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Innovation and Entrepreneurship Assignment Help
This is a solution of innovation and entrepreneurship assignment help in which we discuss business innovation, market environment and organizational diagnosis.
Innovation can be defined as the process of giving life to new Idea, product or process. It increases the probability of success of the organisation as it provides growth to the business by the means of enhances productivity and better performance (Innovation,2016). For the businesses, this could mean generating and implementing the new ideas or improving on their existing process and services or introducing new products in the market. All these activities can be very effective in growth of the business and can be beneficial in providing boost to the profitability of the organization. Essential steps towards business innovation are as below:
Analysing the marketing environment in order to understand needs and wants of the customers, accepting the fresh ideas and being adaptive to change (Szabo et al 2012).Important steps for business innovation are-
- An analysis of the environment of the market, the needs and wants of your customers and competitors. You must be always open to new ideas.
- Strategic & responsive plan, that includes an innovation that proves to be apart of essential business process.
- Leadership in innovation – we have to make sure that our employees are trained as they can think innovatively. Leadership and motivation is key source of business.
- Proper connection and communication between customers and employees to generate ideas for improving processes, both internally and externally.
- Seek advice. Utilisation of available resources, business advisors, grants and assistance to drive innovation in your business.
Entrepreneurship can be generally defined as a process of the finding the opportunities available in the market and using them to his favour by the means of productive inputs thereby creating a new venture with an appetite to bear risk and uncertainly that comes in the path of becoming a successful entrepreneur(Szabo et al 2012).
If we talk about Innovation, we have seen that an innovative idea starts a business but this is not sure that it can be maintained and taken further to next level by same person or in other words this is not important that an innovative person is entrepreneur also (Dahlstrand 2010). A story covered by the television in UK showed that one brother started the business through his innovative idea but it was his brother who took that business to next level and made its growth. He was his brother who actually changes that innovative idea into large scale food industry with his entrepreneurial skills. So it is important to be innovative that leads to entrepreneurship but it is not important that only innovative person can become entrepreneur. Further developments are needed in this innovative ideas and different thinking’s. If we talk about the recent example we can take the example of Apple as before launching of IPod people used to listen mp3 players and walkmans, it was their innovative idea that they launched iPods to keep 100 songs in the pocket, but they did not stick to this idea only and increased their business to large scale and different idea of bringing nanoipods, scuffle etc and maintained themselves in the market.
Sets of structured activities in which certain organizational components (groups or individuals) in order to fulfil one or more objectives are hired, with regards to systemic improvement or personal development is known as Intervention (Change management 2016). There are large numbers of interventions
- Interventions regarding human interaction
- Techno-structural interventions
- Intervention in the management of human resource
- Strategic interventions
We will consider intervention in the management of human resource as the topic of discussion.
Intervention in the management of human resourcesfocuses on staff policies ofthe organization in question, paying close attention to the integration mechanisms for individuals within organizations. Of these we retain:
- Setting objectives: To attain better relationship between goal of organization and staff, through managers? and employees? there must be good and improved communication and through their setting common goals, whether it has been by individual or in a group. These must be done on a regular basis in order to plan activities, to achieve goal and objective set as target.
- Reward systems: There must be a system of structuring rewards so that there should be a sort of satisfaction in employees and they use different methods to improve their work quality. They apply innovative approaches regarding wage, their promotion and different types of benefits, such as paid vacations, additional insurance and private pensions etc.
- Career planning and development: It helps people to choose a career and organizations that is appropriate for them and also motivates to reach on one’s objectives with respect to a professional career. Generally it is addressed to CEO’s, managers etc and also helps to improve the quality of life whether it is professionally or personally
- Stress management: This type of program helps to reduce stress among the employees and manager related to work. Sometimes due to uncompleted work or any stress among the team causes or results in lots of stress, anxiety and hypertension that can cause various consequences, stress management interventions helps to reduces these problems and by increasing the trust of their employees over them.
Organizational Diagnosis is an effective ways to look to an organization to know the area of drawbacks and gaps between current and projected performance and how it can be achieved by overcoming these drawbacks. It was based on a three-step approach of planning, taking action, and measuring results.(Change management 2016)The main purpose of organizational diagnosis is to understand the system and how it is running and by knowing all this how one can achieve the goals and projected outcome. To know this entirely one should be fully involved in the organization. Diagnosis can be used by change management consultants as they are the one who knows the clients very well and can help clients decide what changes in organizational features are likely to promote desired outcomes, How changes can be implemented by them. Diagnosis forms part of various strategic interventions. It help us to know the current state of running organization and what all changes when implemented what outcomes can be achieved and so it can be proved a some of the great help in managing the organization. The diagnosis also helps in knowing the most appropriate systems of organization as well as processes and then recommends developments so that organization becomes so much capable that it reaches its set goals. Organizations continually experience different types of changes whether they internal or external depends on situation. Sometimes these changes are planned or unforeseen it does not matter organization should always be capable of accepting these changes and must be always prepare to use these changes for their growth.
At last it can be concluded that there is not a simple relationship between innovation and entrepreneurship (Trimi 2012) and it cannot be sum up with a single sentence answer. What I can sum up is that there both has differing relationship in different fields of study. One thing that can said to be common is that both are needed in an economy for stimulation of economic growth. We can say that there may be innovation without the entrepreneurship but there cannot be entrepreneurship without the input of innovation, both are not dependent to each other but one cannot be achieved without the use of other and that is no entrepreneurship without innovation. Entrepreneurship requires innovative ideas, different thinking and then only one can achieve what he/she thinks and what exactly their goals are. The examples of entrepreneurs are ones that show a different amount of innovation, but same amounts of success, It is generally seen that small firms are more innovative then large firms and have different convention of ideas. Generally in most cases it is not just an individual entrepreneur that achieve success its just his innovative idea that blend into successful team and that further achieves entrepreneurship. Success is not only dye to single innovative person it’s just his idea that moulds into team. Finally both are interrelated to each other.
Carlson, Bo et al. "The Evolving Domain Of Entrepreneurship Research". Small Bus Econ 41.4 (2013): 913-930.
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Dahl strand, Å.L. and Stevenson, L., 2010. Innovative Entrepreneurship Policy: Linking Innovation and Entrepreneurship in a European Context. Annals of Innovation & Entrepreneurship, vol.1.
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Szabo, Zsuzsanna K. and Emilia Herman.(2012): "Innovative Entrepreneurship For Economic Development In EU". Procedia Economics and Finance 3 268-275.
Trimi, Silvana and JasminaBerbegal-Mirabent.(2012) "Business Model Innovation In Entrepreneurship". IntEntrepManag J8.4): 449-465.
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