Innovation and Entrepreneurship in 7-Eleven Company †Free Samples

Question: Discuss about the Innovation and Entrepreneurship in 7-Eleven Company. Answer: The assignment includes the management and business of the organization 7 eleven in contexts to innovation and entrepreneurship. The essay is a continuous discussion of the previous assignment. The organization 7 eleven shall use this technique to improve its position in the global market and enhance the business activities to achieve competence. With the aid of innovation and entrepreneurship techniques the organization can overcome the problem occurring in their franchisee. The report analyses the growth of 7 eleven with respect to the above-mentioned two tools. Also it evaluates the benefits of these practices in the organization. 7 eleven is an American-Japanese international chain of stores which provides food products and beverages such as Slurpee Beverages, big Gulp Beverage cup, candies etc. The Company is a subsidiary company of Seven-Eleven Japan Co. Ltd. Earlier the stores chain of 7 eleven was known as Tote'm Stores until it was renamed in the year 1946. 7 eleven was founded by Brandon H. Small, Joe C. Thompson Sr. Claude S. Dawley, John Jefferson, John Philp Thompson, Sr., Jere W. Thompson Sr., and Joe C. Thompson Jr., in the year 1927. Further the company has placed headquarter in Texas (7-Eleven, 2017). In the recent decade it has been noticed that the innovation tools is shaping path of success for many companies worldwide. Innovation refers to the technique of processing the same work with a different creative approach. Innovation and entrepreneurship are closely interconnected and competence to an organization if adapted together. The process of innovation depends upon the type of the organization and skills they want to enhance in the management of the organization. The foremost duty of an entrepreneur is to inculcate innovation in the management and adapt flexibly according to the business environment (Drucker, 2014). Entrepreneurship in relation to innovation is a notion which defines the capacity of an organization to manage risk and generate profit out of it. It refers to the innovative activities which a business shall implement to develop the organizational structure. This process includes activities which an entrepreneur shall perform by injecting creativity into their work. Entrepreneurship is also known as the process of starting a new business and availing all the opportunities provided to the company by identifying and measuring the risks. The concept of entrepreneurship is dynamic and involves a visionary approach to reach the target by eliminating all the management barriers and utilizing the resources optimally (Tidd Bessant, 2015). As stated earlier innovation and entrepreneurship are interconnected factors which affect the growth of a business. The innovation is a broader concept which includes entrepreneurship in its working. The entrepreneurs perform their activities in an organization with innovation so that they can achieve a competitive edge in the market. Some of the renowned entrepreneurs who created their brand image with innovation are Mark Zuckerberg owner of Facebook and Larry Page owner of Google Company. Innovation is the key action of entrepreneurship through which business active success now a day (Trimi, Berbegal-Mirabent, 2012). W.D Guth and A. Ginsberg invented the term in-trapreneurship which stated the birth of a new enterprise within existing business. This states that the formation of a new internal business structure with respect to innovative ideas and techniques. In today's world innovation is the need of every enterprise to become successful and resolve the barriers without disturbing the business activity. An organization can achieve success if innovation and entrepreneurship work together efficiently. Further, an organization shall implement the innovation and entrepreneurship tools considering the factors such as strategic vision and mission, statement creative management program, efficient internal communication, adapting technology, waste management, optimizing resources and leadership. The technique shall be followed considering the above-mentioned aspects. Strategic mission shall be prepared and it shall be creatively implemented in organization (Audretsch, Falck, Heblich, 2011). Innovation is a tool required by every business in order to precede effectiveness in their organization. In earlier times, business with traditional management techniques used to work efficiently due to lack of competition technology in the market. But with the change in time, business tactics are becoming innovative, thus to succeed in the industry a company require to implement