Report on Innovation, Entrepreneurship & Business Development

This report discusses innovative products, trademarks, the current state of entrepreneurship, and the importance of R&D. It analyzes the steps needed for business development in Bahrain's economic situation and the factors that contribute to business success. The report also evaluates the criteria for selecting investors and describes triple constraints. It uses Unilever as an example, highlighting how trademarks protect innovative products, prevent duplication, and build brand recognition. The report also emphasizes the role of R&D in improving product quality, meeting customer needs, and increasing efficiency, noting that companies investing in R&D are better positioned for growth and innovation. The importance of entrepreneurship in satisfying customer needs, contributing to the economy, and overcoming challenges like competition and funding is also discussed. Desklib provides access to this report and other study resources for students.

INNOVATION AND
ENTREPRENEURSHIP

TABLE OF CONTENTS
Q.1 Discussion about the innovative products and the trademark-.............................................3
Q.2 Situation of the entrepreneurship in the present scenario as well as the importance of the
R&D in the companies-...............................................................................................................5
Q.3 Steps actually need for a business to develop in the current economic situation of
Kingdom of Bahrain-...................................................................................................................7
Q.4 Analysing the factors that makes business successful..........................................................9
Q.5 Evaluation of the basis that helps in selecting investors and describing triple constraints.12
REFERENCES................................................................................................................................1

Q.1 Discussion about the innovative products and the trademark-
Innovative product or the product innovation can be defined as the development of the
existing products or the introduction of the new product to the market. This can be done by
redesigning the goods and improving the quality of the goods and services. This process requires
much critical thinking about the existing product, what all new things can be introduced for
making it much better than before (Dewi and et.al., 2019). The innovative products use the
advanced or the latest technology for making the product competent in the market. The
innovative product when the provides the success to the company by converting the knowledge
and ideas into the practical life. For example, Unilever company has come up with the
innovation of the existing drinks by including in it the organic materials making it health for the
customers. This is very challenging step for the company but on the other hand it is important as
well for all the companies. The biggest advantage of the innovation of the products is that it
helps the company to get successful as well as lead in the competitive market.
It is very important for the company to innovate the products by the way of the
development of the existing products or through the introduction of the new product in the
market. Unilever continuity works on the innovation in the company which helps them to leads
in the highly competitive market because the consumer trends are changing very rapidly to meet
the expectations and wants of the customers it has become necessary for the company. The
Unilever is also adopting the dynamic changes in the business environment by going for the
innovative products as by using the advanced technology in the organization.
Trademark is the sign, symbol which has the ability of differentiation of the products and
services from company to the another company. These trademarks are protected by the
intellectual property rights. These trademarks can be in the form of the sign, symbol, logo and
any other structure which is different from the other company (Perepechko, 2018). This helps the
customers to recognize the company in the market by distinguishing from the competitors.
Trademark is also known as the service mark, the trademarks are used for the goods and the
services marks are used for the services of the company. The trademark helps the company to
identify the source of the goods and services, provides the legal protection to the goods and helps
the company to have the security for the fraud is happens. Unilever company has its own

