A Comprehensive Report on Innovation and Enterprise Development

This report delves into the multifaceted realm of innovation and enterprise, emphasizing the critical importance of developing personal innovation skills. It begins by defining innovation and its transformative impact on businesses, highlighting the significance of creativity and the ability to exploit new ideas for economic value. The report then reviews existing literature on business model innovation, exploring various innovation types, including disruptive, sustaining, and architectural innovations, and discusses their pros and cons. A case study on Spotify illustrates how organizations can foster innovation and achieve competitive advantage through strategies such as data-driven personalization. The report concludes by underscoring the benefits of adopting innovation to enhance customer value, brand image, and overall business success. References to academic journals and publications are provided to support the findings.

Innovation and Enterprise

Table of content
 Introduction
 Importance of developing personal innovation skills
 Literature review
 How to develop innovators
 Conclusion
 References

Introduction
Innovation is defined as, carrying out new things, ideas
and combinations that involve the introduction of new
products, innovative methods of production and many
other things such as source of supply, new organization or
industry. It transforms ideas into product, services or
procedure in order to advance, compete and differentiate
themselves in market place. In other words, critical
thinking under beneath in innovation an idea or
practice that is sensed by an individual and other unit of
adoption (

Importance of developing personal innovation
skills.
Personal innovation skills includes creativity,
talent of exploiting new ideas for the reason of
gaining social or economic value. It is a
combination of qualities for example make
innovative product with available resources so,
this thing is innovative also enhance the brand
productivity along with image

Literature review
As per the view point of this author, girotra.k
2021, Business model innovation requires new
technologies or creation of product perspective.
Products are existing that are produced by existent
technologies to markets. It require changes
invisible to the outside world that can bring
advantage which is unable to copy. The challenge
is elaborating business model innovation actually
estate. It is hard to find systematic approach
without a framework to identifying opportunities

Continue…
It include innovation matrix to know sustainability of the business and clarify the
aforementioned dimensions to demonstrate them.
Radically disruptive: Fundamentally changed in new technologies and develop new
business model, it has no clear competitors.
Radically sustaining: Changes in product and existing market gives new value for the
customer.
Incrementally disruptive: Incremental improvement in technology that leads to market
disruption.
Incrementally Sustaining: Nominal changes in an existing product, service or technology.
Architectural innovation: It include the core component of product remain the same. It entails
the overall design, system or the component interaction.

Continue…
Pros and cons of innovation
Advantage Disadvantage
 Business are able to charge high price
for new products before any other
product introduce in the market.
 Innovative excellent for a firm
reputation.
 Innovation in process add value to
current product services.
 Businesses with lots of new products
can take advantage of economies of
scope.
 Expensive and time consuming.
 Business not able to produce new
product on high scale at low enough
cost, no assurance return on
investment.
 Business Risk destroy reputation if
new product is poor quality.
 Commercial enterprise can run out of
money if they invest to much and don't
gets products to market quick enough.

How to develop innovators
Spotify is the largest music subscription service, plays very essential role transforming
consumer experience music through giving new convenience, accessibility, data driven
personalization to dive discovery and engagement (Bouncken and et. al., 2020). The
organization enhanced revenue around$ 4.5 billion while expanding gross margins from
12% to 21% . This streaming model turned the industry's decline revenue trend and adding
consumer value, artist and players.

Conclusion
It is inferred from the above report about findings such as importance of developing personal
innovation skills, it can be concluded improving skills bring new idea in the market and
encourage towards innovation which is unique and sophisticated. It gives opportunity to the
company for its betterment so they can earn brand value as well as brand images. This things
gives chance business can run smoothly and effectively and also able to get success. If
organization adopt suggested innovation which is mentioned above, in that company enhance
the customer and they will create value which is liable for every organization.

References
Anning-Dorson, T., 2018. Innovation and competitive advantage
creation. International Marketing Review.
Battisti, and et. al., 2019. Value creation, innovation practice, and competitive
advantage: Evidence from the FTSE MIB index. European Journal of Innovation
Management.
Bouncken, R.B. and et. al., 2020. Innovation alliances: balancing value creation
dynamics, competitive intensity and market overlap. Journal of Business
Research. 112. pp.240-247.
Chege, S.M. and Wang, D., 2020. Information technology innovation and its impact
on job creation by SMEs in developing countries: an analysis of the literature
review. Technology Analysis & Strategic Management. 32(3), pp.256-271.

Thank You