Innovation And Entrepreneurship Management-Myassingnmenthelp.Com

Question: Discuss About The Innovation And Entrepreneurship Management? Answer: Introduction Innovation and entrepreneurship have gained critical importance in economic globalization with the fashion industry, not an exception. The emergence of enterprise has stimulated a heated competition in the clothing and boutique industry changing the landscape of businesses significantly with the firm seeking to outwit their competitors through competitive advantage (Friday, 2007). This study investigates the relationship and impact of innovation and entrepreneurship to the boutique clothing stores. Nature of Boutique clothing store business The clothing industry is a highly volatile market with its uniqueness and the element of style featuring prominently which is short-lived. This market has the following characteristics, but not limited to: Short life-cycles the product in line with current trend and designed to capture the mood of the moment, consequently, it has a short-lived lifespan. High volatility The demand for the product in the market is rarely stable depending on several factors like celebrity endorsement, weather, and films extra (Gilsoo, 2010). Low predictability It is virtually impossible to forecast the total demand of these products in the market due to their volatility and other factors sharply impacting them. High impulse purchasing Many consumers make buying decisions based on stimulation at the point of purchase. In other words, the shopper makes a quick and unplanned purchase, hence the critical need for availability of the stock. Innovation in the boutique clothing business Innovation is an important aspect in any business growth and development with the fashion and clothing, not an exception. The market environment is characterized by uncertainties and dynamism which makes business landscapes to be tricky needing uniqueness from what the competitors offer. The clothing industry has globally become sophisticated thus requiring high levels of creativity and innovation to develop appropriate business strategies and counter the competitor rivalry. Disruptive innovation is particularly applicable in the boutique and clothing business. It is much interesting because this type of change focuses on short term or immediate goal to impact on the business processes. Disruptive innovation helps create a new market consequently disrupting the existing one through setting different values. Further, the change skips standard routine and knowledge disengaging the past and irreversible (Parmar, 2014). Technological sustainability issues in the boutique and clothing business The viability of innovation and entrepreneurial activities is a critical matter that impacts on the reputation of the business and its smooth operations. These concepts dictate that companies confine to meeting the current needs without compromising the quality of life of the future generation. Sustainability aspects of innovation tend to focus on the impact of this activity on the environmental, human and social factors (Grant, Hackney Edgar, 2010). The clothing industry has an extended supply chain tied to the risk of mass environmental and social impacts. Therefore, Sustainable innovations examine the whole supply chain and ensure the material inputs through to the final products does not cause disturbance, depletion or other harm to the environment than conservation. Further, innovations and entrepreneurship activities needs are constrained to sustainability demands so that resources and environment are preserved for posterity. Otherwise, resources stand the risk to depletion and further damages to the reputation of the concerned companies. Some of the sustainability issues are discussed below, which includes but not limited to: Pollution prevention This entails resource productivity and environmental management. The business activities including wastes and output should not have an adverse impact on the environment. Conclusively, the process of acquiring raw materials and utilizing should not present any environmental hazards or leads to depletion of natural resources (Boons Ldeke-Freund, 2013). Sustainable technology Since innovation aspect involves the investment of technological equipment, sustainability dictates that the technology involved does not cause harm to the environment or introduce features in the product that will harm the end users or natural resources (Perkmann Spicer, 2010). Innovation aspects of Boutique clothing store business Recycling The clothing business has an innovative way of recycling products to achieve creativity and thus making sales (Muthu, 2014). Clothes can be reused to design even better trendy outfits. E-commerce and marketing The clothing industry has invented ways to market their products both online and through other media. Example, many entrepreneurs have set up online cloth stores and successfully operated their businesses. The technology factor boosts their target market and improves the business efficiency, knowledge and feedback management. Further, this industry has invested marketing through models. Nevertheless, innovations are also being carried out in the process, logistics, recycling, and upcycling (Osterwalder Pigneur, 2010). Tied to this, some of the limitations of current sustainability initiatives as follows. A significant change and revamping of dominant business models is therefore needed to achieve systemic changes in the process of attaining sustainability. Instead of viewing sustainability in the