Question

Q2 – How can innovation and entrepreneurship influence a company’s business strategy? Meaning of the Question – Again, the question deals with the business strategy perspective that demonstrates the operational aspects of the organization and how innovation and entrepreneurship can determine the approach that is taken on a daily basis. You need to understand innovation and entrepreneurship characteristics utilized in operations and its relationship to strategic management. Many concepts and terms are related to innovation and entrepreneurship that deal with external and internal analysis, formulation, and implementation.

Answer 1

Entrepreneurship is the procedure wherein individuals embrace financial dangers to advance to make new item or procedure, which at that point, enables an organization to seek after a business technique that lines up with their development. The business visionaries enhance by commercializing the thoughts and creationsAdvancement depicts the disclosure, the turn of events, and the change of new information in a four-advance procedure caught in the Four I's which are thought, development, development, and impersonation. The development procedure starts with a thought which is formally introduced in conceptual ideas or discoveries from fundamental research. The subsequent stage, innovation, changes the thought into an item, process, or an alteration to a current item or procedure. On the off chance that development is helpful, new, and not self-evident; at that point, an organization can get it licensed or keep it as a prized formula. With this, it permits the organization to pick up the impermanent restraining infrastructure benefits. What's more, this, prompts the last advance of development alluded to as impersonation. Impersonation is when rivals in the commercial center endeavour to mimic the advancement on the off chance that they believe the development to be effective and gainful. There are four kinds of developments which are gradual, radical, engineering, and problematic. A steady development is an advancement that expands on set up an information base and continually improve the current item or administration. Radical development is an advancement that attracts new techniques either from totally unique information or recombination of existing information bases with new information. Design advancement is the development of another item in which segments dependent on existing advances in another manner to assault new markets. Ultimately, troublesome advancement is a development that utilizes new advances to assault existing markets from the base up.