Innovation and Entrepreneurship: A Study on The Man Company, MGMT20144

This essay examines the crucial roles of innovation and entrepreneurship in achieving competitive advantages within the business context, using The Man Company as a case study. It highlights how innovation, encompassing the transformation of ideas into valuable goods and services, and entrepreneurship, the ability to manage and develop new ventures, are intertwined and essential for long-term sustainability. The essay delves into relevant theories like Peter Drucker's Theory of Entrepreneurship and Schumpeter's Innovation Theory, demonstrating their significance in organizational success. It analyzes how The Man Company leverages technological and disruptive innovation in its operations, particularly within the online retail sector, to gain market recognition and enhance its business strategies. The analysis includes the company's use of innovative practices, product development, and business models to achieve customer satisfaction and competitive advantages, concluding that innovation and entrepreneurship are vital for effective decision-making and business development.

Running head: MGMT20144 1
Business Contextual Factors
Innovation and Entrepreneurship

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Introduction
The purpose of this essay is to highlight the role and significance of one of the most recognized
business contextual factors used by the business organisations for achieving increased
competitive benefits i.e. innovation and entrepreneurship. There is a direct relation in both the
factors i.e. innovation and entrepreneurship and both are equally important for an organisation.
Innovation is one of the best practice or tool used by the business entrepreneurs for achieving
long-term sustainability and growth. Innovation and innovative business practices offers the
businesses a new opportunity to grow and develop and to have a more extended market share and
customer base (Crumpton, 2012). The key aim of developing this paper is to understand the
significance of innovation and entrepreneurship and its related factors in achieving improved
outcomes, quality and efficiency in the business practices of the chosen company, The Man
Company. The scope of the paper is limited to the chosen organisation and industry only and will
offer insights of the advantages gained by the company with the use of the contextual factor.
Innovation and Entrepreneurship
Innovation is a process of transforming or translating an idea into some sort of services or goods
for the value creation purpose for which the individual are ready to pay some amount of money.
Innovation is a vital and considerable practice by which the organisational managers have a
transformation in the business operations and processes and avail it as a business opportunity.
Entrepreneurship can be explained as the willingness or capacity of the individuals to manage,
organise and develop a new business venture for making profits and managing all risks
associated with it. Any new start up is one of the key examples of entrepreneurship. The spirit of
entrepreneurship is featured by the risk-taking and innovation aspect of the individuals and it is
one of the most significant factors for attaining competitive advantages in the global marketplace
(Sahut and Peris-Ortiz, 2014).
There are several theories and concepts of innovation and entrepreneurship that play a significant
role in their application in the business organisations. As per the Theory of Entrepreneurship
developed by Peter Drucker, entrepreneurship is an idea of opportunity. He further explains that
the entrepreneur is not only the one who bring some sort of change rather is one who exploit
business opportunities which are brought by change (Vranceanu, 2014). According to this

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theory, entrepreneurship is more like an aspect of being alert to the profit making business
opportunities ad so according to Drucker, opportunity is the central aspect of entrepreneurship
(Drucker, 2014). Another theoretical aspect related to entrepreneurship is Theory of
Entrepreneurship developed by Friedriech von Hayek in respect with the relation of
entrepreneurship and knowledge. As per this theory, the existence of entrepreneurship is the
result of deficit of knowledge in an individual. He further explains that the stress generated
because of knowledge deficiency results in identifying ways other than the ways which are the
outcome of the existing knowledge and this leads to development of entrepreneurial process
(Dorin and Alexandru, 2014). Thus, the theory states that entrepreneurship can also be known as
a discover process which finds innovative and new ways to manage things and operate within the
organisations. Other vital theory that explains both the concepts of innovation and
entrepreneurship is Theory of Entrepreneurship and Innovation Theory developed by
Schumpeter. According to the Theory of Entrepreneurship, there is introduction of a new good or
service, new production method, new market, new supply source and new organization. In the
Innovation theory, Schumpeter emphasis on new product launch, new production method which
has not been used earlier, new market, mew sources for the raw material supply and new
structure of industry. The theory explains that any business which is seeking profit is necessary
to remain innovative (Śledzik, 2013).
Both innovation and entrepreneurship are significantly potential for the success of the businesses
and the organisations and are interrelated to each other. For the long term sustainability and
existence of the businesses, it is necessary that there must be implementation of innovative
practices so that there can be fetched increased attention of the customers. Innovative practices
have leaded the business to attain huge growth and success across the globe and there are
numerous examples of such ventures (Trimi and Berbegal-Mirabent, 2012). A combination of
innovative practice with effective entrepreneurship skills results in the organisational success and
generation of continuous profits. Both the contextual factors have a direct impact on the business
strategies and structures as analysed in the online business perspective. With the enhanced
globalisation, the entrepreneurship and innovation has gained vital importance among all the
industries and primarily in the online retailing as it is one of the outcomes of innovation only. By
starting the ventures and businesses on online platforms, the entrepreneurs have gained extended
and huge global recognition with such less business investments. These factors have imposed

