Entrepreneurship can be simply defined as the conception of creating and managing some newer business by an individual so as to earn profits. But during this time, so many risks comes while carrying out these activities. These risky things should be handled by an entrepreneur in very appropriate manner in order to attain their business goals. In this context, the new term known as innovation come into existence since while developing newer businesses. This is nothing but the generation of several new concepts which emerges at similar time frame. People use to take use of contemporary techniques and tools in order to accomplish their aims and objectives on regular basis. It is needs to manage properly (Cetindamar, Phaal and Probert, 2016). Thus, it can be said that the three constructs named as entrepreneurship, innovation and management of technology are closely linked with one another. Such conceptions requires to be consider by a person who want to make or generate newer businesses. The present report is highlighting such aspects. It is explaining about concepts of innovation & its evolution. In addition to this, conceptions associated with entrepreneur is also prese
Description about innovation and its evolution
According to the (Drucker, 2012), innovation commonly refers to the modifications in the existing processes in order to make it more effective as well as creative. In terms of business, this is mostly used by different types of ventures so as to form innovative products and services. In brief, it can affirm that innovation is a changing procedure or building more effective ideals, products and processes that can helps in creating and rendering new execution of ideas and dynamic products along with developing new services in effective manner. In this context, unique ideas are being implemented by some entrepreneurs which aids in fashioning dynamical merchandises and making improvement in current services. A new product that need reorientation of company production and goals that can lead to form external companies devoted to the certain system of production or if formed within, to be rejected through companies. Hence, innovation would be viewed as a catalyst for the evolution and growth as well as success of specific enterprise. This in turn supports in adapting proper strategies so as to manage each and every commercial actions in the market place. This has been seen that most person are confused by the term titled as innovation and invention and treat it in such a manner that these are identical in nature. But it is to be noted that, both concepts are actually contrasting. Invention simply defined as the formation of a merchandise or introduction of a procedure for the very first time. On the contrary, innovation happens when there is need of making improvement in some existing productions, processes or services. There are various approaches and methods of innovation that can be adopted by an organisation who is seeking the opportunities of expansion such as incremental innovation, radical innovation, disruptive innovation etc. which are being adopted as per the requirement and demand of organisation in more efficient and effective manner.
As per the view point of (Dahlander and Gann, 2011), being innovative does not show that invention is going on. Innovation means altering ideas related to models of business. This is used for adapting as well as acting in accordance to the business environment in order to supply good quality of goods or services to expected customers. Therefore, it is vital to built successful innovation as an essential part of every organisation; regarding this unique business strategies should be developed in correct manner. Thus, creation of innovative culture ought to be made in companies as this will assist in gaining success and attaining growth in future and present as well. Some the steps that needs to be followed regarding business innovation are stated as follows :
In first step, a survey should be conducted in order to get familiar about the recent trends in marketplace & environment, needs or desires of expected customer and rivals. This will assist in knowing about what is happening in corporate world and what requires to be created so as to seek attention of numerous of users.
In second phase, an enterprise ought to consult with their workers and consumers in order to start the procedures of improvement regrading merchandises and services in both ways externally as well as internally. As a result, company is able to begin its work as per the request of civilians which will help in improving the overall level of customer satisfaction.
In next stage, they have to focus on seeking advice. For doing the same, entrepreneur can take assistance of advisors, scholars, successful entrepreneurs, etc. This as a result aids in developing such kinds of products that comprises of less risks and faults. In addition to that, Intellectual Property (IP) protection should also considered at the time of commercialising specific business related thoughts and ideas. These things are associated with offering security to innovative goods or services after its creation so that no other person could appeal for its ownership. Government play an important role here by imposing certain rules and regulations in this context. Patent, copy right, trade mark, etc. are some of the eminent tools which could be utilised by each and every ventures existing in UK in order to defend their new creation and innovation. None of the individual can apply similar business opinions in their own company. If some one are found to be performing these types of unfair actions, then they are treated as guilty in front of law or governing body. After that specific punishment or compensated amount may be asked or ordered to such persons. Thus, entrepreneurs can easily safeguard their commercial ideas from the same.
