Assignemt Innovation & Entrepreneurship

Innovation & Entrepreneurship: G-TEC

Name:

Date:

Institution:

Tutor:

Course:

1 Introduction

Innovative entrepreneurs in the modern global market are shaping societies and markets substantially. Being innovative means that a company can provide technical and organizational improvements that can be successfully sold in the marketplace. Sustainable development in a market system requires sustainable innovation and entrepreneurs who can attain customer satisfaction with superior processes that are successful in the mainstream marketplace.

1.1 Aim of the report

Entrepreneurship and innovation are critical in the contemporary competitive business markets. Both aspects are important for firms that are inherently technology-oriented. Majority of G-Tec’s customers are organizations, governments, security agencies and firms, and individuals. G-Tec is a distributor of CCTV products

1.2 G-Tec Background

G-TEC Distribution Ltd was founded in March 2002 (G-Tec, 2012). G-TEC’s head office is situated in London, UK. G-TEC is a privately owned company. Almost 15 employees are currently working in the Head office. The company is well established and recognized in the United Kingdom Security Industry. The company is a leading distributor of wide range of CCTV products, access controls and security services. With over 10 years of experience and a vast network of strong relationship that have been built with suppliers and installers, G-TEC looks forward for continuous growth in terms of sales, size, coverage and market shares in the UK and Worldwide. That clearly represents the main motive of the company for the customer’s satisfaction. Moreover, the company’s vision is to keep up the excellent after sales services, breaking through innovation in order to keep up with the technology advancements & developments.

Definitions This part in in the papers session please use them because there is some part missing

Entrepreneurship is the process of creating value that effectively connects with the attitude and skills of the entrepreneur with two types of events: Creating and/or seizing business opportunities in the external environment. It is also concerned with the development of identified and evaluated opportunities in terms of associated risks and allocated resources (Nitu & Feder, 2012). It reflects the strategic direction as implemented by an organization in order to achieve superior performance continuously.

Innovation is regarded as the development of novel customer values that have the capacity to meet old market and customer needs, unarticulated needs and new customer and market needs. Typically, this is achieved by the development of more effective and/or different ideas, technologies, services, processes and products that are readily available to existing and emerging markets. As opposed to invention which is concerned with more direct creation of ideas or the method itself, innovation is concerned with the utilization of a better new method or idea. It is refers to doing things differently as opposed to doing the same thing better.

Value creation entails providing services and making products that consumers find consistently useful (O’Malley, 1998). Successful business firms understand the core purpose of any business is the creation of value for customers, investors and employees. The three groups’ interests are inextricably linked. Sustainable value can only be created for if value is created for all the groups.

1.3 Importance of Innovation and Entrepreneurship for G-Tec

This part in in the papers session please use them because there is some part missing

In a constantly changing dynamic external business environment, innovation and entrepreneurial behaviour are holistic and dynamic process. They are vital to organizational sustainability and success and are complementary. Considering the high rate of technological development and advancement and increasingly competitive security surveillance market, innovation and entrepreneurship is critical for the survival and success of G-Tec. This is particularly because competitors are developing cost effective and quality products that are easily accessible to customers.

The initial focus for creating value should be on the customer. However, this cannot be attained unless the suitable employees are selected, trained, developed and rewarded. It cannot be achieved also if the investors do not consistently receive attractive returns. It is hence imperative for G-Tec to ensure it is innovative in the way it recruits its employees. The company also need to be sensitive to the relationship between the management and the employee. Contemporary, the employees

Analysis of Innovation and Entrepreneurship in G-Tec This part in in the papers session please use them because there is some part missing

G-Tec conducts its business in a technologically competitive field. This is because the products distributed by the company highly depend on technology to meet the purpose they are manufactured for.

The management style and organization behaviour at G-Tec significantly impact the development of innovative and entrepreneurial behaviours. The company’s employee pool is significantly small since it only distributes CCTV products. The employees are not fully engaged with regard to running the company, innovations and the supply chain. They only play the role of engaging with customers. The management engages with suppliers and installers of the products. The employees do not enjoy autonomy in making decisions regarding the relationship of the company and the customers.

Factors supporting and hindering entrepreneurship management and innovation in G-Tec This part in the papers session please use them because there is some part missing

The emergence of the internet has significantly supported the company’s entrepreneurship management and innovation. The company has in recent years developed a website with a web portal where customers and suppliers can engage the management on any concerns they have (Cherri, 2009) (Since when is our family quoted?).

The lack of employee engagement and autonomy acts as a stumbling block to the contribution of employees towards innovation. In other organizations, employees are often engaged to come up with innovative ways that will contribute towards the realization of organizational goals. Since employees engage customers with day-to-day business of the company, they possess information that may be vital for the development of innovative ways of conducting business to ensure customer satisfaction.

