Innovation and Entrepreneurship: Business Strategy and Development

This essay explores the critical roles of innovation and entrepreneurship within a business context, emphasizing their importance for organizational success. It highlights the challenges in defining these concepts and links them to strategic advantages. The essay discusses how businesses can leverage market opportunities, such as the luxury car market, through innovative ideas and customer-centric strategies, including customized services and after-sales support. It stresses the need for businesses to understand customer feedback, build strong customer relationships, and adapt to external environmental changes. The essay also emphasizes the importance of creating a competitive difference through innovation to achieve long-term sustainability and market objectives. It covers topics such as competitive advantage, business collaboration, and the development of concrete objectives for effective business operations.

RUNNING HEAD: MANAGEMENT AND BUSINESS CONTEXT 1
Management and Business Context
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Innovation and Entrepreneurship 2
Innovation and Entrepreneurship is two of the most important aspect in an organization in
order to gain competency. Up to 1 out of 3 start-ups fail due to lack of innovation. The
entrepreneurs are one who is aiming to gain success. Both the term entrepreneurship and
innovation is used interchangeably to gain organizational benefit. The issue of defining
entrepreneurship and linking it to innovation is difficult than it sounds. Different entrepreneurial
studies have however specified no clear definition (Drucker, 2014). There are diverse models
viewing a contradictory correlation between innovation and entrepreneurship. Both need to be
carried out in coordination in order to gain outcome. Not every person starting up a business is
an entrepreneur; it is the one who makes the unsurpassed result of any prospect given throughout
the life of a business. This led to a successful entrepreneurship. An entrepreneur exhibits
different characteristics at different circumstances (Kirzner, 2015). This completely depends
upon different circumstances and how much effort he has made down the lane. The essay reflects
the importance of Innovation and Entrepreneurship in a business organization. The following
essay assesses the characteristics of business enterprise. The luxurious lifestyle and a want to buy
exotic cars are creating a huge market opportunity. On the demand side, the customers are well-
informed. Youth is now considering Brands as an integral part of their life (Schaper, Volery,
Weber & Gibson, 2014). Some customers have a favourable attitude towards luxury cars, but
lack the ability to buy due to inadequate purchasing power. By implementing innovative ideas a
business can gain the ongoing market advantage to deploy effectiveness. One can take advantage
from the existing condition in order to manage the entrepreneurial innovation. The extravagance
autos will provide with different brands less than one rooftop. The principal thought is to draw in
the rich, white collar class individuals to buy luxury cars.
Entrepreneurial innovation includes a wide knowledge of market opportunity and to turn
those opportunities into competitive advantage. By adding innovative service at an initial level,
the business organization can gain strategic goal the innovation and entreprurship is connected
through an exquisite idea. The idea is to add customers by adding core-competency and adding
pre-defined goals. The extravagance drive store will comprises of different top of the line autos
like AUDI, BMW, Lamborghini, Ferrari, Bentley, Rolls Royce, Mercedes Benz, Chrysler and
some more(Patil,2013). Most of the stores lack in an innovative insight that causes a failure in
the initial stage. For gaining an accurate sight it is advisable to employee efficient workforce.
The store will be worked by the intensely efficient employees’ who are well aware about super

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autos. They should have a deep knowledge about and are determined so they can give every
single expected detail to the clients. A group of extraordinarily qualified individuals is important
to test the organizational aptitudes (Storey, 2016). This will allow in giving information to the
users and to allow them in managing the tasks in a proficient way. Their primary rationale is to
create consumer loyalty. For adding more innovation to the unit, there would be a group dealing
with customization in the autos as specified by the client requirement, informing the customers
about the administrations and offers. The objective of the entrepreur is to provide with
guaranteed information keeping in mind their best interest. This will help their business to
develop trust among esteem clients.
Another innovative idea in the organization is to give after service to the vehicle. The
company will provide innovative service procedure, where the employees will come down to the
client place to take car. This will create a long-lasting bond. There are already many business
organizations doing the same kind of business. In such a situation it is recommended to add on
an innovative service that distinguishes the business in an effective way. The purpose is to gain
market requirements and to meet the purpose. The services need to be efficient enough so that
the individual feel better and can recommend it to others. This is an important practice in today’s
competitive scenario. The most important practice is to create a competitive difference .It is only
possible if the business organization understand different customers. By taking individual
customer feedback it is possible for the business organization to manage the operations in the
most effective way (Glaeser, Kerr, & Kerr, 2015). In this way the business can look onto the
operations that can be managed or altered. Any such suggestion made by the customer will help
in making changes in the services. It is important to understand the customer feedback. Every
individual has different set of expectation. The purpose of the enterprise should be regarding
meeting their needs. This will allow in gaining competitive advantage. By providing customer
time-to time with the innovative services will build a good rapport. In order to gain significant
market objective it is necessary to manage to develop relationship. The innovative enterprise will
help in managing the business function and allow in gaining motive (Rajak, Niraj & Kumar,
2015). It is important for a business to deal with the different issues taking place in the external
environment. By adding on innovative information and development, the organization can gain
market capabilities. The purpose is to attach the customer interest with the organizational
interest. A more satisfied customer helps in creating a long clientele (Davidsson, 2015). Not

