Entrepreneurship and Innovation: Analysis of Innovation and Creativity

This assignment solution delves into the concepts of entrepreneurship and innovation, examining different forms of innovation such as incremental, disruptive, architectural, and radical innovation. It explores Drucker's principles of purposeful innovation and identifies various sources of innovation opportunities including unexpected events, incongruities, process needs, and changes in market structure, demographics, and perception. The solution also discusses the drivers of innovation, including talent acquisition, creativity management, relationship building, and leadership selection. Furthermore, it covers the importance of Intellectual Property Rights (IPR) in protecting innovations. The second part of the assignment focuses on creativity, its methods for unlocking it, and creative managerial decision-making methods. The solution emphasizes the role of creativity in attracting customers, improving performance, and making effective decisions, with a focus on practical applications in a business context.

ENTREPRENEURSHIP
AND INNOVATION

Table of Contents
INTRODUCTION....................................................................................................................................................3
ASSIGNMENT 1.....................................................................................................................................................3
ASSIGNMENT 2.....................................................................................................................................................7
CONCLUSION........................................................................................................................................................9
REFRENCES.........................................................................................................................................................10

INTRODUCTION
Innovation is a new idea, design or method given by any person called as innovator
for achieving any specific goal. Entrepreneurship is the outcome of innovation in which a
particular person comes out with a business normally small scale called as start-up with high
risk factors attached to it. To do a work in a better order it is adopted but before adoption of
any it. A company always try to recruit people who has innovative ideas and believe in doing
things differently. It can be in any form depending upon the situation and and the work place.
It can be tried at every level of organization (Bosma and Levie, 2010). It consists of
information, skills and imagination. A new idea brings the creativeness and that thing is made
into useful product. Tesco, which is one of the world's largest retailer in terms of profit
generation. So it needs more unique ideas in the grocery sector so that it could expand their
business worldwide. At a single department it can be very effective and can spark to other
who are lagging behind. Managers and leaders of this firm have to use various of innovative
methods which are help to meet their set of target and objectives.
ASSIGNMENT 1
Forms of Innovation.
Illustration 1: Forms of Innovation, 2017

 Incremental Innovation:- A small change or a little improvement in the products is
called as Incremental Innovation. Companies all around the world do up-gradation in
there products whether it could be change in technology or any other (Chell,
Nicolopoulou and Karataş-Özkan, 2010). Tesco also change its outlets design,
structure or come out with any other promotional schemes. Further, small change in
goods and services is having impact on existence of organization and able to improve
profit margin as well. With the help factor they are meet expectation of their targeted
customers.
 Disruptive Innovation:- In this a product comes with simple features but suddenly as
the time progress new technology is introduced in with that product or business.
Tesco used to sell its items manually but than it started selling them online. With the
help of advance technologies companies are promote their goods and services in
international market and improve profits as well.
 Architectural Innovation:- This is concerned with the applying of the ideas or
technology to the other business or at a new environment. It may be dangerous as
every thing has some different laws and ethics (Dacin, Dacin and Matear, 2010). A
new firm entering into the unknown market applying their own plans would be the
example of this.
 Radical Innovation:- We may say this is the most important out of all as this leads to
big revolution in the market. Anyone introducing a new ideas which could impact
directly to the economy of an country. This can able to expand organization in new
market and earn effective returns. Further, it can having an capacity to attract large
number of customers and improve performance as well.
Drucker’s Purposeful Innovation.
This says that every purposeful innovation results from inspection, reviews of the
ideas, teaching of it, learning of it and can be changed or can be copied. Every innovation
starts with the survey of the matter or the environment and finding out the hidden
opportunities there. The survey should be conducted on regular basis so that the variations
can be avoided. It should be simple and understood able and should only focus on single goal
or single outcome because approaching more than one thing could lead to failure of a it. They

identify the risks involved in it and try to fix those (Drucker, 2014). The innovators create
opportunities rather than focusing on the risks.
Sources of Innovation opportunity.
 Unexpected:- The first innovation opportunity talk about the unexpected failure
and success. Tesco should analysis its unpredicted failures and success. This
makes you aware about the coming risks and gives helps you to prepare for it in
advance. This will be the best way of succeeding in the competitive market. Thus,
continuous success can be possible with the help of this factor.
 Incongruity:- When the person things differently from its contender his business
grows. It means thinking differently out of the box. Society adopts ideas or
products with different approach. Through this factor Tesco is able to attain long
term as well as short term goals and objectives.
 Process Needs:- It is almost same to Incongruity and says that finding any bug or
glitch in the existing market (Goodale and et. al., 2011). Contribution in the
market by adding something new to the same thing.
 Change in industry and market structure:- This happens because the preference
and the taste of customer changes. So the organization has to adapt according to
and make products with the demand.
 Demographics:- It is the change in the population, area or demography predicts
the future of the market. If there will be summer so the soft drink industry will
produce more bottles of it (Hall, Matos, Sheehan and Silvestre, 2012). A odd
innovation would definitely will make loss. A fast food chain opening its store in
the slum area will bring loss.
 Change in Perception:- Change in the perception in the minds of consumers
affects the sale of the product (Hockerts and Wüstenhagen, 2010). Earlier people
very not very much aware about the body building supplements coming in the
market but as the people got to know the importance of health they started buying
the supplements.
 New Knowledge:- As the technology involves the firms need to also adapt with it.
Otherwise they will be left out so they should be adapted will the new things in
the market. Also with the this element employees can get an opportunities and

