Innovation and Entrepreneurship: A Business Context Analysis

This essay provides an overview of innovation and entrepreneurship and their impact on business activities. It explains the concepts of innovation, emphasizing its connection to new inventions, and entrepreneurship, highlighting its role in launching and managing businesses. The essay explores the interconnectedness of innovation and entrepreneurship, emphasizing their significance for organizational success and growth. It uses the 'My Stuff Movement' company as a case study, discussing how disruptive innovation and entrepreneurial techniques can be applied to enhance business functions, improve customer satisfaction, and gain a competitive edge. The essay also highlights the importance of integrating social media technology and fostering internal management innovation to optimize resources and achieve maximum benefits. The author concludes that implementing innovation and entrepreneurship is essential for companies to thrive in today's competitive environment.

Running head: Management and business context
Management and business context

Management and business context
The essay presents a brief overview of the innovation and entrepreneurship. It explains that how
innovation and entrepreneurship affect the business activities of the organization. Innovation is
the application and process of better solutions in order to meet implicit needs, new requirements
and market needs and desires. The innovation is related to the new invention. Innovation and
entrepreneurship are interconnected with each other. Further, innovation is the process of
implementation of new ideas, thoughts, technology, and knowledge. Innovation is the result of
collective and group efforts where success and growth depend upon the new technology and
science. Innovation and entrepreneurship are the broader concepts. Innovation is the process of
converting an idea and invention into the good and service which create effective values in the
organization (Bloom, Draca & Van Reenen, 2016). It involves the planned application of
knowledge and information, initiative, imagination and different values from resources. It is a
process which involves many activities, performed by the various players in the organization.
Many organizations adopt innovation and entrepreneurship process to gain the more success and
growth in the future. Innovation is not only the invention process but it also makes changes in the
business model of the organization. Innovation increases the customer choices and expectations
and it also maximizes the globalization connectivity. Through innovation, the company can take
the entrepreneurship benefits. Therefore, innovation plays a significant role in every
organization. It is the combination of entrepreneurial process and inventive process to create and
build new economic value for the various stakeholders (Hattab, 2014).
Entrepreneurship is the process launching, running, operating and designing a new business and
trade. It has been defined as the “Willingness and capability to organize, manage, operate and
develop a business with reducing the various kind of risk in order to increase the revenue and
profit of the company”. The entrepreneurs identify the opportunities and threats of the market.
An entrepreneur defined as “a person who starts, manages, organizes and operates any venture
and enterprise. Entrepreneurship creates and develops the opportunities for the employment and
it enhances and increases the economy of the country (Choi & Majumdar, 2014). It is mandatory
for the enhancement and development of managerial and administrative capabilities. It is the
broad and dynamic concept which eliminates and removes the various barriers and obstacles
within the organization. In entrepreneurship, people develop new ideas and thoughts and they
become more aware and measure and identify the opportunities and threats of the company.
After the various researches, it has been found that innovation and entrepreneurship are very
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Management and business context
important to expand the business activities and to overcome on the market competitors (Bae,
Qian, Miao & Fiet, 2014).
Innovation and entrepreneurship play a significant role in every organization. Innovation is the
specific instrument of entrepreneurship. Entrepreneurs search and find the sources of innovation
and they find the opportunities for the business. Innovation is essential for the survival of
entrepreneurs and it is also necessary to expand the business of the organization. Innovation and
entrepreneurship are the key success factor of the organization. In today’s competitive
environment, innovation and entrepreneurship are important success factors to overcome on the
competitors in the market. Innovation and entrepreneurship help to develop and build the
organizational structure and values in the organization. Entrepreneurs are the person who
identifies and evaluate the various opportunities and finds the gaps in the market and measures
the feasibility of new business. They collect the feedback from the market to achieve the
organizational goals and objectives. Many companies use the traditional business techniques and
methods in business which affects the business activities of the company. Therefore, the
organization uses innovation and entrepreneurship process in the organization. Entrepreneurs use
the innovations to improve and enhance the quality of work and they also improve the position of
the company in the global economy. Entrepreneurs are responsible for growth and success of the
company (Kleinknecht, 2016).
Here, “my stuff movement hypothetical company” has been selected for the essay. The essay
provides an overview of the importance and effects of using the innovation and entrepreneurship
