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*NEW* Unit 1 Exploring Businesses M5: Analyse how successful the use of innovation and enterprise has been for a given business. £10.99
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  3. PEARSON (PEARSON)
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  5. Btec Business Level 3 National Diploma
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  7. Unit 1 - Exploring Business

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*NEW* Unit 1 Exploring Businesses M5: Analyse how successful the use of innovation and enterprise has been for a given business.

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*Certified High Graded Work* Learning Aim E: M5 Analyse how successful the use of innovation and enterprise has been for a given business.

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  • July 10, 2024
  • 6
  • 2022/2023
  • Essay
  • Unknown
  • A+

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The use of innovation can enable Tesla to stay ahead of the competition and also aid in their
business growth and development. Innovation of product or service is the key to becoming a
successful business for Tesla. If a Tesla doesn't make changes or improvements to their
business and its goods in any way or form and shape, they are unlikely to be a successful
business in the long-run. Customers are always looking for new product innovation, this is what
makes businesses thrive in creating product development and improvements, in so the goods
can meet the desired needs of those customers. We’ve all heard the phrase “adapt or die '' and
for businesses to achieve success in today’s modern world, this is a universal truth. Even If a
business product fails, the business must be capable of adapting in new ways and alternatives
as well as innovating to make the product meet the desired needs for the customer through
making improvements to the already existing product, or even go into a different market to
innovate new product development in that marketplace. Successful innovation is critical to
business success because it gives the firm a competitive advantage in entering new markets
faster and gives them a better connection to developing markets, which can lead to bigger
opportunities. Furthermore, successful implementation of new ideas is critical to a company's
ability to improve its processes, bring new and improved products and services to market,
increase efficiency, and, most importantly, increase its profitability. An example of new product
innovation is the first electric vehicles introduced in the car's market were also an innovation,
and new batteries with longer ranges that keep coming out.

Benefits of innovation and enterprise for business success

There are certain benefits and drawbacks of utilising innovation that should be carefully
addressed before implementing changes, new product ideas and improvements to the business
goods. To implement innovative and enterprising ideas requires a long extensive research and
effective strategic thinking and planning to produce new product innovation. I will demonstrate
the benefits and downsides of innovation and entrepreneurship below. The benefit of
innovation and enterprise is that it enhances and makes improvements to the goods of the
firm. .There will be several enhancements and improvements to the initial or already existing
product, which will raise revenues by lowering production costs or raising product pricing. This
will also improve the company's efficiency and production. Making improvements to business
goods can enable business to gain attraction of new, potential customers as well as larger
publicity of the new improvement to the business product, consumers will be intrigued by what
new improvements have been made to the business goods, these improvements can differ on,
for instance what the product offers, its quality, its functionality, its improved capabilities and
features.

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