IN V E S TIG AT E TH E R O L E A N D
C O N T RI BU T IO N O F IN N O VAT I O N A N D
ENTERPRISE TO A BUSINESSES’ SUCCES
U N IT 1 – A SSI GN ME N T 3
,HOW DOES INNOVATION AND ENTERPRISE
CONTRIBUTE TO THE SUCCESS OF A BUSINESS
• Innovation – new method or idea
Improve sales therefore customer relationships
Reduce wastage costs
Boost market position
• Enterprise – spotting opportunities to develop an idea
Lateral thinking or ‘thinking outside the box’
Blue sky thinking
Chance
intuition
, PROS AND CONS OF INNOVATION AN
ENTERPRISE
P R OS C O NS
• Improvements to products • Failure to meet requirements
• Processes • Failure to achieve return
• Services and customer service
• Could take a lot of time and
• Business growth
money which the business mi
• Development of new niche markets not have
• Offering USP
• Legal limitations
• Improved recognition
• No support to back the idea
• Smarter operating
C O N T RI BU T IO N O F IN N O VAT I O N A N D
ENTERPRISE TO A BUSINESSES’ SUCCES
U N IT 1 – A SSI GN ME N T 3
,HOW DOES INNOVATION AND ENTERPRISE
CONTRIBUTE TO THE SUCCESS OF A BUSINESS
• Innovation – new method or idea
Improve sales therefore customer relationships
Reduce wastage costs
Boost market position
• Enterprise – spotting opportunities to develop an idea
Lateral thinking or ‘thinking outside the box’
Blue sky thinking
Chance
intuition
, PROS AND CONS OF INNOVATION AN
ENTERPRISE
P R OS C O NS
• Improvements to products • Failure to meet requirements
• Processes • Failure to achieve return
• Services and customer service
• Could take a lot of time and
• Business growth
money which the business mi
• Development of new niche markets not have
• Offering USP
• Legal limitations
• Improved recognition
• No support to back the idea
• Smarter operating
