Exploring the Impact of Innovation and Entrepreneurship on Business

This essay examines the critical roles of innovation and entrepreneurship in contemporary business environments. It highlights how a solid foundation of ideas leads to innovation, emphasizing the importance of creative thinking and problem-solving. The essay discusses the need to challenge conventional practices and embrace new perspectives to foster growth and overcome challenges. It further explores how innovation and entrepreneurship contribute to brand recognition, improved productivity, and profitability, supported by theories like the diffusion of innovation. The relationship between innovation and entrepreneurship is emphasized as a key driver for business success and sustainability, while also addressing factors that can lead to innovation failure, such as a lack of innovation mindset and ineffective leadership. The essay concludes by reinforcing the importance of adapting to change and fostering a culture of innovation to thrive in today's competitive world.

ESSAY

TABLE OF CONTENT
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
Heading 1.....................................................................................................................................3
Heading 2.....................................................................................................................................3
Heading 3.....................................................................................................................................3
CONCLUSION ...............................................................................................................................3
REFERENCES................................................................................................................................4

TASK
1. “A pile of rocks ceases to be a rock pile when somebody contemplates it with the idea of a
cathedral in mind.” —Antoine de Saint-Exupéry.
The above statement says that When any organization base their idea on a solid
foundation and develop it accordingly, innovation follows. In this business environment people
who considered creative and innovative thinkers stretch their imagination, ideas, critical thinking
skills and creativity. In this world where everything is growing through technology and
innovation, this type of people are rethinking practices to find new ways which is beneficial to
solve things on continuous basis. Organization are focusing on developing new ideas in their
mind so that they can serve in a better way. For example- companies are using new training
methods and finding out new ways to communicate with each other to enhance working
(Malloch, and Porter-O’Grady, 2017).
2. “If you have always done it that way, it is probably wrong.” —Charles Kettering
The above statement says that people nowadays tend to focus on things they already
know, they fail to take into consideration what they don't know which is probably wrong and
create issues. So, it is necessary for organization to encourage more efforts in solving the
challenges. People need to concentrate on creativity and must create connections between
visions, ideas challenges. Therefore, one should concentrate on things they don't know to making
it happen (Mounir Abou-Assaad and Steven Holmes, 2020).
3. “The creation of something new is not accomplished by the intellect, but by the play
instinct arising from inner necessity. The creative mind plays with the object it loves.” —
Carl Jung
The above statement by carl Jung says that it is very important to be creative because the
creative mind plays with its object it loves, that is opens it up to different possibilities. Play is
both being open to the possibility of different outcomes and investment in an outcome. It is clear
that there is probability at work and element of game theory. So, one should make investment
and commitment before the result can be proven. Also, an element of faith before the fact should
be taken into consideration. The reason behind that is this act of faith in an environment that is

otherwise uncertain which allows for manifestation of unexpected results which is creativity
(Thomas, 2018).
innovation and enterprise are both fundamental in business,
Innovation means the development of new idea or any new improvement of the existing
ideas. To be successful in this competitive world, it is very important to be innovative at work
means that companies needs to contribute ideas and solutions to workplace problems, issues and
challenges (Yun and et.al., 2020). For example- in today's era, technological innovations
designed to save energy and workload which helps company achieve success and growth. The
best example we can take is smartphone, cellular telephone, computers and electric cars. Tesla is
one of the top listed company who always focused on giving its best to customers when it comes
to innovation. The company is accelerating the world's transition to sustainable energy with
solar, electric cars, integrated renewable energy solutions for homes. To overcome the challenges
of change innovation is very important. Company who adapt innovation can easily foster growth
which helps them achieve success in highly competitive world (Wang And et.al., 2021).
Entrepreneurship involves turning a great idea into an opportunity of business. With the support
of innovation and enterprise, organization and start up businesses is able to increase brand
recognition, improve brand value, reduced costs, improved productivity and profitability. By
using diffusion of innovation theory, company can know about the rate at which consumers will
adopt a new product or service. With the support of this theory, managers and owners understand
how trend in the market occur. This makes them understand about the likelihood of failure or
success of their innovation in the market.
With the help of innovation thinking skills, the company can easily enhance their
working. Both innovation and entrepreneurship are positively related with each other and interact
to help company so that they can flourish easily. If company focus on innovation they can gain
success and sustainability in today's changing era. Enterprise systems reduce the cost of running
a business, this means that they firm will have more of its budget free to increase customer
service capabilities. They can easily able to invest in assets that can enhance the customer
experience too. Innovation and entrepreneurship influence business strategy of the firm via
collaboration and creativity and analyse opportunities and ideas both from external and internal
sources. The factors include culture of innovation at workplace, encouragement and motivation

can lead to innovation success. Companies are using disruptive innovation to improve their
products or services for their profitable customer base (Kahn, 2018).
With the help of brainstorming the company can boost innovation in this ever-changing
world. Talking about factors that leads to innovation failure are lack of innovation processes and
structure and lack of innovation mindset (Yun and et.al., 2020). The company who does not have
innovation mindset it can create issue for them. Nowadays companies fail because of their old
business models, ineffective leadership styles and teams, poor organizational structure and
employee find it difficult to adjust to new ways of thinking and change which is done by
company (Chen, Yin, and Mei, 2018).

REFERENCES
Books and Journals
Wang, Q. J. And et.al., 2021. The impacts of democracy on innovation: Revisited
evidence. Technovation. 108. p.102333.
Chen, J., Yin, X. and Mei, L., 2018. Holistic innovation: An emerging innovation
paradigm. International Journal of Innovation Studies. 2(1). pp.1-13.
Kahn, K. B., 2018. Understanding innovation. Business Horizons. 61(3). pp.453-460.
Yun, J. J. and et.al., 2020. The culture for open innovation dynamics. Sustainability. 12(12).
p.5076.
Mounir Abou-Assaad, A. and Steven Holmes, J., 2020, May. Automotivation: What we Can
Learn from Cars. In Offshore Technology Conference. OnePetro.
Malloch, K. and Porter-O’Grady, T., 2017. Shifting workforce paradigms: From quality to
value-driven staffing using evidence and innovation. Leadership for evidence-based
innovation in nursing and health, pp.369-397.
Thomas, V., 2018, July. Work and Play-Experiences in Toy Town. In 8th International Toy
Research Association World Conference.