The new products and the new companies are considered as the engines of the economic growth and the vibrancy. This study proposes to bring together the few scholars representing the innovation management in the business and the entrepreneurship in the business. The social scientific understandings help the creative people to develop the new ideas that show interest and the support from the stakeholders helps to create the organizations and industries that alter the social and the economic orders (Scarborough, 2016). Entrepreneurship is considered as the process that helps any individuals or any groups to generate the innovative ideas that sort through the choice of identifying those, which are most promising and it presents the ideas to the relevant stakeholders, mobilizes the resources and support and embody the ideas in the organizational form that engages the market-based competition (Drucker, 2014). This study will focus on finding out the impact of the innovation and entrepreneurship in the business and these findings of the study will be discussed in light of the relevant literature in the field.
The importance of innovation management and entrepreneurship in business and today’s world is of utmost significant. Competition in today’s business world has increased drastically due to rise of similar type of business organizations, products and services. This has resulted in market saturation thereby, making it difficult for the business organizations to attract customers as well as retain the existing ones. Innovation in business provides an opportunity for the companies to present the existing or similar products or services in a new way. In order to survive in the competitive market, entrepreneurship is also important because this help in executing new business ideas for the competitive business world. The motivation for selecting this topic is to understand the sheer significance and contribution of business innovation and entrepreneurship in today’s business world. Undertaking this research will help in understanding the concept of innovation and entrepreneurship in business as well as discussing the significance of those in order to survive in today’s business world. In addition to, undertaking this study will also help in analyzing critically the different factors having an impact on innovation and entrepreneurship in business thereby, finding the essential factor that is mandatory in achieving successful innovation and entrepreneurship in business.
The research aim and objectives of the study are to find out the following factors in the business market and the role of the entrepreneurship and the innovation management in the business. The objectives of the study are to find out the impact of innovation management in the business, to find out the role of the entrepreneurship in the business market, to find out the ways these two factors will be responsible for sustainable development in the business process and to find out the impact of innovation management and the entrepreneurship for competing in the business market.
According to Singh and Gaur (2018), the entrepreneurship and innovation management are the imperative ones for the sustainable development of the organizations throughout the industries and the political governances. For competing in the business market the innovation management and the entrepreneurship are the most important basic factors of the globalized business world and in the emerging companies and this could also provide tremendous growth opportunities. This research study also concludes that the innovation and the entrepreneurship are complimentary for both the organization’s success and its sustainability. The changing environment in the business market depends upon these two basic factors that are the innovation and the entrepreneurship. This research study mainly focuses on the role of leadership in organizational innovations and the role of entrepreneurship in the business.
According to Lee, Hallak, and Sardeshmukh (2016), this study focuses on the relevance of the business model that reflects the corporate sustainability and the sustainable entrepreneurship research has explored the contributions of these in the sustainability transformation of the market and the society. This has been found that the particularities of the business model of the sustainable market pioneers have been identified but the dynamic role of the business model for the sustainable entrepreneurship processes leads to the socially benefited models or the mass market players. This study develops the theory for analyzing the co-evolutionary business models variations, selections and retentions and the evolutionary pathways are identified for supporting the structured analysis of the dynamics between the business model innovation and the sustainability transformations of the markets.
Conclusion: Therefore, by the outlining of the research proposal, it can be concluded that this study will find out the impact of the innovation management in the business and the role of the entrepreneurship in the sustainable development of the business. These two are considered as the factors for the business to compete with the other businesses in the global business market. The research study may require additional time for the completion of the research work.
Drucker, P. (2014). Innovation and entrepreneurship. Routledge.
Lee, C., Hallak, R. and Sardeshmukh, S.R., 2016. Innovation, entrepreneurship, and restaurant performance: A higher-order structural model. Tourism Management, 53, pp.215-228.
Scarborough, N. M. (2016). Essentials of entrepreneurship and small business management. Pearson.
Singh, S.K. and Gaur, S.S., 2018. Entrepreneurship and innovation management in emerging economies. Management Decision, 56(1), pp.2-5.