Innovation and Commercial Enterprise Report - MGMT13151

This report presents an in-depth analysis of a commercial enterprise idea, focusing on the integration of Augmented Reality (AR) technology within the retail sector. It explores the potential of AR to enhance customer experience and increase profitability. The report details the group's process in developing this idea, including market research, technology identification, and budget estimation. It also identifies and evaluates the key skills needed for successful entrepreneurs, such as curiosity, time management, strategic thinking, and communication. The report further assesses the importance of commercial enterprises in society and their contribution to societal needs. A survey questionnaire is included to gather insights and feedback. The report concludes with a discussion on the future potential of AR in commercial enterprises. It also includes references and an appendix with the survey and budget information. The report aims to provide a comprehensive understanding of the role of innovation and entrepreneurship in the business world.

Running Head: Innovation 0
Innovation
Report
Student name

Innovation 1
Table of Contents
Introduction.................................................................................................................................................2
The idea for commercial enterprise.............................................................................................................2
Process your group followed to develop your idea or opportunity..............................................................3
Skills needed to be a successful entrepreneur..............................................................................................4
Evaluation of commercial enterprise...........................................................................................................5
The importance of commercial enterprise within society............................................................................6
Conclusion...................................................................................................................................................7
Survey questionnaire...................................................................................................................................7
References...................................................................................................................................................8
Appendix...................................................................................................................................................10
Survey through questionnaire...............................................................................................................10
Analysis..................................................................................................................................................12
6-Months budget...................................................................................................................................16

Innovation 2
Introduction
Innovation is a fresh idea for solving a critical issue of making things easy for human
beings. There are many innovations in the various industries, which can be useful in the other
industry for enhancing their profit and performance. In addition, commercial enterprises are
based on innovations, as their business grows in the market because of innovations. In addition,
regional innovations are helpful in the improvement of the performance of commercial
enterprises (Asheim, 2007).
This report will provide an idea for a commercial enterprise. It will explain the role of
innovation and entrepreneurs in the business. Business is based on different ideas to make
changes in the products and services. This report will describe skills needed for successful
entrepreneurs as well as the importance of commercial enterprise in the society.
The idea for commercial enterprise
A commercial enterprise has based on good, services and money. They make money
from their business in which they sold their products in the market with legal policies. It has
product-based businesses, which provide huge benefits to the enterprise and their stakeholders.
There is an idea to enhance the productivity and performance of the commercial business in the
field of retail business. I have an idea about the commercial enterprise that will provide help into
the integration of their business function. In addition, digital technologies are highly used in
commercial enterprises. Augmented Reality (AR) is a new technology that can be used in the
commercial enterprise to provide information about products and service to their customers in
better ways (Brown & Ulijn, 2004). It will increase the profit of the company, as customers
attract from such types of technologies. It makes things easier to understand. The increase of
augmented fact (AR) packages in recent years can be attributed to answers that allow consumers

Innovation 3
to visualize merchandise and imagine what it would sense want to personal the product or
experience the carrier before truly shopping it. As augmented era turns into extra state-of-the-art
and the cost-saving and enterprise programs enlarge, the demand and investment in AR will
increase (Chemmanur, Loutskina, & Tian, 2014).
When someone talks approximately AR, they are relating to technology that overlays
facts and digital gadgets on actual-international scenes in actual-time. It uses the existing
environment and adds records to it to make new artificial surroundings. Many developers are
creating augmented fact apps, and this has spread out the generation to many applications and a
broader audience.
Process your group followed to develop your idea or opportunity
The identification of the opportunity requires group to follow the process in which each member
contribute effective because this is the only way through which they can develop the opportunity.
 Initially members of the group conduct the research in the market in which they analyses
the use of technology by the customers while making the purchase from the company.
 The need and importance of the commercial enterprise is evaluated for the business
majorly for the integration of the activity.
 One of the team members who have good technology followed the process in which the
identification for the technology and their effective use is considered.
 The determination of the AR technology is done which involved the digital gadgets that
help the customers to visualize merchandise and imagine before purchasing the product.
 Another team member with the good knowledge of finance took the responsibility of the
estimating the budget. (Refer appendix 3)

