Principles of Innovation & Entrepreneurship: Policies and Creativity

This report provides an overview of innovation and entrepreneurship principles, focusing on policies, tools, and techniques to foster employee creativity while also addressing factors that may inhibit or prevent it. It discusses the importance of innovation and entrepreneurship in business, highlighting its impact on profitability, growth, and customer satisfaction. The report explores issues associated with encouraging employee creativity, such as the vulnerability of negative impacts and the challenge of motivating employees to participate in innovation. Strategies for overcoming these issues, including management activities, reward systems, and providing freedom and flexibility, are presented. Relevant theories of innovation and creativity are outlined, and the importance of encouraging innovation in the workplace is emphasized, citing examples of companies known for their innovative practices. The report concludes with personal recommendations for managers to inspire employee creativity and reflection on the learning gained from the research.

Principles Of
Innovation and
Entrepreneurship

Table of Contents
INTRODUCTION...........................................................................................................................1
Covered in report....................................................................................................................1
Importance of subject and for whom......................................................................................1
Way of carrying out the report...............................................................................................2
MAIN BODY...................................................................................................................................2
Overview of the topic.............................................................................................................2
Issues associated with the topic..............................................................................................3
Overcoming issues..................................................................................................................3
Relevant theories and practices..............................................................................................4
Importance of topic.................................................................................................................4
Examples................................................................................................................................4
CONCLUSION................................................................................................................................5
Summarising...........................................................................................................................5
Findings..................................................................................................................................5
Personal recommendations.....................................................................................................5
Reflection...............................................................................................................................6
References:.......................................................................................................................................7

INTRODUCTION
Covered in report
The following discussion is based on the topic principles of innovation and
entrepreneurship which is covering the topic of how to help employees to be more creative and
the factors which prevents creativity. Overview and concept is discussed along with the issues
related with the topic and how to overcome such issues by discussing about the relevant theories
and practices associated with the topic with its importance and examples. Moreover. Importance
of subject and for whom is also discussed which is followed by the way of carrying out the report
with proper findings and conclusion which involves summary and findings along with the
personal recommendations and reflection.
Importance of subject and for whom
Innovation can be defined as the methodology which describes the creative nature of a
particular thing. It is considered as something unique invented by an individual either in the form
of ideas or decision making and many more. In context of business, innovation is related to the
products and services, strategies and operations, management and many more in terms of
functioning. Entrepreneurship can be defined as the quality of an entrepreneur who manages and
operates the business or organizations by following the roles and responsibilities of a leader as
well as the manager also in order to grow and develop their firm with good innovations and
expansion (Campbell, 2019). Importance of innovation and entrepreneurship is such that both the
terms are related with each other because the innovation qualities are developed by the
entrepreneur and therefore it is important for a particular industry and for the economy as well.
This combination of innovation and entrepreneurship helps business to earn profits and revenues
by large number of sales because of customer satisfaction and experiences. Moreover, it is
important because it open ups the opportunity for the firm to grow and for the customer as well
to receive something new as a product or services. Stakeholders of an organizations can happily
work for the firm along with the good investments and return on investments. This is beneficial
when proper market research is conducted and invested in some relevant opportunities for long
term succession (Gersbach, Schetter and Schneider, 2019).
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Way of carrying out the report
This report is carried out by choosing the topic related to the innovation and
entrepreneurship where policies and tools along with the techniques are carried out to encourage
the employees for creativity and moreover, studying about the relevant factors which can hinders
the process of creativity among employees. Furthermore, it is carried out by analysing the issues
related with the topic so that the deep analysis could be done in order to carry out the solutions
for the same so that issues can be overcome by following the current trends in a strategic manner.
For better justifications and evidences, relevant theories and best practices are mentioned so that
authenticity could be maintained of the discussion. Then the topic benefits are carried out for
better operations along with the real rime examples of some organizations. In conclusion part,
summary, findings, recommendations and reflection are carried out for proper understanding of
the entire report.
MAIN BODY
Overview of the topic
“Seeking to innovate by discussing about the policy, tools and techniques that might employ to
help the employees be more creative and discussing about the factors that might inhibit or
prevent their creativity.”
