Innovation and Entrepreneurship Editing and Proof Reading Services

This is a solution of innovation and entrepreneurship assignment help in which we discuss business innovation, market environment and organizational diagnosis.

Introduction

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

1. Interventions regarding human interaction
2. Techno-structural interventions
3. Intervention in the management of human resource
4. 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.