learn new things which can able to improve their skills and enhance their
knowledge as well.
Driver of Innovation.
 Searching Talent:- Everyone is born with some or other talent but to find out and use
it in right manner is important task. Innovators try to look for people who dedicatedly
work for them and drive their business or start-up in right track.
 Managing creativity:- Whenever a leader or team leader come with an idea it should
be appreciated and should be appraised by the mangers and the staff working there.
This will boost up his confidence and will enhance her skills.
 Building Relationships:- Relation between the organization and its people like
stakeholders, employees or very person directly or indirectly associated with it should
be well as this is a way to create goodwill in the market (Morris, Kuratko and Covin,
2010). A good relation will attract more customers to the firm.
 Recruitment of Right Leaders:- The people who leads and make a command on the
team members are the leaders which will make most out of them. So choosing right
approached and passionate leader as are far more important. They set goals and
objective for any business.
Innovation and IPR.
Intellectual Property refers to the artistic work of an organization which includes
name of the organization, logos, tag lines, symbols etc. and IPR are the rights which help the
innovators to protect their creative work. By this it creates a monopoly of for them or for the
company. Tesco has registered name and its logos. The new creation will be protecting them
by applying the application in the courts and telling them that they are the owners of that
creation (Nasution and et. al., 2011). IPR includes copyrights, trademark, patents and etc.
When a innovation takes place and becomes successful so the people try to copy the
innovation this might increase the competition and would affect the original creation. Anyone
using the registered work of any person would be found guilty and can be sentenced to jail or
will be liable to pay a heavy fine. This adds the legal entity to the innovation and also help
the consumer to know which is the genuine product or innovation.

ASSIGNMENT 2
Creativity refers to introduce something new to their targeted customers in order to
attract them. Tesco needs use creativity for improve their performance in international market
and increase number of customers as well. This concept is helpful to introduce new product.
Also it is risk taking factor through which they are improve performance. The continuous
development can be possible with the help of using creativity in any organization (Onetti and
et. al., 2012). It is a risky process for every business that their can be reject it or can be accept
it. Through this companies are able to introduce new form of goods and services which can
attract large number of customer and improve profit margin as well.
Methods for unlocking creativity.
There are various methods which are helpful for unlocking the creativity which are as
defined below:
Practise good self care- Every person who is working in the organization needs to
provide best environment to themselves and try to use new creativity ideas which are helpful
for companies. They needs to focus on one thing and try to improve their performance as
well. Every person who provide these ideas is play an significant role in company.
Develop a consumer journey map- Every company have to receive feedbacks from
their targeted customer in order to improve their performance in international market.
Managers and leaders of Tesco company are able to receive feedback whether they are good
or bad. Both types of feedbacks are helpful for them for increase their efficiency. Through
good feedbacks they are able to maintain their performance and try to improve them as well.
And bad one are provide an opportunity to identify their own weaknesses and try to improve
them (Trimi and Berbegal-Mirabent, 2012).
Use various types of techniques- With the help some different types of techniques
companies are achieve their target and objectives. Some brainstorming challenges are helpful
to them to introduce goods and services among customers.
Look for opportunities- Members are responsible to look for the opportunities which
are able to meet corporate goals and target. Try to enhance team working in which members
can share their views and ideas. Through this they can collectively and jointly perform their
duties and try to improve the performance of company in international market.

Idea management strategy- With the help of this stage organizations are able to
minimise risk and cost and maximise profits and revenues. Further, it is forecasting element
which is use to meet long term as well as short term goals.
Creative managerial decision making methods.
Decision making is play an important role in creative activity in every business
organization. Which are better understand a conflicts and try to resolve them and provide best
possible solutions to them. This process is helpful to attaining corporate goals and objectives.
Some factors which are helpful in helpful in creativity which are as aligned below:
Experience in the field of best decision making- If companies are able to understand
the current market demand of customers then they can able to improve performance of it and
try to meet them as well. They need to expand their business in order to meet demand of
target market. This step can able to improve ability of members and also fulfil corporate goals
as well. Through this process companies can able to take solid decision which is useful to
achieve market needs. Tesco is an international British retailer company which have better
quality of goods and services to their customer in to retain existing consumers and attract new
people as well.
Temporary methods that affect the thinking skills- Creativity is able to enhance the
thinking of people and improve their performance as well. These factors are help to take
effective decision making through which companies are able to meet their goals and
objectives. Members needs to collect or gather information from current market and try to
provide goods and services accordingly. These informations are helpful to complete are
helpful to meet long term as well short term goals and objectives.
Using analogies- This analogies are helpful to get best solution for companies which
are able to meet set of targets and objectives. With the help of best solution companies are
able to meet their set of target and improve their performance as well.
Soft system methodology and rich pictures.
Soft system methodology is an systematic approach which is helpful in bringing in
improvement and members play an important role in this method. These can be helpful to
reduce conflicts and provide best solutions. It used in various types of investigation through
which problems can be solved. With the help of this method performance of Tesco company
can be increased and through which they are able to meet their set of target and objectives.