trademarks which provides them the legal protection against any fraud which may happen. This
allows them to be different from the other competitors.
Trademark when used in the innovative products, it provides many benefits to the
company as it helps the company to be different from its competitors by having their own
trademark on the innovative product. Unilever has come up with the innovative products of the
drinks and having the trademarks on the products helps he company to avoid the duplication of
the products by the competitors as well as have its own brand name. These are very important for
the company because it is considered as the company's biggest asset (Flikkema and et.al., 2019).
The products having the trademark helps them to attain moire value for the sale. The products
when have the trademarks attracts the large number of the customers because as it had the value
and this leads to the success of the innovative products. This adds the value to the company as it
will help the company to increase the revenue.
The most reason why the trademarks are used on the products as this helps the companies
to take the ownership of the product as well as the brand name. Trademark helps the business to
make the money when used effectively by the company. The money is made by the trademarks
of the Unilever as they make the brand recognition from the innovative product. Unilever
company uses the trademarks which helps them to expand the businesses to the other countries
as trademarks provides the legal protection and make the product as the tag of legal in the market
so by the customers of the other countries will easily recognize the products of this company.
This leads to the value to the business as when the company has its own recognition in the
market then this is considered as the biggest value of the company.
When the registration is done of the businesses then it helps the brand of the product to
become of one of the kind. It helps in avoiding any confusion among the consumers related to
the products. The trademarks help the company to build the strong trust among the consumers of
the innovative product because the customers feel valued as they think that the company is
thinking about their heath as by making the healthy drinks and providing the quality drinks to
them. These trademarks are also important for the customers so this helps them to provide the
satisfaction among the customers and the company;s using the trademarks provides the better
quality of the products to the customers. It helps the company to easily raise the funds as the
company has build the trust which helps them to easily access the funds for the company.

When the customers are satisfies and starts building the trust for the company then it is the
biggest achievement for the company. These all factors directly adds the value to the company.
Unilever company pays much attention towards using the trademarks which helps them tin
building the trust among the consumers for the company as well as the great brand name in the
marketplace. The company is effectively has increased the market share because of this trust of
the customers. This attracts the more number of the customers towards the company and this
leads to increase in the revenue of the company.
Q.2 Situation of the entrepreneurship in the present scenario as well as the importance of the
R&D in the companies-
Entrepreneurship is the skill or the ability of the individual to develop, organize as well as
run the organization with this, also taking up any uncertainties in the organization while making
the profit for the business. The most common example of the entrepreneurship is the starting up
of the new business. The entrepreneurs are usually known as the source of the innovations as
well as of the ideas for bringing and applying these new ideas in the practical life (An, Ji and Jan,
2021). There are four types of the entrepreneurship such as the Small business entrepreneurship
which deals with the small scale level of the business such as the hairdresser, grocery store and
many more. The another one is the scalable start-up entrepreneurship which are started by the
vision that starting this business which change the world. Large company entrepreneurship is the
companies having the huge businesses or the companies which have uses the innovations for
sustaining in the market. Social Entrepreneurship is the business which has the main focus on the
production of the goods and services which will help the company to solve and meet the
problems of the society.
Entrepreneurship is considered as very important element for the current economy of the
country. The Global Entrepreneurship has stated that only 5% of the country's entrepreneurs are
able to establishes their business. The entrepreneurship is the efforts which help in satisfying the
needs and wants of the customers as these are establishes with the idea of introducing the new
product innovations by doing the market analysis and by understanding the needs and wants of
the consumers. Entrepreneurs comping up with the new idea has the direct contribution to the
economy so, they are considered as the most important element for the growth of the economy of
the country. In the present era, the age at which the people must think and act upon establishing
the business are indulged in the early stage entrepreneurial activities. The pandemic has much

disturbed the economy of the country as well as the businesses as well. The entrepreneurs think
that whether the business will run or it will be profitable or not. The entrepreneurs face much
difficulty in managing the cash flow of the company (Sergi and et.al., 2019). The biggest
challenges which the entrepreneurship of the country is facing is the fear of launching the new
business in the market because of the high competition in the market because setting up of the
new business has whole new ideas and stages which is very crucial for the entrepreneurs in the
current era. The another is how the competition of the market can be combat and how the
company can compete with the existing companies. And it is very clear that the proper launch is
not done then the things not work better. The start-up business does not have the proper findings
and loans form the banks as well as form the angel investors, so they might feel lonely for not
establishing the business. Many of the entrepreneur have the fear that how they will run the
business and how they will earn the profits so because of this many times the company
entrepreneur lags behind in establish the business.
The present situation of the entrepreneurship is not much good because of this changing
business environment and because of the funds required by the companies to run the business.
This is also affecting the economy of the country. The companies which are leading at present in
the market have many funds for the innovation of the products and for the promotion but starting
the business at the small scale is very difficult to be reached to the customers as this requires
many stages to be considered while making the products and services to be reached to the
customers (Arroyoand Carstens). This creates the low for the entrepreneur to build the business.
The main task of the entrepreneur while launching the new business is the targeting the
customers and attracting the consumers towards the company as well as implementing the
strategies in the organization for the success of the company and to survive in the highly
competitive market.
R&D stands for the Research and Development of the products and services of the
company. R&D is the department in the organization for checking the quality of the products
produced by the company (Mohnen, 2019). This helps the company the knowledge of the quality
of the products and what all improvements are required by the company for better quality to be
served to the customers to increase the efficiency as well as to reduce the costs of the company.
It helps the company to develop the product and services of the new business to survive in the
market by serving the good quality products to the consumers. The main function of the R&D

