MGM3115 Report: Innovative Ideas for Hospitality Industry

This report, developed for the MGM3115 course, delves into the realm of innovation and entrepreneurship within the hospitality sector. It begins with an executive summary highlighting the critical role of innovation in driving economic growth and addressing global challenges. The report then analyzes how innovative attributes like embracing risk and patience solve problems in the business context, emphasizing the importance of speed tempered with understanding. It also explores Schumpeter's and Karl Marx's theories of innovation, highlighting the impact of investment fluctuations and the significance of employee contributions. The assignment brief calls for the development of a new and innovative idea for the hospitality industry, requiring at least ten ideas and the selection of the best for further development. The report also includes APA-style referencing and addresses the creative and innovative skills required to develop a new venture, considering potential customers and value propositions. Overall, the report provides an overview of innovation, entrepreneurship, and their application in the hospitality sector, following the assignment brief's requirements.

INNOVATION AND ENTREPREBUER
1. Executive summary
Innovation is the key to success for each and every companies. Some new and continuous sources of
growth are very much required for helping the world to move to a more inclusive and sustainable
path of growth following the financial crisis. Innovation could be a very critical segment of the
solution. Although it is not a goal within itself, it provides the core foundation for everything new-
new jobs, new businesses as well as the productivity growth. Hence, it is a significant driver of
economic foundation for growth and development of the economy. It helps in addressing the
pressing global and social challenges comprising of the demographic shifts, the scarcity of resources
as well as the ever changing climate. With the same, it also helps in addressing the challenges within
the lowest possible cost. The innovative economies are more resilient, productive and adaptable to
the changes and they are better able to support the high standards of living. However, this paper has
elaborated on the notion of innovation and the entrepreneur in the hospitality industry. It has shed
light on the ten innovation ideas.
2. How attributes of innovation solve problems
Innovation leads to believe, embrace risk by the individual, and makes the managers and the
individual patient. As the innovation managers always seen to be valuing speed, they might be
knowing that the speed should be tempered with the attribute of patience. Percolation of new and
innovative ideas could take time and successful innovation managers are the ones who create
collaboration relations which exude the patience within him as well as a nurturing hand to give
guidance to his creative teams. With the same, it is also to note that timeline is important but
because of this attribute of the successful managers, they balance the due dates with the reasonable
and understandable ideation and development of the time frames (Kaur, 2014). The innovation
managers are very passionate about their work. For the innovation to get success, the inspiration is
always fuelled by the passion, which is the key to success. The successful innovation managers are
very passionate about their thinking, ideas and the result.
3. Theories of innovation
As per schumpeter’s theory of innovation, the change in the field of investment is always
accompanied by the monetary expansion and this is the main factor behind the fluctuations of the
business (Moulaert, 2016). However, his theory points that innovation in the business is the key
reason behind increased or maximised investments and fluctuations of the very business. As per
him, the cyclical process exclusively the outcomes of the organisational innovation, both commercial
and industrial. Furthermore, as per the theory presented by Karl Marx, innovation is done by the
employees or the people working for the company. It is not only duty of innovation managers to
pitch ideas and implement something that is innovative. If an organisation truly wants to get
succeed, then it have to welcome and celebrate innovative ideas of each of the employees who are
working for it.
4. APA style referencing
Kaur, R. (2014). Innovation and Enterpreneurship: Relational Aspect. International Journal of
Business and Administration Research Review, 1(5), 93-98.
Moulaert, F. (2016). Social innovation: Institutionally embedded, territorially (re) produced. In Social
innovation and territorial development (pp. 27-40).