Unit 1 - Exploring Business Learning Aim E

Unit: 1

Exploring business
-
How important is innovation and enterprise to today’s
businesses?

E.P7 – Explore how innovation and enterprise
contribute to the success of a business




My name is Abdullah Gaffar In this PowerPoint I will be
exploring how innovation and enterprise contribute to
the success of Tesco PLC. I will be mainly focussing on
the role of innovation and enterprise and the benefits
and risks associated with innovation and enterprise.




1

, WHAT IS INNOVATION AND
ENTERPRISE

Definition:


Ø Innovation –

Innovation is a new idea, method, strategy, or the act of
introducing something new.

Ø Enterprise –

Enterprise is another name for a business. It also refers to
the opportunities to develop business activities.




2

, DIFFERENCE BETWEEN INNOVATION
AND ENTERPRISE



Innovation and enterprise are two different
concepts having entirely different meanings.
However, with that being said there is a strong
connection between the two.




• The main difference between innovation and
enterprise is that innovation involves introducing
something new, for example, a new business model,
product, idea, or service, whereas enterprise
involves turning a great idea into a business
opportunity.

• Therefore, the enterprise begins with innovation.




3

, WHY IS BUSINESS
INNOVATION SO IMPORTANT?


• Increased efficiency
• Brand perception
• Helps organisations differentiate themselves




Increased efficiency: innovation can increase efficiency within a business as it would
give a business a purpose

Brand perception: Consumers are more willing to buy from a business they perceive
to be innovative and socially conscious.

Helps organizations differentiate themselves: Most industries are populated with
multiple competitors offering similar products or services. Innovation can help to
distinguish businesses from each other.




4