Institutions and Entrepreneurship Development †MyAssignmenthelp

Question: Discuss about the Institutions and Entrepreneurship Development. Answer: Introduction: The report below argues about the innovation and entrepreneurship as the contextual factor that affect the company's functioning. It discusses about the meaning of innovation and entrepreneurship and their role in the company called 7- Eleven. This company is discussed because it is called as one of the most innovative firms in the market. Thus, the study of this firm supports the study well. It also discusses about some of the recommendations that the company should adopt in order to make more improvements in the processes. The popularity of convenience stores is very much increased these days. As these stores allow the customers to buy their daily use products such as groceries, toiletries, soft drinks, tobacco, snacks food etc. All under one roof (Edquist, 2010). This is the reason why these stores are called convenience stores. 7- Eleven is one of the company that provides the customers with such facility of convenience stores. The company was originated at Taxas in the year of 1927. This company is considered as one of the largest companies that operate or provide license to operate the convenience stores (7-eleven franchises, 2017). The company operates around 21,000 units of convenience stores in the world. It is the convenience stores that serve the customers 24 hours a day and seven days a week. It has been analyzed that this company is very much customer oriented in nature as it focuses of fulfilling the needs of the customers. It is considered as one of the most innovative firm as compared to its other competitors Innovation and entrepreneurship: It is a well-known fact that competition is increasing with a high pace in almost all of the industries and businesses. In order to withstand in the industry and to compete with the competitors, it is very important to attract the customers and the market. There are many factors that affect the organizational decision regarding their processes and strategies. Innovation is one of the factors that play an important role in the organizational processes. This is because innovation in the processes and the business operations helps the business to be unique. Bringing uniqueness is very essential for the businesses these days as there are large number of companies serving the customer with the same type of products (Aidis, Estrin, Mickiewicz, 2008). Government of the counties is supporting the innovative ideas of the business because they have also realized that innovations the key to every businesss success and the success of businesses can only bring money to the nation. Innovation can be defined as the ability to think out of the box. In term of organization and businesses, it is the tendency to research in a particular area and think about bringing changes in the current processes so as to improve the same (Arogundade, 2011). Innovation can be brought up by conducting in depth research in the subject and by implementing new ideas in action in order to look for its results. It is basically the process of creating new ideas with the already available resources by exploiting the opportunities that are persisting in the market. It is not only the aspect of business idea that needs be innovated but the processes that are used to conduct the business can also undergo innovations in order to create and develop a new way to conduct the old activity. There are different types and levels of innovation that have been done by the organization. Revolution is the type or level of innovation at which the organization used to destruct the already existing process related to th e business and brought up changes in the process (Battilana, Leca Boxenbaum, 2009). The next level is termed as renewal. Renewal refers to making the changes that are new to the process and the last level is resilience that deals with continuous changes that bring about in the process or business according to the changing needs. This is a type of continuous process. Another factor that affects the process of business is entrepreneurship. It has different definition for different people. Entrepreneurship can be defined as the process of opening a new venture by the individual who has the capability of taking risks in the field in which he is finding an opportunity. Another definition of entrepreneurship argues that it is the process of innovation and creativity (Bessant Tidd, 2007). Thus, the overall discussion suggests that entrepreneurship is the process that allows the individual to exploit the opportunities available in the market with his own innovation so that his business can be unique enough to attract the customer in the market. There are many characteristics of being entrepreneurs and every business cannot say to be entrepreneurial business as entrepreneurship is very much related with innovation and creativity (Martin, 1994).Creativity is the first characteristic of the entrepreneurship as discussed earlier that creating new ideas and thinks out of the box reaming in the practical consideration is very important in the process of entrepreneurship. Innovation and entrepreneurship in 7- Eleven: As far as innovation is concerned, it has been analyzed that 7- Eleven is the company that fits in the example of an innovative firm. This is because the company is engaged in continuous innovation processes (Drucker, 2014).The first innovation is seen in the products of the company as company has introduced the market with some of the products that are very new such as Big gulp, Big bite, Slurpee etc. It has also been analyzed that the company always try to build up new methods to help their franchisees in order to make effective connection between the store and the customers. It is one of the companies that initiated the trend of introducing private brand products (Scholl, 2004). These products are sold on competitive prices to the competitors products. The availability of the company's private products and the other brands products under the same roof helps the customer to make effective comparison. Another innovation has been found in development of test kitchens. These kitchens are framed in order to develop and test new recipes and flavors that is being test before releasing into the market. Bringing technology in the business is another move of the company that helps in providing new shopping experience to the customers is also a strategy of the company but cannot said to be innovative. Introduction of bill pay app is a new way of paying bills by the customers. The company believes that innovation is done not only for the success of the business but is necessary for the changes that occur in the environment and the customers needs (Windrum Koch, 2008).The company concentrates on delivering the healthy and fresh products to the customers and to the stores. In order to conduct this activity, they collaborated with the farmer directly so that they can get fresh fruits, vegetables, grains etc. This nature of the company suggests that the company is entrepreneurial in nature as it has the characteristics of taking initiatives to bring change in the processes of the company such as in logistics of the company (Walters Rainbird, 2007). The company has improved its logistics system in such a way that helps them, to deliver all sorts of products along with these fresh products with great ease. The step of automation of all the system such as inventory, pay, etc. Allows the company to focus on customers rather than on these activities. This is because automation help the company to management these department very easily. The company is said to be in the stage of resilience as it believes in brining continuous change and modifications in the processes. In terms of innovation and entrepreneurship, the company is already excelling as it has taken initiatives to conduct many innovative activities in the company. It can be recommended to the company that it should focus on brings stability in the organization, this is because continues innovative bring changing the process and these changes need to be adopted by the company. The frequent process of adaptation may rupture the stability in the organization. Conclusion: The above discussion concludes that innovation and entrepreneurship is the very important and crucial part of any firms activities and processes. 7- Eleven is the firm that involves innovation in their processes to succeed (Amit Zott, 2012). It is considered as one of the most innovative firms in its industry. The company also shows some of the characteristics of true entrepreneurship. It has been concluded from the study that innovation and creativity plays an important roles in developing the company and also allow the companies to have some of the competitive advantage over others. References: 7-eleven franchises (2017). Why 7-eleven. [Online]. Accessed on: 9 may 2017, available at: https://franchise.7-eleven.com/franchise/always-innovating Aidis, R., Estrin, S., Mickiewicz, T. (2008). Institutions and entrepreneurship development in Russia: A comparative perspective.Journal of Business Venturing,23(6), 656-672 Amit, R., Zott, C. (2012). 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