MGMT20144 Management and Business of the Organization | Assignment

Added on -2020-02-19

| MGMT20144| 7 pages| 1670 words| 134 views

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Running Head: Management in Business ContextManagement in BusinessContext
Management in Business Context 1“Innovation and Entrepreneurship in 7-Eleven Company”The assignment includes the management and business of the organization 7 eleven in contextsto innovation and entrepreneurship. The essay is a continuous discussion of the previousassignment. The organization 7 eleven shall use this technique to improve its position in theglobal market and enhance the business activities to achieve competence. With the aid ofinnovation and entrepreneurship techniques the organization can overcome the problemoccurring in their franchisee. The report analyses the growth of 7 eleven with respect to theabove-mentioned two tools. Also it evaluates the benefits of these practices in the organization.7 eleven is an American-Japanese international chain of stores which provides food products andbeverages such as Slurpee Beverages, big Gulp Beverage cup, candies etc. The Company is asubsidiary company of Seven-Eleven Japan Co. Ltd. Earlier the stores chain of 7 eleven wasknown as Tote'm Stores until it was renamed in the year 1946. 7 eleven was founded by BrandonH. Small, Joe C. Thompson Sr. Claude S. Dawley, John Jefferson, John Philp Thompson, Sr.,Jere W. Thompson Sr., and Joe C. Thompson Jr., in the year 1927. Further the company hasplaced headquarter in Texas (7-Eleven, 2017).In the recent decade it has been noticed that the innovation tools is shaping path of success formany companies worldwide. Innovation refers to the technique of processing the same work witha different creative approach. Innovation and entrepreneurship are closely interconnected andcompetence to an organization if adapted together. The process of innovation depends upon thetype of the organization and skills they want to enhance in the management of the organization.The foremost duty of an entrepreneur is to inculcate innovation in the management and adaptflexibly according to the business environment (Drucker, 2014).
Management in Business Context 2Entrepreneurship in relation to innovation is a notion which defines the capacity of anorganization to manage risk and generate profit out of it. It refers to the innovative activitieswhich a business shall implement to develop the organizational structure. This process includesactivities which an entrepreneur shall perform by injecting creativity into their work.Entrepreneurship is also known as the process of starting a new business and availing all theopportunities provided to the company by identifying and measuring the risks. The concept ofentrepreneurship is dynamic and involves a visionary approach to reach the target by eliminatingall the management barriers and utilizing the resources optimally (Tidd & Bessant, 2015). As stated earlier innovation and entrepreneurship are interconnected factors which affect thegrowth of a business. The innovation is a broader concept which includes entrepreneurship in itsworking. The entrepreneurs perform their activities in an organization with innovation so thatthey can achieve a competitive edge in the market. Some of the renowned entrepreneurs whocreated their brand image with innovation are Mark Zuckerberg owner of Facebook and LarryPage owner of Google Company. Innovation is the key action of entrepreneurship through whichbusiness active success now a day (Trimi, & Berbegal-Mirabent, 2012). W.D Guth and A. Ginsberg invented the term in-trapreneurship which stated the birth of a newenterprise within existing business. This states that the formation of a new internal businessstructure with respect to innovative ideas and techniques. In today's world innovation is the needof every enterprise to become successful and resolve the barriers without disturbing the businessactivity. An organization can achieve success if innovation and entrepreneurship work togetherefficiently. Further, an organization shall implement the innovation and entrepreneurship toolsconsidering the factors such as strategic vision and mission, statement creative managementprogram, efficient internal communication, adapting technology, waste management, optimizing

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