Innovation 4
Skills needed to be a successful entrepreneur
Many entrepreneurs accept as true with that the maximum crucial factor so one can
decide their degree of success with a startup pertains to their overall experience and capabilities
in the area of interest region. However, the maximum successful marketers have advanced a
certain set of skills that have helped them reach their goals. While you surely need nerve and
persistence to launch and run a brand new commercial enterprise, you also need to consciousness
on nurturing those seven vital capabilities that are vital for your destiny success in very critical
approaches (Chesbrough, Business model innovation: opportunities and barriers, 2010).
Curiosity: outstanding entrepreneurs are tasked to discover new problems, display potential
niche opportunities, refactor their unique business technique, and innovate. This is contingent on
being obsessed with special fields of study and commercial enterprise cases out of doors of one’s
comfort sector.
Time management: cautious precedence making plans, defining milestones, execution, and
generation are all important. None of that could lead to progress without the right project control
and a time allocation methodology that gets the paintings done.
Strategic thinking: studying to decompose a hassle to its middle and reveal opportunities for
growth. Figuring out innovative answers and figuring out the low-putting culmination. Defining
the scope for an MVP and trying out standards within constrained time and with a low price
range.
Efficiency: You want excessive-performance when it comes to fixing a hassle. Making use of
the eighty/20 rule and other strategies for yielding higher consequences in less time. Switching
between one of a kind chores and progressing efficiently.

Innovation 5
Resilience: dealing with rejections, stress, burnouts, lack of awareness, slow progress.
Dedication and eagerness daily combat the equal dragon each morning are instrumental in
relation to building a business from scratch.
Communication: Crisp and concise verbal exchange is paramount for each and each interplay
with every day, companions, friends, every day, prospects.
Networking: developing a community helps commercial enterprise opportunities, partnership
offers, and finding everyday or destiny employees. It expands the horizons of PR and conveying
the right message on all fronts (Dawson & Andriopoulos, 2014).
Finance: Finance control will make or spoil an enterprise. Coping with assets well and
thoroughly assessing investments as compared every day ROI is a strong requirement for
marketers.
Branding: building a consistent non-public and enterprise brand tailor-made day-to-day the right
target market. Igniting emblem recognition in new verticals.
Sales: Being cozy doing outreach and developing new enterprise opportunities. Finding the
proper income channels that convert higher and making an investment heavily in growing them.
Building income funnels and predictable sales opportunities for growth.
Evaluation of commercial enterprise
The commercial enterprise can evaluate their performance based on the feedback of
customers and their suppliers and buyers as well. It is necessary to evaluate the performance of
employees and other staff members. Augmented Reality (AR) is the best way to create various
features in commercial fields. In addition, the enterprise can improve their profit using related
technologies (Tidd & Bessant, 2018).

Innovation 6
Moreover, the company should provide a different parameter to its customers to identify
features of their products and services. In addition, this technology is highly used in various
fields, such as education, medical, and many others (Sharma & Jha, 2016).
Augmented reality has many one of a kind implementation models and applications;
however, its number one goal is to provide a wealthy audiovisual revel in. AR works through
employing automated simulation and techniques, which includes picture and speech popularity,
animation, headset up, and AR devices and powered display environments to feature a digital
show on a pinnacle of actual picks and environment (Michaelis, Stegmaier, & Sonntag, 2009).
The importance of commercial enterprise within society
Commercial enterprises are providing various products and services to society. In
addition, the companies have provided their best to environmental and societal services. From
the last two decades, most of the commercial enterprise has maintained Corporate Social
Responsibility (CSR).
In addition, that enterprise provides help to the society. Society needs various things to
manage their daily process. Augmented reality (AR) is a type of interactive, reality-primarily
based show environment that takes the talents of the computer-generated show, sound, textual
content and outcomes to enhance the person's real-world enjoy. Augmented fact combines real
and computer-based scenes and images to supply a unified but better view of the world
(Lundvall, 2010).
Beauty organization Sephora uses AR era to permit customers to try out distinctive seems
and eye, lips and cheek products in addition to colorations proper on their personal digital face.
That is a powerful manner to reinforce income and to give customers an amusing way to strive
out new looks. Another employer that makes use of augmented fact to inspire purchases is

