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Technology advancements have allowed companies to expand and adapt to the competition in order to sustain their competitive advantage. In this context, a corporation refers to a company that manufactures and sells products and services for a profit. Entrepreneurs must be creative in order to accomplish this aim by integrating new technologies in the manufacture and sale of goods and services (Leek, Turnbull, & Naude, 2003). A corporation, on the other hand, could face such risks and threats as a result of innovation and the use of technology. In this regard, the following paper aims to address different facets of market innovation, technology, and risk. The interrelationship between Innovation and entrepreneurship as well as a comparison between the social entrepreneur and traditional entrepreneur.
Innovation is one of the most important aspects of business. In particular, innovation acts is a vital tool for entrepreneurship. Through innovation, entrepreneurs are able to exploit the changes in the market to their own advantage since it provides an opportunity for a business to produce goods and services that outdo their competitors. Therefore, it is essential for the entrepreneur to evaluate the market to identify various sources of innovation (Leek, Turnbull, & Naude, 2003). In addition, innovation helps an entrepreneur to conduct existing business activities in a different and better way to either increase sales or enhance improved competition in the market. Thus, it has become mandatory for the entrepreneur to become innovative to enhance the survivor of the businesses due to the prevailing competition in the market.
A social entrepreneur creates a drive for social innovation and transformation in various fields of a business. On the other, traditional entrepreneur undertakes to control, and coordinate operations of business to create a competitive edge. It is vital to indicate that their operations are aimed at achieving the ultimate goal of any business, which is to make profit.
Comparison of risks and benefits of socio-organization as it relates to change and innovation
Technological advancement through innovation enables an organization to enjoy reduced cost. This is achieved through improvement in production capacity or business flexibility to ensure it exploits the economies of scale. However, through innovation, an organization may be faced with the risk of unclear commercial returns. There is no guarantee that the change undertaken will result to profit because the research is based on speculation. Moreover, through change and innovation, there is production of quality products that may result to satisfaction of customer needs assuming that there will be increased sales due to such a change. Nevertheless, this may lead to unhealthy competition between businesses since some of the organizations can employ unethical means in relation to the use of technology.
How artificial intelligence will influence organization in the next ten years and how it has encouraged business creation and growth
The use of artificial intelligence and robotics will have a direct impact to the organization in the next ten years. In particular, organizations will be forced to do away with human employment. However, the initial cost of purchasing or installing artificial intelligence device will be expensive. For instance, in Washington, California, and Texas there has been a rise in the use of automated cars (Yonck, 2017). Therefore, the organization might be able to use this technology in sales and distribution of goods and services in future instead of employing drivers. Further, organization may be forced to invest heavily in purchasing and installation of artificial intelligence. As time goes by, this technology will continue to be expensive and thus organizations will incur many costs. For instance, organization is using quantum computers whose prices are rapidly increasing and are predicted to continue rising.
Risks that technology poses to existing industry model and economic systems
New technology has threatened human efforts in the industries thus rendering many people jobless in various professions, which seemed promising such as accounting and drivers. Due to the invention of new software that can do accounting work and the automated car that is being used in California, human labor will be rendered useless. In addition, the use computers in industries and the economics unit are risky. This is because in case of computer or machinery failure it may cease production process until they are repaired.
In conclusion, it is clear that technology drives innovation, which is a path to business success. In fact, entrepreneurs who incorporate innovation into their operations are able to come up with products that suit their customers. Consequently, there is the creation of customer satisfaction. Thus, it is imperative to say that a business, which engages in the practice of innovation, is able to compete effectively in the market. It is vital to indicate innovation is associated with various risks. For instance, innovation can lead to uncertainty in commercial returns.
Autio, E., Kenney, M., Mustar, P., Siegel, D., & Wright, M. (2014). Entrepreneurial innovation: The importance of context. Research Policy, 43(7), 1097-1108.
Leek, S., Turnbull, P. W., & Naude, P. (2003). How is information technology affecting business relationships? Results from a UK survey. Industrial marketing management, 32(2), 119-126.
Yonck, R. (2017). Heart of the Machine: Our Future in a World of Artificial Emotional Intelligence. Skyhorse Publishing, Inc.
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