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
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
