The purpose of this task is to provide overview about the activities of the company Boeing with relation to the field like innovation and entrepreneurship (Friend, Arroyo, & Hansen, 2016).
Boeing is a manufacturing company which provides assistance to airlines companies. This company provides aircrafts, satellite, rotorcrafts etc. products worldwide
Boing was originated in the year 1916 with an aim to sell designed products to the airlines companies (Boeing, 2018).
The organization does not provides airlines services to people but assist such organizations.
The company is the largest supplier of these products in United States in terms of dollar value.
Boeing is headquartered in Chicago and the company is currently led by the CEO Dennis Muilenburg.
The organization has five primary divisions namely, Boeing Defense Space & Security, Boeing Capital, Boeing Commercial Airplanes, Boeing Shared Service group and Boeing engineering, Operations & Technology.
Further the fact shall be noted that the company is ranked on the 25th place in World’s Most Admired Companies list.
Innovation refers to the process of initiating activities in such a way that it differentiates from other activities of the competitors.
Under this process a new idea is created which increases the efficiency of the company on a whole (Banerjee, 2017).
Also innovation helps an organization to identify them and gain a competitive advantage in the market.
In order to sustain in any business, renewal is the key strategy which helps them to rise above the competition in the market.
So, it is the nature of innovation that it keeps on changing the strategies of business which makes it competitive in the market.
In an organization, innovation is linked to the concept of creation of positivity, productivity and competitiveness in the organization.
Innovation helps an incompetent organization to gain competitiveness in the market. With the three levels of innovation, an organization renews that old and orthodox policies and strategies (Ko, 2017).
Sustaining innovation refers to the process of innovation under which an organization creates products while considering the environmental, social and sustainability issues prevailing in the market.
Boeing organization aims to use the sustaining innovation in their process so as to reduce the environmental issues (Alemany, et. al., 2017).
The management of Boeing shall understand the norms to promote creativity and innovation in the organization.
Both the aspects require risk taking and teamwork practice in their process so, the organization shall focus on the risk and adequately apply them in the organization so that multiplicative returns are mad for the company (Jennejohn, 2016).
Further, the six key norms of innovation are discussed below:
A focus on Idea Generation
Supporting a Continuous Learning Culture
Risk taking
Tolerance of Mistakes
Supporting Change
Conflict Handling
Entrepreneurship refers to the act of designing and running the business in a way that it increases the profit margins in the market and increase the efficiency as well.
Entrepreneurship without innovation is a difficult task.
Entrepreneur is a person who gains competitive advantage for their business with the use of innovative techniques.
An entrepreneur is person to takes risk and uses their resources efficiency to produce output for the organization.
An entrepreneur uses all the available resources and applies them in the regular activities to the business so that efficiency is achieved.
Innovation is very important in entrepreneurship (Abou-Ras, et. al., 2017).
There are ways in which the entrepreneurs of Boeing initiated the process of entrepreneurship in the organization that are:
They created climate which supported the regular search of opportunity in the market.
They framed the future of the organization, like what amount of profits they want to earn till next year etc.
Next process was the opportunity register under which the entrepreneur stocked the available opportunities with the use of which they can gain in the market.
The focus strategy of entrepreneurs limited the risks in the company and improved the innovation as well (Grace, et. al., 2016).
Lastly, the entrepreneurs of the planned the milestones and achieved them in the external market.
The company being placed in an Aerospace and defense industry need to be technologically updated and innovative in the actions which they perform.
With respect to that the entrepreneurs of the company have launched Boeing AnalytX and Boeing HorixonX to aid the companies with its efficient products (The News Minutes, 2017).
The entrepreneurship of the company said that starting an airline business is tough. But the fact that helped the company to achieve heights is its innovative technological appliances. The company successfully overcome the challenge of competition and high cost of material ad capital and makes the business profitable (Bruckner, et. al., 2016).
Start-up Boeing is an initiative which helps the entrepreneurs to launch their new airlines as well.
On comparing both the aspects, it shall be noted that innovation is broader concept than entrepreneurship. An entrepreneur cannot sustain its business activities in the market without using innovation.
Innovation is the basic feature which helps a business to run in long run. So, an entrepreneur cannot survive in the market without innovation. And innovation can only be done with the help of an entrepreneur only (Mok, 2015).
Boeing’s vision for their aircraft Dreamliner was to provide advanced services and efficiency in operation.
But the company was unable to cope up with innovation in their project. The management solved the issue by using their entrepreneurship skills and turning risks into opportunities (Gaughan, et. al., 2017).
Thus, it shall be recommended to the company to focus more on their entrepreneurship skills, so that the organization can adequately use innovation.
Further, the company shall focus on sustaining innovation rather than disruptive innovation as it will help them to achieve success.
Conclusion
In the limelight of above mentioned events it shall be noted that both innovation and entrepreneurship are important aspects of the business process of Boeing. The company shall use the activities for the promotion of their image in the target market.