3. Implementing a potential innovation at G-Tec This part in in the papers session please use them because there is some part missing

In order to ensure the desired customer satisfaction, it is imperative for the company to ensure that employees are fully engaged. This will enable the employees to effectively communicate with customers as they will be in a position to respond to any question asked by the customer as opposed to referring the customer to other offices. The company should develop a communication infrastructure that will enable employees to contact the appropriate departments so that they can timely respond to customer concerns (Herbig, Golden & Dunphy, 1994). (Is this a real reference/quote?) The company should also ensure that employees fully understand all the aspects of the products and services the company provides.

3.1 Entrepreneurial goals and innovation context This part in in the papers session please use them because there is some part missing

The involvement of individual employees in the activities of the company creates a sense of ownership which results to loyalty. Engaged employees are keen to ensure the success of the business. The management should also freely interact with the employees so that the employees feel as part of the company. This will create job satisfaction. This will increase employee confidence which will easily be transferred to customers during their interactions with the employees. Since customers interact with customers on daily basis, they are better placed to identify opportunities through responses they receive from customers. (Doesn’t sound right) The interaction between customers and employees creates a wide network as satisfied customers refer friends and relatives to a company that meets their needs.

3.2 Recognizing the opportunity.

Depending on space and time context, companies can easily identify opportunities in order to generate value (Carree & Thurik, 2005). In the contemporary business arena, it is easier to recognize opportunities given the wide variety of internet information resources. Hyper-connection through employees presents the company with the opportunity to expand its customer base.

3.3 Finding resources This part in in the papers session please use them because there is some part missing

Individuals who allocate resources with the objective of capturing opportunities presented by innovative ideas and methods are critical for the success of any business venture. The resources required for implementing the proposed innovation are human and financial. The employees need to be trained on how to effectively address the concerns of the company even when they do not have an immediate response regarding the customer’s concerns. The employees also require to be informed about the services and products the company offers in the market (Johnson, 2001). The employees should have the full information before the products and services are placed in the market. Customers will feel satisfied when the employees attending them fully comprehend the services or products they sell to the customer.

3.4 Developing the venture This part in in the papers session please use them because there is some part missing

In order to develop the venture into an international player as per the company’s mission and objectives, the new organizational culture need to be entrenched into the mind of the existing managers, employees, customers, suppliers, installers and the investors. The venture will be drive by innovation economies, efficiency and the entrepreneurial framework established during the implementation of the innovation (Porter & Schwab, 2008).

Through embracing less hierarchical management and more open innovation, the company should integrate entrepreneurial behaviors with the existing company capabilities. This will enable the company to be ahead of the many copycats that are likely to emerge once this strategy works in favor of the company (Anthony, 2012).

3.5 Creating value This part in in the papers session please use them because there is some part missing

Through the proposed innovation, the company will create value for customers. CCTV products and service customer place high value on information. By providing information through the employees, the customers will have their problems attended to without having to be referred to other persons within the company. Since the number of staff in the company is limited, knowledgeable employees will facilitate bridging any communication gaps between the customers and the management. Through prompt giving of appropriate information, value will be created for customers.

Conclusion

Innovation through employee involvement on the part of G-Tec is an appropriate way of ensuring creation of value. The company needs to review its current organizational structure and culture. This will involve engaging the employees to promptly respond to customers’ concerns.

Please don’t use cherri web as a reference

References

Anthony, S. D. (2012). The New Corporate Garage. Harvard Business Review. 44-53.

Carree, M. and Thurik, R. (2005). The Impact of Entrepreneurship on Economic Growth, Handbook of Entrepreneurship Research. International Handbook Series on Entrepreneurship, Vol. 1(7), 437-471.

Cherri, W. (2009). CCTV Distributor. Retrieved from http://www.G-Tecsecurity.co.uk/acatalog/aboutus.html

G-Tec, (2012). G-Tec Distribution Ltd. Retrieved from http://www.securityworldhotel.com/int/CompanyInfo.asp?idf=27075

Herbig, P., Golden, E.J. and Dunphy, A. (1994). The Relationship of Structure to Entrepreneurial and Innovative Success. Marketing Intelligence & Planning, Vol. 12(9), 37-48

Johnson, D. (2001). What is Innovation and Entrepreneurship? Lessons for Large Organizations. Industrial and Commercial Training, Vol. 33(4), 135-40.

McDougall, P. and Oviatt, B. (2000). International Entrepreneurship: The Intersection of Two Research Paths. Academy of Management Journal, Vol. 43(5), 902-908.

Nitu, R. D. and Feder, E. (2012). Entrepreneurial Behavior Consequences on Small and Medium-Sized Firms’ Innovation. Theoretical and Applied Economics, Vol. 7(572), 85-96.

O’Malley, P. (1998). Value Creation and Business Success. Retrieved from http://www.pegasuscom.com/levpoints/valuecreate.html

Porter, M. E. and Schwab, K. “The Global Competitiveness Report 2008-2009”, World Economic Forum, 2008.