Discuss about the Innovation and Entrepreneurship Capacity.
Innovation is said to a new way of livelihood for the organizations. The Governmental makers of policies in the nations all around the world, not only talk about the innovative capacity but also framing the initiatives of having courage and also implement supplies and resources to give assistance to the innovative culture of the core industries (Drucker, 2014). The Game tube focuses on the promotion of the continuous innovations to make effective video games. This in turn is bringing innovation to the framework of the economy and making the culture of the industries more innovative (Drucker, 2014)
Innovation is considered to be a particular tool of the entrepreneurs which means they exploit the changes as the opportunities for a different business having different services. It has the capability of presenting as disciplined, having the capability of being learned and practicing accordingly (Tidd & Bessant, 2015). The entrepreneurs need to go through the important sources of innovation, the changes and their effect which points out the opportunities for a successful innovation. Also at the same time the entrepreneurs are all needed to know the application of the principles of the successful innovations (Tidd & Bessant, 2015).
It is rather an opportunity of business which finds the chances to do something different and much better with time. An innovation is the process of exploring things in a more better way. It is actually the means of exploiting the opportunity of business. The goods are considered to be made up into three factors such as mental labor, physical labor, capital money and the raw materials (Crumpton, 2012; McLuskie & McLuskie, 2017). The innovation is the combination of these three useful products. The entrepreneurs on the other hand, are known as the key innovators, it is the people who comes across and create the combinations of these important factors and then present these factors to the market for the consumers to assess the factors (Crumpton, 2012). It is a technical concept which describes and assesses the contextual factor. This important factor involves bringing the products into the market in the market. In the last 20 years, innovation has become a driving force in bringing shape to the competition and also making the companies survive (McLuskie & McLuskie, 2017).
The application of the contextual factor in this particular business is to bring certain innovations in the key business of Game Tube Pry ltd includes resilience, Renewal and Revolution.
Through the method of resilience, the company has come up with the new products, the company can reach out to the public and come up with many important products and can make the industry grow stronger. The company can make its product innovative through the innovative process of manufacturing in a much more new way (Trimi & Berbegal, 2012). This can happen also through the production of the new approach of technology which gives an important meaningful basis of the success and which can offer the end users with new forms of benefits. It either would allow them to get the product in a more quality of the consistent manner and which in the end, would give a better service while supplying the product (Trimi & Berbegal, 2012). The innovation also allows the entrepreneurs to not restrict themselves to only one type of innovation but the success of the company can be built on the mixture of innovations. For example: The Game Tube Pty ltd can enhance the quality of the business in a innovative way with a message.
Application of Open Innovation which is considered to be the old model of innovation which is inside the closed system where the company Game Tube can generate their own ideas so that they can accordingly develop and generate their own ideas and manufacture the market. However, in the new model of Innovation, the firm can commercialize the internal ideas through the channels outside their business in order to yield value for their organization. The boundary between the firm and the organization is have to be transparent enough which is ultimately would enable the innovation to flow from one part to another easily (ElNashar, 2014).
The entrepreneurs require its market to sell the products of the video games at the medium prices in order to meet the needs of the customers in achieving mobile games for the Personal computers. The games need higher quality of graphics, sound and also the colour of the retaining viewers through the innovation management software. The players across Australia and New Zealand and the people come together and express their love for the video games (Branson, 2011). Accordingly, the developers can apply the principles of crowd sourcing to their audience and using the innovative management software as an important part of the process of design. There are many ways which have been configured for this purpose Video game players are inspired to participate in the system through the incentives, rewards and certain other techniques which are bringing together both employees and customers to share their perspectives. Ideas which are selected during the rating rage of community can be evaluated by the smaller decision maker groups such as the manager of production or the experts of the company. The game Tube pty ltd. Can utilize this process well and this would further bring the success to the world of beneficial ideas and yielding better results of business (Branson, 2011).
Open Innovation- Customer input- The suggestions can be made by the players and share ideas of the developmental stages which incorporates the design of the character, writing story and visual influences. The developers of the mentioned company can be seen a greater success to the methods of the crowdfunding and which would help to fund their projects (West et al., 2014). The innovation software can bring the changes to the ideas with the implementation of the same thing.
The Game Tube company can get hold of a better understanding of their requirements and opinions through the process of open innovation. This software can permit refined issues to address the audience who are casting polls on the platform of social media.
