Management and Business | Hardy Aqua Company
9 Pages2390 Words132 Views
Added on 2019-11-20
Management and Business | Hardy Aqua Company
Added on 2019-11-20
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Running head: MANAGEMENT AND BUSINESS CONTEXT1Management and Business ContextName:Institution:
Management and Business Context2 The main aim of this paper is to uncover the innovative and the entrepreneurial activities based on the Hardy Aqua Company which is a new business entry in Australia. Innovation entails the process of implementing new thoughts, enhancing the existing products or services, and developing dynamic products. Innovation speeds up the growth and success of the business and helps entrepreneurs grow and adapt to the market (Carland & Carland, 2015). Entrepreneurship is a business term used to describe a person who chooses to run a small business rather than work for someone. Entrepreneurs are business leaders and engineers of new business processes and ideas. They assume all the rewards and risks that may come along with a particular business idea or venture. The term innovation means more than just inventing. It entails changing the model of the business to adopt the new changes and deliver better services and products (Drucker, 2014). Successful innovation forms the basic part of business strategy, where innovative thinking solves the major business problems and creates a culture of innovation. Innovation increases the chances of business success. Entrepreneurs who have adopted innovation to their businesses have more efficient processes, and the eventual result is improved performance, productivity, and profits. Before implementing innovations to business, key steps should be followed (Chatterji, Glaeser & Kerr, 2014). They include conducting an analysis, consulting with customers, seeking advice, being open to new ideas, developing a response plan and training employees. Therefore, this paper aims to assess how innovation and entrepreneurship may be used to enhance the business practice of Hardy Aqua Company which will be operating in the bottled water industry of Australia.Key words will be used in this paper based on innovation and entrepreneurship are an overview, assess, enhance, and practice. Overview is defined as a short outline that provides the main information without getting into details of a contextual factor (Phillips, Lee, Ghobadian,
Management and Business Context3O’Regan & James, 2015). Assess is viewed as judging the contextual factor. Enhance is defined as improving the effectiveness of an organization using the contextual factor. Finally, practice refers to the initial application. Therefore, when assessing the entrepreneurship and innovation inthe practices employed in Hardy Aqua, the words will be considered. Innovation and entrepreneurship are significant factors in which the Hardy Aqua Company should consider within the functional organizational structure which will be adopted. This is because the functional organizational structures can promote the performance of the company through innovation and entrepreneurship (Turró, Urbano & Peris-Ortiz, 2014). In an entrepreneurial functional organizational structure, the Hardy Aqua will embrace the flat arrangement which allows flexibility in management. In this case, entrepreneurs have the risk to achieve the significant goals hence it would not be easy to replace them. On the other hand, an innovative, functional organizational structure within the company allows the organization to adjust easily tomeet the market demands (Autio, Kenney, Mustar, Siegel & Wright, 2014). For this reason, the Hardy Aqua company will maintain the employees as well as hire others to develop the organization. Innovation and entrepreneurship will help the organization to venture into the new markets creating better institutional forms to enhance the economic activities (Huggins & Thompson, 2015). Based on the entrepreneurship innovation theory developed by Joseph Schumpeter, it is clear that an entrepreneur facilitates the process of innovation through various ways. This is because innovation is identified if the entrepreneur develops new products, employs new methods of production, sets up new businesses like the Hardy Aqua, and looks for new sources of raw materials.Innovation and entrepreneurship play a great role on the internal and the external contextual factors which may affect the business structures and strategies within the Hardy Aqua
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