department of the company is to research the market that is for understanding the needs of the
customers for development of the products and services which will help in meeting the needs of
the company.
There are many companies which are spending much on this department because it is considered
as the key department of the organization which helps the company to know what all things can
be done for the improvements a well as the development of the products and services of the
company (Choi and Yi, 2018).
The research of the market is very important for the company because this helps the
company to understand and evaluate the changes in the needs and wants of the consumers and
according to these needs the company can develop the products and services of the company.
Research and development is the generation of the new knowledge which helps the business to
use in the practical life for surviving and providing the competition to the market. The companies
spending on this department are growing much by adopting the dynamic business environment in
the organization.
Q.3 Steps actually need for a business to develop in the current economic situation of Kingdom
of Bahrain-
The economic condition of the Bahrain has many issues which affects the working of the
businesses in the country. This country is highly depended on the other countries for the products
such as the oil and gas. This country comes under the developing country because it has very low
performance of the economy. And because of the high pieces of the oil in all around world this
country was much affected in terms of the economy issues. The Kingdom of Bahrain is the
country which has very high external debt to GDP ratio that is of the public as well as of the
private. The economy of the country is already having much debt on it this means that the
economy situation of the Kingdom of Bahrain is not much good. The business planning must be
done according to this because this will affect the consumer confidence by knowing the present
state of the economy and this affects the standard of the living of the consumers and this impacts
the businesses to become successful (Showkatramani and et.al., 2019).
After the pandemic, that is from the year 2021 onwards the country is facing the high deficit. The
prices of the commodity are much higher which has resulted in the deficit of the country. This is
happening in this country because the government of the country is spending much money as
compared to the money that it received by the public through the taxes and the other revenues.

The gap which has been created between the spending and the money received from the public
leads to the increasing in the debt of the country. This is the main reason why the country is
facing the large debts from the public as well as from the private. This country is running the
high deficits deliberately for fostering the future growth and stimulate during the economic crisis
or the recession period. The business planning at this period must be ensured because this
hinders the company to be successful in the market because it highly impacts the consumer
behaviour and decisions in investing in the businesses at this period and the company doe not
earn the profits much.
The economy of the Kingdom of the Bahrain has become diversifies but despite this, the
company is highly depended for the oil on the other country. The fiscal revenues are made from
the natural resources of the country and this helps in providing the employment for the livelihood
of the people. This country is still highly depended on the other countries for the fiscal revenues.
The business planning in this country must make sure that this country is receiving the resources
from other countries (Parker, 2018).
The company has to follow the ways which does not have the negative impact on the
economy of the country. The company must connect to the communities who have the better
who can connect to the customers and will help the company to build their business. The
company can take these steps for getting successful in while launching the business at this time
of the economic issues-
Find Financing sources- The most important part of the planning before launching the business
is to find the sources for the financing inn the business rather than considering the bank loans.
The bank charges much higher interest and the other sources of the finance will help the business
to earn the profits by taking or charging less interest on the loans.
Smart Marketing- When the marketing of the products and services done smart it will help the
customers to attract towards the company despite the tough times because of the economic issue
in the country. Marketing is considered as the most vital tool in the success of the business and
for providing the competition to the competitors in the country. Giving the information to the
customers about the features of the products and services the company is going to provide.
Using technology- The best way to reach to the customers effectively is by using the digital
media for the marketing of the products and services. This will help the company to attract the
customers and this does not will affect the economy of the country as by earning the large profit

