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Importance of Innovation and Entrepreneurship

Question:

Discuss about the Building Organisational Culture and Creativity.

In the face of increasing level of competition in the modern corporate world, it has become a necessity for businesses to devise strategies aimed at increasing efficiency and productivity in order to enable them to stay ahead of their competitors. Among these strategies, innovation has been the major area of focus for organizations. Innovation is the process through which ideas are translated into goods or services for which customers can pay. Such an idea must have an economic cost and satisfy a specific need. Entrepreneurship, on the other hand, refers to the ability and willingness to develop and organize a business venture with an aim of making a profit for the business (Krishna & Swathi, 2013, 2(5).). The focus of this report will be on how Bunnings can utilize entrepreneurship and innovation to improve its operations. The report will explain key details and access the impact of adoption of innovation and entrepreneurship, explain the major contextual factors and finally offer recommendations.

The modern economy is made up of business and enterprises that have been tasked with the responsibility of meeting community needs. The environment in which businesses operate in has been quite dynamic and therefore there has been a growing need for businesses to adapt to these changes in the environment for them to be able to survive and sustain the economy. Among the major external environment factors that have caused the increase in the level of innovation has been the increase in competition. Competition has made businesses to adopt alternative strategies to retain their competitiveness. The increase in technological advancements has also made businesses to embrace innovation and entrepreneurship in order to sustain themselves. This has also been facilitated by the desire by organizations to improve their overall performance as well as be in a position to provides solutions to issues such as environmental Pollution (Ozgur,2015).

Bunnings can draw a lot of advantages and disadvantages by adopting creativity and innovation. Innovation facilitates best ideas to be brought to reality, it is also a combination of new ideas and values and enables an enterprise to become competitive Baregheh, Rowley, & Sambrook, 2009, 1323-1339  defined innovation as a process with many stages trough which organizations create new improved products, services or processes from ideas, with an intention of differentiating themselves from other competitors in the market. Without innovation, an enterprise, as well as its products and services, are likely to become obsolete. Research has found that organizations that adopt innovation in their operations thrive more in the market than those that do not. Innovation enables organizations to take advantage new opportunities in the market (Krishna & Swathi, 2013). The major importance of this factor will have on the company will be that it will enable it to remain relevant by providing products that are in line with the prevailing needs of the consumers. It will enable the organization's products and services to keep up with the current trends in the market. Regardless of the market scope in which an organization operates, the modern global setting has made innovation and entrepreneurship a necessity for gaining a competitive advantage. The company can, therefore, be able to gain a competitive advantage over its rivals through innovation and entrepreneurship (Krishna & Swathi, 2013).

Impact of Innovation and Entrepreneurship on Bunnings

The organization can improve its productivity through innovation and entrepreneurship. An organization that encourages employees to be innovative tends to have a motivated and engaged workforce .It also contributes in creating autonomy among the workforce which translates to job satisfaction among the employees. The impact of this is that it will promote teamwork at the workplace and make employees more involved in the organization strategy and objectives which will make the organization more productive (Audretsch, 2011).  Apart from that, the organization can also be able to improve efficiency in its operations. Innovation provides an opportunity for the invention of new strategies that can help reduce the amount of time spent in major operations and facilitates reduction of resources used. Saving of resources and time can help the organization to significantly improve its profit margin (Drucker, 2015, 22-23)

The two also lead to the development of internal capabilities of a business in terms of its human and technological resources which is necessary especially in the face of modern competition. By adopting innovation and entrepreneurship the organization can be in a position of improving its strategy by adopting a more effective and competitive and effective strategy in its operations. This is made possible due to the fact that trough innovation and entrepreneurship, the organization will be able to adopt better technologies and improve the competencies of their employees. The organization can, therefore, use innovation to come up with new hardware products in order to meet the consumers changing needs.

An organization operates in both internal and external environments .These environments play a significant role in shaping the direction for the organization based on the prevailing circumstances and current trends in these environments (Ozgur,2015). While internal environments factors are the factors from within an organization which have the ability to affect the organization external factors are the factors from outside the organization which can affect its operations. Contextual factors refer to the characteristics of Businesses’ Internal and external environments such as uncertainty or risks, legislations, technological changes and dynamic nature of the environment.

