Innovation is considered as the application of new approaches to get a better solution to meet the new requirements of an organization. Innovation leads an organization to fulfill the needs of the existing market and unarticulated needs (Rayna & Striukova, 2016). The business organization brings innovation by developing the more effective product, service, and technologies in their business. The term innovation is associated with the development of original and more effective ideas. Bringing innovation in an organizational operation or productivity allows the organization to gain competitive advantages in the market. Entrepreneurship refers to a position of a person that is able to gain success in the business. However, the entrepreneurship and innovation are related to each other as entrepreneur brings innovation in the existing product, service or system to make the change in the business to achieve the profit. This study deals with the importance of innovation and entrepreneurship in the context of Bubble Cup Store that is a beverage shop situated in Melbourne.
This study aims to determine the significance of innovation and entrepreneurship in the context of Bubble cup store. The scope of study includes the opportunity for the organization to maximize their business performance through bringing innovation in their product feature and the operation process.
An entrepreneur needs to understand the nature of the innovation in order to bring improvement in their business. However, innovation is categorized into sustaining and disruptive innovation (Dentchev et al., 2016). Sustaining innovation focuses on the current performance level while disruptive innovation makes changes on the basis of the competition. In the context of Bubble cup store sustaining innovation strategy will be helpful for them to reduce the competition in the global market. However, it is essential for the entrepreneur to identify the features of the disruptive and the sustaining innovation in order to improve their business performance. Sustaining innovation focuses on the development of new products that are better from the previous. However, Bubble cup store can improve their product feature by using sustaining innovation by incorporating new features in their product. Sustaining innovation leads an organization towards the progress over the time. Open innovation is another model of innovation through which an organization commercializes its internal ideas by using channels that are present outside of their business (Prajogo, 2016).
Innovation refers to the creativity rather than the business. This method gives the opportunity to a business to do something new in their existing service to meet the demand of the current market (Visnjic, Wiengarten & Neely, 2016). Capital money and the hard work are the major two factors of the innovation in order to bring development in the product feature. However, entrepreneurs are the people who make a combination of such two factors to incorporate new components in an existing service. Six key factors are involved in bringing innovation and the promote creativity in an organization. One of the most important key factors is idea generation. However, for the innovation in the product or service of Bubble cup store development of the new idea is required as it enables the organization to prepare a framework of their new innovation.
Bubble cup store is a beverage shop which is going to offer nonalcoholic beverage that is based on grain and vegetables. Therefore, they focus on the non-thermal method to on the processing of such beverage in order to retain high-quality nutrients and minerals in this product. This new innovative idea has been generated by this organization through the mental labor of their innovators. The next key factor is to provide continuous support to the innovator to give shape the newly generated idea (Prajogo, 2016). In the context of Bubble cup store, the entrepreneur needs to give continuous support to the employees to establish such innovation in their organization to improve their product. Learning culture is another factor of the innovation, however; to give shape an innovative idea it is important to establish a good learning culture in an organization that encourages the employees to implement new innovation in their service. Hence, the entrepreneur of Bubble Cup store needs to provide a good learning culture to the employees to improve their existing skill through which they can bring innovation to this organization.
Risk taking is the crucial element of the innovation as innovation means new implementation that may leave the positive and negative effect on the organization (Linton & Solomon, 2017). In the context of Bubble cup store, they are going to offer non-alcoholic beverage in their product, which may lead the organization to face the high cost in the production process. In order to bring such innovation in their product, this organization has to take such risk, which enables them to gain competitive advantages in the market. During the innovation, the internal and the external stakeholders should tolerate the changes as changes are the part of innovation. Therefore, mistakes can be taken place during innovation that needs to overcome by the stakeholders to give shape their innovation. Apart from this occurrence of the conflicts is the common phase of the innovation (Huhtala, Vaniala & Tikkanen, 2016). Conflicts may occur between the employees while doing collaborative work. However, in the context of Bubble store the innovator generates to offer non-alcoholic beverage that is made of vegetables and grains. Hence, such innovative idea may be supported by some employees while some employees can disagree with this innovative thinking. Therefore, due to lack of proper communication between the employees misunderstanding creates between them, as a result, the innovation often affected.
