INNOVATION AND
ENTERPRISE
[Document subtitle]
RAYYAN MEHMOOD
, Introduction
Throughout this assignment I will be investigating the role and contribution of innovation
and enterprise to a business. Firstly, I will explore how innovation and enterprise contribute
to the success of a business. Secondly, I will analyse how successful the use of innovation
and enterprise has been fir a given business. Lastly, I will justify the use of innovation and
enterprise for a business in relation to its changing market and environment. By completing
all this in my report, I will have successfully investigated the role and contribution of
innovation towards a business.
Innovation is the creation, development, and implementation of a new products that a
company design and launches. The new ideas are thought out thoroughly and then
launched into the market where consumers are able to purchase the product. Innovation is
important because it allows a business to bring new ideas which may be profitable and can
take a business to a higher level. For example, Apple launch new iPhone that enable 5g that
many other companies haven’t had access to yet.
Consideration of Three innovative Businesses
Dyson is a limited British company established in the United Kingdom that was founded by
James Dyson in the year 1991.It designs and develops household appliances such as vacuum
cleaners, air puffers, hand dryers, heaters, hair dryers and many more appliances. These are
key innovations that Dyson have developed throughout the years by their set design and
development team that the company have. The process of innovation at Dyson includes
starting with the proposition of a radical innovation on a product. then the company begin
to experiment with small innovations until they reach a final product that is thoroughly
tested. This process allows Dyson to use small steps to reach a bigger goal which is
considered a better approach than other companies as it’s more reliable and easier to
rectify mistakes that are made throughout the process. The diagram below shows how
Dyson employs small incremental steps to produced high quality products. This method
proofs profitable because statistics show that in the year 2019 Dyson had a reported 5.4-
billion-pound revenue.
ENTERPRISE
[Document subtitle]
RAYYAN MEHMOOD
, Introduction
Throughout this assignment I will be investigating the role and contribution of innovation
and enterprise to a business. Firstly, I will explore how innovation and enterprise contribute
to the success of a business. Secondly, I will analyse how successful the use of innovation
and enterprise has been fir a given business. Lastly, I will justify the use of innovation and
enterprise for a business in relation to its changing market and environment. By completing
all this in my report, I will have successfully investigated the role and contribution of
innovation towards a business.
Innovation is the creation, development, and implementation of a new products that a
company design and launches. The new ideas are thought out thoroughly and then
launched into the market where consumers are able to purchase the product. Innovation is
important because it allows a business to bring new ideas which may be profitable and can
take a business to a higher level. For example, Apple launch new iPhone that enable 5g that
many other companies haven’t had access to yet.
Consideration of Three innovative Businesses
Dyson is a limited British company established in the United Kingdom that was founded by
James Dyson in the year 1991.It designs and develops household appliances such as vacuum
cleaners, air puffers, hand dryers, heaters, hair dryers and many more appliances. These are
key innovations that Dyson have developed throughout the years by their set design and
development team that the company have. The process of innovation at Dyson includes
starting with the proposition of a radical innovation on a product. then the company begin
to experiment with small innovations until they reach a final product that is thoroughly
tested. This process allows Dyson to use small steps to reach a bigger goal which is
considered a better approach than other companies as it’s more reliable and easier to
rectify mistakes that are made throughout the process. The diagram below shows how
Dyson employs small incremental steps to produced high quality products. This method
proofs profitable because statistics show that in the year 2019 Dyson had a reported 5.4-
billion-pound revenue.
