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3608QCA Important Aspects Of Innovation And Entrepreneurship

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3608QCA Important Aspects Of Innovation And Entrepreneurship

0 Download3 Pages / 624 Words

Course Code: 3608QCA
University: Griffith University

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: Australia

Question

This assignment introduces you to the broad areas of innovation and entrepreneurship, where both innovation and entrepreneurship are important ‘ingredients’ for economies and societies to develop. this assignment is designed to invite you to illustrate what you consider to be the impact of innovation and entrepreneurship.
For this Assignment, you will provide a brief description of an innovation or an entrepreneurship with which you are familiar. You will evaluate the value of this innovation and what it has contributed to customers and businesses. You will also analyse the value of entrepreneurship to an economy. This Key Concept Exercise is designed to allow you to demonstrate the impact of either entrepreneurship or innovation.

What are the definitions of innovation and entrepreneurship?
What is the value of this innovation and how has it contributed to customers and businesses?
What is the value of entrepreneurship to an economy and business practice?

When writing your responses you should synthesize the theory with real-world experience. Also, use examples of the theories in action in a real organization about which you have read or one in which you have worked.

Answer

Important Aspects of Innovation and Entrepreneurship
Innovation plays an extremely important role within an organization to compete in the growing business industry. Innovation increases the product attractiveness and multiplies the production rate also. Faster soft wares, new advanced technologies and progressive manufacturing systems are among the best kinds of innovation bringing huge changes within an organization. There are five levels regarding bringing innovation and change in a particular organization. The first is the ‘idea’ to bring the change, the second is the process, the third is technological change. then comes new products and services and last is their implementation (Baregheh, Rowley and Sambrook 2009). With the growth of an organization, the cultural and strategical change and innovation is also necessary. There are mainly four types of innovation in business which includes Architectural Innovation, Radical Innovation, Incremental Innovation and Disruptive Innovation. Entrepreneurship on the other hand is all about making use of the opportunities, being creative and innovative (Czarnitzki and Delanote 2012). According to Qian and Haynes (2014) the third millennium has been referred to by many scholars as ‘non-elastic’ and ‘non-returnable’ age. The terms are used to denote the incompetence of the past technologies for the current issues. Today, the world economy is getting stronger with the emergence of new entrepreneurs with innovative ideas. Entrepreneurs such as Steve Jobes, Bill Gates and many other successful persons have incorporated innovative ideas to reach the highest position thereby proving that entrepreneurship and innovation are deeply interrelated (Qian and Haynes 2014). Innovation contributes to the development of economy. Innovation has been adopted by churning the new from the old which is also called the ‘creative destruction’. The introduction of new methods of production and products, the new business relationships, discovery of new raw materials are the innovative steps that add value to the economy to a great extent. Innovation does not mean accumulation of new machines or appliances; innovation defines modernity in every aspect which supports growth. The economy is getting heightened by the introduction of more new jobs and occupations and variety of business strategies. Higher growth which is uplifted by innovation, gives rise to greater investments in developments, thereby inviting more innovations Apple is a company recently considered to be the highest producer of innovative products such as iPad, IPod, IPhone and many other attractive electronic appliances (apple.com, 2018). The company is highly respected by customers, competitors, investors and suppliers. The first innovation of Apple is in the business strategy by not following the conventional methods of occupying the market share with low cost strategy which affects the quality of the product also (apple.com, 2018). Their products are highly expensive and the quality is equally high. They understand the psychology of the customers and thus each of their innovations is a breakthrough, not just an increment in the existing strategies. Apple has created their brand value by incorporating exclusive features in its products. They consider the market segmentation and value chains properly and design their products accordingly (apple.com, 2018). The brand continuously changes the product models and the features thereby not giving any chance to the competitors to imitate. Apple has become able to employ a mass of young and talented people which has definitely reduced the problem of joblessness to a greater extent.
References
apple.com 2018. Apple (Canada). [online] Apple (Canada). Available at: https://www.apple.com/ca/ [Accessed 17 Aug. 2018].
Baregheh, A., Rowley, J. and Sambrook, S., 2009. Towards a multidisciplinary definition of innovation. Management decision, 47(8), pp.1323-1339.
Czarnitzki, D. and Delanote, J., 2012. Young innovative companies: the new high-growth firms? Industrial and Corporate Change, 22(5), pp.1315-1340.
Qian, H. and Haynes, K.E., 2014. Beyond innovation: the Small Business Innovation Research program as entrepreneurship policy. The Journal of Technology Transfer, 39(4), pp.524-543.

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