Innovation Entrepreneurship and the Market Assignment Sample
Module Title : Innovation Entrepreneurship and the Market Assignment Sample
There are several different ways that innovation may make entrepreneurship act fruitful, and thus allows for the firm to grow exponentially. The opportunities are built-in against the existing rival companies when there is an increase in the practices that boost the creativity skills of the people in the firm, where it may be said that the major objective of entrepreneurship is related to innovation. The essay considers the different aspects of innovation and creativity to be practiced in the organization widely, thus explicitly laying down a discussion on the importance of innovation to bring a culture of opportunity and brand recognition.
Discussion on the opportunity, recognition and exploitation of entrepreneurship
Entrepreneurship may be termed as the performance as well as the individual skill-oriented task that makes an organization succeeds in the global business context. It may be said that the opportunity that a business firm is expected to get in the future is dependent on the amount of the technological innovation that entrepreneurship brings in, and thus the elements of individuality consisting of the nature of resolving composition are more focused upon (Scuotto et al., 2020).
There are several problems that a nation faces, and it thus may be said that the transformation of the challenges into the opportunities is more appropriately defined as the way that entrepreneurship brings in, as has been done in the previous times. The problem of integrating the innovative nature of making a truck run miles has been spotted by the Tesla car company.
It may be said that Elon Musk, the Chief Executive Officer (CEO) of Tesla saw the opportunity of bringing innovation to the truck system, which is known today as Tesla Cyber trucks. The case of McDonald’s may be said as the appropriate way to bring in the innovative practice to boost up the entrepreneurial act to a larger degree, where the company has made the challenge of capturing the market mostly vegetarian food-oriented to meat-oriented market (Refer to Appendix 1).
The benefit of being in the digital age as has been found by different research papers is the taking the business opportunity by utilizing the digitally innovative spaces that are available to the entrepreneurs to a quick avail (Hsieh and Wu, 2019).
Figure 1: Digital entrepreneurship process elements (Source: Hsieh and Wu, 2019)
Entrepreneurship enhances the business opportunities
The exploration of the business opportunities to drive most of the important business prefixes in terms of the business opportunity is to be converged to the business directly by understanding a way to how entrepreneurs clear out the path of better opportunity. The way that the business entrepreneurs make use of the activities that directly contribute towards the business sustenance is the repeated investment and multiple investments in different areas, being dependent on one financial source.
The opportunities that the business organization may face are the direct result of the entrepreneurship act, and different factors such as the social aspects, global business expansion and consumer demands make the opportunity more detailed (Mainela et al., 2018). Investors become more likely to invest in the business sectors that have low legal resistance and depend much less on external investors.
Entrepreneurship acts bring in better brand recognition
The entrepreneurship act in modern times needs the ways that the social media becomes quite influenced by the entrepreneurs in numerous ways because most of the marketing strategies that the entrepreneurs employ are starting a large number of followers on social media for brand recognition. Business brand awareness is a different discipline that the organizations are focusing on, and the recognition comes directly when the entrepreneurs have enough unique communication styles to be exercised.
Another great entrepreneurial skill though may be said in the context of brand recognition is the being of a visionary person, one capable of visualizing the different methods and thus entering the entire workforce to build towards the ultimate goal of the firm.
The case of Steve Jobs is similar to being an entrepreneur having a visionary style of leadership, and the entrepreneurial skills that Steve Jobs as being the former CEO of Apple Inc. had reflected the style of visualizing promising growth of the company in terms of the innovation that may have to be next population demand (Refer to Appendix 2). Social media employment to get a better scope of audiences has been popular and different articles have concluded the importance of social media in making a business more viable, the enterprise acts involve the knowledge of social media manipulation to a good extent (Ahmad et al., 2018).
