Innovation Management And Business Context – Discussion And Analysis

Innovation Management, Entrepreneurship, and Business Success

Discuss about the Innovation Management and Business Context.

Innovation is like a weapon to the entrepreneurs, which they use to bring new changes and represent those changes as opportunities for a prospering business in future (Crumpton, 2012). One of the commonest forms of innovation is bringing up a new product or launching a new service in the market (Onetti et al., 2012). “Blossoms” is a new concept with which the owners of the company want to hit the Australian market with Spanish flavour in different food items. It would generally introduce the Spanish tradition in the Australian market. The concept looks potentially appealing and so the organisational structure is; however, the real look out would be the extent up to which they deliver innovative ideas. A business can open up good and earn huge success in a very less span of time if it delivers on the predesigned organisational structure and uses innovative thoughts to bring changes, which are both competitive and profitable as well (Trimi & Berbegal-Mirabent, 2012). The assignment has identified innovation and entrepreneurship as a potential choice, which would bring competitive changes in the operation and would establish “Blossoms” as a successful, company (Kerr, 2013). The main purpose of this assignment is to analyse the impact of innovation and entrepreneurship on the business of the proposed company “Blossoms”.

Business structure and strategy are interrelated to each other to some extent such as in the case of finalising a new business structure with the help of strategies. However, in broader terms those two might differ considerably. In some cases, strategy making might not produce any impact on the existing organisational structure (Bock et al., 2012). For example, incepting a new mean of marketing does not require a change in organisational structure if the organisation has adequate numbers of marketing personnel. However, both the strategy making and the organisational structure are entirely related to the term innovation. Innovation is the one most effective factor that encourages for a change, which can be either a major change or a minor one (Johnson, 2017). Entrepreneurship skills bring innovation, which has its high influence on the organisational structure and the strategies. The chosen organisation and the identified products to launch is a very good example of innovative thoughts. Innovation encourages for doing something new; however, this is not entirely related to doing unique things all the time but it is rather doing things that are new to a specific company. For example, the newly proposed venture “Blossoms” would soon open up its restaurant in Australia. The Spanish flavours have been planned as offerings to the Australian customers. The management has sensed the urgency of the venture, which is why they have planned an organisational structure that includes executive management, frontline associates, shift supervisors and chefs. This is a very good example of innovation, which the management has shows (Vaccaro et al., 2012). The organisational structure of the planned venture looks good, as it has smartly identified the required workforce for giving the proposed plan a good prospect. However, they should also hire an expert who would take care of the marketing stuffs. A proposed plan like this can create a good impact on the market prior to its opening if it uses a suitable marketing communication mode. It is highly recommended for a new plan that it does a feasible marketing stuff to publicise the concept. This would help in generate a buzz for the concept, which can be highly advantageous if they come out with some good quality (De Mooij, 2013).

Impact of Innovation on Business Structure and Strategy

The proposed organisational structure for “Blossoms” should also include a marketing expert who takes care of the required marketing stunt required for successfully launching the concept in the market. It is also necessary that the hired marketing personal select the most effective and the feasible marketing communication mode for the venture. The decision-making in this context would be influenced by the monetary benefits of the different communication modes and their appealing nature in the market. The use of innovation would in this context help to make the selection of an appropriate communication mode, which would be both feasible to the organisational budgetary capability and profitable as well for pronouncing their reputation in the market. The selection of an appropriate marketing communication mode relies heavily on the entrepreneurship quality of the marketing personal. Nevertheless, innovative thoughts would help the proposed venture develop entrepreneurship qualities in them. To take the full advantage of innovative thoughts, it is necessary that entrepreneurs never restrict their thoughts for some controllable issues such as financial capability (Dawen, 2013).

Numerous contextual factors are associated with the entrepreneurship those all have significant impacts on the organisational performance. Some of the contextual factors are but not limited to such as the firm’s industry nature, government policies, technology acquisition and surrounding culture. Government policies and surrounding cultures are external factors. All factors have their impact on the organisational structure and the strategy making. Government policies influence the business structure and the organisational strategies. Government policies such as the restrictions on the use of some kind of food ingredients that support obesity have its significant impact on the food making business. Companies under such obligation need to be health oriented while preparing their food. However, even in such circumstances entrepreneurs remain attached with the organisational vision by showing their utmost innovativeness in selecting the most suitable strategy (Bullough, Renko & Myatt, 2014). Entrepreneurship would certainly help the proposed company in the food industry if any such obligation were imposed on its business.

Surrounding culture does also influence the strategy making. The different food companies for example target customers based on their choice of foods. It is never feasible to offer Spanish foods to an Asian customer. They would rather prefer their regional food items. Food companies in particular use innovative thoughts by selecting the food menu that suits most the target customer. The proposed venture “Blossoms” would definitely need to hit the right taste for the Australian customers. Entrepreneurship here again would influence the strategy making for the proposed company. Technology acquisition is highly valuable in the contemporary business. It means adopting the technologies, which are high in potential. Such technologies create differences in the market competition. The rising demand for the use of e-commerce is one of such examples. Entrepreneurship would help the proposed venture to innovate with various technologies available in the market. This would also encourage them to use the most feasible technology with the planned budget of the company (Morris et al., 2013).  