There are various policies and tools that might employ to help the employees be more
creative are such that the managers must set the stages where proper brainstorming can be
conducted because it results in the new ideas and thing standards for new project. Managers must
facilitate the suggestion to their employees so that they feel motivated to participate in creative
working within organization. It is important to formulate the policy which helps the employees
to act upon the ideas generated because without executing it, it will make no sense of just
thinking the innovative ideas. One of the most essential part to hire the talents who are more
engaged in expressing their opinions and have the ability to implement the same. Talking about
factors which can prevent creativity among employees are the fear of failing and poor leadership
and commitment to innovation by the leaders. One of the most drastic reason is the bureaucratic
policies and red tape. If leaders pressurizes their employees to produce immediate results then it
can definitely hinders the creativity and moreover the personal biases such as beliefs and
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attitudes along with the values are also the factors which inhibit the creativity among employees
(Frank, Kessler, Bachner, Fuetsch and Suess-Reyes, 2019).
Issues associated with the topic
Issues related with the topic of innovation and entrepreneurship of creating the policies
for engagement of employees in innovative ideas and what factors can hinder such things are
such that the factors which hinders such creativity are more vulnerable than the positivity of
policies created to tackle for the same. Which means that negative impact is more stronger than
the positive impact over the employees. This is the major issue because formulating the policy
and implementing it is easy but the problem is that how much that policy is being followed by
the employees. Company cannot force anyone to create something new and innovative as it
totally depends on the interest of the employees and mindset or the way of thinking. Company
have to be lenient in such issues which ultimately results in less participation of employees in
such innovation and decision making process. Therefore, this is the major issue that how is it
possible to encourage employees to engage and participate in creativity and innovation with their
own interest (Karlsson, Rickardsson and Wincent, 2019).
Overcoming issues
The above discussed issues can be overcome by following some strategies and
implementing them in a strategic manner because organization cannot be able to function
properly if these issues are not sorted out so therefore, if firm wants to manage their employees
along with the management of company then they have to overcome such issues. Some of the
following measures that can be adopted by the managers are such that the managers must
introduce the management activities within organization so that open communication can be
introduced for better sharing of ideas with each other along with the reward system so that
employees can get motivated to participate in creativity in order to receive the rewards. It is
necessary to provide the freedom and flexibility in how work is done by offering the space for
knowledge sharing which encourages the practice of self-reflection that results in assisting
employees in creative risk taking. Appreciating and recognition is one of the most significant
strategy to motivate and encourage employees to take part in innovation. Moreover, personal
collaboration, diversification of team, training and development of employees are some other
measures to overcome the issues (Si, Zahra, Wu and Jeng, 2020).
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Relevant theories and practices
Theories of innovation and creativity contains five stages such as first is preparation
which focuses on the problems and explores the dimensions of the problem. Second is incubation
which relates to the subconscious mulling of the problem. Third is intimation which makes sure
the solution is on its way or not. Fourth is illumination which discovers the alternatives of the
solutions to execute. Fifth is verification which focuses on practical nature of the problem as well
as the solution along with the effective and appropriate nature as well. In simple words, it starts
with the understanding of the problem and then generating ideas for the same along with the
planning for action and then finally the acceptance findings (Farinha, Ferreira and Nunes, 2018).
Talking about practices of innovation and creativity then measures includes the using of
technology in order to collaborate and share knowledge, tie compensation with innovation, train
for creativity and many more as per the needs and requirements of an organization.
Importance of topic
Importance to encourage innovation and creativity in workplace includes such that it
enhances team work and team bonding in order to attain the mutual task assigned in a more
effective and efficient manner. It also improve the capabilities to retain and attract new talents
for better productivity within organization. Increment of problem solving methodology is
achieved because of the innovative and creative nature of the employees. Moreover, it
encourages both simultaneously the individualism and team work for better results and
competitive advantages. Furthermore, it supports in diversification of team with assorted culture
and background so that conflict management can be performed in a strategic manner (Kelly,
2020).
Examples
Some of the examples related to the innovation and creativity among organizations are
such that Amazon and sales force are the examples of radical innovation. Zara is an example of
process innovation. Innovations in renewable energy is an example of technical innovation.
Google and Facebook along with the whatsapp are an examples of business innovations. LG
electronics and Ludlow traveller along with the Apple are the examples of product innovation
(Іhnatenko, Marmul, Petrenko and Levaieva, 2020).