Innovators play the major role in the innovation process as for example, they draw a relationship between the problems and the ideas (Chesbrough, 2017). Therefore, they take the challenges and observe the behaviors of the consumers and the position of the competitors before generating the new idea in a business. The innovator of the Bubble Cup store develops a network in order to meet with the different stakeholders of their organization to generate different ideas regarding the business of such organization. However, it is important for the organization to hire a strong innovator that is able to exhibit new idea, which will lead the business towards the success.
Entrepreneurship and innovation are related to each other to bring drastic changes in an organizational system or product feature (Castaño, Méndez & Galindo, 2016). However, innovation is applied by the entrepreneur in an organization to make changes and bring opportunity to achieve profit. Entrepreneur focuses on the high potential business opportunity. The practice of an Entrepreneurial leader is different from the normal leader. The work of an entrepreneur consists of setting a working climate, identifying the opportunity and leading the specific venture forward. In order to establish the innovative idea of the Bubble Cup store, entrepreneurship is vital for such organization. However, to give shape the new innovative idea in this organization a proper working culture is mandatory. Hence, the entrepreneur will be responsible to establish a positive working culture in this organization.
The entrepreneur needs a proper market to sell their new innovative product (Castellacci et al., 2016). However, for the Bubble Cup store, they are going to develop non-alcoholic beverages based on vegetable and grain that will fulfill the demand of the health conscious people in Australia. Before innovating any process it is crucial for the entrepreneur of the business to carry out a market analysis in order to understand the current demand of the market. The idea of the production of non-alcoholic beverages in the Bubble cup store will be effective for such organization to increase the number of health conscious customers, which also increases their profitability in the Australian beverage industry.
Innovation is beneficial for the entrepreneurship as entrepreneurship is associated with the financial development and makes the economy afloat (Silva, Styles & Lages, 2017). Entrepreneur serves as the innovator of the economy in an organization rather than an investor. The importance of the innovation in the entrepreneurship can be ensured by generating new ideas or solution in the context of any product and service. In order to maximize the longevity of the business of Bubble cup store innovation should be incorporated in the entrepreneurship. Entrepreneurship identifies the needs within a community and comes up with a proper solution by developing the innovative idea (Castaño, Méndez & Galindo, 2016). Entrepreneur seizes the scope in an organization to innovate something new in an existing process in order to make the lives of the people more comfortable. However, the entrepreneurs of the Bubble cup store should be kept themselves abreast according to the present market trend and this organization needs to innovate new features in their product without compromising the quality of the product. Hence, for the Bubble Cup store innovation in entrepreneurship will enable them to change over the time by developing their product to gain a better position in the global competitive environment.
Conclusion
This study evaluates the significance of the innovation and the entrepreneurship in the context of Bubble cup store. This is a beverage shop and going to launch non-alcoholic beverages for the customers who are health conscious. Hence, it is important for such organization to understand the current needs of the market before their innovation and it is associated with the profitability and reputation of the organization. It can be concluded that entrepreneur uses the innovation to bring opportunity to an organization and to make changes in the existing system. Hence, innovation is important for the entrepreneurship to improve the image of their organization in the global market.
References
Castaño, M. S., Méndez, M. T., & Galindo, M. Á. (2016). Innovation, internationalization and business-growth expectations among entrepreneurs in the services sector. Journal of Business Research, 69(5), 1690-1695.
Castellacci, F., Gulbrandsen, M., Hildrum, J., Martinkenaite, E., Simensen, E., & Tveito, V. (2016). How Does Innovation Differ across Business Functions? Employee-level Analysis of a Multinational Company (No. Silva, G. M., Styles, C., & Lages 20160321). Centre for Technology, Innovation and Culture, University of Oslo.
Chesbrough, H. (2017). The Future of Open Innovation: The future of open innovation is more extensive, more collaborative, and more engaged with a wider variety of participants. Research-Technology Management, 60(1), 35-38.
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