Organisation is a complex structure and business is known to be the enabler of organisation. One of the many business processes is innovation. Evolution is one of the factors that comprises of innovation. The competition and economic growth of an organisation is driver of different kind of innovation. Many models explain the innovation. Some of them are discussed in the following text. The sustainability of the innovation factor is also discussed here There is a relation between the creativity factor and innovation (Tidd & Bessant, 2015). Among the Fortunes’ listed most innovative companies are Google, Apple and IBM, which goes by the incremental and radical innovation change (Soriano, & Huarng, 2013). There is also risk in incorporating innovation in business. Entrepreneurship is directly related to innovation capabilities of people (Trimi & Berbegal-Mirabent, 2012). The entrepreneurs are noted to be one among the most creative-minded people in a society. This text analyses the restaurant business in Australia and what are the innovation factor that can be incorporated to this hypothetical business name “Elysium”.
There is different level of innovation in a restaurant business. They are Individual, society and state. Three of the level is simultaneously important. The individual level creativity can be used in organisation level also. The few stages that enable the company to use the creativity of an individual are – Trust management in the staff of the restaurant ; Media of sharing knowledge of marketing and innovation ; Environment that encourages sharing ideas about implementing new process; Good integration and communication strategies; Idea management tools utility; (Franz,, Hochgerner & Howaldt, 2012). Recognition of employees that voluntarily contributes to the innovation process.
The first and foremost idea of innovation will be in the matter of integrating all the departments of the restaurant under a single enterprise recourse planning system. This will ensure the smooth communication among of the stakeholders of business. Evidence based social media platform to reach the food lovers in the region will be a good strategy to check the position of the restaurant for the business (Trimi & Berbegal-Mirabent, 2012). To ensure the development strategy and the business runs for some of the next decades there must be plans that will implemented. The capacity of the restaurants must be regarded for that plan, as the capacity is a major factor to drive innovation.
The next implementation of innovation can be on the business model. Different industries and sectors have different affect on the industry. Business Canvas model is covers the key feature of business (Franz,, Hochgerner & Howaldt, 2012). Identifying the menu of the restaurant and taking a good look in the available resources in the company and what are the trends and what unfamiliar trends can or will be acceptable by the customers can be factor to catch the attention of people. Offering wifi for customers has contributed to the success factor of innovation for Starbucks Cafe (Weissenberger-Eibl & Koch, 2013). The free online ordering system and free delivery system is known to be the cherry on top service for online ordering lovers. The market research will be for website visibility will be good for gathering investors for further innovation in the company.
The sustainability factor of innovation is known as to successful innovation capacity. The triple helix model of innovation focuses on the university-industry-government relation. The quadruple helix, which is an addition to the triple helix, is the culture and media based civil society. Knowledge economy is an enhancement of knowledge innovation, which leads to the transition in the whole economy (Nanda., Younge & Fleming, 2014).. Further, the quintuple helix model here suggests that the sociological transition in ecology, knowledge and innovation is creating synergies among the economy, society and democracy. The sustainable development of this industry is very vulnerable and the feasibility of innovation is in direct proportion with the other factor (Nanda., Younge & Fleming, 2014). The failure of sustainable development example is the effect of global warming and drawbacks or one can say the failure to plan for the sustainable development. Therefore, for the sake of remaining in future industry and ensuring backup plan is necessary for this kind business. 90% of startups in industry like retail, IT and food and restaurant go out of business after five years (Nanda, Younge & Fleming, 2014). The reason for this is identified to be the inexperience in every aspect; bad people management and not controlling the chain of command in the services(Drucker, 2014). The people doing the front-end handling of customers and communicating with the customers must be regarded as an important part of the management process. There are also other factors needs a look out for the owner of the restaurant like proliferation of resource utility. The accounting skills of the people in accounting department must be checked as this is a sensitive area for business (Carayannis & Campbell, 2012).. The spotty customer service is very risky for servicing restaurant and enhancing customer experience must be focused in the same way. Customers are the centre of attention as much of the business prospects depend upon the factor of their satisfaction (Nanda, Younge & Fleming, 2014). The impact that the people will get from the service will ensure the positive visibility of the company and its reputation (Courvisanos & Mackenzie, 2013). There are also some internal and external factors needs to be considered in a innovating the restaurant business model. The political and economical constraints are external, which one has no control over but internal innovation factor in restaurant business can be controlled.
There are also some negative aspects of innovation process. The economical and environmental factorial challenges in innovation. These challenges will also include the financial constraint of a company. The idea may be brilliant but the implementing is not a smooth process to the path of innovation. The political drivers of innovation are known as the natural hindrances to building a creative plan (Carayannis & Campbell, 2012). The copyright and trade marking may protect the idea but copycats and safety measurement of recipes of different attractive foods in menu may not be protected from substitution-oriented industry. Moreover, automation is also threatening every industry as the standard slow food consumption is also rising among the work life oriented people (Landes, Mokyr & Baumol, 2012).
