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Innovation In Business

explanatory Essay
1411 words
1411 words
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Introduction
Innovation in business is a key aspect of staying viable in an ever changing climate of competition. One must continuously provide insight and solutions to issues, known and presently unknown through investigation and collaboration. Within this paper we will look into four businesses and their use of innovation in attempt at a better business or greater market share. The innovative businesses of interest are: Taco Bell, Zipcar, Dollar Shave Club and Kickstarter.
Innovation In Business
Innovation is the driver that keeps companies moving forward with new and/or improved products and services. Innovation in one organization can push another to improve their due to competition thus providing an environment that continues to evolve. In other words once an opportunity has been recognized, a company must seize it (Kuratko, & Goldsby, 2012, p. 85). The intrepreneur and entrepreneur function similarly in the aspect that they push for new ways of making products, or improving process for a business's well being. Taco Bell, Zipcar, Dollar Shave Club and Kickstarter are great examples of innovation in the market today.
What Is An Entrepreneur?
The entrepreneur is defined differently across many platforms they all share some commonality (Davison, 2008). This commonality consists of certain traits such as risk taking, innovative thinking, and an opportunity-seeking mindset to create, improve or expand a business (Davison, 2008). The entrepreneur functions as a promoter to the generation of wealth (Davison, 2008). The entrepreneur is important for the movement of the market and constant challenge to the status quo, indirectly improving all related business involved.
What Is An Intrepreneur?
The intrepreneur is very similar in i...

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... Dollar Shave Club: A Start-Up's Viral Ad for 'F***ing Great' Razors Is a Big Hit. Business Money Dollar Shave Club A StartUps Viral Ad for Fing Great Razors Is a Big Hit Comments. Retrieved May 4, 2014, from http://business.time.com/2012/03/12/dollar-shave-club-a-start-ups-viral-ad-for-fing-great-razors-is-a-big-hit/
Velu, C., & Stiles, P. (2013). Managing Decision-Making and Cannibalization for Parallel Business Models. Long Range Planning, 46(Managing Business Models for Innovation, Strategic Change and Value Creation), 443-458. doi:10.1016/j.lrp.2013.08.003
Withiam, G. (1999). Cookin' with the technomic top-100. Cornell Hotel and Restaurant Administration Quarterly, 40(4), 9. Retrieved from http://search.proquest.com.proxy1.ncu.edu/docview/209700580?accountid=28180
Zipcar, wheels when you want them. (2014, January 1). . Retrieved May 3, 2014, from www.zipcar.com

In this essay, the author

  • Explains that innovation in business is a key aspect of staying viable in an ever changing climate of competition.
  • Explains that innovation is the driver that keeps companies moving forward with new and/or improved products and services. taco bell, zipcar, dollar shave club and kickstarter are great examples of innovation in the market today.
  • Explains that the entrepreneur is defined differently across many platforms, but they all share some commonality, such as risk taking, innovative thinking, and an opportunity-seeking mindset to create, improve or expand a business.
  • Explains that the intrepreneur is similar in ideology to the entrepreneur; they influence the formation of new businesses within the boundaries of the existing organization.
  • Explains that taco bell is not known for innovation by the general public, but they decided to add breakfast to their offering, attempting to grab some of the otherwise lost breakfast customers.
  • Explains that zipcar is the automotive solution for people in highly populated areas with limited parking. they offer a vehicle as fast as possible with little red tape and reasonable cost.
  • Introduces dollar shave club, a newly formed company created by two entrepreneurs, michael dubin and mark levine.
  • Describes kickstarter as a bridge between regular people and organizations in need of funding for future products or services in return to the people that choose to fund.
  • Cites colao, j. (2012, april 3). dollar shave club: breaking the razor blade monopoly.
  • Explains kuratko, d. f., and goldsby, m. g. innovation acceleration: transforming organizational thinking.
  • Explains mollick's study on the dynamics of crowdfunding. journal of business venturing, 291-16.
  • Analyzes antoncic, b., & eckhardt, g. m. (2012). access-based consumption: the case of car sharing.
  • Cites fleming, miller, & washington, k. d. (2006). burger quick-service restaurants.
  • Explains that dollar shave club: a start-up's viral ad for 'f***ing great' razors is a big hit.
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