Innovation and Enterprise in Business

F

Innovation and Enterprise

BMS409

School of Business Management and Professional

Term 2

TITLE: Essay

Introduction

Idea generation is considered to contribute to the innovative practices making the individuals as well as the organisation effective in their business approaches. The main concept of innovation and enterprise will be discussed in the essay along with the benefits it implies to the organisation. Effective theories will also be discussed in the assignment to reflect the significance of innovations.

Discussion

The term innovation refers to the process of an organisation or individual to conceptualise the brand and its aspect of growth. Innovation helps the business to experience the different aspects of growth (Kahn, 2018). Enterprise is also considered to be effective because the organisation are provided with the scope to reduce the overall cost of running a business (Veblen and Dowd, 2017). Both the innovation and the enterprise are likely to be ahead of the business as it helps the organisation to stay ahead of the competition. Considering the start-up business, an innovative approach helps to consider a different perspective considering the growth of the business. It helps to predict the needs of the customers and the demand of the customers from the business. On the other hand, the enterprise also helps the business to keep it relevant so that the profit could be added to the overall growth of the business. Innovation and enterprise are beneficial for small businesses as well as larger businesses. In the case of an established business, innovative ideas and enterprise help to differentiate them from the competitors.

The theory of the Technology Acceptance model reflects the primary factors influencing the intention of an individual to make use of the technology. The main concept of the model is that innovation affects the probability of the adoption of new instances and situations (Rafique et al., 2020). Further, the concept of the model also reflects on the practices of the individual or the organisation initiating the learning and implementation of the innovative idea in the practical field. It also signifies the advantages of perceiving innovation in the practices making the organisation more competitive in their approach.

Hall’s Concerns-Based Adoption Model (CBAM) helps to facilitate changes that are likely to prove effective for the organisation as it helps the leaders to understand the need for innovation in the practice considering the changes that are occurring in the business field (Trapani and Annunziato, 2018). The theory extracted from the CBAM reflects nearly six assumptions that reflect the change as a process and not an event. It is also accomplished by individuals reflecting high personal experience. The change is better understood in several operational terms which also include growth in the development. This helps the business to voluntarily participate in the process to implement changes within the organisation making them retain the position ahead of the competitors.

Considering the growth of the business, innovation is significant because it helps the business to grow with a different approach. Innovative ideas help to develop different perspectives in the mind of the customers with the help of effective marketing and promotional activities (Arena et al., 2017). This directly benefits the productivity of the organisation. The level of innovation practice within the organisation and efficiency of the enterprise determine the growth of the business. Enterprise makes the organisation make the potential use of technologies considering the effectiveness of the business operation. Even though there is risk in practising innovation and enterprise, the advantages of these two fundamental elements of the business make them effective considering the function of the business (Ratten et al., 2019). The main reason behind calling innovation and enterprise the fundamental enterprise is the benefits that are offered by the practices to the overall performance of the business. They provide the business with a different dimension to get recognised and develop their presence in the competitive market.

Innovation in the practical field considering the operation of the businesses leads to the success of the business (Kiseleva et al., 2017). For an instance, a 100% electric vehicle was produced by Uniti that provided the business with a new scope for the growth including the advantage and experience of leveraging being known as the world's class capabilities in manufacturing and advanced materials (The manufacturer, 2019). Similar to Uniti, innovation also enhanced the business value of the Silverstone technological Cluster making Barclays innovate the cluster to support the high-tech activities and business. It has also made the region to be known as the engine room of the economy of the UK.

Conclusion

It has been concluded that the organisation are supported by the innovative practices of the organisation as well the Enterprise. These two elements are recognised as the fundamental aspect of the business as they provide the organisation with the scope to enhance productivity and profits and add value to the brand.

References

Arena, M., Cross, R., Sims, J. and Uhl-Bien, M. (2017) How to catalyze innovation in your organization. MIT Sloan Management Review, 58(4), pp.38-48.

Kahn, K.B.(2018) Understanding innovation. Business Horizons, 61(3), pp.453-460.

Kiseleva, E.M., Artemova, E.I., Litvinenko, I.L., Kirillova, T.V., Tupchienko, V.A. and Bing, W. (2017) Implementation of innovative management in the actions of the business enterprise. International Journal of Applied Business and Economic Research, 15(13), pp.231-242.

Rafique, H., Almagrabi, A.O., Shamim, A., Anwar, F. and Bashir, A.K. (2020) Investigating the acceptance of mobile library applications with an extended technology acceptance model (TAM). Computers & Education, 145, p.103732.

Ratten, V., Ramírez-Pasillas, M. and Lundberg, H. eds., (2019) Managing sustainable innovation. Oxfordshire: Routledge.

The manufacturer, (2019) Three examples which prove just how vibrant UK innovation is Available at: https://www.themanufacturer.com/articles/three-examples-prove-vibrant-uk-innovation/(Accessed: 16 April 2022 )

Trapani, B. and Annunziato, A.(2018) Using the Concerns Based Adoption Model (CBAM) to Accelerate Understanding by Design Implementation. Journal of instructional pedagogies, 21.

Veblen, T. and Dowd, D. (2017) The theory of business enterprise. Oxfordshire: Routledge