In fourth stage, firm should be open for adopting fresh persuasion or ideas and changes have to be carried on as per that on continuous basis. Afterwards, development of appropriate plan of action has to be done by taking use of proper strategies. In this context, responsive plans should be made . These things have to be promoted by every company since from the similar, seeds associated with culture of innovation may be sown in effective as well as efficient style. Last but not the least step is to recruit skilled and talented workers who would be capable of executing these conceptions. At the same time, training and development sessions ought be framed by managers of ventures so as to provide training work – forces. This as a fruitful outcome aids in inspiring as well as empowering entire manpower regarding being innovative.
According to the (Edquist, 2010), evolution of innovation is nothing but the development of specific ideas and thinking in order to create something unique and creative. This has been recognised that understanding of the conception regarding procedure of innovation at the organisation -level has evolved throughout modern time period from simpler linear & sequential frame works to progressively complexed models. This comprises of a divers ranges of internal as well as exterior share holders and processes. Different philosopher has given variant models in context to evolution of innovation. One of the key theory named as “Open Innovation model” was given by . This is observed as a paradigm shifting wherein research and development unit is playing a significant role. Members present in R&D department are obligated to do proper investigation and produce leveraging discoveries. This in turn resulted in the generation of large number of innovative products which is totally different and fresh one. If ventures take use of this kind of innovation then they will easily aid in gaining competitive advantages. The formulation of new products or services helps in attracting large number of civilians towards similar commodities and they would show more interest in purchasing recently manufactured goods. Hence, degree of sales may increases drastically and high sum of profitability would be generated by specific corporation. In another aspects, it is also providing benefits to local as well as national market as they are involving numerous of external firms in the process of marketing. By this way, any corporation could make strong position in world by applying modern technologies which has been risen with the assistance of open innovation. The main three processes that are included in this kind innovation which is making it different and unique are stated below :
The outside - in process : It is connected with the extension and enhancement of own knowledge base of an organisation. This is done with the assistance of collaboration of different elements such as consumers, suppliers and exterior source of cognition.
The inside - out process : This is referring to secure advantages or revenue which is attained thorough commercialising (Chesbrough, 2010). In this context, innovational thoughts and opinions is used to bring into market location in faster ways in comparison to the intrinsic development. Herein various types of activities are enforced such as gaining license of IP, formulating more than one technical prospects or multiplying technology, spin-offs and joint ventures,.
The coupled process : It commonly used to combine the co-creations made by the business partners with the help of confederations, co - operations, and correlative & reciprocal joint ventures from the outside-in process in order to acquire outer knowledges and the inside - out process so as to bring forward newer thoughts or ideas in the marketplace.
An entrepreneurship is an agent who acts as an industrialists and undertakes the risks which are a part of establishing an industry for commercial purpose, they has an peculiar foresight to recognize the potential demands for products and services. Entrepreneurship came inception because of innovative ideas, that can accomplish the needs for goods with a respect transactional power.
What motivates him
Mark Zuckerberg is a famous entrepreneur which is selected here since he has developed one of the vast social media application known as “Facebook”. Zuckerberg was born in the City of New York. He has found to be attended Phillips Exeter Academy which was located in New Hampshire. This has been recognised from an investigation that his father is working as a dentist. At the same time, his mother is performing job of psychiatrist. His passion is treated as his main motivation which is inspired in designing a successful social media site. He used to teach himself about how to program computers (Ackermann, 2012). He along with his fellow Adam D'Angelo who was a hacker-programmer was founded in showing more interest towards Microsoft & AOL at the time period of his study when they were attending high school. This has been observed that webpage created by him is having more than billions of users. In other words, it can be said that almost every person in all over world is having an account on Facebook. This shows its popularity in existing globe. Marks has stated that after few years of starting Facebook, some lathe companies offered huge amount in order to purchase the services and products. The purpose of motivation and meaning for individual beyond making money and surviving is to create sense for the applied activities. The person has affirmed that major focus should be target and change which one want to make in society and market in order to assist impacting positively in the working organisation. Mark Zuckerberg always believed and worked over their dreams believing the fact that he can make the alternation of organisation. His risk taking abilities, determinate personality and coherent mission strategy has helped the organisation in each and every day.
