Innovation and Entrepreneurship

The purpose of this essay is to highlight the role and significance of one of the most recognized business contextual factors used by the business organisations for achieving increased competitive benefits i.e. innovation and entrepreneurship. There is a direct relation in both the factors i.e. innovation and entrepreneurship and both are equally important for an organisation. Innovation is one of the best practice or tool used by the business entrepreneurs for achieving long-term sustainability and growth. Innovation and innovative business practices offers the businesses a new opportunity to grow and develop and to have a more extended market share and customer base (Crumpton, 2012). The key aim of developing this paper is to understand the significance of innovation and entrepreneurship and its related factors in achieving improved outcomes, quality and efficiency in the business practices of the chosen company, The Man Company. The scope of the paper is limited to the chosen organisation and industry only and will offer insights of the advantages gained by the company with the use of the contextual factor.

Innovation is a process of transforming or translating an idea into some sort of services or goods for the value creation purpose for which the individual are ready to pay some amount of money. Innovation is a vital and considerable practice by which the organisational managers have a transformation in the business operations and processes and avail it as a business opportunity. Entrepreneurship can be explained as the willingness or capacity of the individuals to manage, organise and develop a new business venture for making profits and managing all risks associated with it. Any new start up is one of the key examples of entrepreneurship. The spirit of entrepreneurship is featured by the risk-taking and innovation aspect of the individuals and it is one of the most significant factors for attaining competitive advantages in the global marketplace (Sahut and Peris-Ortiz, 2014).

There are several theories and concepts of innovation and entrepreneurship that play a significant role in their application in the business organisations. As per the Theory of Entrepreneurship developed by Peter Drucker, entrepreneurship is an idea of opportunity. He further explains that the entrepreneur is not only the one who bring some sort of change rather is one who exploit business opportunities which are brought by change (Vranceanu, 2014). According to this theory, entrepreneurship is more like an aspect of being alert to the profit making business opportunities ad so according to Drucker, opportunity is the central aspect of entrepreneurship (Drucker, 2014). Another theoretical aspect related to entrepreneurship is Theory of Entrepreneurship developed by Friedriech von Hayek in respect with the relation of entrepreneurship and knowledge. As per this theory, the existence of entrepreneurship is the result of deficit of knowledge in an individual. He further explains that the stress generated because of knowledge deficiency results in identifying ways other than the ways which are the outcome of the existing knowledge and this leads to development of entrepreneurial process (Dorin and Alexandru, 2014). Thus, the theory states that entrepreneurship can also be known as a discover process which finds innovative and new ways to manage things and operate within the organisations. Other vital theory that explains both the concepts of innovation and entrepreneurship is Theory of Entrepreneurship and Innovation Theory developed by Schumpeter. According to the Theory of Entrepreneurship, there is introduction of a new good or service, new production method, new market, new supply source and new organization. In the Innovation theory, Schumpeter emphasis on new product launch, new production method which has not been used earlier, new market, mew sources for the raw material supply and new structure of industry. The theory explains that any business which is seeking profit is necessary to remain innovative (?ledzik, 2013).