Innovation and Entrepreneurship – The Choice for Blossoms

The mentioned contextual factors of entrepreneurship such as government policies, surrounding culture and technology acquisition influence the decision making as well. When some part of a business is taken under strict scrutiny of the local government, it is then necessary for the affected companies to take appropriate decisions to adhere the government policies. Using healthy vegetables in different fast foods such as burger is one of the examples of entrepreneurship. Such quality would also assist the performance of the proposed company as because it might face some challenge in terms of menu offered to the customers. Some customers might like the concept; however, many customers might not. In such cases, entrepreneurs would use their innovative skills to bring some changes that could match up with the masses. Technology acquisition is another very important factor that affects the decision-making. For example, few companies use the manual form of entering the necessary data such as the sales record; however, some use CRM to enhance their sales and customer service capabilities. Some companies even go beyond the limit and use Enterprise Resource Planning (ERP) to get an utmost solution on sales performance and customer service (Schniederjans, Cao & Ching Gu, 2012). However, the selection of software that is available in market depends entirely on the leadership quality of the firm. A small firm can never afford to have ERP because of its cost of purchasing. Entrepreneurs in such case show their utmost intelligence in identifying the most feasible technology, which is competitive as well as feasible with the organisational financial capabilities (Wingwon, 2012).

Entrepreneurship is a position that produce creative ideas in leaders using which they redefine the market competition. Such leadership encourage for different innovative ideas, which develops a fighting capability with the surrounding situation. The chosen organisation in the context needs such entrepreneurship skills to foster their success chances with the proposed service concept. Entrepreneurship would encourage its leaders build up in them a fighting capability that does not fall short under any constraint. The proposed business concept of a new venture “Blossoms” would rely heavily on the strategic planning of its leaders. They are doing an experiment by introducing the Spanish foods to the Australian customers. It is then necessary to continuously monitor the customer’s responses and act accordingly. The entrepreneurs of the company would have responsibilities on their shoulder to understand the customer’s perspectives and then fulfilling the desires by using their utmost leadership qualities. They need to be innovative with different ideas. They need to be technologically oriented as well, which would include but not limited to such as showing viability to the most feasible technology.

References

Bock, A. J., Opsahl, T., George, G., & Gann, D. M. (2012). The effects of culture and structure on strategic flexibility during business model innovation. Journal of Management Studies, 49(2), 279-305.

Bullough, A., Renko, M., & Myatt, T. (2014). Danger zone entrepreneurs: The importance of resilience and self?efficacy for entrepreneurial intentions. Entrepreneurship Theory and Practice, 38(3), 473-499.

Crumpton, M. A. (2012). Innovation and entrepreneurship. The Bottom Line, 25(3), 98-101.

Dawen, P. (2013). Thoughts and Practices on Cultivating Innovative Talents for Civil Engineering Specialty in Application-oriented Academies. In 2012 First National Conference for Engineering Sciences (FNCES 2012).

De Mooij, M. (2013). Global marketing and advertising: Understanding cultural paradoxes. Sage Publications.

Johnson, G. (2017). Exploring strategy: text and cases. Pearson.

Kerr, W. R. (2013). US high-skilled immigration, innovation, and entrepreneurship: Empirical approaches and evidence (No. w19377). National Bureau of Economic Research.

Morris, M. H., Webb, J. W., Fu, J., & Singhal, S. (2013). A Competency?Based Perspective on Entrepreneurship Education: Conceptual and Empirical Insights. Journal of Small Business Management, 51(3), 352-369.

Onetti, A., Zucchella, A., Jones, M. V., & McDougall-Covin, P. P. (2012). Internationalization, innovation and entrepreneurship: business models for new technology-based firms. Journal of Management & Governance, 16(3), 337-368.

Schniederjans, M. J., Cao, Q., & Ching Gu, V. (2012). An operations management perspective on adopting customer-relations management (CRM) software. International Journal of Production Research, 50(14), 3974-3987.

Trimi, S., & Berbegal-Mirabent, J. (2012). Business model innovation in entrepreneurship. International Entrepreneurship and Management Journal, 8(4), 449-465.

Vaccaro, I. G., Jansen, J. J., Van Den Bosch, F. A., & Volberda, H. W. (2012). Management innovation and leadership: The moderating role of organizational size. Journal of Management Studies, 49(1), 28-51.

Wingwon, B. (2012). Effects of entrepreneurship, organization capability, strategic decision making and innovation toward the competitive advantage of SMEs enterprises. Journal of Management and Sustainability, 2(1), 137.