Where and how do new opportunity ideas come from ?
The new ideas and opportunities comes from the mind of various entrepreneurs who are trying to introduce something new and are performing this regard in order to attain their predetermined ideas and objectives. An individual used to examine each and every aspect existed in the market place. They try to understand the need of common people and afterwards they thought to design an innovative process or services so as life of civilians become more easier. By this way, large number of people get attracted after development of that specific thing since that will be unique in nature (Blackburn, Hart and Wainwright, 2013). For instance, idea of making such an attractive social media application (Facebook) has come in the perception of Zuckerberg. He had thought that designing of such a digital technology would connect all persons together and it is the need or demand of each individual living in society as that they wish to be connected with their relatives, friends circle and other members. This matter become so easier by the introduction of Facebook since citizens could now send messages to each of the person who belongs to their families, friends and class mates, does not matter what is the distance from their homes.
How do they get identified/recognized and exploited ?
Ideas are being determined by doing deep researches and investigation. People engaged in the procedure of entrepreneurship usually used to do such types of chores. They evaluate basic demands of civilians surviving in their nation as well as who are present in entire earth. In context to spread or exploit the thoughts which are designed by them after doing this activity , they take assistance of proper strategies and schemes. In addition to this, raw constituents associated with the similar is being collected so as to manufacture merchandises or services in accordance to their cognition.
Who is involved in these processes ?
Process included in developing a specific thought or innovative idea includes different people like entrepreneur itself, suppliers of raw materials , investigation team, risk handling associates and many more which is treated as eminent one for carrying out the task of entrepreneurship. For example, while fashioning or creating Facebook, Mark Zuckerberg has played role of key entrepreneur. On the other hand, it has been observed that they have created the similar by taking assistance of their room mates, class fellows, etc. main person involved in the related work are Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes.
What processes are involved in entrepreneurship, opportunity identification, recognition, and exploitation?
An entrepreneurship first seeking for its opportunities as what they can enhance in current needs are future requirements because as much as they get the possibilities the business will go on hike, they initial recognize the availabilities of funds, competition, threats what they could have in future. They can better exploit with accessible resources at most to gain profitability. There are several process which are involved in entrepreneurship, that are as follows : -
Discovery : Entrepreneurship is nothing else but a generate through idea, entrepreneurs identifies the and evaluates about business opportunities, how well it can go for a business. Obviously, it is a difficult task to find out the possibilities for a business, though they needs inputs that can complete the requirements like customers, employees, channel partners, machinery and other resources (Bridge and O'Neill, 2012). As almost 30 years ago, there was not a place where information can be found under one umbrella with quick affect, except library but then Google originated, and after that people seeks for a platform where they can talk meet their loved ones at that moment social media websites generated and Facebook is one of that platform that is a result of innovation and brainstorming, Mark Zuckerberg found a concept that establishes so many activities that are established for a huge pool of opportunities outside.
Developing a Business Plan : After possibilities are identified, an entrepreneur needs to develop a business plan, that is essential to grow a venture with prosperity to set a benchmark, new venture has a few major components that it has to attain such as mission, objectives, vision, goals and capital to invest in that. Facebook has reached on perch by fulfil its criteria and setting up new benchmarks.
Resourcing : An entrepreneur looking to gather its resources in the form of investors for finance and human resources who works as hands, to maintain the flow of work, and machinery and so on. In Facebook there are several stakeholders are investing in venture, human resources as developers, designers, debuggers, etc. and computerized systems.