Theories and Concepts of Innovation and Entrepreneurship

Both innovation and entrepreneurship are significantly potential for the success of the businesses and the organisations and are interrelated to each other. For the long term sustainability and existence of the businesses, it is necessary that there must be implementation of innovative practices so that there can be fetched increased attention of the customers. Innovative practices have leaded the business to attain huge growth and success across the globe and there are numerous examples of such ventures (Trimi and Berbegal-Mirabent, 2012). A combination of innovative practice with effective entrepreneurship skills results in the organisational success and generation of continuous profits. Both the contextual factors have a direct impact on the business strategies and structures as analysed in the online business perspective. With the enhanced globalisation, the entrepreneurship and innovation has gained vital importance among all the industries and primarily in the online retailing as it is one of the outcomes of innovation only. By starting the ventures and businesses on online platforms, the entrepreneurs have gained extended and huge global recognition with such less business investments. These factors have imposed several positive impacts upon the business strategies as well as on the structure. The organisational structures are bit complicated as well as the companies have to take use of numerous strategies to remain in the market. But with the use of innovation and entrepreneurship, the structure gets simplified and there is a direct association among the company and its customers with no middlemen or distributors (Drucker, 2014). Earlier in the retail business of man grooming products, there was a limited scope with less number of products as well as availability but innovation in this business sector has resulted in making it unique from other competitors. As per the concepts and theories of researchers, such business industries required additional efforts of entrepreneurship and innovation for achieving high performances. In such sector, innovation gives a new boom and path to grow and develop. Effective entrepreneurship and innovative practices offers a number of competitive advantages to the industry and the organisations in order to sustain and attain increased profits (Crumpton, 2012).

Innovation and entrepreneurship has a noteworthy role in the organisation, The Man Company. The innovation practice used by the company is technological innovation in the operations. The innovation approach comprises of having production of new products in this field for the purpose of men grooming. A smart innovation is the key practice incorporated by the company by making available a wide range of products and making them available at global platforms (Autio, et al., 2014). The company has attained a recognized presence with its innovative business practice and idea as well as with competent entrepreneurship skills. The company has made products with improved quality as well as with new method of production with some new procedures and innovative manufacturing. There is a wide use of natural products that are herbal and organic such as almonds, coffee beans, chamomile, argan oil, aloevera, etc. (themancompany, 2017).The company produces numerous man grooming products by taking use of innovative processes and transforming these materials in desirable products for the customers (Thota, et al., 2014).

Significance of Innovation and Entrepreneurship in Business Strategies

The company have also taken use of the disruptive innovation. The organisation has used the re-invented business models and practices and with the use of such innovative model, The Man Company has successfully created new market opportunities as well as value networks and has disrupted the present market with its innovative ideas. The company has taken use of disruptive innovation in all its business practices and operations and have achieved improvement in its quality of products (King and Baatartogtokh, 2015). The effective entrepreneurship and innovative practices has also helped in enhancement of the potential and capacity of the decision makers and have also influenced the decision making power of the individuals so that they can take the most correct decision for the business (Christensen, Raynor and McDonald, 2015). Both the contextual factors i.e. entrepreneurship and innovation have contributed in attaining success by The Man Company. It is the innovation that has made the company different and unique and offers a number of competitive benefits in comparison with its other market competitors. The elements of successful entrepreneurship and rapid innovation can be seen in the strategies, structure, business practices, vision and mission of the company. The organisation can also have continuous adoption of innovation and entrepreneurship by having increased focus on taking sue of effective innovation practices and models in the business operations and implementing those innovative ideas with competent entrepreneur skills. The use of entrepreneurship and innovation can result in effective decision making as well as having implementation of appropriate business strategies which can lead to successful business development (Chatterji, Glaeser and Kerr, 2014).

Conclusion

In present time, the businesses need continuous innovation and effective entrepreneurship to sustain and attain increased customer base. The online business and mainly the production of products related to man grooming has a very small and undersized industrial expansion. The company, The Man Company is taking a good and improved use of the innovation and entrepreneurship business contextual factors for rapid development and market expansion. By taking efficient use of disruptive innovation as well as other innovative practices in production and operation, the organisation has gained huge customer base and brand recognition too. Thus, it can be concluded that innovation and entrepreneurship are the key factor for achieving success as well as for making adequate decisions related to the selection of strategise and organisational business practices.

References

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Themancompany, (2017). ABOUT US, Retrieved on: 5^th September, 2017, Retrieved from: https://www.themancompany.com/pages/about-us 

Thota, S., Hermosillo, S. N., Keyhani, N. N., & Walker, J. A. (2014). Male grooming: an ethnographic research on perception and choice of male cosmetics.

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