Implication of Innovation and Entrepreneurship on Corporate Sector

Question: Discuss about the Implication of Innovation and Entrepreneurship on Corporate Sector. Answer: Introduction In the contemporary world, competition between organization has increased which has resulted in a surge if innovations and corporate entrepreneurship. Traditional corporate management cannot protect organizations from increasing distrust among organizations; therefore, organizations are prioritizing organization entrepreneurship. Entrepreneurship can be motivated by products and services niches in the market. These strategies are major contributors to achieving goals and objectives set by the organization. Although organizational entrepreneurship in not subjected to government policies, dominant culture and bureaucratic practices prevent organizations from adopting it. This proposal is a presentation of the possible impacts of innovation and entrepreneurship in the Abu Dhabi Polymers Co. Ltd in Borouge. Defining innovation and entrepreneurship These two terms shave a wide range of definitions but to come up with a suitable definition to suit the context of the proposal is not an easy task. Although entrepreneurship has no unified definition as argued by Al Mubaraki, Muhammad, Busler (2015), from the basic definition it can be defined as the organizational acts that include creating, renewing and innovating services and products that are motivated from within or outside the organization. Entrepreneurs, on the other hand, are defined as the people that take part in the entrepreneurial process as the creators and innovators of a product or a service. Innovation can be defined as the ability of a novelty of an idea to sell. The word innovation originated from innovare a Latin word which means renewal.' For a person to be called an innovator, they must create something new that be successfully be used. Innovation is derived from invention where innovators use discovered processes or products by inventors to create something new out of it that could put to practice successfully as explained Bouchard (2015). Literature review In the last decades, research on innovation and entrepreneurship within organizations increased with many journals on innovation from the late 20th century. Although studies on the two fields had taken course entrepreneurship had no place in the academic world Ferreira, (Raposo, Fernandes, Dejardin 2016). There are various schools or thoughts ad theories explaining entrepreneurship and all provide unique perspectives to explain the term in an academic view. Basing the study on Abu Dhabi Polymers Co. Ltd, there are four angles that the study will follow to discuss the impacts of innovation and entrepreneurship on the company. These four academic angles include innovativeness, ability to identify opportunities, organization novelty, and approach to innovation. According to Dubina Carayannis (2016), Joseph Schumpeter was the most persuasive social scientist in the 20th century as he did a lot of research on innovation, change, and renewal suing people and organizations as his subjects. According to his entrepreneurship theory, economic development is a result of the creation of new products and services from the existing ones. He argued that the existing practices were to be destroyed for innovation to occur and before his research work; innovation was considered harmful to the society due to the negative implication it had on existing practices (Tsai, Liu, Hu, Li 2014). To begin with innovation, Research on this area requires segmentation of research area that include the individual, organization, inter-organization, and society because of the varying perspectives. In the individual level, innovation is emphasized on the individual effort in creating something new which gives them a champion title. And according to Scholz, (2015), a champion is a risk taker who actively dedicates their time and energy to ensure that a creation and implementation of innovation within an organization. Many of these champions have become heroes in organizations as their effort increased organizations success rates. They are an important part of the organization as their input translates to originations performance. On the organizational level, innovation affects the current structure and culture of the organization this requires a change in strategies and communication to achieve the desired goals and objectives. Inter-organization level focuses on links created between organizations that could be useful in improving the performance of the organizations. These could include the relationship between employees from different organizations creating networks that could be useful in creating innovation through sharing of ideas and perspectives on different issues. Within the society, demographics play a role in innovation as competition between different groups contributes to economic growth on the national level. The second dimension is the ability to identify an opportunity is the most integral element of in entrepreneurship. According to Schumpeter, individuals or organizations have freedom to identify opportunities outside their area of jurisdiction. The study by Bouchard (2015), describes entrepreneurship as the study of how individual(s) identify an opportunity to create products and services to be used in the future. Innovation is continuous as long as demand and supply grow and this implemented through an existing structure such as an organization. The third academic perspective on entrepreneurship is the organization novelty. This focuses on actions of an entrepreneur which is a huge shift from the traditional research on the personality traits of an entrepreneur. This school of thought separates the person from the action by studying the actions individually. This perspective is inclined toward describing entrepreneurs as creators of new social entities from the existing ones (Tsai, Liu, Hu, Li 2014). His perspective on this literature studies impact of new products introduced to the market by organizations without realizing the effect of the innovation. The system of innovation approach was introduced in the late 20th century to dissect innovation. It was introduced and implemented