Managing the company : After raising the funds, employees are hired then next step is deploy business operations to achieve certain goals. In initial state it is mandatory to decide about management structure as it lead all the decision, and find out required hierarchy to solve the actual problem solutions, if they arise in future.
Harvesting : Harvesting is the final state of business where after establishing a business, new goals are going to fit, for growth and development, and measure actual growth against the planned growth and then take some decisions to stability and expansion of business operations. Facebook is growing day by day, as first its launched a social platform, messenger, video calling feature, current location update and many more.
Introduction of new business idea along with business case
'Little Green Cream' is a small corporation in United Kingdom which is dealing with manufacturing of organic products associated with cosmetic. After long investigation, they have decided to be introduce an innovative product in the marketplace named as 'Long Lasting Moisturiser: BEMBE'. The main beauty of this cosmetic is that it would be skin friendly and will be suitable for all kinds of skins including dry as well as oily. In addition to this, it would be manufactured by taking use of natural and organic raw constituents so that human physical structure might not be effected after applying the similar. Apart from this, it is to be noted that identical newly manufactured product could be utilised by civilians of all ages either they are young, old or adult.
In context to manufacture 'Long Lasting Moisturiser: BEMBE', a business case has been made which comprises of below written steps :
Problem : This has been observed that large number of complaints are coming from the side of public regarding skin inter- connected issues. It is occurring instantly due to applying creams or moisturisers by the people in this contemporary world since those are created by taking use of huge quantity of chemicals. It is seen as a great opportunity since people are sick of their daily basis creams as they become afraid from using recent days products. The another reason is that it may decrease the entire number of skin related diseases in effective manner.
Solution : This resolution of above discussed issue can be resolved by generating an organic as well as natural merchandise in order to keep skin fit and healthy. It can be taken as an advantage or as a golden chance because firm could design similar form of goods and services and cater the same at low price to the audiences suffering from skin diseases (Verganti,2011). In addition to that, other people would also apply it on their body since it may have no side effects and is skin friendly. This in turn reduces the amount of complaints of customers. Common public would get easily attracted towards the same as the prices would be affordable and every person either rich or poor could afford it. This will automatically enhance the sales rate of referred company along with acting as remedy for identified problem.
Approach : In order to resolve such kind of problem, Annie Powell (who is the founder of Little Green Cream ) wish to present unique moisturizer i.e. Long Lasting Moisturiser: BEMBE in current marketplace some of the viable options could be enforced:
- Product would be completely organic in nature. No chemical must be used while preparing the same.
- Modern technologies may be utilised for detecting the diseases of skin so as to eliminate that by applying specific raw elements.
- Apart from that company need to hire skilled work – forces who can successfully operate machineries from which product could be designed.
Risk assessment : Some of the risks might be occur at the time of developing merchandises. For example, if worker is not having knowledge about organic things then they may use harmful chemical which would give rise to great threat. The other risk would be linked with accidents which may happen while working at updated machines. Employees would face severe injuries if they have not proper knowledge about how to handle machines. These risky things should be removed by doing correct risk analysis (Schwalbe, 2015). Manager of company need to take personal interview of each candidate in order to determine about their cognition affiliated with natural and organic prospects. Besides that, it is also vital to arrange safe and secure strategies so that no accident would happen at the time of working.
Value analysis : This has been seen that available options are treated as most valuable. For instance, from executing organic or natural commodity in existing market place, then it will surely seek attention of more and more customers. This would help referred enterprise in gaining so many benefits like increment in their annual turnover , formulation of strong customer base, recognition as powerful brand, etc. besides this, utilisation of modern techniques would aids in increasing overall productivity as well as profitability of the venture (Zhu, Mukhopadhyay and Kurata, 2012). The last option is also beneficial as by employing skilled employees, best quality deliverables could be produced in effective and efficient mode.
