Cead118 Portfolio Development | Entrepreneurship Assessment Answers
Personal Development Portfolio
Demonstrate how the concepts of innovation and entrepreneurship are relevant to all organizations.Highlight the benefits of applying these within all organizations.
Answer:
Introduction
To understand the basic needs of entrepreneurship and innovation, we have to know the definition of these two terms. As per Oxford dictionary, entrepreneurship is promoted by the objective to make profit from any business considering the financial risk; whereas innovation is defined as exploration of new idea or product related to any business. (Entrepreneur, 2014)
Need for entrepreneurship and innovation
This article demands the needs of entrepreneurship and innovation in different industry with specific focus on banking business.
Needs of entrepreneurship
Banks or financial institutions are the backbone for business growth of any country. They are serving general people as well as the industry by providing finance to excel in industry and GDP growth of any nation. Entrepreneurship demands good understanding of the said domain of business with the SWOT analysis to grow. Banking sector demands the analysis of financial risk for instruments they are dealing with by the entrepreneurs along with the scope of profits from this business. Entrepreneurship does not only demand financial strength, but also needs good long term analysis of growth, sustainability and scope for profit making situation. Banking sector entrepreneurship is always welcome by the community and the nation as it is always ready to extend its support in macro and micro level to the nation to excel with long term sustainability and growth. (Robert G. Cooper, 2010)
Needs of innovation
Although banking business is engaged with product range of financial instruments only, this business demands to innovate in different segments of business related to products or services. Innovation can show the power to dominate market. Hence different banking organizations promote innovation as their key result area (KRA). Product innovation can ensure more customers; while service innovation can ensure more brace of satisfied customers. As this sector is totally based on service, the business needs more of loyal customers; and that can only be ensured through better level of service and uniqueness of products. Innovation always demands expertise in the field with good knowledge sharing and relentless readiness to accept new concepts. The main criterion for innovation is acceptance of new concepts proven by experiments. The organization has to devote time, money and patience towards its success. A failure can never be the benchmark of any innovative effort; instead it should be treated as the step to success. (Robert G. Cooper, 2010)
Relevance of entrepreneurship and innovation
Any organization is assessed by its effort to introduce new approach for its business. An organization cannot be static and should prove its dynamism as per the requirement of the market demand and situation. Entrepreneurship can promote new corporate objectives, while innovation can prove its worth with through application of new concepts and ideas through application. (Sutton, 2000)
Benefits
Benefits of entrepreneurship in any organization can ensure its long term sustainability by serving community and the nation. (Shukla, 2017)Benefits of innovation can justify the existence of the organization through implementation of new ideas and concepts. (Kappel, 2017)Both these factors can ensure the existence of any organization through proper application of knowledge enhancement and adoption of new ideas and concepts for better serving to the community and nation.
References:
Entrepreneur, T.C., 2014. Beginner’s Guide to Entrepreneurship – Part 2: What do ‘Entrepreneur’ and ‘Innovation’ really mean? 10 September.
Kappel, M., 2017. 4 Benefits of Innovation in Business. [Online] Available at: https://www.allbusiness.com/4-benefits-innovation-business-111251-1.html [Accessed 6 Septemeber 2018].
Robert G. Cooper, S.J.E., 2010. Developing a product innovation and Techonology strategy for Your busienss. Research techonology Management, 53, pp.33-40.
Shukla, A., 2017. The Importance of Innovation in Entrepreneurship. [Online] Available at: https://www.paggu.com/entrepreneurship/the-importance-of-innovation-in-entrepreneurship/ [Accessed 6 Spetemeber 2018].
Sutton, A.H.R.I., 2000. Buliding an Innovation Factory. Harvard Busienss Review
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