by Freeman and Lundvall respectively, and it shows that innovation is rooted in the organization's culture. The existing systems and structures in an organization reflect the perspectives in which organizational innovations shape their actions. For innovations to occur, there must be interactions between different stakeholders in different organizations. Systems in these organizations should allow interactions as innovation cannot occur in isolation. It can only occur through learning and sharing of ideas and perspectives between organizations (Scholz 2015). Organizational structures are created to regulate, decide, bring normalcy and create stability in existing organizational culture. The institution has an overall duty of law establishment, creating routines and rules and also setting expected habits. The system of innovation can be categorized further into two groups: Sectorial Innovation Systems and the Regional Innovation Systems. The sectoral innovation system involves products while regional innovation systems involve technological change. RIS is more elaborate and wider as it encompasses organizational networks, learning, and dependency. These elements are supported by regional resources and have been intertwined with the economy as explained by Jockenho?Fer (2013). The RIS uses a unique theory to explain root innovation in organizations. Other research works in entrepreneurship focus growth and capitalization as the major consequence of entrepreneurship acts (Scholz 2015). Entrepreneurs have different goals and objective in availing their products and services to the market. The growth of entrepreneurs depends on the level at which an entrepreneur maximizes the market share. Entrepreneurs can be categorized according to their aims, determine their growth and how they play in the market. The research field is wide, and many scholars have had their opinions on the academic field which then allows new researchers on the field an understanding of the scope and dynamics of the issue. Entrepreneurship and innovation studies are not fixed therefore anyone has an opportunity to rewrite and give new understanding to the area. Research questions Traditional organizations are lagging behind in satisfying the needs if the customers with the current shift in lifestyles and evolving needs. The change in peoples attitudes towards organizations has led to change in how they approach customer needs through reengineering and the continuous improvement of the quality of services and products. A lot of researches have been done on entrepreneurship and innovation, but to some extent, organizations lack knowledge and understanding of how these findings could be applied to the structure and systems within the organization. The overall objective of the study is to provide an analysis of the underlying impact of entrepreneurship and innovation on the Abu Dhabi Polymers Co. Ltd. There is a lack of extensive research on innovation and entrepreneurship on corporate society in the Arab Emirates (Dubina Carayannis 2016). The study seeks to give an understanding of the attitudes that affect the success of innovation within the company. This involves individual effort in ensuring the success of an innovation and the internal and the external forces that impact the process of innovation. The organization must have the ability to identify opportunities and avert risks involved. This can be achieved through active participation of risk takers who are not afraid of failure while creating something new. According to Schumpeter, some people have the ability to recognize opportunities while others cannot. Therefore entrepreneurs attitudes have a major influence the direction of start-Ups (Tsai, Liu, Hu, Li 2014). This innovation can be within or outside the organization, and they take products and processes dimension and from the definition of entrepreneurship, innovation heave disruptive nature as they affect the traditional practices. The study gives an understanding of the influence of entrepreneurial attitudes on the ability of an organization to take up innovation as part of development. The existing entrepreneurial system in the organization affects the output as explained by Zahra, Neubaum Hayton (2016). Although the link may be inconsistent, the current organizations are constantly seeking improvement on the existing systems and products. Many organizations are shifting towards the shorter cycle in processes, and the customer needs changes the organization can adapt to it within a short period. Organizations can benefit from having these attitudes as they can capture markets within a short period due to the incorporation of the scope of customer needs in the business orientation. Entrepreneurship within the corporate community builds a sustainable competition which contributes to the economic growth as stated by Zahra, (Neubaum Hayton 2016). Entrepreneurship is a source of employment, and they have given continuity to the existing enterprise. Entrepreneurship in any country is a major contributor to economic growth by creating employment opportunities for the people and also contributing to economic growth of a country. This can be achieved through networking within communities which bring diversity and have an influence on economic growth (Jockenho?Fer 2013). This social network creates an exchange of ideas and perspectives between circles of professional as that helps in creating or improving an innovation. This social network builds individuals knowledge and experiences as they provide meaningful and important interactions to their work environment (Vrontis, Sakka Amirkhanpour 2015). This has increased external relations activities due to the increasing knowledge pool that could increase the output and innovation within an organization. Sharing of knowledge is an integral element of innovativeness of an organization as the networks build an interactive learning for the participants. This interactive networking could i nclude interactions with competitors or with suppliers and customers. This could also be achieved using neutral platforms that include universities and research institution as explained by Jamali (2017). External relations activities have a major influence on the scope