Open innovation theory, the central idea of this theory is that, there is a wide range of knowledge in the economy and it is widely distributed Carayannis, 2013). Therefore, the licensing process of innovation, patents, spin offs are normally taken outside of a particular firms’ are by spin offs, collaborating strategically, joint venturing and other contracts (Landes, Mokyr & Baumol, 2012). The concept is more firm centric, includes creative consumers and communities (Chandra & Leenders, 2012). This is also defined as the paradigm shift between the innovation and related firms and there is involvement of customers, rival companies, and academic institutions, and can be as much a change in the use in management, employment technical and research driven generation (Galindo & Méndez, 2014). This model has some drivers, as if this innovation can be government driven. UK government has a funding in Knowledge Transfer partnership (KTP) as a form of knowledge based partners and collaboration program (Weissenberger-Eibl & Koch, 2013).. This has long supported their initiatives that the government has taken (Soriano, & Huarng, 2013). Others are like product plat forming, idea competitors, customer immersion, collaborative product design and development, innovative networks and innovation in-science (Drucker, 2014). Trade and international investment, portfolio investment stimulates competition, improvises resource media allocation and facilitates distribution of technology. The knowledge partnership will include the extensive of customer relationship management data research. This is also helpful in drawing conclusion on the demography of the customer database (Chandra & Leenders, 2012). There are also different norms that can be executed if the dire need of creativity is there in the organization. Needing to solve the problems and getting ideas to experiment has driven the successful organization to their position (Weissenberger-Eibl & Koch, 2013). Networking and getting perspectives, has also desired outcome needed for promoting innovation in companies (Tidd & Bessant, 2015).
Entrepreneurship is all about grabbing an opportunity, which has been side, eyed by other corporate (Galindo & Méndez, 2014). Establishing a business with the chosen, opportunities are known as surviving the winnowing process, Focus on the regarded opportunity is needed and nature of the entrepreneurship must be adapting(Courvisanos & Mackenzie, 2013). Strategic alignment with the constructive portfolio initiatives requires listing the top to bottom objectives on every aspect (Tidd & Bessant, 2015).
Therefore, from the above text and discussion we can conclude that if a company is needed to be established in a region there are some factors needs to be considered rather ignored. The Innovation is the key to survive and adapt to people’s trends in a restaurant business. The main criteria to stimulate and incorporate innovation and hence entrepreneurship in a startup is to be very open minded about experiment and adaption. This will also ensure benefits of opportunities of more new ideas. The major drivers of growth and development are what make the competition to more interesting in any industry. Innovation may lead to have short-term cost but it have long-term benefits for future. Creativity is a broader aspect to convert and implementing the economy.
Reference
Carayannis, E. G. (2013). Encyclopedia of Creativity, Invention, Innovation, and Entrepreneurship. Springer.
Carayannis, E. G., & Campbell, D. F. (2012). Mode 3 knowledge production in quadruple helix innovation systems. In Mode 3 Knowledge Production in Quadruple Helix Innovation Systems (pp. 1-63). Springer New York.
Chandra, Y., & Leenders, M. A. (2012). User innovation and entrepreneurship in the virtual world: A study of Second Life residents. Technovation, 32(7), 464-476.
Courvisanos, J., & Mackenzie, S. (2013). Innovation and Entrepreneurship. Encyclopedia of Creativity, Invention, Innovation and Entrepreneurship, 933-943.
Drucker, P. (2014). Innovation and entrepreneurship. Routledge.
Franz, H. W., Hochgerner, J., & Howaldt, J. (Eds.). (2012). Challenge social innovation: potentials for business, social entrepreneurship, welfare and civil society. Springer Science & Business Media.
Galindo, M. Á., & Méndez, M. T. (2014). Entrepreneurship, economic growth, and innovation: Are feedback effects at work?. Journal of Business Research, 67(5), 825-829.
Landes, D. S., Mokyr, J., & Baumol, W. J. (Eds.). (2012). The invention of enterprise: Entrepreneurship from ancient Mesopotamia to modern times. Princeton University Press.
Nanda, R., Younge, K., & Fleming, L. (2014). Innovation and entrepreneurship in renewable energy. In The changing frontier: Rethinking science and innovation policy (pp. 199-232). University of Chicago Press.
Soriano, D. R., & Huarng, K. H. (2013). Innovation and entrepreneurship in knowledge industries. Journal of Business Research, 66(10), 1964-1969.
Tidd, J., & 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.
Weissenberger-Eibl, M., & Koch, D. J. (2013). Innovation–Technologie–Entrepreneurship. Gestaltungssystem der frühen Phase des Innovationsprozesses, Karlsruhe.
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