Question:
Discuss about the Analyzing the Importance of Innovation.
The main aim of the paper is to increase the understanding of innovation and entrepreneurship in the food sector with proper help of theoretical along with practical approaches of the sustainability along with degree of maturity and complexity. As systematic literature review, the particular paper also aims in increasing knowledge in understanding the previous research wherein relationship between the sustainability as well as models of business in the food sector. This will help in taking a step towards the conceptual framework of the innovation of the model with proper sustainability (Zhou 2015).
Innovation is defined as a proper tool of the process of entrepreneurship through which it is the duty of the entrepreneurs to exploit different kind of changes as prospect in different kinds of business or service. A proper review of the literature helps in revealing that there are studies that deal with structure, strategy as well as process of either entrepreneurship or innovation. However, there are few who deals with conceptual relationship between two of them.
The particular study adopts an approach that is qualitative in nature that helps in exploring innovation presence in the process and actions of entrepreneurship and innovation as well. The literature review will be done on a dairy company named Bulla Dairy Foods wherein in depth interviews were conducted with the senior managers of the respective organization as well. In this particular study, it can be analyzed that both entrepreneurship and innovation has huge role in the generation of innovative strategies of the organizations as they are complementary in nature and they need the support of one another as to generate fruitful results in the future as well.
The conceptual framework between the innovation as well as entrepreneurship has been properly discussed in the literature for few years. According to Soriano and Huarng (2013), innovation is the process through which the firms master and gets into proper practice of designing of the different products along with process of manufacturing that are new in nature for the firms.
As Anderson, Poto?nik and Zhou (2014) have properly observed that innovation is a process that includes three elements such as infrastructure, capital along with entrepreneurial capacity that will help in making them work. Furthermore, the innovation has to address the needs of the market with proper help of entrepreneurship, as this will help in achieving success. According to Galindo and Méndez (2014), innovation is complex processes wherein the needs are not properly recognized along with the core competences become the rigidity. Innovation can face barrier that is related to the information network that is closed and insulated from the different new ideas.
Wright (2014) considers that the entrepreneurship is the activity that requires proper innovative ideas as well as strategies that will require introduction of new product or process that will help in generating process of destruction. Furthermore, innovation is the process wherein it helps in initiating as well as implementing innovative strategies as well (West and Bogers 2014).
Secondly, the entrepreneurs take the entire advantage of the profit(Read et al. 2016). Read et al. (2016) and West and Bogers(2014) are of same view that the entrepreneurs in the business tries to take advantage of the profit that has been generated, however, contrary to the viewpoint of DeMassis, Frattini and Lichtenthaler (2013).De Massis, Frattini and Lichtenthaler (2013) comments that the entrepreneurs try to learn from the mistakes that have been committed by them in the past and corrects it by providing equilibrium in the market.
According to Carraher and Paridon (2015), the elements that are uncertain in nature have to be properly taken into account. Demil et al. (2015)helped in distinguishing the relationship between risk as well as uncertainty, wherein he believes that uncertainty is the factor that has to be considered important in the field of the entrepreneurs. It is the duty of the entrepreneurs to consider the uncertainty and adopt proper decisions as well. The profits that are generated are the rewards that are taken by entrepreneurs as they take uncertainties.
According to Lisetchi and Brancu(2014), both productive as well as non-productive entrepreneurs has to be considered. From the viewpoint of Kerr (2013), the entrepreneurs are creative as well as ingenious in nature that searches for the most effective as well as appropriate means that will help them in increasing the wealth, prestige as well as power. The environment that is existing n nature is another important influence on the decision of the entrepreneurs (Autio et al. 2014).
It is interesting in nature to take into account the perspective of (Kuratko 2016). Kuratko(2016) commented that innovation is the process that is in the heart of the activities of entrepreneurship and innovation is the main reason that helps the entrepreneurs to carry out the different activities. Lastly, innovation is the main reason wherein the strategic growth of the entrepreneurs along with the organization is considered(Chaston 2017).
During the last few decades, the systematic reviews are widely adopted formats that will help in presenting the reviews that are focused on the existing literature. However, the literature review that is systematic in nature helps in generating strong emphasis on the assessment of the quality that includes high level of reliability as well as validity.
In this particular literature review, the main aim of the reliability was to address different procedural steps of performing literature review that was presented by (Kuratko, Hornsby and Covin 2014). Furthermore, the research work that is ongoing in nature will be presented at different seminars as well as conferences that will help in enabling the researcher to comment on the work-in-progress(Galindo and Méndez 2014).