of innovations due to the existing conditions that influence learning and innovativeness. Entrepreneurs are expected to have the ability to identify and exploit opportunities available in the current entrepreneurial climate. Through learning and knowledge acquisition, individuals have a competitive advantage to influence. The different research works on a system of innovation focus on social interaction and knowledge acquisition as explained by Tajvidi Karami (2015). Innovativeness is determined by knowledge expertise of an individual, and this is determined by the learning orientation supported by the organization. The entrepreneurial climate influences the innovativeness of an individual through the existing culture and traditions within the organization. The existing entrepreneurial climate influences the innovativeness of an entrepreneur. The process of innovation involves risk taking, therefore, innovators are faced with the uncertainty of their innovations. Outcomes of innovation may be failure or success in which an organization is expected to contend with. Although there are these two possibilities, entrepreneurial organizations have been more successful in the market. Innovation and performance are variables that organizations need to put them in equilibrium as this requires risk taking and ability to cope with challenges. For survival and growth of organizations in the contemporary entrepreneurial climate, innovation must be sustainable to give it a competitive advantage. Methodology Data collection requires the use of surveys, interviews, questionnaires, and data sampling because the target study area has been identified. Development of questionnaires and interview includes the ability to identify risk takers and also opportunities this also includes discussion on the creation of social networks, innovations, and effects on performance. On personal interviews, the researcher seeks the quality of the arguments and their applicability to the existing conditions on the organizational dynamics. Questionnaires should test the learning orientation of the organization and its influence on the performances. In data sampling and collection, it requires a random survey of Abu Dhabi Polymers Co. employees from different departments. This method brings varied perspectives of the entrepreneurial element of the organization which forms the basis for understanding the learning orientation and how the organization has maximized it to create sustainability of innovations. Outcomes Entrepreneurship, attitudes, and innovations are interrelated, and the organization needs to identify a system that incorporates these elements. The company was established in the last century which then requires it to adapt to the changing needs of the environment constantly. This requires the organization to identify opportunities while averting risks which changes the attitudes of the actors to creating new products and services within the organization (Weber Tarba 2016). This has resulted in more aggressive approach in understanding market shifts and adaptation to changes in the entrepreneurial climate. Attitudes of managements on entrepreneurship influences the innovativeness of the organization and change brought to the organization. This includes the creation of new products or services within the organization unique from the traditional practices. The more entrepreneurial the management is, the number of innovations within the organization is expected to be higher. These managements can recognize opportunities and take a risk in implementing their ideas to realize the desired outcome. It evident therefore from past works of literature that innovation and entrepreneurial attitudes are linked together. This study seeks to discuss the changes brought to the organization through innovation and how it interacts with other actors in the sector. Timescale The research requires an in-depth data collection and analysis so that it can bring an understanding of the impact of innovation and entrepreneurship on corporate society. The research is expected to take up to two months to collect data, analyze and show the outcomes of the research. The timeframes of the activities include one week to formulate data collection methods, two weeks to read and analyze literature on proposed field, two weeks conduct the field trip to the organization and sample of customers and use the rest three weeks to analyze data and present a fully developed literature in the research area. Any adjustments to the timeframe will be communicated in time, but meanwhile, the set timeframe is realistic to the study. References Alzbkn, M 2014, Global Maintenance review: Middle East: Abu Dhabi: Abu Dhabi Polymers Company. Hydrocarbon Engineering. 19. AL Mubaraki, HM Muhammad, AH. Busler, M 2015, Innovation, and Entrepreneurship: powerful tools for a modern knowledge-based economy. Available at https://public.eblib.com/choice/publicfullrecord.aspx? p=1968541. Bouchard, V 2015, corporate entrepreneurship. [Place of publication not identified], Routledge. Dubina, IN Carayannis, EG 2016, Creativity, innovation, and entrepreneurship across cultures: theory and practices. Ferreira, JJM Raposo, ML Fernandes, CI Dejardin, M 2016, Knowledge Intensive Business Services and Regional Competitiveness. Abingdon, Taylor, and Francis. Available at https://public.eblib.com/choice/publicfullrecord.aspx?p=4513456. Jamali, D 2017, Comparative perspectives on global corporate social responsibility. Hershey, PA, USA, Business Science Reference. Available at https://services.igi-global.com/resolvedoi/resolve.aspx?doi=10.4018/978-1-5225-0720-8. Jockenho?fer, M 2013, How to promote entrepreneurship within established companies? human resource management and corporate entrepreneurship. Hamburg, Anchor Academic Pub. Available at https://public.eblib.com/choice/publicfullrecord.aspx?p=1324028 Scholz, N 2015, the relevance of crowdfunding: the impact on the innovation process of small entrepreneurial firms. 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Vrontis, D Sakka, G Amirkhanpour, M 2015, Management innovation and entrepreneurship: a global perspective. Zahra, SA Neubaum, DO Hayton, JC 2016, Handbook of research on corporate entrepreneurship.