Business exploitation in terms of entrepreneurship acts
Business exploration refers to the taking of the different opportunities that may lie dormant in the overall business plane, and thus it directly refers to the employment of the most active resources. Entrepreneurship in the context of driving the business towards a better business profession is the exploitation of the skills that are more manoeuvred and thus, calibrated for the organization to have a better scope of improvement in the future.
Brand awareness comes after the full exploitation of the business portfolio, and the entrepreneurship acts that the business takes depend on the innovative and strategic way of reimagining the overall grand concept. It may be said that the entrepreneurial skills that focus on the creation of more collaborative space and thus make alliances with different competitive forms act as the best business strategy to be fixed upon (Leloux et al., 2017).
Figure 2: Entrepreneurial alliance elements (Source: Leloux et al., 2017)
The business exploitation to extract much more profit from the business depends on the use and the management of the financial and the human resources that are responsible for the growth.
Importance of innovation practices in the entrepreneurial act for market expansion
The obedience of the governmental policies that may shape the firm for having a better growth and thus not be in any legal issues is a way to have the business find better opportunities in the future consistently. The innovation that a business thoroughly enjoys is determined by the level of the entrepreneurial skills that are more exposed to the outsourcing and employment of the resources that primarily make the business to be innovated, more determined by the individualistic skills.
The engagement of the consumers starts from home, and it may be said that the entrepreneurial skills of user-friendly communication and taking care of the little details that the consumers usually prefer require innovation as part of entrepreneurship, making the brand to be recognized better. The innovation that is considered to be the most important factor for the business to naturally perform is influenced by the environmental factors that make for entrepreneurship.
Thus it may be said that the entrepreneurs usually after understanding cultural background may identify the sources of innovation (Lounsbury et al., 2019). Entrepreneurship innovation is more accustomed to the understanding and the analysis of the business gaps that are aiding the business to be more sustainable in the long run, and the encouragement that the entrepreneurs have accounts because of inner innovation (Hanohov and Baldacchino, 2017).
One of the prime roles of entrepreneurship is to incorporate innovation in the business which plays a crucial role in differentiating the business from other companies in the market. In the present era, every industry is becoming extremely competitive as a result, without proper innovative and creative thinking it is extremely difficult for a firm to achieve competitive advantages. Innovation is extremely essential in the development of a business as it is useful in formulating new business ideas (launching new products and services) which play a vital role in increasing the profit or revenue level of an organization (Kogabayev and Maziliauskas, 2017).
Additionally, if an entrepreneur will not be able to formulate new innovative ideas in the business then it will be extremely difficult for the company to expand the business in the new market. One of the basic features of innovation is that it is useful for the company to grow its business in a new market. It has been observed that many SMEs of the world have successfully implemented the Business Innovation Model (BMI) which has created a positive impact in increasing the performance of the company in the existing industry (Anwar, 2018).
Figure 3: Benefits of innovation practices in the entrepreneurial act (Source: Anwar, 2018)
The management of Apple has taken many innovative actions and executed many innovative technologies to capture the markets more effectively. Furthermore, as an example, it may be stated that Apple has developed iOS 14, App Clips which have added extra features on iPhones and it plays an important role in increasing the sales of Apple’s product in the market. The watchOS 7 Apple is an innovative product that has included countdown time, sleep tracking and many more which has increased the market growth opportunity of Apple in the international market (Apple Newsroom. 2022).
Most modern entrepreneurs believe in innovation while without innovation a company may not be able to create new opportunities for the business which may result in the financial loss of the firm in the new market. Open innovation is one of the most innovative and effective models of innovation which is massively used in the Information and Technology sector, healthcare and government innovation sectors and it is also helpful in reducing the research costs of the organizations (Nambisan et al., 2018).
There is a close relationship between achieving the success of an organization in a new market and an innovative approach which indicates the positive impact of innovative and creative approaches in the modern business context.
Every entrepreneur prefers to gain a competitive advantage and increase the profit level in the new market even though without a proper innovative and creative approach the performance of the firm may not be improved in the new market. Business entrepreneurs need to focus on formulating new strategic and innovative business ideas and launching new products in the new market to attract new customers to the product.
