Unit 1- learning aim E, explore innovation on a business
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Course
Business and management/accounting
Institution
PEARSON (PEARSON)
This a distinction level work of unit 1- exploring business, learning aim E of Investigating the role and contribution of innovation and enterprise to business success. Very detailed and easy to understand to get a easy A.
Introduction
I have been asked to conduct research on a selected business of my choice in which investigates its
use of enterprise as well as innovation. I will be analysing the business and giving a in-depth
summary of their uses of innovation. I have researched different businesses and have had to choose
the best in which is the most innovative and makes the most of their enterprise. The business that I
have decided to do this on is Tesla. I have chosen this company, as throughout my research I have
developed an understanding of how much they have improved as well as how much they have
adapted the ability of enterprise and innovation in the automotive industry. Tesla is originated in the
United States that designs and manufacturers electric cars. As well as this, they have produced a lot
of modernised and new technology in which makes them one of the most biggest automotive
companies in the world.
[E.P7 Explore how innovation and enterprise contribute to the success of business.]
Innovation
An organisation uses innovation by imagining new products, processes, and ideas, or approaching
existing products, processes, and ideas in new ways.
Why is innovation important for a business’ success:
-innovation helps companies grow
-keeps companies relevant
-helps organisations differentiate themselves
Innovation is important in a company as this is what leads to the success of a business. In today’s
society, you must ensure you are going above and beyond to ensure that your business has a edge
over others. Which is why with the production of innovation this will help the company in order to
succeed all of its aims and objectives and as well as this go even further in the industry. As a
business, you are trying to ensure that you have a lot of market share in a business and a lot of
customers in order to maximise profits. With high innovation you are targeting a lot of new
customers and variants in which positively portray your business as well as help growth. Innovation
can be different ways to a business, which can include the internal factors of a business which is the
employees as well as external which includes social activity as well as economical. The successful
extract of new ideas is crucial to a business being able to improve its processes, bringing new and
improved products and services to the market, increase its efficiency and, most importantly,
improve its profitability.
Enterprise
Enterprise refers to a person in which spots a business opportunity and takes it. They take
innovation to the next lesson and introduce something to the market in which hasn’t already been
meaning consumers needs. There almost seeing a gap in the market and fixing it. Nevertheless, by
understanding the market , this is what allows the most revenue to be claimed. By having the idea of
enterprise and innovation you are creating an understanding in which other businesses and
entrepreneurs do not have.
Businesses that start are usually come from the idea of a certain product or service has been in high
demand or something in which the consumers will take use out off. Instead of those who are
creating new ideas into the market it all really comes down to the amount of customers that the
business has as well as brand awareness and loyalty. With all three in control, it is very likely the
business will be ran smoothly. Innovation and enterprise gives the idea in which makes you
, differentiate from other businesses. By ensuring you have the right mindset towards the business
and its consumer market you will be able to understand why and why not you are gaining revenue or
losing it.
The role of someone with innovation and enterprise:
Showing initiative - An entrepreneur can show initiative by being proactive and planning
ahead. An entrepreneur is also demonstrating initiative by taking the first steps in order
to create a business.
Being innovative - Entrepreneurs can demonstrate innovation when they change, adapt,
and develop their products and the way they do business. Entrepreneurs may need to
adapt existing products and ideas for their startups, such as changing a lightbulb to
become an energy-efficient bulb.
Identifying opportunities - entrepreneurs must be able to initialise an analyse new
opportunities such as new products or services to produce as well as ways in order to
expand into different markets.
Organising resources – business starters must be good at keeping the ins and outs of the
business organised , this means that they must be able to manage workers, money,
buildings, products and any other business useful valuable supplies. When starting up, it
is important that a small business starter arranges each supply effectively.
[E.M5 Analyse how successful the use of innovation and enterprise has been for a given business.]
Advantages of innovation for Tesla
Tesla is known as one of the most innovative companies in the world due to their fast-paced
production of innovative ideas and execution. The market for fully electric vehicles is growing. The
reasons are endless, this includes the new regulations on safety and vehicle emissions, technological
advances, and shifting customer expectations. But much of the mainstream acceptance and
excitement for electric cars are driven because of Tesla Motors and its unique business model.
Tesla’s mission statement is to “accelerate the advent of sustainable transport by bringing
compelling mass-market electric cars to market as soon as possible.”
How successful the use of innovation and enterprise has been for Tesla:
1. Business model
Tesla produces many innovative products in which include a range of electric cars that perceive
consumer expectations, like the Model S, which is known as the safest and quickest car on the
road. Nevertheless, Tesla is also committed to using world-changing technology, like its release
of fast-charging sustainable batteries which is a huge consumer trend within environmental
factors as well as something that will benefit them. To differentiate from the rest of the
automotive industry, Tesla’s business model:
Excites fans of the company as well as customers around the world with its ambitious
mission of transforming global transportation and energy production and consumption
systems. This shows the customers Tesla’s dedication for the future of the automotive
industry and will make their expectations of customers new cars high.
Builds groups of dedicated fans and technology enthusiasts, and markets directly to
them without involving dealers due to the large amount of innovative technology used
that other companies have not making them different than others.
Diversifies its product range with useful consumer products that do not fit into one
single market.
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