Discuss about the Capacity Of Innovation and Entrepreneurship.
Innovation is referred to as the application that provides for better solutions for meeting of the new requirements, unstated needs and the existing needs. This requirement is achieved by the use of efficient products and services that are available in the market. Innovation helps to develop the business capability of the business organization. Entrepreneurship refers to the process of the launch, designing and the running of a new business opportunity. It is called as the willingness to expand, systematize and administer the business and the risks that it will be facing (Aaltonen & Hytti, 2014). These are the new methods of livelihood of a business organization. The policy makers in the government in all the nations of the world discuss about the capacity of innovation for encouraging the implementation of the resources that will provide support to the central industries. This bakery Company focuses n the innovation to provide better products related to the health, pleasure and convenience (Crumpton, 2012).
The entrepreneurs use the innovation as a tool for exploiting the changes as the opportunity for the business that has different services. The entrepreneurs have to look that the retail bakery is providing the variety of the baked goods to the customers. The entrepreneurs have to have the knowledge of the application of the principles for the success of these innovations (Dimitrova, 2013).
This business opportunity provides the chance to perform different with a better management of time. The products available are made up of the physical and mental labor, capital invested and the raw materials. The innovation combines the use of these notions. The entrepreneurs are the main innovators who create the products by combining all the factors and present them at the target market of the organization (Drucker, 2014).. There are three segments to be considered in the bakery organization that is cake, bread and the related products, frozen products of the bakery, cookies and crackers. The technical concept helps to asses and describes the appropriate factor. There is the involvement of getting the products to the market and making them available to the consumers. The innovation is the motivating factor to shape the competition and survival of the company n the market. This appropriate factor is the main business for this bakery company, which includes flexibility, regeneration and revolution. By the notion of flexibility, the bakery provides new products, which will help it to grow. The new innovations will help the bakery outline a direct association between the unbalanced diets and the increase in the issue that are related to health (McLuskie & McLuskie, 2017). There is the increase in the investment for the research of the products with ingredients that have value and promote health and wellness. The technique of innovation allows these entrepreneurs not to confine themselves to a single innovation but the company can experience the achievement from a mixture of innovations.
By the application of the Open innovation, the bakery can generate their own inspirations to develop and provide the products manufactured to the target market. With the help of the advanced model of the innovation, the bakery can commercialize the ideas beyond the internal business to capitulate the value for the bakery (Mohnen & Hall 2013). The periphery between the bakery and the entrepreneurship firm has to be transparent to enable the innovation to transfer from one part to another. The entrepreneurs have to sell the bakery products at prices that are affordable to the consumers. The consumers will have an increased interest in the products of the bakery that will promote and maintain energy and make the consumers feel full after consuming the products (Onetti et al., 2012). If there is also availability of the products that are gluten and allergen free, the bakery will not face a challenge for the ingredient and the production side. The marketers and the entrepreneurs should offer the trends that will apply to the convenience products in the near future. The replacement of the gluten and allergen free products in the bakery must also provide a variety of products. The bakery can ask the chefs to recommend alternative flours for the development of the gluten free products by the reformulation of the protein content from the original formulation. There can be use of the sensory analysis as a tool for the development of the new products. The factors that will determine the success of the new products will be available from the sensory properties of the food from the consumers by the taste, aroma, texture and flavor of the bakery products (Palmer, Wright & Powers, 2015).
The customer input from the open innovation is the ideas about the development stages of the innovation of the availability of the new products with improved texture and taste. This innovation can bring the desired changes to the implementation of the same thing. The bakery can get hold of a better appreciative of the prerequisites and opinions by the process of the open innovation. The maintenance of the better public relations will enable the company to garner profit. The customers and clients of the bakery have to feel satisfied and happy. This provides for an idea that the bakery company have trust and respect for its customers (Chesbrough, 2012). The bakery also respects the reviews and feedbacks from its clients and customers. If the chefs are appreciated, they will invest more ideas and enhance productivity by baking better variety of the products.
