This sample will let you know about:
- What is Entrepreneurship and Innovation?
- Difference between entrepreneurship and innovation.
Entrepreneurship termed out as multifaceted activity that involves creativity of human, financial resource and fosters the discovery and leads to outcomes that aids to accomplish growth to organisation ventures. Therefore, innovation and entrepreneurship is highly relevant to establish business activities appropriately. Innovation is one of the crucial components and this also useful to firm long term success. The main purpose of innovation is to continue take steps to grow ad renew entity with new and better commodities. Additionally, entrepreneur skills is defined as an ability that turn into actions. This is inconclusive of creativity, innovation and risk to plan and manager the working effectively.
The present report is based on topic as service improvement, entrepreneurship and innovation. Therefore, main purpose is to bring innovation that aids to conduct the business practices effectively and efficiently.
Furthermore, report will cover the activities as significance of entrepreneur theory and skill in relation to services of the audit care. Therefore, report will outline the components and drivers that has wide impact on provision of services. In addition to this, assignment will understand that how to develop vision for the future services. Need Assignment Examples?Talk to our Experts!
1.1 Importance of entrepreneurship theory and skills
Entrepreneurship theory specifies as the mental and emotional aspects of entrepreneur that enable the entrepreneur to drive the entrepreneurship business.
Difference between entrepreneurship and innovation
Entrepreneurship: Entrepreneurship is more like using an innovative or unique idea to build a business empire (Berbegal-Mirabent, Gil-Doménech and Alegre, 2016). Entrepreneurship require the business sense that enable the entrepreneur to achieve the commercial success in market.
Innovation: Innovation can be precisely specifies as bringing or creating something new that can influence the society. Innovation don't seek a commercial sense as the motive is not to earn profits.
Entrepreneurial Culture: Entrepreneurial culture specifies as the shared beliefs and values that enable the entrepreneurs to convert the unique and innovative idea into a successful business model.
Innovation Culture: Innovation culture is an environment that focuses over new and unique idea (Yusuf and et.al., 2019). Innovation culture enable the leader's in organisation to experiment and utilise new and different practices to conduct business operations.
Developing culture: Innovation play the crucial role in the success of business organisations specifically for the entrepreneurs as they try to build a business empire by using innovative idea (Hoang and et.al., 2018). To build the culture that can support innovation and change in the business organisation a strong leadership is needed. Strong leadership that can inspire the employee's to channelise the volatile approach for operational practices. Inspiring employee's to try new ideas in working practices is also a great way to develop the innovation culture in organisation.
Health care is a wide industry that seek new ideas and innovation to scope up with changing needs and demands of the health care sector (Mollahosseini and et.al., 2017). The leaders in organisation can motivate and inspire the employee's to think innovatively for bringing new aspects in the sector. Contemporary theory of entrepreneurship is also a good approach to bring innovation culture in organisation. This theory focuses over filling the gape by using new ideas and techniques. To support the contemporary theory economic theory is used. Economic theory focuses over providing incentives or benefits to support innovation in organisation.
Factors influence growth and change
Various factors that influence the growth and change aspect of the organisation that involve both internal and external factors.
Political Drivers: Political drivers are one of the major factors that influence the growth and change in adult health care sector. Political factors involves various governmental policies related to the corporate organisations in country (Jahnke and et.al., 2018). Innovation has become one of the leading demands of adult health care as every day new researches coming out that highlight about the new aspect of health care so to bring new elements such remedies and other aspect innovation play the crucial role and governmental policies play the crucial role in bringing new elements with the support of innovation.
Regulation: Regulation involve all governmental boundetions for using and trying new ideas. Governmental regulation is also a major aspect that many create obstacle for the entrepreneurs and corporate houses to bring new aspects in health care (Cresci, Maggi and Sbraccia, 2016). Health care is a risky sector as any wrong innovation can be proved dangerous for the society so the entrepreneurs and organisations needs to face various regulations.
Funding: Funding is among the major aspect of bringing change with innovation and also in growth of the businesses. To innovate and expand the business area corporate organisations seek funds to operate operations associated with change and growth.
Wider market and potential future demand
Various elements that influence the market and potential demand in adult health care sector such aspects comprises with market and expected demands.
National Care Service: National health care is a precise health care services in UK that are funded by people in UK. National care services is also the largest single entity in health care. The range of national care services in UK made it a tough market competitors for the entrepreneurs and corporate houses in health care sector (Kelly, McConkey and Craig, 2019). Wider market positioning of national care services has improved the reliability of the services in the people of UK that has also influence the product demands of other adult care business organisation and entrepreneurs.
