Unit 1 Innovation and enterprise

Innovation and Enterprise
-> Innovation – something new or different introduced
-> Enterprise – identifying opportunities to develop business activity
-> The Role of innovation and enterprise is for a business to retain or grow its market share.


Lateral Thinking
-> Solving problems through an indirect and creative approach, using reasoning that is not
immediately obvious.
Blue sky Thinking
-> Looking at an opportunity with fresh eyes. As many ideas as possible are generated in an
ideas generation session where no ideas are rejected as silly.
Serendipity
-> The occurrence and development of events by chance in a happy or beneficial way.
Intuition
-> A thing that no one knows or considers likley from instinctive feeling rather than conscious
reasoning


Benefits and Risks Associated with Innovation and Enterprise
Benefits
-> Improvements to products.
-> Improves processes.
-> Improves services and customer experience.
-> Business Growth.
-> Development of niche products.
-> Offering a USP.
-> Improved recognition and reputation.
-> Branding.
-> Smarter working.
Risks
-> Failing to meet operational and commercial requirements – legal, health and safety.
-> Failing to achieve a return of investment – the improvements costing more than the benefit.
-> Cultural problems can prevent an idea of product coming to market.