Analysis of Innovation and Entrepreneurship in the Hi-Five Restaurant

This report delves into the concepts of innovation and entrepreneurship, emphasizing their importance for business growth, particularly within the restaurant industry, using the Hi-Five restaurant as a case study. It explores the interlinked nature of innovation and entrepreneurship, highlighting the need for entrepreneurs to seek resources and apply principles for successful innovation. The report examines contextual factors influencing entrepreneurial processes, including political, legal, technological, social, economic, ecological, and cultural aspects. It emphasizes the significance of innovation in creating new products and services, such as new dishes and improved customer service, and discusses how technology can drive innovation in restaurants. The conclusion summarizes the key findings, underscoring the role of innovation in enhancing customer attraction and suggesting technological advancements like touch screen vendors and automated systems to drive innovation.

Running head: Innovation and Entrepreneurship 1
Management and Business Context
Innovation and Entrepreneurship

Innovation and Entrepreneurship 2
Contents
Introduction.................................................................................................................................................3
The concept of innovation and entrepreneurship in the Hi- Five restaurant.................................................4
Contextual factors in innovation and entrepreneurship................................................................................5
Importance of innovation in entrepreneurship.............................................................................................7
Innovation technology in entrepreneurship..................................................................................................8
Conclusion...................................................................................................................................................9
References.................................................................................................................................................10

Innovation and Entrepreneurship 3
Introduction
Innovation and entrepreneurship is the two essential elements to develop the growth of
the business. Innovation is the procedure which involves the conversion of new knowledge into a
new product, service and process and keeping this new products and services in the actual use.
There are many reasons which are able to push the innovation such as technology push, market
pull, product innovation, process innovation, continuous innovation and tight linked innovation.
Entrepreneurship mostly involve in the managing with other companies such as corporate
venturing, spin off and eco system. The decision of entrepreneurship is related with social
mission, organizational form and business model (Bruton, Khavul, Siegel & Wright, 2015).
Innovation and entrepreneurship are the contextual factor which will be helpful to enhance the
business practice of the business. It is the report which helps to describe the contextual factors in
the concern of Hi- Five restaurants.

Innovation and Entrepreneurship 4
The concept of innovation and entrepreneurship in the Hi- Five restaurant
The concept of innovation and entrepreneurship is strongly interlinked. Innovation is
considered as the essential tool of entrepreneurs, it refers that the change is required to enter the
new market and for expanding the business in larger way. It is the concept which is capable to
represent as a capable of being learned, discipline and being practiced. Innovation and
entrepreneurship are interconnected. To expand the Hi- Five restaurants, entrepreneurs need to
search initially for the resources of innovation. Apart from that entrepreneurs of the business
need to apply the principles in the business for getting the successful innovation. An innovation
is the way of accomplishing the task with new ideas (Ratten, 2014). All goods of the business
whether it is physical products or services is made up of three elements. These elements are
nature raw materials, mental and physical labor and capital. Innovation is the process which
contains all three elements in it appropriately. Entrepreneurs can be the innovators for the
business who build new combinations of these factors and then show them in the market. It is
considered as the technical conceptualization of what is innovation is about. It is the concept
which helps entrepreneur to know about the innovation within the business to enhance the
growth of business (Drucker, 2014). There are some valuable areas in which innovation might be
made will be described below.
New products in the form of new dishes
It is one of the most common forms the creation of new products. By producing the new
products, business may grow unexpectedly and gain competitive advantages appropriately.
Product are not a physically tool for attaining an individual’s ends but also it have the role to
play in contenting the needs of emotional (Vivarelli, 2013). The name of brand is more

Innovation and Entrepreneurship 5
important for this because the name of brand assures the customers and provides the personal
statement. Hi- Five restaurants can implement the innovation to apply various dishes in its menu.
As it mentioned in the strength of Hi- Five restaurant that it is situated in the place where most of
people with diversity are living. It would be great idea if Hi- Five restaurant innovate
experimental menu.
New services
It is an act which is performed to resolve the particular issues. Services are the procedure
which may open the new ideas of innovation as much as physical products. For instance, one of
the American entrepreneurs builds the federal express multimillion dollar business by providing
an effective way of moving parcels between people. Several services are done in the restaurants
and for this Hi- Five restaurant need to hire efficient waiters, front office and backend office for
providing efficient services. Delivery with protection and hygiene way can be the new services
for Hi- Five restaurant. Services can be effective by the use of branding like the physical
products. Customer service should be done in an efficient manner so that the goodwill and the
trust of the company and consumer will remain same (Kimotho, 2013).
Contextual factors in innovation and entrepreneurship
Business is embedded in an environment and gets influenced by external factors. It is the
contextual factor which helps to identify the issues of social, economic, political, technological,
environmental and legal environments. It has been analyzed that the organization of
entrepreneurial is affected by their environment and that entrepreneur of the business do not
operate in vacuums.