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CONCLUSION
Summarising
It is summarised that the principles of innovation and entrepreneurship is an important
concept to learn and study so that its applications can be applied in the real world organizations.
Therefore, it is important to analyse the importance of specific subject and the reason behind it. It
is essential to examine the way to carrying out the report so that better understanding can be
conducted and better evaluation of results can be done. It is necessary to determine the concept
of the topic of different policies in an organization to encourage employees to be more creative
and share the same with the employers. It is significant to gain the knowledge about the factors
that hinders the employee creative nature and innovation. It is crucial to assess the issues
associated with the topic. It is imperative to investigate about the overcoming of the issues in
organizations. It is vital to justify the relevant theories and practices related to the innovation and
creativity. It is required to study the importance of topics with an appropriate and real time
examples of different organizations. It is needed to finally summarise the findings and
recommendations along with the reflection. Hence this report covers all such areas in order to
better understand the conception of innovation and entrepreneurship.
Findings
Findings of this report on innovation and entrepreneurship is analysed such that an
innovation and creativity has a lot of issues to implement in the company but equally it is
important for the organization in order to grow and develop in a market place because it decides
the image and reputation in an industry with better goodwill and stability. Therefore, although
there are issues, it is essential to resolve it so the innovative activities can be carried out easily.
Encouraging employees is a necessary aspect to be creative in their ideas and work
(Langergaard, 2020).
Personal recommendations
It is recommended that the manager must find out that what inspires employees for
creativity by planning regular team outings and encouraging personal expression in order to
respond the failure in a positive manner. Manager must celebrate the every day success so that
employees gets motivated for their innovative ideas. Checking with the team is significant so that
employees don't feel lonely in their tasks. Creating learning opportunities for the innovation and
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using an open office plan along with the seeking employee input is highly recommended
(Zhiguo, Yumei, Shaoqin and Beibei, 2019).
Reflection
My personal reflection includes that I have learnt about business innovation and
creativity along with the entrepreneurship concept. I have gained many skills while developing
this report such as writing skills and cognitive skills along with the presentation skills and
research skills. Moreover, it helped in acquiring the knowledge of the importance of the subject
area along with the way of carrying out the report in a structural format. Various issues in an
organization and how to resolve it out by applying the theories and practices in it along with the
examples. Furthermore, findings and recommendations study is also conducted so that in can
furnish my skills in decision making and problem solving areas as well.
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References:
Books and Journals
Campbell, B., 2019.
Practice theory in action: Empirical studies of interaction in innovation and
entrepreneurship. Routledge.
Farinha, L., Ferreira, J.J. and Nunes, S., 2018. Linking innovation and entrepreneurship to
economic growth.
Competitiveness Review: An International Business Journal.
Frank, H., Kessler, A., Bachner, C., Fuetsch, E. and Suess-Reyes, J., 2019. Principles for
innovation management in family firms: An analysis of long-term successful good
practices with a practitioner validation of the principles.
Journal of Family Business
Management.
Gersbach, H., Schetter, U. and Schneider, M.T., 2019. Taxation, innovation and
entrepreneurship.
The Economic Journal. 129(620). pp.1731-1781.
Karlsson, C., Rickardsson, J. and Wincent, J., 2019. Diversity, innovation and entrepreneurship:
where are we and where should we go in future studies?.
Small Business Economics, pp.1-
14.
Kelly, R., 2020.
Collaborative creativity: Educating for creative development, innovation and
entrepreneurship. Brush Education.
Langergaard, L.L., 2020. Public Sector Innovation, Social Entrepreneurship, and Business
Legitimacy.
Handbook of Business Legitimacy: Responsibility, Ethics and Society,
pp.419-439.
Si, S., Zahra, S.A., Wu, X. and Jeng, D.J.F., 2020. Disruptive innovation and entrepreneurship in
emerging economics.
Journal of Engineering and Technology Management,
58, p.101601.
Zhiguo, L., Yumei, W., Shaoqin, L. and Beibei, L., 2019, June. The Efficiency Evaluation Study
of “Creative Space” for Promoting The Development of Youth Innovation and
Entrepreneurship Projects. In
2019 Chinese Control And Decision Conference
(CCDC) (pp. 3797-3802). IEEE.
Іhnatenko, M., Marmul, L., Petrenko, V. and Levaieva, L., 2020. Innovative tools in the
methodology and teaching of the basic principles of enterprise management.
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