Work Learn Class Discuss Entrepreneurship And Innovation (Coursework Sample)

Entrepreneurship and innovation
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Introduction: Definition of the terms
Entrepreneurship is the process of coming up with a new idea. This definition is broadly described as the capacity and willingness to come up with the idea, ability to organize and manage the business opportunity with a target of making a profit. This may involve designing the idea, the launching process and finally the implementation (Phills, Deiglmeier & Miller, 2016). The idea must be viable venture with respect to the available capital and other relevant startup capital. Entrepreneurship may be practiced within the business where the company indulges in expanding its production lines through incorporating new ideas. This may be from the top management or the dedicated staff who perceive the work as part of their own duties and who view business success as their individual success. This may possibly be due to the availability of motivating factors and effective management that supports their contributions if valid.
Innovation on the other hand is basically the process of translating the new ideas into a valuable service or good. This must at all times be able to replicate into reasonable output at economical cost (Petev, Simeonova, Dinev & Dineva, 2015). However, innovation is always geared to solving a need. It is a result of critical analysis of information relevant or may result from ones imagination that eventually converts the ideas into very useful ventures. When these ideas are applied into the company, it then targets to meet some customer expectations and needs. Research may sometimes form a basic roadmap to effective innovation since a vast knowledge is gathered and upon its integration a new idea may be born. Innovation helps in practicable in all businesses and its currently being integrated in the most recognized success factor that has driven the most successful companies to their current state (Windrum & Koch, 2011). If made part of the organizational culture then the company will have absolutely unique and more customer friendly services and goods whose market will extraordinarily be recognized in the market. Innovation is therefore a tool to eliminate competition challenges. To the customers, innovation brings better products as the company tries to be more innovative to reach the customer expectations.
Innovation theory is the way in which the advancements gain traction and spread or move throughout a particular group of people over time. The advancement can be technologically, behavioural, product or coming up with new ideas (Morris, Avila & Allen, 2013). Entrepreneurship and innovation are inseparable because the entrepreneur uses innovation in exploiting and creating opportunity and change aiming at making or maximizing the profit. Therefore for an entrepreneur to be at least successful he or she has to be in some way innovative. There are a number of theories that seek to explain innovation and entrepreneurship.
To start with, I focus on the diffusion theory of innovation in which this theory explains or tries to give more information on why, how and the rate at which the ideas that’s the new ideas and technology is spread. The theory explains on the reasons why the innovation is wanted why is relevant to be undertaken or adopted. It gives the way, channels and how the innovation or the new ideas can be implemented or be put into real business (Johnson, 2011). The theory also focuses on the spread or the rate at which this new ideas can be adopted and be spread to other areas or to other people within or from other regions. This theory has five key elements, that is; innovation, adopters, communication channels, time and social system. An innovation can be a new idea, object or practice that need to be adopted by a particular party. Adopters are the individuals, companies or organizations within a certain social network who intend to adopt the innovation (Martin, 2015). Communication channels are the ways or paths that information follows from one unit the other in order to spread. The time is the period in which the innovation takes to be fully adopted. This also includes external influences such as the governmental and organizational mandate. From this theory we can depict out that for innovation to be successful there are some elements which support and help it to be a success.
Entrepreneurship innovation theory states that an entrepreneur is an individual who innovative, creative and has some foresight. That is an individual who can be able to come up with new ideas, think of new and relevant ways or methods in which things can be done or handled and be the person who can see what the future has. According to this theory, innovation occurs when an entrepreneur introduces a new product by being innovative, introduces a new method of production by being creative, gets or opens a new market, finds out the source of raw materials that has never been exploited.
The theory of high achievement or the theory of achievement motivation also tries to explain entrepreneurship and innovation. The theory states that an entrepreneur is a person who is required and is supposed to do things in a way that is new and better than the previous way. This means that an entrepreneur has to look for new ways of doing thing, in simple terms he or she has to be innovative for him or her to survive in the field of entrepreneurship (Bessant, & Tidd, 2012). The theory also says that an entrepreneur must be able to make decisions under uncertainty. He or she must be able to take actions and decisions on the situations and things that he or she is not certain of. McClelland the founder of this theory stressed that those people who have high achievement orientation are the one who are more likely to be or become entrepreneurs. This is because these people are not easy or are not influenced by external incentives or money; else they only consider the profit to be the measure of success and competency. Therefore this theory supports the point that for an individual to be a successful entrepreneur he or she has to have the characteristics of being innovative and be achievement oriented such that they cannot be influenced by money or external factors.
Utilizing entrepreneurship and innovation in The  HYPERLINK "https://en.wikipedia.org/wiki/King_Living" \o "King Living" King Living limited
The  HYPERLINK "https://en.wikipedia.org/wiki/King_Living" \o "King Living" King Living limited deals with consumer services such as furniture retail, design and manufacturing. This company may incorporate innovation and entrepreneurship within its production units with an aim of increasing its production, reaching better markets, solving customer needs or eliminating competition (Rumelt, 2013). These may be done through outsider interventions where new production designs are introduced into the organization from an external expert, remodeling the products and production lines or finally through resilience. In resilience, innovation majorly revolves around change on the work values and behaviors.
This company may incorporate innovation in the following aspects;
Revolution
The company may bring other furniture designs that are more comfortable, new in the market. Here one comes up with unique features that the customers will identify the product as better from the other common product in the market. One must be creative to arrive at a totally new product designs.
Renewal
In renewal, the production techniques are changed and this may involve technological integration. This may increase the units of production and reduce the costs on production. Renewal in production often renders the industry model more efficient through better product designs and rate of production (Deakins, & Freel, 2013). However, this must be well thought of because it may have negative consequences if not properly planned and implemented.
Resilience
Finally the company may opt to make gradual changes in the production, its values and behaviours and eventually realize a significant transformation in the long run. The company may not sustain the innovation made but keeps seeking for more due to the wide variation in customer demands. Sustaining innovations however critical for the company where the good services are maintained as better production is made. Improved and better production may include more quality products or price reduction w...