Management And Business Context Innovation And Entrepreneurship

Question Discuss About The Management And Business Context Innovation And Entrepreneurship? Answer: Introduction Innovation and entrepreneurship is the two essential elements to develop the growth of the business. Innovation is the procedure which involves the conversion of new knowledge into a new product, service and process and keeping this new products and services in the actual use. There are many reasons which are able to push the innovation such as technology push, market pull, product innovation, process innovation, continuous innovation and tight linked innovation. Entrepreneurship mostly involve in the managing with other companies such as corporate venturing, spin off and eco system. The decision of entrepreneurship is related with social mission, organizational form and business model (Bruton, Khavul, Siegel Wright, 2015). Innovation and entrepreneurship are the contextual factor which will be helpful to enhance the business practice of the business. It is the report which helps to describe the contextual factors in the concern of Hi- Five restaurants. The concept of innovation and entrepreneurship in the Hi- Five restaurant The concept of innovation and entrepreneurship is strongly interlinked. Innovation is considered as the essential tool of entrepreneurs, it refers that the change is required to enter the new market and for expanding the business in larger way. It is the concept which is capable to represent as a capable of being learned, discipline and being practiced. Innovation and entrepreneurship are interconnected. To expand the Hi- Five restaurants, entrepreneurs need to search initially for the resources of innovation. Apart from that entrepreneurs of the business need to apply the principles in the business for getting the successful innovation. An innovation is the way of accomplishing the task with new ideas (Ratten, 2014). All goods of the business whether it is physical products or services is made up of three elements. These elements are nature raw materials, mental and physical labor and capital. Innovation is the process which contains all three elements in it appropriately. Entrepren eurs can be the innovators for the business who build new combinations of these factors and then show them in the market. It is considered as the technical conceptualization of what is innovation is about. It is the concept which helps entrepreneur to know about the innovation within the business to enhance the growth of business (Drucker, 2014). There are some valuable areas in which innovation might be made will be described below. New products in the form of new dishes It is one of the most common forms the creation of new products. By producing the new products, business may grow unexpectedly and gain competitive advantages appropriately. Product are not a physically tool for attaining an individuals ends but also it have the role to play in contenting the needs of emotional (Vivarelli, 2013). The name of brand is more important for this because the name of brand assures the customers and provides the personal statement. Hi- Five restaurants can implement the innovation to apply various dishes in its menu. As it mentioned in the strength of Hi- Five restaurant that it is situated in the place where most of people with diversity are living. It would be great idea if Hi- Five restaurant innovate experimental menu. New services It is an act which is performed to resolve the particular issues. Services are the procedure which may open the new ideas of innovation as much as physical products. For instance, one of the American entrepreneurs builds the federal express multimillion dollar business by providing an effective way of moving parcels between people. Several services are done in the restaurants and for this Hi- Five restaurant need to hire efficient waiters, front office and backend office for providing efficient services. Delivery with protection and hygiene way can be the new services for Hi- Five restaurant. Services can be effective by the use of branding like the physical products. Customer service should be done in an efficient manner so that the goodwill and the trust of the company and consumer will remain same (Kimotho, 2013). Contextual factors in innovation and entrepreneurship Business is embedded in an environment and gets influenced by external factors. It is the contextual factor which helps to identify the issues of social, economic, political, technological, environmental and legal environments. It has been analyzed that the organization of entrepreneurial is affected by their environment and that entrepreneur of the business do not operate in vacuums. It is the image which demonstrates the process of entrepreneurship in the business and its contextual factors. Political and legal factors involved the policy competition, taxation policy, patent law, degree of privatization and employment law. These are the political factors which may influence the process of innovation by entrepreneur. Hi- Five restaurants can be influenced by the number of laws and taxes. Technological changes can be influenced in the process of entrepreneurship due to use of new technology as part of the venture. Social aspects involved the attitudes of society towards entrepreneurship. The process of entrepreneurship in the Hi- Five restaurants can be affected by the cost reduction and the broader connectivity. It is required to put focus on new technology and invent services according to them. Entrepreneur wants to invent new products and services in the market (Prajogo, 2016). It is necessary that entrepreneur and his business of restaurant should be recognize d by society in well manner for the development of products. Economic is the external factor which may influence the procedure of entrepreneurship in the business due to economic situation, financial resources, non-financial resources, human resources and physical infrastructure. Ecological is the contextual factor of the process of entrepreneurial process which include environmental legislation and technological factors. Cultural is the external factor of people orientation, performance orientation and risk orientation. It is essential for the business to handle the all external factors appropriately to develop the innovation and entrepreneurship process in the business (Moreno-Moya Smith, 2016). Importance of innovation in entrepreneurship Entrepreneurship is able to produce financial gain and keeps the float economy which enhances the importance of innovation in the entrepreneurship. They are the innovators of the economy. The importance of innovation in entrepreneurship is reflected with the new way to invent a product. It has been observed that the entrepreneurs and business started with requirements. To expand the scale of growth, entrepreneur should follow the path of innovation by analyzing the market trends and needs of customers. They should ensure that its manufactures of products don not compromise with quality while manufacturing. Corporate entrepreneurship is known as the birth of new business within the entity (Lofsten, 2016). There are two factors the strategic importance of new business and the connection with the operations. The combinations of these two factors give result in the nine possible design of organizational for entrepreneurship. These nine designs are direct integration, special business uni t, new venture division, contracting new product business department, nurturing and contracting, contracting, micro new venture departments, independence business units and complete spin off. Innovation has specific process which covers the analytical planning, organizing resources and implementation (Fisher, 2014). Innovation technology in entrepreneurship There is certain technology which can change the environment of Hi- five restaurants. Innovation can be done in the restaurant in the form of different ways, these different ways are touch screen food vendors, tablet restaurant manager, automatic biodiesel converters, LED alert system and Webcam enabled monitoring. There are some digital boxes such as MooBella Ice Creamery Machine and Coca-cola freestyle soda fountain have the potential to dispense more than 60 distinct beverages from one touch screen devices (Acs, Szerb Autio, 2016). Table restaurant management is able to manage the entire activity of the restaurant from one tab such as reserved table, kitchen activity and many more. Automatic biodiesel converters are eco friendly innovation. Hi-five restaurant will make a living with their fryers can fuel from their vehicles of diesel with their oil waste. There are some problems such as high loud in kitchen and the conversation of staff in different languages. The cooking area of hi-five restaurant can be benefited from illuminated areas. High quality cameras and visible enabled training will be helpful to record the area of food preparations and other workplace area to detect the non-compliance regarding health and safety codes (Pullen, 2012). Conclusion It has been concluded that innovation and entrepreneurship are two important tools for the restaurant industry. The concept of the innovation and entrepreneurship has been described in this report. There is important for the hi-five restaurant to take care of contextual factors which may impact the growth of the restaurant. Innovation in new services and new products can enhance the attraction of the customers in effecting way. Importance of innovation and entrepreneurship in hi-five restaurant has been elaborated and the possible changes as per innovation technology such as touch screen food vendors, tablet restaurant manager, automatic biodiesel converters, LED alert system and Webcam enabled monitoring has been suggested to bring innovation in the restaurants References Acs, Z. J., Szerb, L., Autio, E. (2016). The global entrepreneurship and development index. InGlobal Entrepreneurship and Development Index 2015(pp. 11-31). Springer International Publishing. Bruton, G., Khavul, S., Siegel, D., Wright, M. (2015). New financial alternatives in seeding entrepreneurship: Microfinance, crowdfunding, and peer?to?peer innovations.Entrepreneurship Theory and Practice,39(1), 9-26. 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