tool in the management so that objective can be achieved. My stuff movement is a mover and
packer company which is a transporting business. The company assists the customers in
delivering services at their doorsteps. Through these activities, the product is easily reachable by
the customers. Many other activities which the company performs are online delivery, assisting
in shifting house, assist in home deliveries etc. As the business is new in the market and the idea
of the business is also creative, thus the company needs to use innovation and entrepreneurial
activities in their business in order to achieve success (Seltzer & Mahmoudi, 2013).
The fact is known to all that no business in today’s world can run easily without using innovation
tool in their business. In order to create a different position in the industry, each and every
company needs to implement such techniques. Further, the concept of the business is creative so
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Management and business context
if the entrepreneur of the company will implement the innovative techniques then the business
will gain the market share in a short span of time. The company shall use disruptive innovation
technique in their business so that their capabilities are enhanced in the market. Disruptive
innovation is the type of innovation which the business process use utilizes to improve the
quality of their product and provide maximum satisfaction to the customer of the company. My
stuff movement company has originated with an innovative idea in the market, thus the
customers will now expect from the company that it will work accordingly with innovative
techniques in the market (Baden-Fuller & Haefliger, 2013).
Disruptive innovation will help the company to circulate their product in the target market with
low prices. This will attract the interest of the customers which will make them use the services
of the company. And ultimately the sale of the company will rise. If the products are distributed
in the market without lower prices and there are easily available to the customers at their
doorstep then, due to better availability at low prices the company will flourish in the market and
gain the competitive edge. If such transport services are being sold at a high price in the market,
then it will become difficult for the business to create its position in the market due to already
existing competitors in the market (Leutner, Ahmetoglu, Akhtar & Chamorro-Premuzic, 2014).
Talking about the use of entrepreneurial techniques in the company, such techniques will assist
the company in the initiation of disruptive innovation in the market. Innovation and
entrepreneurship tools are always used in alignment, innovative being the wider concept is used
by the entrepreneur in initiating their business functions (Frankenberger, Weiblen, Csik &
Gassmann, 2013). An entrepreneur is a person who analyses the risks which can create losses for
the company and drive them to generate profits for the organization. No entrepreneur can work
efficiently without using innovative techniques. In the company my stuff movement, the main
task which the entrepreneur shall perform is to motivate the employees and make them
understand the tools which the company is going to use to increase the sale in the market. If the
employee of the company will not support the decision of their leader then the company cannot
work in long run. Thus, along with innovation, the manager of the company shall efficiently
work on the entrepreneurial techniques so that maximum financial benefits are attained for the
company (Küttim, Kallaste, Venesaar & Kiis, 2014).
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Management and business context
One of the innovative techniques which the company shall be utilized to maximize their profits is
the use of social media technology to enhance the working of the business. Talking about
innovation, technology is the foremost import thing which attracts the business and helps them to
earn benefits. The entrepreneur shall efficiently analyze the demand of the target market and the
requirement of the customers, and then accordingly supply the services and product in the
market. Further, it shall be noted that the entrepreneur shall help the personnel of the company to
develop the capabilities and skills (Cabigiosu, Zirpoli & Camuffo, 2013). The impact of the use
of innovative entrepreneurial techniques is that the company will enhance its skills and create a
product which is demanded in the market. Innovation is not only required by the product or
services but the entrepreneur can initiate innovation in the internal management of the
organization as well. With this effect, the entrepreneur will initiate the management to utilize the
resources optimally and reduce wastage. Another way in which internal management can be
enhanced is that the leader shall educate the management regarding the innovative techniques
used in the business so that they can trust on the activities of their manager. So, in this way the
innovation and entrepreneurship tools can help the company to utilize the resources optimally
and gaining maximum benefit for the company (Boons, Montalvo, Quist & Wagner, 2013).
Hence, from the above events, it shall be noted that in today’s world it very essential for a
company to implement innovation and entrepreneurship techniques in their business process. So
the My Stuff Company shall also make sure that the entrepreneur uses the innovative techniques
and gain benefits for the company. Also, the company shall use innovative technology to
enhance the skills of the business.
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Management and business context
References
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