Innovation and Enterprise: Analysis of Impacts and Skill Enhancement

This report delves into the multifaceted aspects of innovation and its impact on businesses. It begins by defining innovation and its role in introducing new products, processes, and market strategies. The report explores the innovation process, including idea generation, advocacy, experimentation, and commercialization. It also discusses the Gibbs reflective cycle model, providing a framework for understanding and improving individual skills. The report highlights strategies for enhancing personal innovation skills, such as leveraging digital technologies. Finally, it concludes by emphasizing the importance of innovation in improving market reach, efficiency, and responsiveness to environmental changes. The report also includes a list of references.