The literature review helps in focusing on the model of business that will help in development of knowledge of complexity as well as maturity in Bulla Dairy Foods. Perceptions of innovation and entrepreneurship helped in summarizing the responses that has been obtained from interviews. The analysis is based on the articles that help in revealing practical, empirical as well as theoretical approaches and contributions. The interview questions were asked to the managers of different departments in Bulla Dairy Foods Company and the different articles are presented in the Appendix.
Firstly, the business model concept was studied in the last few decades as this has been discusses in the introduction section but the different concepts have fairly new kind of meaning in the respective company. The respective company needs to adopt strategies in order to introduce a new product or service along with different strategies in the business. The findings from the present study help in understanding the concept of entrepreneurship paradigm that is supported by Chetty et al. (2014), along with the concept of entrepreneurship and innovation that did not exist previously (Chesbrough, Vanhaverbeke and West 2014).
Similarly, innovation is the next proposition that has been considered with the help of studies. Innovation is considered as the process that is permanent in nature in Bulla Dairy Foods Company, Melbourne. Innovation is the process that is not limited to the stage of creation; it is the process that will continue will be pursued as well. Furthermore, regardless of the industry and size, Bulla Dairy Food Company has to engage in process of incremental innovation. However, there is a contradiction in the view of Etzkowitz and Zhou (2017), he suggested that there is strong correlation between potentiality of innovation as well as creation of the companies that are new in nature. The small ventures help in producing innovations as well as bring proper innovation to the respective market quickly than the other companies as well.
The continuous innovation pursuit has underpinned the growth of the respective company lean towards the entrepreneurial attitude of innovation. In the particular perspective, the entrepreneurship activities help in taking up different opportunities and create opportunities as well (Chatterji, Glaeser and Kerr 2014).
According to the director of the respective company, the keys to success of the company are the uniqueness as well as creativity in providing their customers proper goods and services that are highly tailored in nature. Furthermore, in adopting those, the respective company needs to develop a strong as well as accurate culture of the process of innovation. Being creative as well as unique in nature are the basic criteria for recruitment and motivation of the staffs. Innovation is the responsibility of the individuals and it acts as a source of job satisfaction of the employees as well. In order to win the win contract that are bigger in nature along with the new customers, the organization is exploring new ways as well as different approaches of performing things “doing such activities that the other organizations do not do”. These are the different examples that help in understanding that innovation is a continuous process in different organizations. It is also seen that innovation as well as entrepreneurship are complementary to one another in order to generate proper performance in the business.
Furthermore, the third proposition is regarding the issue of the innovation process that is ambiguous in nature. The organizational as well as national culture has huge influence in the entrepreneurship level along with the innovative strategies in the different organizations. The primary determinant of innovation as well as entrepreneurship is the culture and it has huge impact on the innovation as well as entrepreneurship development. There is different conduct through which culture of the organization has been analyzed in the literature. It can be defined as the deeply rooted values as well as the norms that the public shares in different organizations.
The culture of the organization can affect the different levels of innovation as well as entrepreneurship through the process of socialization that has huge influence on the behavior of the individuals at workplace through different policies, procedures and structures that are perfectly shaped with the help of values as well as the beliefs of the organization. Carland and Carland(2015) commented that innovation of the environment as well as the culture helps in driving value creation in the organization. Boons and Lüdeke-Freund (2013)generally emphasized in providing appropriate importance in the culture of the organization that will help in developing effective innovative as well as entrepreneurial behavior in order to address the dynamics of the market.
However, concerning empirical plan, Galindo and Méndez (2014) found there are 400 employees in 20 SMEswherein there was no direct correlation between the performance of the business andinnovation. It seems that when the environment that is competitive in nature became dynamic, the earnings of the company were increased with the help of the culture(Galindo and Méndez 2014). With the results of the present study, the companies were inconclusive about the importance of the culture of the performance of the organization that is innovative in nature as well.
Furthermore, there is a proper need in order to access the respective company that have developed organizational culture that helps in promoting as well as rewarding new ideas of performing the business properly. There are different elements regarding the structure of the management along with the hierarchy of the organizations as well with proper affect of innovation as well. All the companies in Melbourne were particularly engaged into different kind of activities wherein different resources are allocated in order to share similar strategic vision with respect to both entrepreneurship as well as innovation in the organizations. Furthermore, the companies shared an open attitude towards the new ventures as well as ideas that will help them in creating proper innovativeness in the process of entrepreneurship in the different organizations. The different findings have similar ideas as well as concepts to the ones of Galindo and Méndez (2014), who helped in exploring accurate and proper relationships among the size as well as the implementation of technology in the organization as well as the culture of the organization as well with the proper survey of more than 30 Australian dairy companies. It was also seen that there are different common areas of technological implementation between the small as large businesses and even between non-hierarchical as well hierarchical organizations.