by the company will also contribute to the economy of the country and this will help the
economy to grow. Using the technology for the marketing will help the company to minimize the
costs and maximize the profits of the company.
Lower the costs- It is very important for the entrepreneurs to create the ways for lowering the
business costs because of the economic situation of the country. The company must go them who
will be provided them with the less interest rate loans as well as the doing all the legal formalities
of the launching the new business. The company can prefer buying the things from the company
or the businesses which are going-to be closed so this will help them tom provide the things such
as the furniture, electronics and many more equipments at the fewer prices.
Hence, these are the steps which the company can follow while the economic situation in
the country. At this situation, the company has to ensure that the things happens at much lower
costs because already the country is facing much debt and borrowing the natural resources from
the other countries of the fiscal revenues of the country (Jaradat, 2021). The economic situation
of the country affects much the businesses from becoming successful in the market. The
countries at this face many issues because of the economic crises in the country as they have to
pay much more than they are receiving from the public so, it becomes much difficult for the
companies to manage the funds of the country.
Q.4 Analysing the factors that makes business successful
In order to assure success to the business it is highly important to look upon the major
parameters that are aligned with the business. As all of these parameters assures contribution in
success of the business. Success factors of the business are entitled with the base that provides
support system to the business in terms of adding more creativity. In order to understand this
concept with clearance, here is the explanation of major success factors that adds glory in
business:
Innovation- This refers to adding creativity in existing product and service of business or
introducing new product in market. Thus, innovation in business plays vital role in terms of
ensuring success to business. Often, a business who does not perform innovation has to face high
competition scenario in market and there is threat of shifting by consumers towards different
products and services (Tripathi and Jha, 2018). Thus, Innovation act as a driven force of
business. For example: Unilever is a retail firm that adopts innovation within including health
parameters in their products. Thus, this is how consumer gets attract towards the business as this

leads to create sense in customers that, they are getting valued by company. Hence, innovation
contributes in success of business within attracting number of customers towards business.
Financial management- Finance has been considered as one of the key success factor in terms
of adding success rate in business. Financial source in business determines the level of
operations of business. In case, business does not concern with effective source of finance then,
it directly provides impact over the operations of business. Thus, everything is linked with the
finance in business. Therefore, approaching different source of finance is highly important so,
the business can have stable capital and operations of business can be performed in effective
manner. Thus, finance is one of the critical success factor that helps in expansion of business.
Management structure- This is consists with organizational culture and structure. However,
organizational structures is derived from organization culture and both of them contributes in
making business successful (Montero and Lind, 2021). It is mandatory that, business adopt that
management structure that provides opportunities to members in term of experience growth. It
has been found from various studies that, In terms of assuring success to business, people
management has to be done in effective manner as it provides the assurance of retaining and
maintaining people in business and increases their morals and values. This can be done by
adopting most suitable organizational culture such as, clan or market culture and organization
structures such as, functional and divisional structure. As a result, this ensures success to the
business.
Leadership- Leaders are the capable people that focuses on creating effective employees base in
organization. In order to assure success to business it is highly important that, employees in
organization must work in productive manner. This can only be done when employee get
effective source of motivation. Thus, leadership is a concept that performs numerous aspects in
terms of assuring motivation to employees so, employee can perform their task in effective
manner and this can lead to make contribution in success of business. Therefore, it is highly
important to adopt most effective leadership style and this makes direct contribution in the
success rate of business.
Effective marketing- Marketing is concerned with performing all those activities that assures
sales of product to customers. Also, it includes making customers aware about services and
products. Thus, effective marketing in business leads to create hype of product in front of the
customers. Furthermore, it helps in increasing the sales of products and services. Moreover,