The process of innovation allows the developers of the bakery to expand by efficient ways through collaboration to solve the problems that will generate. The consumers are concerned about e intake of calories. Hence, there should be the development of the sugar free products, which will contribute to the low calorie element to convince the consumers to add the choice for the desserts. This developing of the range of new products will be a challenge as there has to be the fulfillment of the expectancy of the consumer. The bakery is also influenced by the increase in the demands of the cuisine restaurants (West et al., 2014). There can be usage of the different artisan methods for kneading and rounding of the products when they are being manufactured. The innovative technologies for the traditional baked products allow the modification of the concept of the customer about the traditional products. The largest suppliers will allow the essential submission of these new ideas. The developers of the bakery have to utilize these new ideas to meet the desired production.
The target of the innovation is for the high high-end consumers with accomplishment of the better presentation that can bring improvement to the bakery (Tidd and Bessant, 2015). The bakery can come across better advertising and marketing strategies for the selling of the profit margins at an increased rate. The incorporation of the disruptive innovation uses better products that will establish the consumers in the present market. There should be the introduction of bakery products that are tasty and also at a cheaper price. To make the position of the bakery the company may choose sustaining innovation method and not the disruptive innovation due to the high level of competition that will get the company under limelight. For the betterment of the bakery, there should be the birth of the new business opportunity, which will be through the internal innovation, and implementation of the innovative new ideas for the transformation of the bakery. The larger corporation should encourage the mix of creativity and innovation of the important ideas (Vivarelli, 2012). The factors that are affecting the success of these new ventures are the new practices of the business; the entrepreneurs have to get a better understanding of the sense of urgency, detailed knowledge of the skills and abilities (Scholz, 2015).
The bakery also has to keep in mind the risks involved in the innovation, the methods of the alternative teamwork, which is not easily managed by the controlling systems of the formation of the bakery organization. Thus, the particular structure of the bakery and the efficient management of the culture of the organization turn critical for the creativity of the enlistment and also bring the scope of innovation for the bakery. The further focus of the bakery can be on the idea of the generation, providing a continuous support to the trend of learning and management of risk taking (Trimi & Berbegal-Mirabent 2012).
Conclusion
Thereby this essay provides a discussion on the innovation and entrepreneurship techniques that can be used for the growth of the business. To get the innovation be perfect of the bakery the bakery should focus on to providing support to the changes and the development of handling the conflict that arises. The entrepreneurs help to identify the opportunities for the business and derive economic success of the bakery. These opportunities when are identified can be exploited to determine confidence and speed of the bakery and its employees. The innovation in the business is termed to be the development process and requires for the critical working behind the products and innovation of the plan. The entrepreneur is involved in the process of the manufacture of the bakery products that involves the obtaining of the raw materials and the employee related operations for the bakery.
References
Aaltonen, S., & Hytti, U. (2014). Barriers to Employee-Driven Innovation: A Study of a Regional Medium-Sized Bakery. The International Journal of Entrepreneurship and Innovation, 15(3), 159-168.
Chesbrough, H. (2012). Open innovation: Where we’ve been and where we’re going. Research-Technology Management, 55(4), 20-27.
Crumpton, M. A. (2012). Innovation and entrepreneurship. The Bottom Line, 25(3), 98-101.
Dimitrova, A. (2013) INNOVATION AND ENTREPRENEURSHIP.
Drucker, P. (2014). Innovation and entrepreneurship. Routledge.
McLuskie, P., & McLuskie, P. (2017). Innovation and Entrepreneurship. International Journal of Entrepreneurial Behavior & Research, 23(1), 159-162.
Mohnen, P., & Hall, B. H. (2013). Innovation and productivity: An update. Eurasian Business Review, 3(1), 47-65.
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.
Palmer, J. C., Wright, R. E., & Powers, J. B. (2015). Innovation and competitive advantage in small businesses: Effects of environments and business strategy. Journal of Small Business Strategy, 12(1), 30-41.
Scholz, N. (2015). The relevance of crowdfunding: the impact on the innovation process of small entrepreneurial firms. Springer.
Tidd, J. and Bessant, J., 2015. Innovation and entrepreneurship (No. 3). Wiley.
Trimi, S., & Berbegal-Mirabent, J. (2012). Business model innovation in entrepreneurship. International Entrepreneurship and Management Journal, 8(4), 449-465.
Vivarelli, M. (2012). Entrepreneurship in advanced and developing countries: A microeconomic perspective.
West, J., Salter, A., Vanhaverbeke, W., & Chesbrough, H. (2014). Open innovation: The next decade.
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