Case #3 Study Example | Topics and Well Written Essays - 500 words

#3 - Case Study Example Innovation is forming new ideas and coming up with solutions for the problems which arise in the future. It is a tool which the entrepreneurs use as an opportunity to acquire sustainability in the business and differentiating the product from that of the competitors. Through the use of innovation, competitive advantage can be acquired and this enables the businesses in acquiring a dominant position within the industry (Muller, Và ¤likangas, & Merlyn, 2005). Innovation is integral for the organizations in the modern day business environment. Innovations allow businesses to manage operations successfully and allow to come up with new ideas which support the business. The change in the locality is one of the biggest factor which impacts on innovation. Culture of the economies assists in the way organizations operate and propose methods through which the competitive advantage can be acquired. The culture of the society, success factors in the past, productivity in the area, efforts applied and management practices are dominant factors which aid the process of innovation. In the entrepreneurial setup, the factors such as knowledge sharing, development of competencies, quality control, culture of the organization, research & development and availability of funds can be considered as major contributors of the process. All these factors which prevail in the culture determine the study and performance of the firms. Allocation of funds and planning appropriate methods for utilizing the funds are extremely important for the business. During the planning and implementation phase the entrepreneurs need to adapt appropriately to the process (Zayas, & Garcà ­a, 2008). The small business entrepreneurs need to focus on the business operations. This is another important factor apart from innovation and breakthrough ideas. Strong management skills and catering exactly what the customers need are important for managing the business (Fenwick, 2003). From the research, it