Innovation Business Case
In order to develop a new products and launch is effectively in the marketplace, this is required for The Little Green Cream Company to evolve and develop their services and products in more significant manner. Here is explained a proper business innovation case that can assist in achieving business objectives along with developing the marketplace to meet their business objectives that will comply following procedure:
Executive summary : The Little Green Cream Company is one of the small beauty product and service provider company that deliver more green and environment friendly ingredients made commodities to their services users and consumers. The organisation's core products consist of original beeswax, balms, face oils, creams, vegan balm, organic balms, creams etc. In this assignment, proper development of new product i.e. Long Lasting Moisturiser: BEMBE for which the innovation case is being developed in the presented report.
Requirement : People have become more conscious for their health, skin and personality which is the major cause behind the drastic increment in demand of organic services and products in the marketplace. Consumer tend to prefer organic and environmental friendly services and products for their skin as they are harmless and less risky (Kim and Huarng, 2011). Hence, The Little Green Cream Company is developing a new lasting moisturiser which would be more healthy, organic and lasting for the skin making it more softer, younger and look tantalising.
Cure : In order to resolve the solution of market demands and provide new services and products within the organisation, The Little Green Company has determined to produce new more healthy product, Long Lasting Moisturiser: BEMBE i.e. appropriate and suitable as per client's emerging demands and contain entire features and traits that is required to innovate by enterprise.
Why the product is innovative : In the next phase of developing an innovation within working environment, this is require for enterprise to understand the major features and elements which is innovated by organisation that they are rendering to their clients (Moutinho and Vargas-Sanchez,2018). The new innovative products Long Lasting Moisturiser: BEMBE is more creative and different from other products as this can contains more vitamins and minerals that can help in nourishing skin. The chemical less products avoid skin irritation, eco-frinedly with no side effects and is effective for each and every consumer as this contain no artificial ingredients.
Market Research : This is the next phase after the determination of innovative elements in the present report in which organisation conduct proper market research and evaluation in proper and efficient manner. The Little Green Company has to make the proper evaluation of market in order to determine various components such as segmentation of market, target trade, market positioning, products types, demands and consumer interests etc. while improving new services and products.
Development & Designing : In order to create new innovation in available product line and plan the service which is conducted as per the requirements and demand for reaching the trends of market. This cream Long Lasting Moisturiser: BEMBE has more collection which has gentle sweet and exotic smell for the rose and blossom. This can be optimised as daily moisturiser that is defined to implement to cleansed the skin in morning, more pleasure to utilise, making skin for softer as well as replenished.
Investment Need : As The Little Pink Cream is very small organisation, there are various activities and practices that is being undertaken in order to innovate the services and products in more significant manner (Cetindamar, Phaal and Probert, 2016). For this, this is required to manage proper financial funds and sponsors in order to reach to certain amount so that enterprise can achieve and implement proper production, distribution and commercialisation procedure in more significant manner. Various funds, investments and sponsors types will be opted for making changes accordingly which is planned and designed in the business strategy plan of company.
Excepted Benefit : After entire planning, designing and budgeting procedure, company can make an aggregate benefits that is implemented through the product development and with the help of marketing strategy that can assist in meeting minimum expenditure which are created in development and production of services (Drucker, 2012). Organisation can access more financial banking and funds by the assistance of numerous methods and approaches. The Little Pink Cream has expected more than 20% of their spent revenues return within the 1 year period.
From the above based report it can be said that entrepreneurship is very important concept which helps in developing whole nation as through this creation of new business ideas and services took place. These ideas contributes in formulating best quality goods; when such commodities being launched in market place then the selling rate of specific company increases in drastic manner. Hence, high sum of profit would be made by these ventures. This process goes on and as a result entire economic condition of a country get developed or improved as well. These constructs has been described in this report clearly which helps in understanding about importance of entrepreneurship. In addition to this, aspects related with innovation is also being covered in the assignment. The definition clear innovation is presented and discussion is carried on about how these prospects help an organisation to grow and develop appropriately. Apart from this, how evolution of innovation has happened is also highlighted. The steps of development are stated that will help company in implementing innovative things in their commerces. Apart from that, a completely new business idea has been formulated that would be grow in future and proved to be very beneficial.
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