Exploring business

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



Innovation and enterprise are both very crucial and impactful in the success of
a business. Business innovation is an organization's process for introducing
new ideas, workflows, services or products. It can also help improve on existing
products or services. The uniqueness of the business’s innovation may
differentiate it from its competitors and can put them ahead of them as well .
Meanwhile, enterprise is identifying and visioning opportunities in which a
business can take in order for them to develop new activities using specialists
sometimes
Innovation:
Advantages Disadvantages
 Businesses can initially charge higher  Very costly and time consuming
prices for new products before  Businesses can run out of money if
competitors’ products come on the they invest too much and don't get
market products to market quickly enough
 Being innovative good for a firm's  End up wasting resources by
reputation developing something that doesn't sell
 If they have been first in the past -  Businesses not able to produce new
people naturally interested in future product on large scale at low enough
products cost - no guaranteed return on
 Innovations in processes add value to investment
existing products / services  Businesses risk ruining reputation if
 Businesses with lots of innovative new product is poor quality
products can take advantage of
economies of scope




Without innovation, a business will never thrive to improve and will never be
able to make more revenue than they do now. Although, some businesses are
consistent, hardworking and dedicated to their company, it will never be
enough to compete with other bigger competitions and stay in the market.
Some businesses have been running for years while not being very known but
as soon as they come up with an innovative product or service then they will
immediately blow up and will be having more customers then ever. Something
that some people may not understand is that being innovative is not supposed
to be easy. Its not just an overnight thing. Some businesses have been trying
for years to come up with newly designed and creative products and services.
It is a very crucial key in order for a business to succeed.

, Innovation helps the business grow:
 It helps you gain more customers and gain more market shares
depending on how interested they are.
 Innovation can help any business to grow quickly even if its small or
unknown
 The type of business does not matter
Innovation helps meet customer needs:
 In the competitive market, customers need are always evolving and
increasing which is the perfect chance to attempt on meeting them and
probably blowing up
 It may be hard to always catch up with the customers needs but it
always pushes and motivates the business to improve and be more
innovative every time
Innovation helps business to be in a comfortable spot in the market
 Businesses that innovate will help them to scale up the market structure
 More new customers will appear at the business and they will be selling
more than the other competitors
Enterprise:
Advantages Disadvantages
 Higher working efficiency  Strict rules and regulations
 Improved planning and  Constantly monitoring market
reporting capabilities
 More secure and quality data




Enterprise systems ultimately reduce the cost of running a business, which
means that a company will have more of its budget free to increase customer
service capabilities or invest in other assets that can improve the customer
experience. One example is inventory control, as keeping too much or too little
inventory can have a significant effect on a business’ bottom line.
Business environments are always changing, and that means that waiting
months for data is simply no longer feasible. Having access to real-time
information about a business’s operations is a powerful feature of enterprise