Modern era of marketing is consists with analysing the needs and wants of customers and then,
performing operation. Thus, in this manner the business becomes able to identify needs and
wants of customers (Oláh and et.al., 2018). On the basis of this, the operations has been
performed. Thus, this assures higher satisfaction to the customers. As a result, the consumers has
been retained by business. Thus, marketing plays crucial role in contributing in the success rate
of business. Therefore, it has been considered as one of the factor that assures growth and
success towards business.
Strategic & tactical plans- Making strategies and tactical plans plays vital role in enabling
business to stand in competitive scenario. It is highly important for business to face competition
as it helps business in terms of growing. Therefore, effective strategies and plans are highly
required in the businesses as it provides idea to the business in terms of increasing market share.
As a result, the business moves towards success. Top level management team of organization is
accountable for making plans that can impacts business success in positive manner. Thus,
strategies and tactical plans empowers business and provides them room to experience higher
rate of success within increasing market share.
Talent management- This has been determined as the concept that involves, identifying the
potential talent and adding more talent in individual. This has been mainly performed for
employees in organization. Also, it contributes in the success rate of business. Effective
employees for performing operations of business has been recruited in this and then, training
session has been organized. So, this can lead to add more creativity in the employees while they
perform task (Pollack, Helm and Adler, 2018). Furthermore, various incentives to the employees
has been given in order to retain them. Thus, talent management helps in maintaining and adding
talent in individual. Moreover, talented base of employees in organization contributes in success
rate of business.
The above stated factors are the crucial factors that contributes in success of business.
These factors are aligned with the major elements such as, customer, market, finance, motivation
and so on that contributes in success of business. Therefore, it is mandatory to assure a keen
focus over all these factors. So, business can experience success. Furthermore, these factors
enable business to face competition in market and empowers business to adopt new- innovation
that can assure further growth and development in business.

Q.5 Evaluation of the basis that helps in selecting investors and describing triple constraints
Selection of the investor is part or investment decision. However, investment decision is
often concerned with investing in appropriate assets. But, the major aspect of investment
decision has been taken by investment-manger and that is related to selection of investor. Here is
the description of the parameters that needs to be taken in consideration for selection of investor
in project of retail firm:
Wealth- This aspect is link with the possession of money by individual. Thus, this is one of the
major factor that helps in selecting investor. For example; In terms of approaching investor it is
highly important to recognize current value of investor in market. This can be done by analysing
wealth parameter that possess by investors (Aureli and et.al., 2018). This can be analysed within
identifying current assets and credentials that has been owned by investor in market. If the
investor has high rate of assets then, it signifies that, investor possess high wealth. On the other
hand, if investor has less number of assets and credentials then it shows that, investor has low
wealth. Thus, after making proper analysation in order to know the wealth parameter possessed
by investor the decision has been taken in consideration.
Expertise- This has ben considered as the experts who have high amount of knowledge. Thus,
before approaching investor it is mandatory to identify the experience rate of investor as it plays
vital role in performing investment in project. Experienced investors has more knowledge than
those investors who have less experience. Therefore, the expertise rate of the investor is need to
be analysed and on the basis of that, the decision needs to be taken. For example; The investor is
highly expertise then, it ensures benefit to business. Thus, the investor has been selected on the
basis of their experience.
Investment rate of investors- The projects and investments in which the investors have made an
investments needs to be evaluated and on the basis of that, conclusion has to be drawn. As it will
provide idea about the return that has been gain by investors and their financial stability can also
be known by this. For example; If investors has invested in those companies that are assuring
effective return to investors and does not facing loss. Thus, it clearly states that, the investor is
concerned with effective financial ability while investors who have made investment in the
companies or project who are experiencing loss such investors are not consists of effective
financial stability (Hoegen and et.al., 2018). Thus, this parameter helps in selecting the investor.
Those investors who have made investment in effective companies and project has been