Importance of Innovation - Unicorn Grocery

TASK 1

P1. Innovation and its importance to employees with a difference with invention

The term innovation refers with development of applications and ideas which boom up the way of doing things. It may results in new products or services, a transformed business processes, changes in the way of marketing and introduction of new technology. Along with this, innovation supports small entities to grow by improvising their efficiency and productivity. Entrepreneurs ability to innovate also remain them to be competitive and respond effectively towards changes. Producing innovative products or services are enable to satisfy customers' needs and wants in an effective manner and supports a company to gain high competitive edge.

Following is defined importance of innovation in context of Small businesses -

• Problem solving: Due to some external forces, business associations face several issues that may also affect their working activities and decision making process. By using innovative tools and techniques managers are enable to resolve work based problems. The practised convention and planning for solving all issues is not sufficient even there is needed implications of several effective ideas or concepts based on innovative thinking. As the main objective of innovation is to diminish all workplace issues and perceive a business organisation in an unprecedented manner.
• Adapting to market dynamics:It is an known fact of market that enterprise rapidly changes. Hence, it is an strong requirements for adopting of innovation techniques so that staff can be empowered, engaged and an improve finance condition can be achieved within a firm (Dahlander and Gann, 2010).
• Responding to customers expectations and demands: Innovative products are enable to satisfy customers needs or demands in best possible way. Consumers are a key elements of an enterprise in order to sustain its brand value at marketplace for long run. Implication of innovative tools bring value for customers and a firm customer-oriented. It turn out enhancement of increasing sales and profitability of companies by which they are able to accomplish their goals and objectives in best possible manner.
• Effective competing: There are various companies are competing within a market providing similar services as well as goods. Some of situation make it extremely important for adopting it in a very creative way by which goods and services are perceived in a very different way so that manager enterprise position can be availed.

For finding out major differences it is important to differentiate within invention and innovation which is given below:

Difference between invention and innovation

P2. Organisation Vision, leadership, culture and teamwork shape innovation

It is known that innovation is a key area of concern by which company is able to compete effectively at marketplace. It signifies the level of success and failure which has been achieved by an firm (Davila, Epstein and Shelton, 2012). Although, several factors are getting involved in creating and upliftment of innovation within business organisations, such as - teamwork, culture, vision and leadership. These are explained in brief below:

• Vision: It refers with the reason behind existence of a company. The vision statement of a business enable it to produce in better manner and then management put efforts to achieve it in best possible manner. Vision of Unicorn Grocery encourage innovation for retaining a competitive edge as well as workers are motivated to give ideas for betterment of enterprise.
• Leadership: It is an one of main part of an company as they set a course of innovation should be followed by workers. Methods of leadership like as building a trust as well as vision for a long term aid in shaping creative or innovation in the term of enterprise. The modus operandi of a enterprise challenge more creative and efficient mean of carrying a work which is discovered. Unicorn Grocery chief executive should be known for measuring innovation which should be adopted within the organisation.
• Culture: These are effected by shared attitude and behaviour which is practised in company. It is for management to create a culture where employees are willing to learn new and innovative things then apply them in their business practices so as to obtain efficiency at workplace (Drucker, 2014). Components of making a speedy behaviour, motivation and collaboration tend for shaping an innovation which lead enterprise at a high level.

Teamwork: In this it is measured that staff members of an business create synergy as well as cooperative efforts. Working in a team require certain factors, such as- cohesion, mutual support, coordination and communication. Teamwork carry out confidence and enthusiasm between employees as they tend towards generating new and innovative products. 

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