Essays on Entrepreneurship and Innovation Assignment

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The paper "Entrepreneurship and Innovation" is a great example of an assignment on business. A process of designing, launching, and running a business is referred to as entrepreneurship. Mostly, it’ s usually a small business that consists of a product, service, or process available for either sale or hires. People who come up with such businesses and vent into them are known as entrepreneurs. Innovation is only said to be new ideas or better methodologies in a business environment. Technically, it is where new requirements and needs are applied. Part 1 ORGANIZATIONAL CHARACTERISTICS This section discusses some organizational features that facilitate innovation that helps it move from its functional model to a product design approach to enable it to align its products with current demands in the market Garud et al.

(2017; John et al. , 2014). In this case, the group in the topic is FUBU which is an American cloth-line founded by Daymond John in the year 1992. This organization consists of t-shirts, denim jeans, baseball caps, football jerseys, shoes, and much more. FUBU’ s innovational approaches include: Clarity of Direction- FUBU has a clear and well-defined direction.

Here, every associate and the team as a whole have the knowledge regarding what the company needs and how to go about it (Chan et al. , 2017). Daymond had a strategic plan that he followed through which made FUBU grow into the big brand it currently. In as much as it just started out as a hobby, Daymond, moved on to greater heights ensuring meeting the objective of the company in terms of strategic development to reach even further improvement in service standards. Clarity on the body structures- This means that the technicalities and tasks of an organization have to be properly understood (Austin, 2012).

This approach has helped FUBU reduce any errors or near misses that might happen to avoid the company organization from incurring losses. Clarity of measurement- Daymond set clarity of management for FUBU. Some of the initiatives take included an increase of customer support through effective use of sales budgets, increase automation levels in all products to minimize labor costs. Actually, these were performance standards that led FUBU to grow.

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