Factors of environmental and contextual promoting or limiting entrepreneur
It needs to be stated that the environment of a country always impacts the entrepreneurial practices such if a country is economically developed then an entrepreneur may get more business opportunities to develop the business. A politically and economically unstable country is extremely harmful to the growth of entrepreneurial skills and opportunities and it does not provide great business opportunities. Additionally, as an example, it may be implied that in developing countries the entrepreneurs may not be able to get a good source of funding which may be considered one of the main barriers for new entrepreneurs (Guerrero et al., 2021).
Apart from that, many other factors may influence the entrepreneurs to invest in a new business such as the availability of skilled and expert labour, stable economic conditions, good demand for new products, supportive government policies and many more. In developed countries, economic status is already developed and along with that in these countries, government policies play a paramount role in promoting entrepreneurial capabilities. Accessibility of raw materials is also essential in delaying new and innovative products while if a country does not have a proper supply line of products then a new business may not be flourished.
The environment of a country also impacts the invention and creativity level of entrepreneurs as if an entrepreneur will be able to incorporate innovative and creative ideas in a new business then it may achieve success in the global market.
Impact of innovation on growing the business
Solving business difficulties effectively
A new business may face many new problems and issues while if an entrepreneur has innovative skills then it may help the entrepreneur to solve the issues of the business fruitfully. On a specific note, most entrepreneurs of the world have used the sustainable entrepreneurship model to deal with business difficulties and this model also develops an initial framework that helps the entrepreneur to add extra value to the business model.
In this competitive era, the difficulties in business are increasing day by day as a result entrepreneurs are looking for new business solutions while one of the main advantages of these business difficulties is that it always influences an entrepreneur to create a new network which is useful in dealing with these issues (Soetanto, 2017).
Improvement of productivity
In underdeveloped countries entrepreneurs face multiple difficulties and issues to increase the productivity of a business as in this country entrepreneurs may experience a lack of investment. The main characteristic of entrepreneurs is that they always support a business with the help of innovative models which also ensure the growth of the business in underdeveloped and developing economies.
In addition to that, high tech entrepreneurship is also essential in increasing the overall productivity of modern organizations according to the Global competence report, business innovation is one of the most essential drives which increase the productivity level of a company (Ghak et al., 2021).
Strengthening the market position of the product
One of the main roles of entrepreneurs is to boost the market position of new products if entrepreneurs may not be able to boost the market position of the product then the product may not be able to increase the competitive advantage of the company. The innovative techniques and creative thinking of entrepreneurs always create a positive impact in strengthening the market position of a new product.
Furthermore, the management of Apple has introduced new technologies and features which improve the quality of the product and increases the sales of these products as well. It is one of the main responsibilities of an entrepreneur to identify and understand the market trends and after that innovative technologies need to be introduced to make the product better.
Brand making is one of the characteristics of entrepreneurs while without increasing the brand value it may not be able to attract a huge number of customers. Entrepreneurs analyze the trend of the market and develop the product according to the preference of the customer which has increased the value of a product.
More specifically, entrepreneurs may improve the brand image of the company with the help of advertising and that plays a central role in attracting a huge number of customers to the product, Apple, Samsung is also focusing on increasing the brand value and the management of these companies also uses social and digital media to promote the new product of the brand.
Entrepreneurship skills have been defined as the act to create an environment that breeds innovation in the organization, effectively resolving external issues, and thus promoting the overall level of success. The business may not grow in the case of poor scenarios by letting go or not being able to identify the causes of the opportunities that may lie in the organization.
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Apple Newsroom. 2022. 13 new innovative technologies and features were unveiled at WWDC20. [online] Available at: <https://www.apple.com/in/newsroom/2020/06/13-new-innovative-technologies-and-features-unveiled-at-wwdc20/> [Accessed 6 April 2022].
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