2022 ( DISTINCTION*) BTEC Business Level 3 Unit 1: Exploring Business Amazon PowerPoint Presentation

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