Maintaining a greater public relations can bring profit to the company which the money cannot buy. It is finally the respect of the company’s customers. It gives an idea that the company has trust and respect for the audience when the audience is open to opinions and views. If the gamers are appreciated, they would like to invest more in the product and purchase more of the products of the company (Dawson & Adriopolous, 2014).
Problem solving: giving a design to the video game is a process based on complexity. There are many forms of instances where the teams of production encounter problems which take weeks or days to overcome those problems and there are issues which cannot be found (Chesbrough, 2012). With the process of innovation, developers of the company must developed an effective way through the means of collaboration to solve the problems which would allow the teams to come together and the best ideas produce out of this innovation process.
The benefits which can be made possible through the software of innovation management but it is not possible for with the vendors of the management of the innovation. The largest suppliers majority provides the social based portal styles platforms, which allows only basic submission of idea and also apply the constraints from the visual design to the permissions of the workflow (Monhen & Hall, 2013). It is important to note that the developers of game choose to utilize the software which would be configured to the needed requirements and must be quite flexible enough to use the software.
Sustaining versus Disruptive Innovation: The target of the sustaining innovation targets the demands of the high end customers with the implementation of the better performance, that all good companies develop to bring improvements in the company. The Game Tube can come across a better marketing strategy that they can sell for the profit margins at a higher rate. The Disruptive innovation incorporates use of better products to establish the customers in the existing markets (Christenson & Raynor, 2013). They introduce products which are not convenient enough and also less expensive. However the companies which sell the products which are considered to be less expensive which appealed to the less demanding customers. However to make its position strong, the video game company can choose Sustaining innovation against the disruptive innovation because it is the higher level of competition which would bring the company under the limelight (Vivarelli, 2012).
For the betterment of the organization, the birth of the new business that is the internal innovation and the transformation of the organization through the innovation of the important ideas that is to say the strategic renewal. A larger corporation that wants to encourage creativity and innovation must enable the new business sector a little amount of freedom while maintaining certain degree of the control of the head quarters (Vivarelli, 2012). The uses of the design of organization must be determined by the important new strategic significance of the business to the corporation. The factors which are affecting the success of the new ventures are new strategy of business, the successful entrepreneurs have the understanding about the sense of urgency, have ideas about the detailed knowledge and also helpful to supplement their skills, abilities and knowledge. It is the understanding of the entrepreneurs for the successful working of the organization and could implement thoroughly about the success of the organization through the process of innovations.
To make the Game tube’s organization more important, the company needs to take the risk of innovation, the practices of the unconventional teamwork which are not easily managed by the control systems of the structure of the organization (Onetti, 2012). Therefore, that particular structure of the organization as well as the effective management of the organizational culture becomes critical to the creativity of mobilization and bringing innovation to the organization. The company further can focus on the related idea of generation, giving support to the continuous culture of learning and the management of taking risk. To bring perfect innovations of the company, the Game tube must focus also support the changes and the process of handling conflict (Onetti, 2012).
It is further responsibility of the entrepreneurs to indentify the opportunities and produce economic success of the organization. It is important for the entrepreneurship to identify the continuous opportunities and exploit the opportunities by having the determination of confidence and speed (Onetti, 2012). The firms might have a few choices to start the business so cautiously that the business does not fail. Corporate culture is inevitable to the creation of the business. The company needs time to be nurtured, takes assistance for the betterment of the company.
Innovation in a company is regarded as the developmental process, it requires the analytical working of the products, designs and operations of plan. The entrepreneur is involved in manufacturing the product which incorporates the obtaining of the materials and staffing operations for an organization.
References
Branson, R. (2011). Virgin’s Richard Branson: Apple boss Steve Jobs was the entrepreneur I most admired, Telegraph, 6 October.
Chesbrough, H. (2012). Open innovation: Where we’ve been and where we’re going. Research-Technology Management, 55(4), 20-27.
Christensen, C., & Raynor, M. (2013). The innovator’s solution: Creating and sustaining successful growth. Harvard Business Review Press.
Crumpton, M. A. (2012). Innovation and entrepreneurship. The Bottom Line, 25(3), 98-101.
Dawson, P., & Andriopoulos, C. (2014). Managing Change and Innovation. Sage Publishing, London, U.K.
Drucker, P. (2014). Innovation and entrepreneurship. Routledge.
ElNashar, Z. Z. INNOVATION AND ENTREPRENEURSHIP. (2014) researchgate.net
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.
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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