References
Friend, R. B., Arroyo, C., & Hansen, J. (2016). Big Missions, Small Solutions Advances and Innovation in Architecture and Technology for Small Satellites. In AIAA SPACE 2016 (p. 5229).
Banerjee, A. (2017). Background Note: Standard Essential Patents, Innovation and Competition: Challenges in India. IP Theory, 7, 1.
Fabris, J., Roughley, D., Poursartip, A., & Maine, E. (2017). Managing the technological and market uncertainty of composites innovation: a case study of composites manufacturers in Western Canada and interventions by a translational research centre. Translational Materials Research, 4(4), 046001.
Ko, C. (2017). Economic Analysis of Strategy Risk and Transaction Cost: The Case of an Air Transportation Company. In Management Of Innovation Strategy In Japanese Companies (pp. 229-244).
McClellan, M., Feinberg, D. T., Bach, P. B., & Teeter, D. (2016). Payment Reform for Better Value and Medical Innovation.
Alemany, M. A. G., Juliana, J. M., Pantiga, J. D. G., Arenas, J. O., Cocho, F. P., LANTERO, A. C., … & Castro, A. F. (2017). U.S. Patent No. 9,758,352. Washington, DC: U.S. Patent and Trademark Office.
Jennejohn, M. (2016). The private order of innovation networks. Stan. L. Rev., 68, 281.
Jiang, H. (2015). Trends in fleet and aircraft retirement. Boeing. June.
Margis, P. A., Depner, C. A., Izadyar, M., Lopez, O., Kim, S., Tomita, K., & Mitsuhiro, T. O. S. A. (2016). U.S. Patent Application No. 29/503,196.
Alemany, M. A. G., Pantiga, J. D. G., Fernandez, E. G., Juliana, J. M., Garcia, A. P., Cocho, F. P., … & FERNANDEZ, I. M. (2017). U.S. Patent No. 9,776,833. Washington, DC: U.S. Patent and Trademark Office.
Abou-Ras, D., Wagner, S., Stanbery, B. J., Schock, H. W., Scheer, R., Stolt, L., … & Tiwari, A. N. (2017). Innovation highway: Breakthrough milestones and key developments in chalcopyrite photovoltaics from a retrospective viewpoint. Thin Solid Films, 633, 2-12.
Morgan, C., Wilkinson, R., Sanchez, M., & Sink, S. (2015, January). Enhancing Innovation in Operational Excellence Programs. In IIE Annual Conference. Proceedings (p. 1). Institute of Industrial and Systems Engineers (IISE).
Friend, R. B., Arroyo, C., & Hansen, J. (2016). Big Missions, Small Solutions Advances and Innovation in Architecture and Technology for Small Satellites. In AIAA SPACE 2016 (p. 5229).
Banerjee, A. (2017). Background Note: Standard Essential Patents, Innovation and Competition: Challenges in India. IP Theory, 7, 1.
Fabris, J., Roughley, D., Poursartip, A., & Maine, E. (2017). Managing the technological and market uncertainty of composites innovation: a case study of composites manufacturers in Western Canada and interventions by a translational research centre. Translational Materials Research, 4(4), 046001.
Ko, C. (2017). Economic Analysis of Strategy Risk and Transaction Cost: The Case of an Air Transportation Company. In Management Of Innovation Strategy In Japanese Companies (pp. 229-244).
McClellan, M., Feinberg, D. T., Bach, P. B., & Teeter, D. (2016). Payment Reform for Better Value and Medical Innovation.
Alemany, M. A. G., Juliana, J. M., Pantiga, J. D. G., Arenas, J. O., Cocho, F. P., LANTERO, A. C., … & Castro, A. F. (2017). U.S. Patent No. 9,758,352. Washington, DC: U.S. Patent and Trademark Office.
Jennejohn, M. (2016). The private order of innovation networks. Stan. L. Rev., 68, 281.
Jiang, H. (2015). Trends in fleet and aircraft retirement. Boeing. June.
Margis, P. A., Depner, C. A., Izadyar, M., Lopez, O., Kim, S., Tomita, K., & Mitsuhiro, T. O. S. A. (2016). U.S. Patent Application No. 29/503,196.
Alemany, M. A. G., Pantiga, J. D. G., Fernandez, E. G., Juliana, J. M., Garcia, A. P., Cocho, F. P., … & FERNANDEZ, I. M. (2017). U.S. Patent No. 9,776,833. Washington, DC: U.S. Patent and Trademark Office.
Abou-Ras, D., Wagner, S., Stanbery, B. J., Schock, H. W., Scheer, R., Stolt, L., … & Tiwari, A. N. (2017). Innovation highway: Breakthrough milestones and key developments in chalcopyrite photovoltaics from a retrospective viewpoint. Thin Solid Films, 633, 2-12.
Morgan, C., Wilkinson, R., Sanchez, M., & Sink, S. (2015, January). Enhancing Innovation in Operational Excellence Programs. In IIE Annual Conference. Proceedings (p. 1). Institute of Industrial and Systems Engineers (IISE).
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