Report on Innovation, Entrepreneurship, and Business Context Analysis

This report delves into the critical roles of innovation and entrepreneurship in achieving business success, particularly focusing on the case of 'Nothing but Web,' an Australian website design and development company. The report highlights how innovation provides a competitive edge, emphasizing the importance of adapting to customer needs and market trends. It explores various innovation theories and models, including Rothwell’s fifth-generation model and the theories of entrepreneurship. The discussion covers key elements like analyzing market demands, creating strategic plans, and continuous improvement. Furthermore, the report examines the application of tools such as PESTLE and SWOT analyses to evaluate the business environment and formulate effective strategies. It concludes that a strong focus on both internal and external factors, coupled with a willingness to take risks, is essential for entrepreneurial success and long-term business sustainability. The report stresses the positive correlation between innovation and entrepreneurship and their impact on maximizing productivity and profitability.

Management and Business Context

Table of Contents
INTRODUCTION......................................................................................................................3
DISCUSSION............................................................................................................................3
CONCLUSION..........................................................................................................................6
REFERENCES...........................................................................................................................7

INTRODUCTION
In the recent times, innovation is the key which in turn helps business entity in
gaining competitive edge over others. Moreover, now individuals prefer to invest money in
the product or services which are highly unique or attractive. Hence, by laying high level
emphasis on innovation business entity can build distinct identity or image in the strategic
business environment. Further, entrepreneurship is the process which is highly associated
with designing, launching and executing new business ideas. Both, innovation and
entrepreneurship is highly associated with each other. Moreover, entrepreneurship is when
individual come up with innovative ideas and offer unique products or services to the
customers as compared to existing one. This essay is based on ‘Nothing but Web’ which is
one of leading companies of Australia. It designs and develops attractive websites that aid in
the growth and success of other entities. In this, essay will shed light on the innovation
theories and models that makes contribution in the attainment of organizational goals.
Besides this, report will also depict the benefits that are associated with innovation.
DISCUSSION
In the present times, each business sector is filled up with the high level of
competition. Hence, business entity or firm can survive in the competitive business arena
when it offers product or services to the customers in an innovative manner according to their
requirements (Crumpton, 2012). Nothing but Webs is one of the most suitable examples of s
innovation and entrepreneurship. Moreover, business entity of such organization has
primarily assessed the need of customers and thereby comes up with innovative business
plan. Now, trend towards internet marketing is increased with the very high pace as compared
to the before times (Onetti & et.al., 2012). Hence, at the present times, customers prefer to
purchase products or services through the online means. Besides this, with the rise in
technological advancement or development now customer’s decision making aspect also
becomes more critical to the significant level. Moreover, now before making selection of
retailer customers go to the website of concerned organization for the collection of
information regarding products or services. By considering the market trend and need of
business units entrepreneur has established venture in Australia such as Nothing but Web
(Australia’s Leading Website Design

and Development Company, 2017). In this way, by assessing the needs and demands of
existing as well as potential customers entrepreneur has started the venture.
Further, founder of Nothing but Web also supports the aspect that innovation is one of
the main factors that aid in success of firm. Founder of web designing company also entails
that it focuses on the fulfillment of goals by employing highly competent and strategic
framework. Besides this, owner of the business unit also depicted that innovation is all about
making improvement in the process and refinement of work (INNOVATION INSIGHTS: 14
Australian entrepreneurs share what innovation means to them, 2017). Along with this, for
building and maintaining better users experience business entity places emphasis on
encouraging personnel to push the aspects of web design and technology. McLuskie &
McLuskie (2017) stated that innovation is not limited to the introduction of unique business
idea for one time. Hence, to attain goals and objectives firm is required to make continuous
improvement in the existing offering level. By this, firm can build satisfied and loyal
customer base to a great extent.
On the other side, Akaka & et.al., (2016) mentioned in their study that innovation
includes majorly for element which an entrepreneur must consider. Analyze, create, build and
deploy are the main factors that an entrepreneur must consider. On the basis of such aspect,
entrepreneur primarily needs to make focus on analyzing the demand and expectation level of
individuals. Thereafter, business entity should focus on the creation of campaign or plan. It
contains the level of accuracy, quality and several other aspects which are highly required for
organizational success (Szirmai, Naudé & Goedhuys, 2011). In the next stage, business entity
converts idea into reality by offering product or services to the end customers. Hence, such
plan has also been followed by the business entity of Nothing but Web.
Schmitz & et.al., (2016) illustrated that business unit faces difficulty in managing
innovation due to having risky and complex set of phenomena. Hence, by following
Rothwell’s fifth generation innovation model or process Nothing but Web can manage
innovation in an effectual way. In accordance with such model first and second generation
focuses on pulling and pushing technology. Further, third and fourth generation is highly
concerned with meeting with customer expectations by identifying and removing loopholes
from the process. Besides this, fifth generation gives priority to the aspect of continuous
innovations. Thus, by undertaking such innovation model firm can design and present highly
attractive websites to the customers. Further, theory of entrepreneurship entails that there are