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every person starting up a business is an entrepreneur; it is the one who makes the unsurpassed
result of any prospect given throughout the life of a business. In managing the business
organization in an effective way, it is necessary to develop effectiveness in the business
activities. With time it is important to add on different service and occupation to the ongoing
business. This will allow in managing the business organization in the best manner (Carland,
Carland & Carland, 2015).
The automobile industry will grow up in coming year. With such advancements, it is
important to develop business collaboration. The business collaboration needs to manage the
business operation in an effective way. This is important for business organization to manage the
business activities in the most effective way so as to gain competitive advantage. The overall
purpose is to manage the functions by adding innovative business practice and to manage the
business functions in order to gain effective business goals (Read, Sarasvathy, Dew & Wiltbank,
2016). The competitive advantage will help in managing the business operations in the most
significant way. It is appropriate for a business to employ innovation throughout. “Extravagance
autos” need to derive an effective market strategy and to draw competency. The innovation in
business will allow in gaining effective business motive. Innovations are important for a
business organization in order to manage competitive business goals (Chell, Spence, Perrini &
Harris, 2016). These goals can only be gained if one creates a concrete objective. It is only
manageable for the business organization to remain competitive if it manages the business
functions in an appropriate way. The overall purpose of an entrepreneurial organization is to add
innovative service at an initial level, the business organization can gain strategic goal the
innovation and entrepreneurship is connected through an exquisite idea. In order to manage the
operations, it is necessary to develop concrete objectives for managing the goals. The innovation
in a business is important in order to gain different objectives and to maintain long term
sustainability. In this way the organization can gain variety of objectives and can deliver variety
of goals. It is necessary for a business organization to maintain goals in order to gain long-term,
sustainability. By adding on innovative information and development, the organization can gain
market capabilities. The purpose is to attach the customer interest with the organizational
interest. The automobile company can create a better clientele within a short period of time. It is
important to gain long-term sustainable objective in distinguished manner. An innovative in a

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business is important to derive goals and to find out necessary objectives within a definite time-
period.
References
Carland Jr, J. W., Carland, J. A. C., & Carland III, J. W. T. (2015). Self-actualization: The zenith
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Chell, E., Spence, L. J., Perrini, F., & Harris, J. D. (2016). Social entrepreneurship and business
ethics: does social equal ethical?. Journal of Business Ethics, 133(4), 619-625.
Davidsson, P. (2015). Entrepreneurial opportunities and the entrepreneurship nexus: A re-
conceptualization. Journal of Business Venturing, 30(5), 674-695.
Drucker, P. (2014). Innovation and entrepreneurship. Routledge.
Glaeser, E. L., Kerr, S. P., & Kerr, W. R. (2015). Entrepreneurship and urban growth: An
empirical assessment with historical mines. Review of Economics and Statistics, 97(2),
498-520.
Kirzner, I. M. (2015). Competition and entrepreneurship. University of Chicago press.
Patil, G. (2013). 'AN EFFECTIVE ENTRY STRATEGY TO ENTER INTO INDIAN
AUTOMOBILE MARKET’.
Rajak, A. K., Niraj, M., & Kumar, S. (2015). Improvement in Automobile
saleability/acceptability and feasibility through Value Engineering. International Journal
of Scientific & Engineering Research, 6(6).
Read, S., Sarasvathy, S., Dew, N., & Wiltbank, R. (2016). Effectual entrepreneurship. Taylor &
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Schaper, M. T., Volery, T., Weber, P. C., & Gibson, B. (2014). Entrepreneurship and small
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Storey, D. J. (Ed.). (2016). Entrepreneurship and new firm. Routledge.