Innovation and Entrepreneurship for Income - myassignmenthelp

Question: Discuss about theInnovation and Entrepreneurship for Income Distribution. Answer: Introduction This essay presents the application of innovation and entrepreneurship in the context of enhancing business practices in an organization. It demonstrates some significant methods and techniques, which is made by the upper executive for eliminating the business practices issues in a significant manner. Additionally, it also represents that an entrepreneurship plays an imperative role to improve the business practices. Because, it considers some significant factors such as inspire for investment, more focus on the modification and innovation, create more job, enhance life quality, and appropriate income distribution. Additionally, it also focuses on the establishment of new technology, and investigates the new goods and services, which could be beneficial to enhance the business practices significantly. In contrast, the innovation can also be a vital part of the organization due to improving the employee motivation and work satisfaction level, and creates the favorable and creative working place. It helps to improve the level of business practices efficiently in long-run (Block, et al., 2015). Innovation and entrepreneurship An innovation and entrepreneurship plays an imperative role to improve the business practices within the organization. Additionally, in an organization, the application of innovation and entrepreneurship is increased on daily basis. Since, it provides a favorable outcome to the business in the context of profitability and growth. Furthermore, the application of innovation is a necessity to the individual, who desires to develop new business within the market. In additionally, the application of innovation is become an important part of the modern business because of the enhancement of business practices in the upcoming period (Caeque et al., 2015). It is argued that an innovation is a process of changing new ideas and insight into the reality, that comes from the fresh idea and turn out into the real events. Generally, the innovation is fully depended on the fresh knowledge or thought, which is converted into the fresh value. According to Carayannis et al. (2015), the application of innovation is useful for the organization because it improves the performance and profitability of the business in long-term. Additionally, for enhancing the quality of business performance, executives of Delicious Bakery will improve the innovation level in its organization. Moreover, the innovative culture has supportive to easily capturing the value. It is also stated that the innovative staff can easily improve the profitability and growth by creating and executing a creative process within Delicious Bakery. Therefore, it can be said that the innovative workforces can help to improve the competitive benefits and provide the appropriate modification to a corporate. According to Edwards-Schachter et al. (2015) argued that organizations can use the innovative values within their working culture because it is more bendable in context of the external environment. Further, it emphasizes on making quick reaction in order to eliminate the existing and upcoming issues of an organization. Moreover, it can also be illustrated that the innovative working place helps to make favorable and flexible atmosphere in Delicious Bakery along with obtaining a positive result in the upcoming period. According to Harris et al. (2015) explained that the innovative workforces have an ability to simply inspire themselves regarding the specified work together with inspiring a large number of an individual that is linked with their team. Therefore, creative workforces could be essential to improve business performance and boost the productivity of the organization. Furthermore, it is also stated that staff empowerment could be significant for improving the job quality and work satisfaction level by developing the interest regarding the job significantly. According to Johnston et al. (2016)illustrated that entrepreneurs have the ability to create an innovative idea, passion, and custom to accomplish aim in a significant manner. The entrepreneurs have created a plan before the establishment of the mission, which can be supportive to simply accomplish the business task efficiently. Additionally, it is also examined that entrepreneurs cannot move back at the time of performing any activity, which could be supportive to obtain the positive result. According to Kuratko (2016), it is illustrated that a company can use the work engagement and innovative culture to inspire workforces and enhance the work satisfaction level. Furthermore, the application of innovation in Delicious Bakery could be essential to create team collaboration and improve job satisfaction extent. It also helps to attain the aim of an organization. According to Landstrm et al. (2015), it examined that executives of top management department tries to make an innovative working place. Since, it helps to improve many activities regarding staff motivation, uniqueness, collaborative team, innovative culture, and the provide recommendations to the bottom level. Furthermore, the managerial department could accomplish different tasks through hierarchy approach together with assigned the roles and duties of workforces at the working place. According to Maritz et al. (2015) stated that the application of innovation is essential for HRM (human resource management), and information technology department due to increasing the staff capability for successful solving the task. Moreover, it is also addressed that internal innovative culture is also more effective for the organization because, it inspires the employees to create innovative ideas and making innovation by using training and development method. According to Prabhu and Jain (2015) argued that the innovative working place has a required leader who has a tendency to motivate itself and easily coordinate a large number of individual regarding the establishment of organization objective. At the same time, it can also be illustrated that leader cannot eliminate the employees creativity during the completion of aim. Moreover, the innovative working place can be beneficial to make a happy environment in delicious bakery whereas employees can easily achieve the organization task. According to Saebi and Foss (2015) stated that the development of entrepreneurship is essential for a company due to increase the business practices successfully. Additionally, the entrepreneurship developments can positive impact on the economy. Since, the growth of any industry, specified zone development, and employment scale is based on the development of entrepreneurship. Moreover, entrepreneurs have the ability to do anything regarding the business task, which is supportive to successf ully manage the business threats and improve the financial condition of delicious bakery. According to Kuratko (2016), it examined that the entrepreneurship considers different kinds of components like an asset, workers, resources, and a fund to make profit successfully. Furthermore, it is also addressed that entrepreneurship is mainly known for controlling the risk, and innovation. The entrepreneurship plays a vital role in obtaining the positive result and manages the circumstance at the time of fluctuation within the global market. According to Prabhu and Jain (2015), the entrepreneurship forces the entrepreneurs for developing their managerial tendency, which can support to take an appropriate decision. In additionally, it can also be stated that once entrepreneurs have developed the skills of manager then they are able to investigate the actual issue of the organization. Subsequently, an entrepreneur has addressed alternative results afterward they examine the alternative solution in favor of the fund and advantages, which can help to take appropriate decision. Hence , it can also be stated that these activities of entrepreneurs can be essential to refining the skills of decision making in long-run. At the same time, it can also be said that such kind of managerial activities is performed by the entrepreneurs to create new product and technology along with replacing older technology and improve the performance and quality of the product. Moreover, it is also stated that an entrepreneur has used the managerial skill for developing new venture and tools together with swapping older product and services and refine the quality of goods and services significantly. Additionally, it might be significant to simply increase business practices in the upcoming period. According to Carayannis et al. (2015), it illustrated that an entrepreneurship plays an imperative role to refine the quality of life by developing the productive organization along with providing the variety of goods and services to their potential consumers. Additionally, it is stated that such flow of activity can improve the quality of life. Moreover, there are some significant factors that are considered to improve the wealth such as own vehicle, laptop, mobile, and enhancement in the shopping mall. So, it can be stated that any activity is not possible without efforts of entrepreneurs. Conclusion On behalf of above discussion, it can be summarized that the application of innovation and entrepreneurship within the delicious bakery is effective to increase the business practices. The application of innovation can be supportive to make the healthy environment and inspire a large number of individual at one time towards the accomplishment of organizational objective. At the same time, it can also be said that the motivated employees are able to easily accomplish the task of organization, which could improve the financial performance of the organization in a significant manner. It can also be concluded that the application of entrepreneurship within the organization is significant to increase the business practices by performing different kinds of activities. These are the development of the productive organization, improvement of wealth, and establishing the managerial abilities. 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