lenses of compliance and risk management, companies should recognize the value-creating potential of sustainable business models (Martin, 2013). This work explains the possibilities for building business models for sustainability by use of innovation by using applying the analysis of the case called the IOU Project, which was made by the young business entrepreneur Kavita Parmar, which was e-commerce initiative that offers fashion-conscious consumers a very distinct platform. Benefits of Innovation and Entrepreneurship to Boutique Clothing Business Disruptive technologies have the potential to to introduce into the market a very different value proposition than previously available, and also, most importantly, some products innovated as a result of disruptive technologies can be cheaper in price, simpler, and also smaller and are more frequently made and very convenient to use (Aneja, 2010). Innovation increases the firm's performance by contributing to competitive advantage. Regarding the fashion companies and fashion designers, the clothing industry has numerous examples of the individuals who are in simultaneous terms, investors, owners, and also managers of fashion business firms. These emerged as a product of commercialized fashion ideas and design, manufacture, business or marketing methods that caused a revolutionary or an incremental change in clothing industry. Their impact as elements of the competitive advantage in the general clothing industry is also highlighted. Focusing on the last part of the study, innovation management in the boutiquue and clothing industry is evaluated. Despite the high influence of fashion in modern society, its analysis from a management perspective has not been sufficiently conducted, and hence "fashion creativity and business intellect" have been categorically viewed separately (Adam, Wim Micheline, 2011). Technological setback factors to Boutique Clothing Business Setbacks including PESTLE factors discussed below Economics Funds and capital required to invest in innovation and boosting the business. In most cases, change consumes resources which ultimately translates into funds. Therefore, an inadequate fund is an impediment to the growth of innovation. Social Factors Some specific communities perceive some cloth designs and style innovation negate their values and culture. Example, seductive and revealing fashion are perceived by some communities as disrespecting and resulting to them not supporting the businesses of those entrepreneurs. This caliber of people will cease from buying such fashion clothes and proceed to condemn the activity leading to a dented reputation (Fletcher Grose, 2012). Technological factors Entrepreneurship and innovation are directly impacted by the technology in place. Legal factors Innovation and entrepreneurship are globally checked by the legal regulations. Examples entrepreneurs innovate cloth lines and own the clotheslines. Inventory Intelligence and business uncertainty Boutique clothing retailers regularly contest with the volatile issue of seasonality having to stock up inventories and then deplete them at the appropriate times. There are certain factors outside human control like weather which will impact on the inventory of these entrepreneurs. On worst case scenario, the business will slash prices and dilute profit margins trying to get rid of stock that is not selling and consequently bringing on the apparel that was not available on shelves. Stock visibility, the inventory intelligence, and the operational agility to quickly change tack promptly are necessities in today's fashion supply chain (Brahe, 2007). This model does not only apply to the clothing industry but also emphases on the supply chain development in the industry and the relationship created between the initiative and its customers in the organization. It was also explained that if within the framework of the canvas the initiative created the relationship between the client and the artisans who were part of the supply chain. There are different types of innovation, namely sustaining, evolutionary, revolutionary, and finally disruptive innovation (Innovation in India, 2007). Firms have an uphill task to reduce the environmental and social impacts caused by the operations of their businesses.Rather than mitigating these impacts, the firms have a better option of solving the menace through internal development or acquisition of new capabilities that address the sustainability challenge. It has also been defined as moving from thought to action. Conclusion This paper has provided a conceptual focus on the impact of innovation and entrepreneurial activities in the cloth boutique industry. The business is affected by several factors, PESTLE that impacts on the business landscape and determines the fate of the business success. Despite, the business being excellent avenues for good returns, entrepreneurs in this industry face a couple of challenges which include sustainability issues, labor, technological and environmental factors. Further, the paper discusses the peculiar nature of the industry capturing its volatility, complexity, and dynamism. It is with these factors that prompt entrepreneurs to be strategic and action plans that will enable them to gain a competitive edge. References Business models for sustainable innovation: state-of-the-art and the steps towards the research agenda. Journal of Cleaner Production, 45, 919. Brahe, S. (2007). BPM on Top of SOA: Experiences from Financial Industry. 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