ENT210 Entrepreneurship And Innovation

ENT210 Entrepreneurship And Innovation

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ENT210 Entrepreneurship And Innovation

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ENT210 Entrepreneurship And Innovation

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Course Code: ENT210
University: International College Of Management, Sydney

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Country: Australia

Question:

Task Requirements:

Development and presentation of a new and innovative idea for the Tourism and Hospitality Industry
This assessment task requires students to develop their creative and innovative skills by developing a new and innovative idea for the destination/experience/service/attraction that an entrepreneur could potentially further develop and take to the market.

Answer:

Innovation is the key to success for each and every companies. Some new and continuous sources of growth are very much required for helping the world to move to a more inclusive and sustainable path of growth following the financial crisis
How attributes of innovation solve problems

Innovation leads to believe, embrace risk by the individual, and makes the managers and the individual patient. As the innovation managers always seen to be valuing speed, they might be knowing that the speed should be tempered with the attribute of patience. Percolation of new and innovative ideas could take time and successful innovation managers are the ones who create collaboration relations which exude the patience within him as well as a nurturing hand to give guidance to his creative teams. With the same, it is also to note that timeline is important but because of this attribute of the successful managers, they balance the due dates with the reasonable and understandable ideation and development of the time frames (Kaur, 2014). The innovation managers are very passionate about their work. For the innovation to get success, the inspiration is always fuelled by the passion, which is the key to success. The successful innovation managers are very passionate about their thinking, ideas and the result.
Theories of innovation
As per schumpeter’s theory of innovation, the change in the field of investment is always accompanied by the monetary expansion and this is the main factor behind the fluctuations of the business (Moulaert, 2016). However, his theory points that innovation in the business is the key reason behind increased or maximised investments and fluctuations of the very business. As per him, the cyclical process exclusively the outcomes of the organisational innovation, both commercial and industrial. Furthermore, as per the theory presented by Karl Marx, innovation is done by the employees or the people working for the company. It is not only duty of innovation managers to pitch ideas and implement something that is innovative. If an organisation truly wants to get succeed, then it have to welcome and celebrate innovative ideas of each of the employees who are working for it.
References
Kaur, R. (2014). Innovation and Enterpreneurship: Relational Aspect. International Journal of Business and Administration Research Review, 1(5), 93-98.
Moulaert, F. (2016). Social innovation: Institutionally embedded, territorially (re) produced. In Social innovation and territorial development (pp. 27-40).

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