Innovation and Entrepreneurship Behavior-Free-Samples for Students

Question: Discuss about theRole of Innovation and Entrepreneurship to Enhance the Business Practices. Answer: Introduction This essay shows the role of innovation and entrepreneurship to enhance the business practices. It also discusses different kinds of approaches related to the innovation and entrepreneurship, which is used by the administrative executive to overcome challenges of business practices. This essay demonstrates that the entrepreneurship has a significant role in the enhancement of business practices due to improving the standards of living, development of new technology, the discovery of new products and services. Further, innovation can be significant to enhance the motivation level, job satisfaction, and makes positive and innovative working culture. It supports to enhancement of the business practices in a significant manner (Linder, et at., 2017). Innovation and Entrepreneurship: In context of the business practice of your organization or business As per the view of Agogu et al. (2017), the innovation and entrepreneurship are significant factors to enhance the business practices of an organization successfully. Further, the role of innovation and entrepreneurship has been increasing day by day in an organization due to enhancing the business growth and image in the marketplace. Moreover, innovation is significant for the person, who wants to start its business in the marketplace. At the same time, the innovation becomes a very vital factor in current business culture due to enhance the scope of the organization in long-run in an efficient manner. In contrast to this, Bird et al. (2017) evaluated that innovation is the best way to bring effective ideas and perception into realism, which starts from the original idea and makes chains of the original events. Basically, innovation is relied on the origination of new idea. Additionally, innovation is the procedures which change the fresh ideas into new value. Chaston (2017) argued that innovation is new thought, perception and idea of individual, which is relied on fresh data and required in current scenario to enhance the growth of business. Furthermore, as per the perspective of an organization, administrative executive boost innovation due to capture the value. Innovative workforces enhance growth by developing and implementing a new procedure. Consequently, it could enhance the competitive benefits and offer meaningful variations to the organization. In support to this, Grguri?Rashiti et al. (2017) explained that innovative companies are more flexible to the outward atmosphere because it permits the organization to do prompt response with respect to overcome uncertainty and capture opportunities. Furthermore, it can also be said that the innovative culture could be essential to making a positive and friendly environment in the working culture together with getting a favorable outcome in long-term. In oppose to this, Johnson (2017) stated that innovative staff members have a tendency to easily motivate themselves along with motivating the other people who are also connected with them. Hence, it can be said that the innovative employees can be supportive for the organization because it enhances the productivity and growth in long-term. Additionally, it is addressed that the empowerment of workforces can be effective to improve their level of job satisfaction by creating the interest towards their work. On the other hand, Grguri?Rashiti et al. (2017) explained that the entrepreneurs create the vision, passion, and tradition to meet the goals and objectives. Entrepreneurs also make big plan before the beginning of their plan project, which they really desire to meet the business practices. Along with this, entrepreneurs are not back forward to any kind of activities, which is effective to get the favourable outcome in business. In support to this, Lamperti et al. (2017) examined that an organization can motivate the employees by engaging in the work and using the innovation within the working culture. Innovation makes robust sense of collaboration and team within the working culture together with ensuring the favourable activity of workforces regarding the accomplishment of company objective significantly. On the other side, McLuskie (2017) illustrated that administrative executive supports the innovative working culture. Since, the innovative culture is helpful for different activities such as improving and increasing the level of workforce motivation, independence, robust team, creativity, and tactical suggestion from the lower level. Additionally, the administrative executive can complete such activities by providing hierarchy support to workforces along with clarifying the responsibilities of employees within the working environment. Serrat (2017) argued that innovation supports the human resource and information technology to enhance the efficiency of employees by providing training and development. Consequently, it contributes significantly to create an internal innovative culture in long-run. In support to this, Wheelen et al. (2017)stated that internal innovative culture requires unbiased and self-motivated leaders in the supervisory position which are able to steer the workforce struggles without declining the creativity of staffs. Furthermore, internal innovative culture could help the employees to overcome the stress level regarding the