mainly three elements on which business entity should focuses on namely innovation,
creativity and foresight (Trimi & Berbegal-Mirabent, 2012). Thus, owner of Nothing but
Web should consider all such key elements or factors which in turn helps them in building
and sustaining competitive position. By considering such theory,
Drucker (2014) presented that innovation is when business entity introduces a new
product in market. Along with this, innovation is also highly associated with the introduction
of new organization in any specific sector. For instance: Nothing but Web has entered in
website designing and development sector by assessing the market potential. However, on the
critical note, Franke & et.al., (2013) depicted that theory of entrepreneurship and innovation
emphasizes more on innovation. However, its completely ignores the risk taking ability of an
entrepreneur. On the other side, in the real life or business situation business entities can get
the desired level of outcome or success only when they take risk and enter in market with
unique offerings. Thus, by taking into account such aspect it can be stated to grab and
capitalize market opportunities it is highly required for the entrepreneur of Nothing but Web
to take risk.
In accordance with the views of Sahut & Peris-Ortiz (2014) there are several factors
that have significant impact on the management aspect of business unit. It includes political,
economic, social, technological and environmental factors. Thus, by conducting PESTLE
analysis business entity can take suitable decision and there would become able to develop
competent policies. Tool and technique like PESTLE analysis is highly significant which in
turn helps in evaluating the business environment in relation to international markets.
However, Soriano & Huarng (2013) stated that PESTLE analysis assists in developing
strategic framework only when business unit perform in international. For the development of
strategies and policies in relation to the domestics or home market business entity of Nothing
but Web should consider porter five force model. Hence, by undertaking this, higher
management team can make evaluation of bargaining power of buyers and suppliers,
competitive rivalry and threat from new entrants as well as substitutes. Thus, Nothing but
Web can ensure better business operations and management by building sound framework
according to porter five force models.
Fox (2014) found in investigation that SWOT analysis is one of the most effectual
internal environmental analysis tools that assist entrepreneurs in making highly competent
plan. Thus, by analyzing strengths, weaknesses, opportunities and threats entrepreneur of

Nothing but Web can take strategic action regarding innovation. Hence, it can be stated that
both internal and external factors have significant impact on business structure as well as
strategy to the significant level. Thus, business entity should continuously make evaluation of
technological aspect (McLuskie & McLuskie, 2017). This in turn enables Noting but Web to
offer quality services to the customers by using innovating practices. From overall evaluation
it can be presented that by making assessment of all the external factors firm can enter in new
market with sound planning. Besides this, now technical changes take place in the business
environment more frequently. Thus, by making continuous monitoring and evaluation of
market business entity can employ suitable technology. Hence, by considering both internal
and external factors business entity of Nothing but Web can perform business activities and
functions more effectually.
CONCLUSION
From the above report, it has been concluded that innovation is the vital element that
helps company in meeting goals significantly. It can be revealed from the report that Nothing
but Web lays focus on designing website in a well manner that supports the growth of
business customer. It can be seen in the report that through the means of innovation brand
experience of customers can be enhanced more effectually. Besides this, it can be inferred
that Nothing but Web simplifies the users journey and offers better experience to the
customers by undertaking innovative practices. It can be summarized from the report that
terms of innovation and entrepreneurship are positively related with each other. Thus, by
undertaking innovation tools and technique business entity of Nothing but Web can attract
large number of customers. Moreover, now business customers are ready to pay high for the
unique offerings or services. In this way, innovation helps in maximizing both productivity
and profitability.

REFERENCES
Books and Journals
Akaka, M. A., & et.al., (2016). Market (Re) creation Through Innovation and
Entrepreneurship. In Celebrating America’s Pastimes: Baseball, Hot Dogs, Apple Pie and
Marketing? (pp. 415-416). Springer International Publishing.
Crumpton, M. A. (2012). Innovation and entrepreneurship. The Bottom Line. 25(3). 98-101.
Drucker, P., (2014). Innovation and entrepreneurship. Routledge.
Fox, S. (2014). Third Wave Do-It-Yourself (DIY): Potential for prosumption, innovation, and
entrepreneurship by local populations in regions without industrial manufacturing
infrastructure. Technology in Society. 39. 18-30.
Franke, N., & et.al., (2013). Innovation und Entrepreneurship. Springer/Gabler.
McLuskie, P., & McLuskie, P. (2017). Innovation and Entrepreneurship. International
Journal of Entrepreneurial Behavior & Research. 23(1). 159-162.
Onetti, A., & et.al., (2012). Internationalization, innovation and entrepreneurship: business
models for new technology-based firms. Journal of Management & Governance. 16(3).
337-368.
Sahut, J. M., & Peris-Ortiz, M. (2014). Small business, innovation, and entrepreneurship.
Small Business Economics. 42(4). 663-668.
Schmitz, A. & et.al., (2016). Innovation and entrepreneurship in the academic setting: a
systematic literature review. International Entrepreneurship and Management Journal. 1-
27.
Soriano, D. R., & Huarng, K. H. (2013). Innovation and entrepreneurship in knowledge
industries. Journal of Business Research. 66(10). 1964-1969.
Szirmai, A., Naudé, W., & Goedhuys, M. (2011). Entrepreneurship, innovation, and
economic development. Oxford University Press.

Trimi, S., & Berbegal-Mirabent, J. (2012). Business model innovation in entrepreneurship.
International Entrepreneurship and Management Journal. 8(4). 449-465.
Online
Australia’s Leading Website Design
and Development Company. 2017. Online. Available through: <
http://www.nothingbutweb.com.au/>. [Accessed on 12th May 2017].
INNOVATION INSIGHTS: 14 Australian entrepreneurs share what innovation means to
them. 2017.Online. Available through: < https://www.businessinsider.com.au/innovation-
insights-14-australian-entrepreneurs-share-what-innovation-means-to-them-2016-3>.
[Accessed on 12th May 2017].
Theories of entrepreneurship. 2017. Online. Available through: <
https://www.scribd.com/doc/13735208/Theories-of-Entrepreneurship>. [Accessed on 12th
May 2017].