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MGMT20144 - Management and Business Context

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Central Queensland University

   

MGMT20144 Management and Business Context docx (MGMT20144)

   

Added on  2020-03-07

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This report discusses business contextual factors, which are implemented by any business or organization. This essay includes a discussion about the chosen factors i.e Innovation and Entrepreneurship, along with their importance. Furthermore, it includes the application of these factors to the chosen business, i.e.Textile Business. This discussion will also analyze how these factors can improve the quality and effectiveness of the textile business.

Part 2: Management business context (MGMT20144)

MGMT20144 - Management and Business Context

   

Central Queensland University

   

MGMT20144 Management and Business Context docx (MGMT20144)

   Added on 2020-03-07

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Running Head: MANAGEMENT 1Management and Business Context
MGMT20144 - Management and Business Context_1
MANAGEMENT 2Introduction Background This report is business contextual factors, which are implemented by any business or organization. This essay includes the discussion about the chosen factors, i.e. Innovation and Entrepreneurship, along with their importance. The terms, innovation and entrepreneurship are interconnected to each other. Innovation can be defined as a significant tool, which can be used by the entrepreneurs. Effective business entrepreneurs need looking for the sources of innovationand their features, which demonstrate the opportunities for the implementation of innovation positively. Furthermore, it includes the application of these factors on the chosen business, i.e. Textile Business. In this discussion, it will analyze how these factors can improve the quality andeffectiveness of the textile business. Aims/Objectives The major objective of this essay is to analyze the importance of contextual factors, i.e. innovation and entrepreneurship and how these factors can enhance the effectiveness, quality andoutcomes of textile business. Scope The study emphasizes on implementing the management and business contextual factors in the organizational practices and operations. The scope of the study is limited to the textile industry only. Innovation and entrepreneurship have a significant importance for textile business.Discussion Innovation and EntrepreneurshipNowadays, innovation is functioning as a strong driver in building competition and for existence of the businesses and their companies in business environment. The key terms, innovation and entrepreneurship are interconnected to each other. For the entrepreneurs, the innovation is a significant practice through which, the top management transform the business processes, taking them as an opportunity for businesses (Bessant & Tidd, 2015). For an organization, it is very necessary to understand that what actions can drive the innovation in business and help in simplifying the process by adopting effective strategies, systems, and culture and leadership styles. The entrepreneurs in the business require searching for the sources of innovation and their
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MANAGEMENT 3characteristics, which indicate the opportunities for implementing innovation successfully. A business can implement the innovation by using three steps, like; revolution, renewal and resilience. Entrepreneurship is a wide concept, which is very difficult to describe in few lines. Different authors have given different arguments about the entrepreneurship and how an individual can implement it in the business operations. Under the process of entrepreneurship, the managers of abusiness introduce some new and creative ideas or make some creative efforts to attain predetermined objectives. In addition, they generate new ideas, launch and run a new start-up. Asper a study, entrepreneurship is not just launching a new business startup (Braunerhjelm, 2010). It comprises of all the activities, by which the individuals in a business become aware about the opportunities and strengths that can enable them for the development of innovative ideas and yielding responsibilities and beginnings. Importance of Innovation and Entrepreneurship Both of the practices, innovation and entrepreneurship are significant for any business. These factors are interrelated to each other. For a business, innovation is a broad concept that consists of entrepreneurship. Moreover, for the existence of businessmen and entrepreneurs, it is necessary to implement innovative and creative practices (Drucker, 2014). In today’s business environment, there are so many examples of most popular entrepreneurs with innovation, like; Bill Gates of Microsoft and Steve Jobs of Apple. Both of the leaders have shown that only money and luck are not sufficient to get success of entrepreneurship and business, but it also includes some other qualities, like; creativity, risk taking, taking initiative and effective planning for organization. Effective and efficient entrepreneurs consider innovation as a significant activity of process of entrepreneurship. In a business, entrepreneurship utilizes the innovative processes to look at new and wide opportunities and transform the organization and its culture for enhancing the profits for business. Entrepreneurship is very important for a business and its growth. It assists in generatingthe financial profits. It in turn keeps the economy fluctuating, which increases the significance ofinnovation in the business (Galindo & Méndez, 2014). An effective entrepreneurship enhances the capacity and potential of decision makers to make most appropriate decision for business.
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