Innovation Intelligence and Entrepreneurship †MyAssignmenthelp.com

Question: Discuss about the Innovation Intelligence and Entrepreneurship. Answer: Introduction: This report is business contextual factors, which are implemented by any business or organization. This essay includes the discussion about the chosen factors, i.e. Innovation and Entrepreneurship, along with their importance. The terms, innovation and entrepreneurship are interconnected to each other. Innovation can be defined as a significant tool, which can be used by the entrepreneurs. Effective business entrepreneurs need looking for the sources of innovation and their features, which demonstrate the opportunities for the implementation of innovation positively. Furthermore, it includes the application of these factors on the chosen business, i.e. Textile Business. In this discussion, it will analyze how these factors can improve the quality and effectiveness of the textile business. The major objective of this essay is to analyze the importance of contextual factors, i.e. innovation and entrepreneurship and how these factors can enhance the effectiveness, quality and outcomes of textile business. The study emphasizes on implementing the management and business contextual factors in the organizational practices and operations. The scope of the study is limited to the textile industry only. Innovation and entrepreneurship have a significant importance for textile business. Nowadays, innovation is functioning as a strong driver in building competition and for existence of the businesses and their companies in business environment. The key terms, innovation and entrepreneurship are interconnected to each other. For the entrepreneurs, the innovation is a significant practice through which, the top management transform the business processes, taking them as an opportunity for businesses (Bessant Tidd, 2015). For an organization, it is very necessary to understand that what actions can drive the innovation in business and help in simplifying the process by adopting effective strategies, systems, and culture and leadership styles. The entrepreneurs in the business require searching for the sources of innovation and their characteristics, which indicate the opportunities for implementing innovation successfully. A business can implement the innovation by using three steps, like; revolution, renewal and resilience. Entrepreneurship is a wide concept, which is very difficult to describe in few lines. Different authors have given different arguments about the entrepreneurship and how an individual can implement it in the business operations. Under the process of entrepreneurship, the managers of a business introduce some new and creative ideas or make some creative efforts to attain predetermined objectives. In addition, they generate new ideas, launch and run a new start-up. As per a study, entrepreneurship is not just launching a new business startup (Braunerhjelm, 2010). It comprises of all the activities, by which the individuals in a business become aware about the opportunities and strengths that can enable them for the development of innovative ideas and yielding responsibilities and beginnings. Importance of Innovation and Entrepreneurship Both of the practices, innovation and entrepreneurship are significant for any business. These factors are interrelated to each other. For a business, innovation is a broad concept that consists of entrepreneurship. Moreover, for the existence of businessmen and entrepreneurs, it is necessary to implement innovative and creative practices (Drucker, 2014). In todays business environment, there are so many examples of most popular entrepreneurs with innovation, like; Bill Gates of Microsoft and Steve Jobs of Apple. Both of the leaders have shown that only money and luck are not sufficient to get success of entrepreneurship and business, but it also includes some other qualities, like; creativity, risk taking, taking initiative and effective planning for organization. Effective and efficient entrepreneurs consider innovation as a significant activity of process of entrepreneurship. In a business, entrepreneurship utilizes the innovative processes to look at new and wide opportunities and transform the organization and its culture for enhancing the profits for business. Entrepreneurship is very important for a business and its growth. It assists in generating the financial profits. It in turn keeps the economy fluctuating, which increases the significance of innovation in the business (Galindo Mndez, 2014). An effective entrepreneurship enhances the capacity and potential of decision makers to make most appropriate decision for business. Both of the contextual factors considerably contribute to the success of a business. In todays competitive era, innovation makes one different from other people. A business can adopt the entrepreneurship and innovation by looking at some major factors, like; vision, mission and strategy of the business, culture and structure of the organization, knowledge and creative management, technology management, effective and ethical leadership, managing the risks and Core Competencies (Needle, 2010). After considering the above contextual factors and analyzing the importance of entrepreneurship and innovation for the business, the management can be positive for establishing and developing the strategic decisions in the interest of business. These decisions at all the levels, like; organizational and individual levels, will assist in understanding the business effectively and leads to innovation and developing reliability and anticipation (Wisdom, 2014). Application and Impact of innovation and Entrepreneurship in Textile Industry With the economic globalization, innovation concept of entrepreneurship has attained a huge importance in all the industries, including textile industry. By implementing different innovative practices to the textile business, one can enhance its business practices in the industry. It is very important for enhancing strategic performance of the business. If the textile business implements innovation and entrepreneurship