture Capital on Enterprise
Technological Innovation. In 2021 5th Annual International Conference on Data
Science and Business Analytics (ICDSBA) (pp. 366-369). IEEE.
Shuangzhe, 2020, December. Analysis of Enterprise Technological Innovation in the Era of Big
Data Based on Mathematical Models. In 2020 16th Dahe Fortune China Forum and
Chinese High-educational Management Annual Academic Conference (DFHMC) (pp.
348-351). IEEE.
Zanni, and Kirchner, 2020, December. Using Enterprise Social Platforms in the Innovation
Process. In European Conference on Knowledge Management (pp. 975-XXIV).
Academic Conferences International Limited.
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