innovation and entrepreneurship in their practices. The 7 eleven company is the demand of its customers due to its taste and quality of product. This helps the company gain the competitive in the market. Further 7 eleven shall use these tools to create a definite innovation and entrepreneurship framework in the organization structure (Onetti, et. al., 2012). Entrepreneurship in narrow concept refers to creating new idea and implementing it in the organization. So it can be seen that sole entrepreneurship cannot work well to establish and enhance the activities of 7 eleven. Thus the company shall define a set of framework to manage the activities of the organization. In order to execute the framework the management of 7 eleven shall analyze the internal factor causing barrier in the growth of the organization. In relation to it, new innovative techniques shall be defined by the management so that barriers are removed and 7 eleven improves its managerial skills as well. The implementing innovation in an organization, there are three basic components which shall be looked after, that are, infrastructure, capital and entrepreneurial capacity (Ar?kan, Engino?lu, 2016). In context to innovation, the entrepreneurial practices shall be followed. After determining the techniques, the company shall make sure that such innovation is the demand of organization and its customers. Further for persuading innovation technological changes shall be implemented in the managerial process. It has been noticed that 7 eleven is facing problem in managing franchisee of the organization. Thus, to remove the barrier the company can implement innovative techniques to retain the customers and drive them to reach the organizational objective (Malagueo, Bisbe, 2010). Innovation can only be implemented if entrepreneurship practices are strong, so the entrepreneur shall define new goal for the organization considering the objective of company as well as employees and lead them to achieve their respective target. Also, the entrepreneur shall maintain good communication so that problems can be easily overcome through discussion. Future to resolve the problem efficiently, the entrepreneur shall manage all the innovative activities under their surveillance so that the employee shall not get distracted from their goals. Thus in this way the company 7 eleven shall achieve organizational innovation through entrepreneurship process (Berglund, Gaddefors, 2010). Also, the company shall not get confused with innovation and disruptive innovation. Disruptive innovation is a form of innovation technique which creates new product and in the new product market. As it is seen that the company already enjoys a brand image in the market and do not need further changes in the product or market. Thus, 7 elven shall make sure that they implement innovative techniques in the existing product only (Kohles, Bligh, Carsten, 2013). Hence, in the limelight of above events, it shall be concluded that the company 7 eleven is facing the issue in managing the franchise. So in order to change the condition and create efficiency in the organization, the management of the company shall implement the innovative techniques strategically. The company shall try to focus on innovation through entrepreneurship and not involve in disruptive innovation. References 7-Eleven, (2017). 7?Eleven Profile.Viewed on September 3, 2017 from https://sites.7-eleven.com/corp-BAK/7-eleven-profile Ar?kan, C. L., Engino?lu, D. (2016). Kurum ?i Giri?imcilik Nas?l Geli?tirilebilir? Bir Model nerisi.TISK Academy/TISK Akademi,11(21). Audretsch, D. B., Falck, O., Heblich, S. (Eds.). (2011).Handbook of research on innovation and entrepreneurship. Edward Elgar Publishing. Berglund, K., Gaddefors, J. (2010). 8. Entrepreneurship requires resistance to be mobilized.(De) Mobilizing the Entrepreneurship Discourse, 140. Drucker, P. (2014).Innovation and entrepreneurship. Routledge. Kohles, J. C., Bligh, M. C., Carsten, M. K. (2013). The vision integration process: Applying Rogers diffusion of innovations theory to leaderfollower communications.Leadership,9(4), 466-485.. Malagueo, R., Bisbe, J. (2010). The role of management accounting and control systems as antecedents of organizational creativity and innovation capabilities. Onetti, A., Zucchella, A., Jones, M. V., McDougall-Covin, P. P. (2012). Internationalization, innovation and entrepreneurship: business models for new technology-based firms.Journal of Management Governance,16(3), 337-368. Tidd, J., Bessant, J. (2015).Innovation and entrepreneurship(No. 3). Wiley. Trimi, S., Berbegal-Mirabent, J. (2012). Business model innovation in entrepreneurship. International Entrepreneurship and Management Journal, 8(4), 449-465.