in its business operations, then it will have advantage in terms of increased customer base and revenues. Innovation in textile business can make it different from other competitors in the industry (Price, Stoica Boncella, 2013). There are so many researches, which stated that, the employers of fashion and textile business need the high level of entrepreneurship and innovation to develop a high performing organization. Implementation of innovation in textile business enhances the performance and effectiveness of textile firm and helps in gaining competitive advantage. In this industry, innovation is an infinite and continuous process and it works as a necessity to stay competitive in the business environment. A textile business is not only about following the trends and style, but it also includes the efficiency and innovation. Along with this, it also needs an effective management of technology and design intelligence that use technology as an important source for the benefits of customers. There is a connection between innovation and creativity in new business start-up, processes, products and technology (Rho, 2015). Entrepreneurship includes different competitive actions to stay competitive in the industry, working to get the opportunities and ready to bear the risks. Disruptive and technology innovation in Textile Business A textile business can implement technology innovation in its operations. This innovation approach includes implementing new technologies in new ways of performing the things. Under technology changes, textile and fiber have undertaken the most innovative changes (Unay Zehir, 2012). Intelligent and smart innovation is one of the most radical developments in the textile business. If the business follows the technological advancements, like; adoption of nan-technology, it will bring competitive advantage to the textile business. Rayon can be taken as an example; it is a new form of competition in the textile industry and improvement in the fabric technologies will have a huge effect on the future of textile and apparel design like; creation of seamless cloths (Sahut Peris-Ortiz, 2014). In addition, this business can implement the innovative ideas in the expansion of business in different segments, like; sports, yoga etc. In the area of textile industry, there may be different technol ogy inventions. For example, the increased use of computer software like; CAD, introduction of new fabrics and fibers, like; lycra and some other fabric technology inventions can make the great influence on enhancing the quality and speed of manufacturing process. Development of customized pattern for apparels can save the time and resources of business. In common, Entrepreneurship and innovation have creativity, and so in technology based entrepreneurship, a higher extent of creativity is needed. In the textile business, there are so many designers, which are using technology to gain competitive advantage against their competitors, like; Paco Rabanne. Application of neno-technology and sufficient reduction of electronic expedients for putting them into fibers were anticipated to have very much time (Szabo, Zsuzsanna Herman, 2012). A textile business should adopt technology and innovation in the business-level strategy of the company and use innovations in the production and manufacturing process. Entrepreneurs generally had to transform the habits of usage by developing marketing practices in mass consumption. In addition, the textile business can adopt the disruptive innovation. It will need a fully re-invention of the practices and models of business. Under this model of innovation, the business can create new value network and new market and finally disrupt the current market (Sengupta, 2013). The textile business can implement the disruptive innovation in its operations and practices. For improving the quality and effectiveness of business operations in textile business, textile business can implement technology and disruptive innovation in its processes. Conclusion Today, business of textile and fashion needs sophisticated and effective management systems along with the high degree of innovation and creativity. The business can implement the business strategies for fast development, which can relate to the textile and fashion management. By using technological innovation, the textile business can offer its customers smart clothing. Improvement in technology can act a significant force for development of fibers, change and different styles of apparels, which can assist an organization in attracting a higher customer base. References Bessant, J. Tidd, J. (2015). Innovation and Entrepreneurship. John Wiley Sons. Braunerhjelm, P. (2010). Entrepreneurship, Innovation and Economic Growth: Past experiences, current knowledge and policy implications. Swedish Entrepreneurship Forum. Drucker, P. (2014).Innovation and entrepreneurship. Routledge. Galindo, M. ., Mndez, M. T. (2014). Entrepreneurship, economic growth, and innovation: Are feedback effects at work?.Journal of Business Research,67(5), 825-829. Needle, D. (2010). Business in Context: An Introduction to Business and Its Environment. Cengage Learning. Price, D., Stoica M. Boncella, R.J. (2013). The relationship between innovation, knowledge, and performance in family and non-family firms: an analysis of SMEs. Journal of Innovation and Entrepreneurship. Rho, F.M. (2015). Technologies Powering Textile Innovation. Retrieved from https://www.itma.com/docs/default-source/downloads/nwtt-brochure/itma_nwtt_bro.pdf?sfvrsn=2. Sahut, J. M., Peris-Ortiz, M. (2014). Small business, innovation, and entrepreneurship.Small Business Economics,42(4), 663-668. Szabo, Zsuzsanna K. Herman. E. (2012): "Innovative Entrepreneurship For Economic Development In EU". Procedia Economics and Finance 3 268-275. Sengupta, J. (2013). Theory of Innovation: A New Paradigm of Growth. Springer Science Publications. Wisdom, J.P. (2014). Innovation Adoption: A Review of Theories and Constructs. Adm Policy Ment Health, 41 (4). Unay, F.G. Zehir, C. (2012). Innovation Intelligence and Entrepreneurship in the Fashion Industry. Elsevier Journal.