Innovation as part of the business recipe

In 2004 Walker and Brown conducted a study of 290 small businesses. – Frances Wright

and Gemünden contend that other issues - such as technological abilities, strategic planning and innovation - are just as important. As far back as 1990, El-Namaki identified reasons for business failure as a lack of professional management skills, lack of competence in the entrepreneurial process, lack of strategic planning and lack of innovation.

T

preneurial scholars that entrepreneurial talent is the major contributing factor to business suc- cess. Characteristics of successful entrepreneurs are identified as alert- ness, vision, risk-taking propensity, knowledge, creativity, ambition, deci- siveness, determination, dedication, strong values, adaptability and innova- tion. Successful entrepre- neurs also have sufficient capital and resources.

There is general consensus amongst entre-

hey found that most businesses are measured by financial criteria only. However, other scholars such as Ritter

to a need in the market according to customer requirements, and then add some component that is unique in order to attract more clients. New companies need to change human behav- iour or draw clients away from existing compa- nies through being innovative in business.

Business innovation is a

process of creating value to a target market. In business it should result in an

improvement in the efficiency, productivity and economic viability of the organisation.

ness really? Innovation is often misunderstood to apply to technological and scientific devel- opments only, but the truth is that innovation should apply to all areas of business.

avoid decline is through remaining innovative. It is also through being innovative that busi- ness owners and managers can differentiate their business from competition. The first inno- vative step in business is to develop a solution

76 Management Today | September 2011 In the lifecycle of business, the only way to But what is the role of innovation in busi-

Consulting, the unique angle - combining marketing, communications and operational management into a consulting model under the new term “business component integration” (BCI) - led to 100% growth year-on-year and earned them the “Marketing Company of the Year” award for 2011. Business component integration is based on years of research, literary study and innovative thinking. Empirical studies proved that when marketing and communications are not aligned with operations, it could negatively affect net profit. A solution had to be found and business component integration was developed to solve the existing problem.

component integration is implemented then the communications, marketing and operations of the company are in sync, decreasing the cost while increasing turnover. Marketing and production strategies are aligned, so that when marketing talks about quality of delivery, then production and logistics will deliver on the promises made.

Revolutionary thinking is not just the development of new technologies. It is also

Like with body, soul and spirit, when business When Frances Wright started Trinitas