Over the last few decades, entrepreneurship has received proper establishment in the legitimate field of the managerial as well as research practice. However, due to abundant increase in the literature, there is no unanimous definition of both innovation as well as entrepreneurship in a community and such concept is even used often loosely (Galindo and Méndez 2014). Therefore, there is large amount of perspectives of entrepreneurship and some of the definitions are as follows:
“Entrepreneurship is defined as the study of practice of the entrepreneurs along with their activities and characteristics and the social effect of the behavior along with the different modes of the support that are properly available in order to facilitate proper activities that are entrepreneurial in nature”.
In the narrow sense, entrepreneurship is defined as capturing ideas and then converting them into different products as well as services in order to create and build a venture to take the entire products and services into the market (Galindo and Méndez 2014).
In fact, entrepreneurship is the multidimensional reality wherein the reality is difficult to identify. Innovation is the process that involves human agency wherein opportunities are provided to the individuals to pursue the objectives, as there are many researches on entrepreneurship that focuses on cognitive aspects only wherein the individuals entrepreneurs helps in recognizing the different opportunities for the creation of proper business (Qian 2013). Similarly, there are different ventures that are initiated in established corporations, a proper as well as large segment of the research focuses on corporate entrepreneurship (Dentchev et al. 2016). Galindo and Méndez (2014) commented that established corporations helps in focusing broadly on the concept of entrepreneurship that includes activities related to corporate innovation as well.
Furthermore, it can also be argued that value intention is the essential block of building that helps in development of the sustainable innovation in the model of the business in the entire food sector. The companies in the food or dairy industry have various accurate as well as unique characteristics wherein the owners that the organizations are going to survive for indefinite future and this will help in proper growth as well as increase in the revenues of the organization as well. In order to create value intention in the conceptual framework proper owner as well as manager relationship has to be created as this will help in presenting important insights of the trade offs and other barriers when the ambitions of growth is addressed that are based on the economic, environmental as well as social aspects.
Conclusions and Implications
Therefore, the empirical study helped in exploring different synergies between the innovation as well as entrepreneurship through a proper review of the literature in the field and proper interviews were conducted in this particular field as well with 10 entrepreneurial as well as innovative organizations in Australia. There are different main findings that are as follows:
The study also helped in understanding that innovative as well as entrepreneurial organizations that are studied in the research are facing tremendous issues with the implementation of innovation as well as entrepreneurship. As innovation as well as entrepreneurship is the behaviors that are systematic in nature, proper as well as systematic efforts are necessary in nature into the different operations of the organizations that has to be performed by them. Innovation as well as entrepreneurship is regarded as the ongoing process as well as the everyday practice of the different organizations. The particular paper has even helped in enlightening the attitude of innovation of the different dairy food companies in Melbourne as well. It is also apparent in nature that the issues that are based on culture or the cultural issues has to be properly ascertained and addressed when proper examination is done on the levels of innovation as well as entrepreneurship. Furthermore, more comprehensive as well as systematic studies are required and it is essential in nature for the future in order to study the influence of the innovation culture on the performance of the organizations.
Lastly, the innovation and entrepreneurship are complementary in nature and both can prosper in the future with proper implementation of both the things, as these are required in the organization for generating proper success in the organizations as well.
References
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Carraher, S.M. and Paridon, T.J., 2015. Entrepreneurship journal rankings across the discipline. Journal of Small Business Strategy, 19(2), pp.89-98.
Chaston, I., 2017. Entrepreneurship. In Technological Entrepreneurship (pp. 1-24).Springer International Publishing.
Chatterji, A., Glaeser, E. and Kerr, W., 2014. Clusters of entrepreneurship and innovation. Innovation Policy and the Economy, 14(1), pp.129-166.
Chesbrough, H., Vanhaverbeke, W. and West, J. eds., 2014. New frontiers in open innovation. Oup Oxford.
Chetty, S.K., Partanen, J., Rasmussen, E.S. and Servais, P., 2014. Contextualising case studies in entrepreneurship: A tandem approach to conducting a longitudinal cross-country case study. International Small Business Journal, 32(7), pp.818-829.
De Massis, A., Frattini, F. and Lichtenthaler, U., 2013. Research on technological innovation in family firms: Present debates and future directions. Family Business Review, 26(1), pp.10-31.
Demil, B., Lecocq, X., Ricart, J.E. and Zott, C., 2015. Introduction to the SEJ special issue on business models: business models within the domain of strategic entrepreneurship. Strategic Entrepreneurship Journal, 9(1), pp.1-11.
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