Strategies for Sustainable and Innovative Businesses: An Overview

This presentation explores the crucial relationship between innovation and entrepreneurship, emphasizing their roles in successful commercial ventures. It outlines key strategies for sustainable and innovative businesses and social enterprise start-ups in today's global landscape. The presentation covers several strategies, including building a business on core beliefs, embracing change, creating value propositions, understanding the relationship between growth and comfort, and focusing on excelling in specific areas. These strategies are illustrated with examples, such as adapting to customer feedback in a restaurant setting or offering value-added services in the travel sector. The presentation underscores the importance of adaptability, value creation, and continuous improvement for entrepreneurial success, including references to relevant academic sources.

Innovation and Entrepreneurship

Table of content
• Introduction
• Strategies for sustainable and innovative business
• References

Introduction
• Innovation and entrepreneurship, both the words are closely related to one another. In
entrepreneurship an individual tries to incorporate ideas and bring the innovation into life. Thus, it
can be said that both the factors play a crucial role in developing a successful commercial venture
(Eckhardt, Ciuchta and Carpenter, 2018). The following ppt will discuss about the strategies which
can be made for sustainable and innovative business or social enterprise start-ups. Moreover,
utilisation of plans using different rage of methods is included in this presentation.

Strategies for sustainable and innovative
businesses
• In this global world, everybody is busy in proving themselves and to others that they are the best
and whatever they are doing will provide benefits to their businesses. Thus, in order to do this,
most of the companies and entrepreneurs shift towards sustainability (Candi and et. al., 2018). In a
broader perspective in relation to an entrepreneur, sustainable and innovation business means an
individual whose is working with a purpose of gaining profits but by determining the social
concerns. But there are instances, when goals for sustainable businesses cannot be achieved.

Developing the base of business on beliefs
• Being an entrepreneur, an individual’s belief is what plays a crucial role because one can change
the entire scenario of business if their value creative is solid. For example: If the belief of a person
in only confined to providing benefits to limited area or for a limited number of people then, he/she
should re-evaluate the procedures or strategies and think about to be consistent in driving all the
values and requirements.

Accepting the change
• The first and foremost quality of an entrepreneur is to stand still and embrace the change whatever is
happening because, any action that is taken without analysing the consequences can take the business
close to extinction. For example: while opening a restaurant it is important that entrepreneur has
proper knowledge about the dishes and if some of the food items made by the chef is not acceptable
by customers than an entrepreneur should embrace this and should take feedbacks for what different
they can do to make the food item up to the mark. Moreover, in this situation, if the entrepreneur
doesn’t respond logically then this can possibly lead the company towards a downfall.

Focus should be more on creating value
proposition
• Sustainable and innovation business is all about creating a value proposition and with the increase in
the technological sector, it has enabled company in making strategies which can take the business
into the next level (Ghezzi and Cavallo, 2020). For example: an entrepreneur who is running a
business in tours and travel sector. So, for them in order to develop value proposition they must offer
discounts and addition facilities to its customers whosoever, book hotel rooms through their websites.
As a result, it will help them in attracting a large number of customers towards their company and as
a result, high value proposition can be created. Therefore, this will help the company in running their
business for a longer period of time.

Growth and comfort don’t go hand in hand
• As a strategy for sustainable and innovative business. It is important for them to understand that
where there is a growth, comfort cannot exist. Something different and unique should be taken into
consideration (Parker, 2018). For example: an entrepreneur, who is running its business in the
field of developing a software for a mobile company cannot just sit and think about the process of
developing the same instead he/she has to work on computer and with the help of some coding or
other resources the final output can be obtained.

Focus on excelling in an area
• Although entrepreneurs who are has just opened up their start-up business because they have innovative ideas
and belief that they can do good in their businesses. It is not possible that company, provides or deliver its best
services to its customers at every place despite the business was a success during its initial years (Campbell,
2018). There can be two reasons for this one could be any other firm started providing better services than the
respective company. Whereas, the other reason can be lack of interest and enthusiasm which use to be there
during the starting of business. Therefore, it is crucial that an entrepreneur focus on improving in the area of
business in which he/she is operating this will not only enable the company in creating its value but will also
helps in developing a brand image in front of its customers.

References
• Candi, M. and et. al., 2018. Social strategy to gain knowledge for innovation. British Journal of Management,
29(4), pp.731-749.
• Eckhardt, J.T., Ciuchta, M.P. and Carpenter, M., 2018. Open innovation, information, and entrepreneurship
within platform ecosystems. Strategic entrepreneurship journal, 12(3), pp.369-391.
• Ghezzi, A. and Cavallo, A., 2020. Agile business model innovation in digital entrepreneurship: Lean startup
approaches. Journal of business research, 110, pp.519-537.
• Campbell, D.F., 2018. Global quality of democracy as innovation enabler: Measuring democracy for success.
Springer.
• Parker, S.C., 2018. The economics of entrepreneurship. Cambridge University Press.

•Thank You