roles and responsibilities of them. In oppose to this McLuskie (2017) illustrated that the entrepreneurial development is significant for an organization to enhance the business practices in long-run. At the same time, it can also be said that the entrepreneurial development can also be a positive role in the economic development. Because, the accomplishment of industry growth, area development, and employment group is relied on entrepreneurial development so that it could directly affect the economy development. At the same time, it can also be said that the ability and readiness of entrepreneur creates and manage the business together with uncertainty of the business and enhance the profit of the organization. In addition to this, Lamperti et al. (2017) stated that entrepreneurship involves some significant factors such as property, employee, raw materials, and capital for making a profit. The entrepreneurial soul is identified by uncertainty management and innovation. Furthermore, it plays also a significant role in the nations capability to get the favourable outcome and handle the situation in case of variation in the competitive worldwide market. McLuskie (2017) viewed that the main advantage of entrepreneurship is that it supports the entrepreneurs to create the managerial skills and improves their efficiency to take right decision. From the best understanding of managerial skills, an entrepreneur discover the problem, determines alternative solution then relates the alternatives solution in the context of capital and benefits, and then selects the effective alternative. Therefore, it is stated that such activities of entrepreneur can be supportive to improve or sharp the decision-making skills in long-term. At the same time, it can also be said that such kind of managerial activities is performed by the entrepreneurs to create new product and technology along with replacing older technology and improve the performance or quality of the product. Consequently, it could be effective to easily enhance the business practices in long-term. Johnson (2017)argued that entrepreneurship is not only focuses on developing managerial capabilities of the entrepreneurs but also supports the creation of a corporate in an efficient manner. It is because, when the businessman manages activities, people and capital sources by physically and leads them to accomplish objectives by using managerial capabilities. In support to this, Bird (2017) stated that the entrepreneurship is significant for the organization due to improving the standards of living significantly because, it helps to create the productive corporate together with, offer the wide range of products and services to the customers. At the same time, it can be said that such activity can increase the level of standards of society. Similarly, it is also addressed that ownership of luxury vehicles, PC (personal computer), the rapid development of shopping center, and mobiles are significant to raise the standards of living of society. Such each activity is possible by the entrepreneur's efforts. On the other hand, Chaston, (2017) stated that entrepreneurship includes formation and implementation of innovative thoughts, enhancement of output by the specified sources, the creation of managerial capabilities. At the same time, it can be said that each element is significant for the commercial growth of a nation. Conclusion As per the above discussion, it can be concluded that the innovation and entrepreneurship is a significant element due to enhancing the business practices in an efficient manner. At the same time, it can also be concluded that both innovation and entrepreneurship have their own significance within the working culture. Additionally, the innovation has a significant role to easily motivate the employees and create a positive attitude regarding their role and responsibilities, which supports to enhance the job satisfaction level of employees in long-run. In additionally, it can also be summarized that the innovative culture can also be supportive make the positive environment in the working place that can help to enhance the business practices successfully. Along with this, it is also addressed that the entrepreneurship also enhances the business practices by the corporate creation, enhancement of standards of living, and creating managerial skills to think like a lower level and to know the actual problem of the project. Therefore, it can be said that the development of new technology, improvement of older products and services could be possible by the entrepreneurs efforts. Finally, it can be concluded that both innovation and entrepreneurship is essential for the growth of business in an effective manner. References Agogu, M., Agogu, M., Berthet, E., Berthet, E., Fredberg, T., Fredberg, T., Stoetzel, M. (2017). Explicating the role of innovation intermediaries in the unknown: A contingency approach.Journal of Strategy and Management,10(1), 19-39. Bird, B., Schjoedt, L. (2017). Entrepreneurial behavior: Its nature, scope, recent research, and agenda for future research. InRevisiting the Entrepreneurial Mind(pp. 379-409). Berlin: Springer International Publishing. Chaston, I. (2017). Entrepreneurship. InTechnological Entrepreneurship(pp. 1-24). USA: Springer International Publishing. Grguri?Rashiti, S., Ramadani, V., Abazi?Alili, H., Dana, L. P., Ratten, V. (2017). 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