Innovation and Entrepreneurship 6
Figure 1: Contextual factors in entrepreneurial process
Source: (Raviv, 2017).
It is the image which demonstrates the process of entrepreneurship in the business and its
contextual factors. Political and legal factors involved the policy competition, taxation policy,
patent law, degree of privatization and employment law. These are the political factors which
may influence the process of innovation by entrepreneur. Hi- Five restaurants can be influenced
by the number of laws and taxes. Technological changes can be influenced in the process of
entrepreneurship due to use of new technology as part of the venture. Social aspects involved the
attitudes of society towards entrepreneurship. The process of entrepreneurship in the Hi- Five
restaurants can be affected by the cost reduction and the broader connectivity. It is required to

Innovation and Entrepreneurship 7
put focus on new technology and invent services according to them. Entrepreneur wants to
invent new products and services in the market (Prajogo, 2016). It is necessary that entrepreneur
and his business of restaurant should be recognized by society in well manner for the
development of products. Economic is the external factor which may influence the procedure of
entrepreneurship in the business due to economic situation, financial resources, non-financial
resources, human resources and physical infrastructure. Ecological is the contextual factor of the
process of entrepreneurial process which include environmental legislation and technological
factors. Cultural is the external factor of people orientation, performance orientation and risk
orientation. It is essential for the business to handle the all external factors appropriately to
develop the innovation and entrepreneurship process in the business (Moreno-Moya & Smith,
2016).
Importance of innovation in entrepreneurship
Entrepreneurship is able to produce financial gain and keeps the float economy which
enhances the importance of innovation in the entrepreneurship. They are the innovators of the
economy. The importance of innovation in entrepreneurship is reflected with the new way to
invent a product. It has been observed that the entrepreneurs and business started with
requirements. To expand the scale of growth, entrepreneur should follow the path of innovation
by analyzing the market trends and needs of customers. They should ensure that its manufactures
of products don not compromise with quality while manufacturing. Corporate entrepreneurship is
known as the birth of new business within the entity (Lofsten, 2016). There are two factors the
strategic importance of new business and the connection with the operations. The combinations
of these two factors give result in the nine possible design of organizational for entrepreneurship.
These nine designs are direct integration, special business unit, new venture division, contracting

Innovation and Entrepreneurship 8
new product business department, nurturing and contracting, contracting, micro new venture
departments, independence business units and complete spin off. Innovation has specific process
which covers the analytical planning, organizing resources and implementation (Fisher, 2014).
Innovation technology in entrepreneurship
There is certain technology which can change the environment of Hi- five restaurants.
Innovation can be done in the restaurant in the form of different ways, these different ways are
touch screen food vendors, tablet restaurant manager, automatic biodiesel converters, LED alert
system and Webcam enabled monitoring. There are some digital boxes such as MooBella Ice
Creamery Machine and Coca-cola freestyle soda fountain have the potential to dispense more
than 60 distinct beverages from one touch screen devices (Acs, Szerb & Autio, 2016). Table
restaurant management is able to manage the entire activity of the restaurant from one tab such
as reserved table, kitchen activity and many more. Automatic biodiesel converters are eco
friendly innovation. Hi-five restaurant will make a living with their fryers can fuel from their
vehicles of diesel with their oil waste. There are some problems such as high loud in kitchen and
the conversation of staff in different languages. The cooking area of hi-five restaurant can be
benefited from illuminated areas. High quality cameras and visible enabled training will be
helpful to record the area of food preparations and other workplace area to detect the non-
compliance regarding health and safety codes (Pullen, 2012).

Innovation and Entrepreneurship 9
Conclusion
It has been concluded that innovation and entrepreneurship are two important tools for
the restaurant industry. The concept of the innovation and entrepreneurship has been described in
this report. There is important for the hi-five restaurant to take care of contextual factors which
may impact the growth of the restaurant. Innovation in new services and new products can
enhance the attraction of the customers in effecting way. Importance of innovation and
entrepreneurship in hi-five restaurant has been elaborated and the possible changes as per
innovation technology such as touch screen food vendors, tablet restaurant manager, automatic
biodiesel converters, LED alert system and Webcam enabled monitoring has been suggested to
bring innovation in the restaurants.

Innovation and Entrepreneurship 10
References
Acs, Z. J., Szerb, L., & Autio, E. (2016). The global entrepreneurship and development index.
In Global Entrepreneurship and Development Index 2015(pp. 11-31). Springer
International Publishing.
Bruton, G., Khavul, S., Siegel, D., & Wright, M. (2015). New financial alternatives in seeding
entrepreneurship: Microfinance, crowdfunding, and peer‐to‐peer
innovations. Entrepreneurship Theory and Practice, 39(1), 9-26.
Drucker, P. (2014). Innovation and entrepreneurship. Routledge.
Fisher, C. C. A. M. (2014). New techniques in project portfolio management don't stifle
innovation with excessive phasing and gates (Doctoral dissertation, Massachusetts
Institute of Technology).
Kimotho, P. M. (2013). Strategic change management practices adopted by Saving and Credit
Co-operative societies in Public sector in Kenya. Unpublished MBA Project Report,
School of Business, University of Nairobi.
Lofsten, H. (2016). New technology-based firms and their survival. Local Economy, pp. 393-
409.
Moreno-Moya, M. &.Smith, A. (2016). The differential effect of development speed and
launching speed on new product performance. Journal of small Business, pp. 750-770.

Innovation and Entrepreneurship 11
Prajogo, D. I. (2016). The strategic fit between innovation strategies and business environment in
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171, 241-249.
Pullen, J. P. (2012). 5 Technologies Changing the Restaurant Industry. Retrieved on September
1st 2017 from: https://www.entrepreneur.com/article/224332.
Ratten, V. (2014). Future research directions for collective entrepreneurship in developing
countries: a small and medium-sized enterprise perspective. International Journal of
Entrepreneurship and Small Business, 22(2), 266-274.
Raviv, A. H. (2017). A new product introduction. Kellog school of Management cases, pp. 1-11.
Lofsten, H. (2016). New technology-based firms and their survival. Local Economy, pp.
393-409.
Vivarelli, M. (2013). Is entrepreneurship necessarily good? Microeconomic evidence from
developed and developing countries. Industrial and Corporate Change, 22(6), 1453-
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