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M5 Analyse how successful the use of innovation and enterprise has been for a given business.1 Introduction
The success of any business depends heavily on innovation and enterprise. Companies benefit from
them by remaining competitive in a constantly evolving business environment and enabling them to
differentiate themselves from their competitors. This study examines the role of innovation and
enterprise in a business and assesses how effectively it contributes to the success of the organization. It
is possible to gain insights into how innovation and enterprise can drive business success by examining
the strategies employed by the company and the results they have achieved.
2 Findings
Successful innovation
The implementation of Flyknit technology in Nike's shoes is an example of innovation and enterprise at
its best within the company. Known as Flyknit, this material provides superior support and comfort to
the feet for all types of footwear by offering a lightweight, form-fitting feel. A wide range of Nike shoes,
including the popular Nike Free Flyknit and Nike Flyknit Lunar, utilize the latest technology that was
introduced in 2012 with the Nike Flyknit Racer, the first shoe to use the technology. It had the following
impact on the day-to-day activities in the business as Flyknit has changed Nike's design and
manufacturing processes when it comes to shoes. A computerized knitting machine and specialized
software are used to create Flyknit uppers, which differ from traditional shoe manufacturing processes.
As a result, the manufacturing process has been streamlined, which has led to a reduction in the
quantity of materials needed in production and a quicker turn-around time. It benefits the long-term
activities (external stakeholders) by using this technology, Nike can reduce waste and use fewer
materials to produce Flyknit products, thereby increasing its sustainability and reducing its
environmental footprint. External stakeholders such as customers who place a high priority on
sustainability and eco-friendliness will benefit from this. This can enable the company to maintain
leadership in terms of design and technology and help it to remain competitive in the market. This
supported them to achieve the following aims because to provide superior performance, comfort, and
style, Nike aims to design and develop innovative products. To accomplish this goal, Flyknit technology
offers a unique and functional design that offers athletes and consumers a solution that meets their
demands. Nike uses Flyknit technology to create shoes that can be customized for an athlete's individual
requirements, which can allow them to perform better overall.
Another successful example of Nike's innovation and entrepreneurship is the Nike App and ecosystem.
Launched in 2006, the Nike App is an innovative platform that allows runners to track their runs, set
goals and connect with friends and fellow runners. It had the following impact on the day-to-day
activities in the business by offering social features, challenges, and leader boards, the Nike+ app allows
runners and fitness enthusiasts to connect with each other. Keeping users motivated and engaged
during their fitness journey is made possible by the community-building aspect of the app. It benefits
the long-term activities (external stakeholders) a customized and convenient shopping experience is
provided by the Nike app to customers. In addition to browsing products, making purchases, and
tracking orders, the site allows customers to shop online. Customer satisfaction can be enhanced by this
type of service, which can lead to repeat business and positive word of mouth recommendations. As a
result, users can monitor their progress and receive rewards if they succeed in achieving their goals,
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