Entrepreneurship Essay: Lean, Agile, Innovative Ventures in Australia

This essay explores the strategies entrepreneurs should adopt to design and develop lean, agile, and innovative ventures to thrive in Australia's competitive landscape. It analyzes the importance of adapting to the digital economy, emphasizing the need for agility and innovation. The essay discusses the significance of customer discovery, customer validation, and the implementation of a lean philosophy. It highlights the role of market research, capital acquisition, and skilled employees in achieving entrepreneurial success. Furthermore, the essay underscores the importance of open innovation, collaborative approaches, and timely decision-making in technology-driven markets. The author draws on several sources to support the arguments, providing a comprehensive overview of the key factors contributing to entrepreneurial success in the Australian context, including the need to build quality data processes to create agile process of innovation. The essay also references the changing Australian economic growth with digitalization and the ways to develop the business in a competitive environment.

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Entrepreneurship

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Innovation in Entrepreneurship
Entrepreneurship is an activity, which includes a new way to develop the business.
Entrepreneurship firmly identified with development, as the achievement of enterprise depends
on the capacity to respond to advancement or innovation (Gardetti & Muthu 2017). Its main
objective is achieving success in economy, which depends on the utilization of new methods to
produce products and goods. To develop the venture in today’s competitive market, an
entrepreneur must have ability to make changes in business as per time and trend. Because
entrepreneurship business environment is very flexible and competitive and develop the business
in this environment is very difficult.
In the essay, the major strategies accepted by the entrepreneurs should for designing and
developing a lean, agile and innovative venture to exploit opportunities and optimize success are
discussed. Also the essay has discussed the changing Australian economic growth with
digitalization. The following essay will also discuss about the ways to develop the business in
competitive environment of Australia.
In the innovative and digitalized environment, the organizations which are agile and fast-
changing are the organization which can expect growth and success in the competitive
environment. In Australia, the growth of new entrepreneurs is growing with faster pace which
has created a competitive environment to innovate the product as well as process. it is important
to note that the economy has slowed sharply in the second half of 2018, which can be recorded
as the first “per-capita” recession in last 10 years (Scutt 2019). It is the time when Australia has
to modify its economy into digital economy. The Australian companies are converting all the

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economic and social activities through information and communication technology which
converts the economy into digital economy. Some of the examples which are considered for
digital economy are Banking, entertainment using the internet, e-commerce and accessing
education through internet (Australian Goverment 2019). The government of the Australia has
maximized the opportunities by developing the digital skills and maintaining the cybersecurity to
broaden the strategies for the entrepreneurs. According to International Institute for management
development (IMD), Australia is ranked 15 out of 63 nations when it is measured in context of
digital competitiveness. This shows that the Australian economy has still the scope for
digitalization (Johnston 2019).
In today's competitive entrepreneurship environments in Australia, The companies have to
modify the focus and scope of innovation. The major contributors of innovation includes
updating in technology and linking the resources to sustainability goals as there are different
phases in entrepreneurship which are based on how the company involves sustainability in
organization process and product. It is important to note that the organization can survive in
changing competitive environment through building infrastructure and quality data processes to
create agile process of innovation. The entrepreneurs can also lead to innovation in introducing
sustainability techniques in the organization. The entrepreneurs should try to create business
model which is based on the lean philosophy. The technology-based enterprises are often taken
less long-term planning compared to the companies which work in other environment as they
need to be more flexible which makes the cycle of technology-driven company shorter and fast-
changing (Hunter 2015). It is evident that the flexible agile and lean processes allow the
entrepreneurs to meet customer requirement in fast and effective manner. It should also be taken

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care that the company should utilize scarce resources by using faster and smaller processes to
meet customer requirements.
An entrepreneur must analyses the business environment and considers business factors at the
time of selecting the size and type of business venture (Wetherly 2014). These factors are market
research, raising capital, determine the business objectives, and choose qualified and skilled
employees. Most of the activities related to entrepreneurship depend on the accessibility of
capital. Market research is very helpful to understand the consumer demand and determination of
business objectives help entrepreneur to develop the business in one direction. Select qualified
and skilled employees are required to make operations successful.
To implement the successful strategy the first step is towards the focus on customer
understanding which is known as customer discovery. It helps the entrepreneurs deciding the real
market for the product and service. This also involves the discovery of core values of the
business model which helps in customer validation. The customer discovery and validation is
considered as the pivot elements of any flexible strategy (Wynn-Williams 2016). The next
important element is execution which involves Customer creation and company building. In this
element, the end-user demand is estimated and the company also focuses on the loop which
helped in customer discovery. The aim is to keep updating to meet the changing requirements of
the customer. Finally the last step of customer development process includes the evolution of
learning from informal to formal (Petersdorff 2018). The idea is to understand the goals of the
customer need and then innovate slowly with changing needs of the customer. The importance of
this model is every step is circular as that will only help in achieving the lean philosophy as well
as creation of agile business model to achieve success. The major input in the model is to keep
learning to achieve robust model to meet customer needs.

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From a entrepreneurial view the open innovation can be executed in the model through adding
new ideas in reshaping the downstream activities of any company. The collaborative approach is
the major take back in implementing the venture to help in optimizing the resources by sharing
knowledge and information to grow towards the goal. The timing of decision making can lead to
success of the organizational innovation. As in the technology-driven market, the company
which will innovate first will have the major advantage. So the organization should invest more
in research and development as well as training and development of employees as this can only
lead to change the approach and lead to the success of the organization.

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Bibliography
Australian Government 2019, Participating in the digital economy, viewed 25 August 2019,
<https://www.industry.gov.au/strategies-for-the-future/participating-in-the-digital-economy>.
Gardetti, MA & Muthu, 2017, Sustainable Luxury, Entrepreneurship, and Innovation, Springer,
Berlin.
Hunter, MG 2015, Strategic Utilization of Information Systems in Small Business, IGI Global,
Pennsylvania.
Johnston, R 2019, Australia’s digital strategy needs major readjustment, viewed 24 August
2019, <http://theconversation.com/australias-digital-strategy-needs-major-readjustment-78683>.
Petersdorf, SV 2018, The Purpose of Business. Where Value meets Strategic Sustainable
Development, GRIN Verlag, Munich.
Scutt, D 2019, Australia's next economic growth update is likely to be disappointing if this
indicator is any guide, viewed 3 July 2019, <https://www.businessinsider.com.au/australia-
economic-growth-gdp-2019-5>.
Wetherly, P 2014, The Business Environment: Themes and Issues in a Globalizing World,
Oxford University Press, Oxford.
Wynn-Williams, M 2016, Managing Global Business, Macmillan Publishers Limited, New
York.

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