The need to increase efficiency and improve business performance has seen many technological changes especially in the world of business. A change in technology refers to the improvement in the efficiency of a product or process that leads to an increase in the output without alteration of the input. It is also the invention of technologies, their improvement and their incorporation in particular industry as a whole. Technological changes can have major impacts on business structures and strategy by facilitating adoption of more competitive and effective business practices (Ozgur, 2015). Technological changes have facilitated modification of business process which has translated in increased efficiency in major business operations. Technology has also allowed beyond boarded collaborations and communication through the major changes it has borough to the communication sector. Technological changes have also facilitated the creation of virtual organizations.


As a result of the creation of virtual organizations, it has been possible for organizations diverse teams to collaborate and work together as a team irrespective of their physical location (Bessant & Tidd,2015). Business processes have also been simplified as a result of technological features such as video calling, instant messaging tools and Cloud Computing. The overall impact of this has been increased organizational; productivity and efficiency. Work in organizations has also been revolutionized as a result of technological changes. Inventions such as smart phones and tablets have reduced the need for memos faxes and phone calls in many organizations through their email features. They have also enabled people to connect to their workstations even when they are out of their offices. Additionally, features such as cloud computing which have replaced PCs as mediums of storage of information have increased accessibility of information. Technology has also changed how business connect to their customers by facilitating the use of social media platforms such LinkedIn, Facebook and twitter ( Ozgur, 2015).

Improving Productivity through Innovation and Entrepreneurship

Legislation in this context refers to laws or a body of laws that set by the government and approved by parliament to govern the operations of businesses. There are various laws which operate in a global environment or within a particular country that have been set to regulate how organizations operate (Bridegam, 2010).  This legislation have hand significant impact on business strategy. Regulatory laws such as environmental have made organizations to adopt strategies that have minimal impact on the environment. These laws have been applied in both local and international business Context. This has also been informed of labor laws which have changed business strategies with regard to recruitment and selection of employees, treatment of employees, occupation, and health of employees as well as child labor protection (Sharma,2016, 2078-2085).

Conclusion

In conclusion innovation and entrepreneurship have continued to be major areas of focus for organizations. Among the importance of innovation is increased productivity and efficiency in operations hence giving the organization a competitive advantage. It can also improve the internal and external capabilities of the organization. Some of the contextual factors that impact business strategies and structure include technological changes and legislations. The two have large extent changed the way a business operates.

The company should adopt rules that encourage innovation in every unit of the organization (Martins & Terblanche,2013 64-74). It can also facilitate innovation by providing their employees with regular training and giving them more autonomy in their operations. It can also achieve its innovation targets by providing incentives to innovative employees. This will encourage more employees to be more innovative (Elg, Hadjikhani & Ghauri,2012 137-137.).

Reference List

Baregheh, A., Rowley, J., & Sambrook, S. (2009). Towards a multidisciplinary definition of innovation. Management decision, 47(8), 1323-1339.

Krishna, R. R. B. M. M., & Swathi, A. (2013). Role of creativity and innovation in entrepreneurship. Innovative journal of business and management, 2(5).

Ozgur, E.(2015). The Effects of Technological Changes on Business Environment.

Erickson, M. (2009). Business in society: People, work and organizations. Cambridge: Polity. Cambridge ; Malden,57-72

Martins, E. C., & Terblanche, F. (2013). Building organisational culture that stimulates creativity and innovation. European journal of innovation management, 6(1), 64-74.

Fernando, A. C. (2011). Business environment. New Delhi: Pearson. New Delhi : Pearson

Tumnde, M. S., & Dickerson, C. M. (2009). Unified business laws for Africa: Common law perspectives on OHADA. London: GMB Pub. Ltd

Sharma, R. C. (2016). Industrial relations and labour legislation. Place of publication not identified: Prentice-Hall of India. 2078-2085.

Elg, U., Hadjikhani, A., & Ghauri, P. N. (2012). Business, society and politics: Multinationals in emerging markets. Bingley: Emerald 17(1), 137-137.

Bridegam, M. A. (2010). Unions and labor laws. New York: Chelsea House. New York : Chelsea House,

Drucker, P. F. (2015). Innovation and entrepreneurship: Practice and principles Abingdon, Oxon ; New York : Routledge. 34(1), 22-23.

Bessant, J. R., & Tidd, J. (2015). Innovation and entrepreneurship. Hoboken, New Jersey : Wiley,

Audretsch, D. B. (2011). Handbook of research on innovation and entrepreneurship. Cheltenham, UK ; Northampton, MA : Edward Elgar,

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