Reliability over such services influence the procurement decisions of buyers in UK
Challenges: National health care and other NGOs in UK based on health care of adults has improved the challenges for corporate houses as such body's has rather served the cheaper services or even the free health care services that earned a lot of trust of people in UK for such services which resulted into reduced market demand for the products of corporate entity's in UK (King and Stevenson, 2017). The increasing demand and market reach of such National care services is also seemed to have a great challenge for other corporate organisation to keep sustain in the market in future. Other future challenges also involve eligibility, need and demand, quality and efficiency and other associated challenges.
Vission to engage and inspire others
Entrepreneurs use the innovative ideas and models to run a business organisation that also involve different vision for all the entrepreneurs. Vision also specifies differently for different aspect of the business organisation.
Stakeholders: Stakeholders are the major aspect of the business that play a huge role in sustainability. To motivate both the stakeholder internal and external vision regarding the profitability is a prior vision for the entrepreneurs. Vision also consist the ways to improve such profitability and growth.
Customer's: Vision of the organisation in respect to the customer's is associated with the services of the organisation. Various approaches to improve the health care services is also influenced the vision.
Vision is a driving tool behind the efficient operations of the company as the entrepreneurs and management set goal and targets based on the vision of the organisation. Vision also involve the legislative requirements of the organisation (Tang, 2019). Vision is more specified as the purpose of operations of organisation.
Importance of embracing and inspiring change
Entrepreneurs bring various changes in the organisation structure and practices based on the external and internal aspect of the business. Several factors work behind the process of change that can be specifies as follows.
Legislative change: Management and entrepreneur make various changes that also inspired with changes in the legislation and government policies. Changes inspired with legislation of country is also considered as mandatory change in the organisation. Government make changes in policies and many timers in the country laws as well to support the business organisations. Legislative changes enable the better operations for the corporate organisations.
Revenue funding change: Based on the operational requirement's management and entrepreneurs make several changes related to the funding to maintain effectiveness of all the operations of the company. Many times due to new technique's organisation save time and money for conducting the same operations and it also influences the funding decision for such operation department.
Managerial strategy: Changes in managerial strategies influenced with various internal and external aspects associated with the business organisation (Rissanen, 2016). After analysis management and entrepreneurs entertain such change to get the better revenues and operational efficiency.
2.2 Area of improvement
Based on the analytical review various changes can be entertain to improve the work efficiency and effectiveness.
Driving changes in service and operation strategies: Market is one of the fluctuating aspects of business as it changes constantly. Constant changes in market also seek changes in practices and strategies. To achieve the higher productivity from the operation organisation needs to implement changes in practices such as marketing and other operational strategies. Entrepreneurs also make strategies to expand the existing services or products associated with adult care services.
Leading by example: Entrepreneurs are meant to innovate and change by takin risk and in such a process entrepreneurs set examples that can be followed by others or inspire other rmployee's in organisation towards the change (Coulson-Thomas, 2016). Entrepreneurs can inspire others by implementing new strategies such as trading health care services over internet or with the use of apps or website of company. Such changes enable the company to improve the profitability and also enable the management to set an example.
Business development: Developing business by introducing new aspects such as new services, practices, new products and also to expand the business area by launching stores or outlets in other locations. All such aspects of business development enable business houses to improve the profitability and market share.
2.3 Theories, model and tool of change management
Major theory and model that lead the corporate houses to implement change management in organisation are as follows.
K Lewin- Change Management Model
K Lewin Change Management Model practices change in three steps one is Unfreeze, second is change and the last one is refreeze.
Unfreeze: In the process of unfreeze the entrepreneurs and management determine all the aspects of organisation that needs to be changed. In this process management also evaluate the suitable reasons behind the change. After identification of change management analysis the support from stakeholders towards the change. After analysing the support the management also tackle all the doubts in respect to the change so the further steps can be taken to implement the change.
Change: To implement the change management communicate change with all the associated entities to such change process. While communicating management also convey various benefit attached with the change. After conveying management implement actions for change.
Refreeze: In the process of refreeze management anchor the change in the culture. Management and entrepreneurs also create ways that enable the organisation to sustain such changes for the longer period of time (Hammoudi and et.al., 2016). Respective training and support also provided to human resources for adopting the change ef