The Role of Innovation and Entrepreneurship in Modern Business

This assignment investigates the impact of innovation management and entrepreneurship on business, focusing on their roles in sustainable development and market competitiveness. The study begins by highlighting the importance of these factors in driving economic growth and adapting to the competitive landscape. It defines entrepreneurship as a process of generating innovative ideas, mobilizing resources, and embodying these ideas in organizational forms. The objectives include finding out the impact of innovation management, entrepreneurship's role, their contribution to sustainable development, and their influence on market competition. The research emphasizes that innovation and entrepreneurship are crucial for organizational success and sustainability in a changing business environment. The assignment also explores the role of leadership in organizational innovations and the relevance of business models that reflect corporate sustainability and sustainable entrepreneurship. The conclusion reiterates the importance of innovation and entrepreneurship for business success in the global market.

Running head: INNOVATION MANAGEMENT AND ENTREPRENEURSHIP IN
BUSINESS
INNOVATION MANAGEMENT AND ENTREPRENEURSHIP IN BUSINESS
Name of the Student
Name of the University
Author note

1INNOVATION MANAGEMENT AND ENTREPRENEURSHIP IN BUSINESS
Introduction: The new products and the new companies are considered as the engines of the
economic growth and the vibrancy. This study proposes to bring together the few scholars
representing the innovation management in the business and the entrepreneurship in the
business. The social scientific understandings help the creative people to develop the new
ideas that show interest and the support from the stakeholders helps to create the organizations
and industries that alter the social and the economic orders (Scarborough, 2016).
Entrepreneurship is considered as the process that helps any individuals or any groups to
generate the innovative ideas that sort through the choice of identifying those, which are most
promising and it presents the ideas to the relevant stakeholders, mobilizes the resources and
support and embody the ideas in the organizational form that engages the market-based
competition (Drucker, 2014). This study will focus on finding out the impact of the innovation
and entrepreneurship in the business and these findings of the study will be discussed in light
of the relevant literature in the field.
The importance of innovation management and entrepreneurship in business and
today’s world is of utmost significant. Competition in today’s business world has increased
drastically due to rise of similar type of business organizations, products and services. This has
resulted in market saturation thereby, making it difficult for the business organizations to
attract customers as well as retain the existing ones. Innovation in business provides an
opportunity for the companies to present the existing or similar products or services in a new
way. In order to survive in the competitive market, entrepreneurship is also important because
this help in executing new business ideas for the competitive business world. The motivation
for selecting this topic is to understand the sheer significance and contribution of business
innovation and entrepreneurship in today’s business world. Undertaking this research will help

2INNOVATION MANAGEMENT AND ENTREPRENEURSHIP IN BUSINESS
in understanding the concept of innovation and entrepreneurship in business as well as
discussing the significance of those in order to survive in today’s business world. In addition
to, undertaking this study will also help in analyzing critically the different factors having an
impact on innovation and entrepreneurship in business thereby, finding the essential factor that
is mandatory in achieving successful innovation and entrepreneurship in business.
The research aim and objectives of the study are to find out the following factors in the
business market and the role of the entrepreneurship and the innovation management in the
business. The objectives of the study are to find out the impact of innovation management in
the business, to find out the role of the entrepreneurship in the business market, to find out the
ways these two factors will be responsible for sustainable development in the business process
and to find out the impact of innovation management and the entrepreneurship for competing
in the business market.
According to Singh and Gaur (2018), the entrepreneurship and innovation management
are the imperative ones for the sustainable development of the organizations throughout the
industries and the political governances. For competing in the business market the innovation
management and the entrepreneurship are the most important basic factors of the globalized
business world and in the emerging companies and this could also provide tremendous growth
opportunities. This research study also concludes that the innovation and the entrepreneurship
are complimentary for both the organization’s success and its sustainability. The changing
environment in the business market depends upon these two basic factors that are the
innovation and the entrepreneurship. This research study mainly focuses on the role of
leadership in organizational innovations and the role of entrepreneurship in the business.

3INNOVATION MANAGEMENT AND ENTREPRENEURSHIP IN BUSINESS
According to Lee, Hallak, and Sardeshmukh (2016), this study focuses on the
relevance of the business model that reflects the corporate sustainability and the sustainable
entrepreneurship research has explored the contributions of these in the sustainability
transformation of the market and the society. This has been found that the particularities of the
business model of the sustainable market pioneers have been identified but the dynamic role of
the business model for the sustainable entrepreneurship processes leads to the socially
benefited models or the mass market players. This study develops the theory for analyzing the
co-evolutionary business models variations, selections and retentions and the evolutionary
pathways are identified for supporting the structured analysis of the dynamics between the
business model innovation and the sustainability transformations of the markets.
Conclusion: Therefore, by the outlining of the research proposal, it can be concluded that this
study will find out the impact of the innovation management in the business and the role of the
entrepreneurship in the sustainable development of the business. These two are considered as
the factors for the business to compete with the other businesses in the global business market.
The research study may require additional time for the completion of the research work.

4INNOVATION MANAGEMENT AND ENTREPRENEURSHIP IN BUSINESS
References
Drucker, P. (2014). Innovation and entrepreneurship. Routledge.
Lee, C., Hallak, R. and Sardeshmukh, S.R., 2016. Innovation, entrepreneurship, and restaurant
performance: A higher-order structural model. Tourism Management, 53, pp.215-228.
Scarborough, N. M. (2016). Essentials of entrepreneurship and small business management.
Pearson.
Singh, S.K. and Gaur, S.S., 2018. Entrepreneurship and innovation management in emerging
economies. Management Decision, 56(1), pp.2-5.