Further, rich picture is an diagrammatic representation through they can easily attain target
and goals. It is traditional concept which is used by most of the companies and try to improve
their work quality as well (Entrepreneurship and Innovation, 2017). This can helpful to
minimise cost and maximise profits and revenues which is beneficial for them.
The Business Model Canvas
Key Partners
 Other
banks
and
clearing
instituti
ons.
 Financi
al
instituti
on.
Key
Activities
 Risk
and
custom
er.
analysi
s
 Frame
d
agree
ment.
 Creati
on of
offer.
Value
Proposition
 Financia
l and
advisory
services.
 Provide
loans,
payment
and
security.
 Also
provide
insuranc
e.
Customer
Relationships
 Conduct
face to
face
interaction
with
targeted
audience.
 Maintain
business to
customer
relationshi
p
Customer
Segments
 Private
custome
r
segment
s.
 Small
medium
enterpri
se.
Key
Resources
 Advan
ce
techno
logies.
 Capital
of the
compa
Channels
 Basic and
important
channel is
internet.
 Call
centres.
 ATMs.

ny.
 Branch
office.
Cost Structure
 Salaries
and
remunerat
ions.
 Effective
cost which
are branch
related.
 Running
IT sector.
 DELETE
GRAY TEXT
& WRITE
HERE
Revenue
Streams
 Received
services
fees.
 Basic and
important
revenue
sales but
less loans
and
mortgage
.
Source: www.businessmodelgeneration.com
CONCLUSION
On the basis above report it has been concluded that, every company have to use
innovations which are helpful for them to improve their performance in international market
and increase number of customer as well. Managers and leaders of Tesco have to use creative
ideas and information in their goods services and then introduce them among their targeted
audience. Organization are use various forms innovation and implement them in them. The
purpose of company is fulfilled with the help of these methods. They are able to attract large
number of people. Through creativity firms can able take best decision in the interest of
customer as well as members of company. Further, rich picture is an diagrammatic
representation which is helpful to complete their target and objectives. With the help of soft

system methodology improvement can be possible and this is best reason for continuous
success.
REFRENCES
Books and Journals
Bosma, N. S. and Levie, J., 2010. Global Entrepreneurship Monitor 2009 Executive Report.
Chell, E., Nicolopoulou, K. and Karataş-Özkan, M., 2010. Social entrepreneurship and
enterprise: International and innovation perspectives.
Dacin, P.A., Dacin, M.T. and Matear, M., 2010. Social entrepreneurship: Why we don't need
a new theory and how we move forward from here.The academy of management
perspectives.24(3). pp.37-57.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Goodale, J.C and et. al., 2011. Operations management and corporate entrepreneurship: The
moderating effect of operations control on the antecedents of corporate entrepreneurial
activity in relation to innovation performance.Journal of operations management.29(1).
pp.116-127.

Hall, J., Matos, S., Sheehan, L. and Silvestre, B., 2012. Entrepreneurship and innovation at
the base of the pyramid: a recipe for inclusive growth or social exclusion?.Journal of
Management Studies.49(4). pp.785-812.
Hockerts, K. and Wüstenhagen, R., 2010. Greening Goliaths versus emerging Davids—
Theorizing about the role of incumbents and new entrants in sustainable
entrepreneurship.Journal of Business Venturing.25(5). pp.481-492.
Morris, M.H., Kuratko, D.F. and Covin, J.G., 2010.Corporate entrepreneurship & innovation.
Cengage Learning.
Nasution, H.N and et. al., N.O., 2011. Entrepreneurship: Its relationship with market
orientation and learning orientation and as antecedents to innovation and customer
value.Industrial marketing management.40(3). pp.336-345.
Onetti, A and et. al., 2012. Internationalization, innovation and entrepreneurship: business
models for new technology-based firms.Journal of Management & Governance.16(3). pp.337-
368.
Trimi, S. and Berbegal-Mirabent, J., 2012. Business model innovation in
entrepreneurship.International Entrepreneurship and Management Journal.8(4). pp.449-465.
Online
Entrepreneurship and Innovation, 2017. [Online]. Available
through:<https://www.london.edu/programmes/topic/entrepreneurship-and-innovation>. [Accessed on 11th April
2017].