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UNIT 1 ASSIGNMENT 3
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Unit 1 Exploring Business
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Explore how innovation and enterprise contribute to the success of a business P7For this task I'm going to be discussing how the innovation and enterprise contribute to the
success of Apple.
Innovation means a 'new idea, creative thoughts, new imaginations in form of device or
methods. 1Innovation can help your business grow by improving productivity and efficiency.
Your ability to innovate will also help your business to remain competitive and respond to
changes.
2
Enterprise is another word for a for-profit business or company, but it is most often associated
with entrepreneurial ventures.
One example of Ikeas Innovative ideas is when they offered products made from recycled
materials. 3In 2017 Ikea had launched a kitchen made from recycled bottles and reclaimed
wood. This then led to Ikea creating a range of “no waste” for its PS 2017. Another example of
Ikeas innovative idea was 4the creation of flat pack furniture. This is one of the biggest
innovative ideas of Ikea the flat pack furniture was invented after the designer Gillis Lundgren
had sawed the legs of a product to fit into his car. This idea was very beneficial for the business
and increased the growth of the business. Customers were now happier as the furniture was
easier to travel with and even cheaper than ready to use furniture.
Innovation and enterprise have been very beneficial for Ikea as a business.
One advantage of innovation and enterprise is that it contributes to Ikeas growth as a
business. Innovation can lead to higher productivity and as the productivity rises so will the
motivation to produce more goods and services. The productivity will also help Ikea bring new
and improved products and services to the market making it easier for the business to grow in
profit.
Another advantage of innovation and enterprise is that it improves Ikeas reputation. The
new innovative ideas can help Ikea as a brand to be well known by customers from all around
the world. By having a huge reputation, it can lead to an increase customer loyalty it will also
make Ikea as a business be favored by customers over their competitors giving Ikea a
competitive advantage. This can then also lead to an increase in sales and profit of Ikea.
The last advantage of innovation and enterprise is that it helps develop a new niche market.
Ikea bringing out new innovative ideas can attract a unique market. Having a unique customer
base helps bring out and influence such innovative ideas. This will then help Ikea become way
ahead of its competitors and also increase in growth of the business.
However, innovation and enterprise can be a risk for Ikea as a business.
One disadvantage of innovation and enterprise is that it could impact the businesses
growth in the market. Bringing out such big and broad ideas could cause major risks for the
business. These risks could then lead to Ikea wasting and running out of money if they invested
too much money in certain ideas and products. These ideas could the impact the business as it
would decrease the popularity and high demand of the business and its products. Which could
then decrease the growth of the business.
Another disadvantage of innovation and enterprise is that it can also easily ruin Ikeas
future. Ikea could ruin its reputation if the ideas and products are not to the customers high
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