Innovation 7
Rolex. The business enterprise has advanced a digital try-on revel in wherein prospective
customers can attempt out specific patterns and models (Gordon, 2017).
Conclusion
In conclusion, AR is a new idea to implement in commercial enterprises. This report has
provided a new idea for commercial enterprises. In addition, there is various use of AR in
commercial enterprises. It will also helpful for society. In addition, there are many other
advantages of AR, which provides various advantages to the company as well.
Finally, AR can be used for commercial enterprises and it will improve the performance
of the company in the future. It will also helpful for society as well.
Survey questionnaire

Innovation 8
References
Geiger, W. (2018). 4 Frameworks for Corporate Innovation. Retrieved February 15, 2019, from
https://medium.com/touchdownvc/4-frameworks-for-corporate-innovation-c7b0fe5a7d2d
Schweiger, C. (2019). (Corporate) Entrepreneurship and Innovation. Retrieved February 15,
2019, from https://en.fh-wien.ac.at/research/research-areas/corporate-entrepreneurship-
and-innovation/
Asheim, B. (2007). Differentiated knowledge bases and varieties of regional innovation systems.
Innovation, 20(3), 223-241.
Brown, T., & Ulijn, J. (2004). Innovation, entrepreneurship and culture: the interaction between
technology, progress and economic growth. (3rd ed.). London: Edward Elgar Publishing.
Brown, T., & Wyatt, J. (2010). Design thinking for social innovation. Development Outreach,
12(1), 29-43.
Chemmanur, T., Loutskina, E., & Tian, X. (2014). Corporate venture capital, value creation, and
innovation. The Review of Financial Studies, 27(8), 2434-2473.
Chesbrough, H. (2010). Business model innovation: opportunities and barriers. Long range
planning, 42(2-3), 354-363.
Chesbrough, H., & Rosenbloom, R. (2002). The role of the business model in capturing value
from innovation: evidence from Xerox Corporation's technology spin‐off companies.
Industrial and corporate change, 11(3), 529-555.
Crossan, M., & Apaydin, M. (2010). A multi‐dimensional framework of organizational
innovation: A systematic review of the literature. Journal of management studies, 47(6),
1154-1194.

Innovation 9
Dawson, P., & Andriopoulos, C. (2014). Managing change, creativity and innovation. New
York: Sage.
Drucker, P. (2014). Innovation and entrepreneurship (1 ed.). London: Routledge.
Johnston, M., & Marshall, G. W. (2013). Sales force management: Leadership, innovation,
technology. (2 ed.). London: Routledge.
Lundvall, B. A. (2010). National systems of innovation: Toward a theory of innovation and
interactive learning (Vol. 2). London: Anthem press.
Michaelis, B., Stegmaier, R., & Sonntag, K. (2009). Affective commitment to change and
innovation implementation behavior: The role of charismatic leadership and employees’
trust in top management. Journal of Change Management, 9(4), 399-417.
Morris, M. H., Kuratko, D. F., & Covin, J. G. (2010). Corporate entrepreneurship & innovation.
Cengage Learning.
Sharma, A., & Jha, S. (2016). Innovation from emerging market firms: what happens when
market ambitions meet technology challenges? Journal of Business & Industrial
Marketing, 31(4), 507-518.
Tidd, J., & Bessant, J. R. (2018). Managing innovation: integrating technological, market and
organizational change (1st ed.). New York: John Wiley & Sons.

Innovation 10
Appendix
Survey through questionnaire
Please specify your Gender?
A. Male
B. Female
Please specify your Age
A. Under 20
B. 21-25
C. 26-30
D. More than 30
Please specify your education
A. Secondary
B. Bachelor degree
C. Master degree
In your opinion, do you think that innovation is a fresh idea for solving a critical issue of making
things easy for human beings?
A. Strongly agree
B. Agree
C. Neutral
D. Disagree
E. Strongly disagree
Do you think that commercial enterprise has based on good, services and money?
A. Yes
B. No

Innovation 11
Do you agreed that digital technologies are highly used in commercial enterprises due to making
successful enterprise?
A. Strongly agree
B. Agree
C. Neutral
D. Disagree
E. Strongly disagree
In the following, which one skill is required by the entrepreneur to achieve success from the
business?
A. Time management
B. Strategic thinking
C. Communication
D. Networking
E. All of the above
Do you agree that the commercial enterprise can evaluate their performance based on the
feedback of customers and their suppliers and buyers as well?
A. Strongly agree
B. Agree
C. Neutral
D. Disagree
E. Strongly disagree
In your opinion, commercial enterprises are providing various products and services to society?
A. Yes