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several positive impacts upon the business strategies as well as on the structure. The
organisational structures are bit complicated as well as the companies have to take use of
numerous strategies to remain in the market. But with the use of innovation and
entrepreneurship, the structure gets simplified and there is a direct association among the
company and its customers with no middlemen or distributors (Drucker, 2014). Earlier in the
retail business of man grooming products, there was a limited scope with less number of
products as well as availability but innovation in this business sector has resulted in making it
unique from other competitors. As per the concepts and theories of researchers, such business
industries required additional efforts of entrepreneurship and innovation for achieving high
performances. In such sector, innovation gives a new boom and path to grow and develop.
Effective entrepreneurship and innovative practices offers a number of competitive advantages to
the industry and the organisations in order to sustain and attain increased profits (Crumpton,
2012).
Innovation and entrepreneurship has a noteworthy role in the organisation, The Man Company.
The innovation practice used by the company is technological innovation in the operations. The
innovation approach comprises of having production of new products in this field for the purpose
of men grooming. A smart innovation is the key practice incorporated by the company by
making available a wide range of products and making them available at global platforms (Autio,
et al., 2014). The company has attained a recognized presence with its innovative business
practice and idea as well as with competent entrepreneurship skills. The company has made
products with improved quality as well as with new method of production with some new
procedures and innovative manufacturing. There is a wide use of natural products that are herbal
and organic such as almonds, coffee beans, chamomile, argan oil, aloevera, etc.
(themancompany, 2017).The company produces numerous man grooming products by taking use
of innovative processes and transforming these materials in desirable products for the customers
(Thota, et al., 2014).
The company have also taken use of the disruptive innovation. The organisation has used the re-
invented business models and practices and with the use of such innovative model, The Man
Company has successfully created new market opportunities as well as value networks and has
disrupted the present market with its innovative ideas. The company has taken use of disruptive

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innovation in all its business practices and operations and have achieved improvement in its
quality of products (King and Baatartogtokh, 2015). The effective entrepreneurship and
innovative practices has also helped in enhancement of the potential and capacity of the decision
makers and have also influenced the decision making power of the individuals so that they can
take the most correct decision for the business (Christensen, Raynor and McDonald, 2015). Both
the contextual factors i.e. entrepreneurship and innovation have contributed in attaining success
by The Man Company. It is the innovation that has made the company different and unique and
offers a number of competitive benefits in comparison with its other market competitors. The
elements of successful entrepreneurship and rapid innovation can be seen in the strategies,
structure, business practices, vision and mission of the company. The organisation can also have
continuous adoption of innovation and entrepreneurship by having increased focus on taking sue
of effective innovation practices and models in the business operations and implementing those
innovative ideas with competent entrepreneur skills. The use of entrepreneurship and innovation
can result in effective decision making as well as having implementation of appropriate business
strategies which can lead to successful business development (Chatterji, Glaeser and Kerr, 2014).
Conclusion
In present time, the businesses need continuous innovation and effective entrepreneurship to
sustain and attain increased customer base. The online business and mainly the production of
products related to man grooming has a very small and undersized industrial expansion. The
company, The Man Company is taking a good and improved use of the innovation and
entrepreneurship business contextual factors for rapid development and market expansion. By
taking efficient use of disruptive innovation as well as other innovative practices in production
and operation, the organisation has gained huge customer base and brand recognition too. Thus,
it can be concluded that innovation and entrepreneurship are the key factor for achieving success
as well as for making adequate decisions related to the selection of strategise and organisational
business practices.

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