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Advances in technology are requiring companies to expand and respond to the competition in order to remain competitive. In this context, a company refers to an enterprise or a person engaged in the manufacture and sale of products and services for profit. Entrepreneurs must be creative and use new technologies in the manufacture and sale of products and services for their businesses to succeed and thrive. However, as a result of innovation and the use of technology, businesses may face new risks and threats. In this regard, the following paper aims to address different facets of market innovation, technology, and risk. Interrelationship between Innovation and entrepreneurship
Innovation is one of the most important aspects in 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 critically evaluate the market to identify various sources of innovation (Leek, Turnbull, & Naude, 2003). Also, 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.
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 improving production capacity or business flexibility to enable it to exploit the economies of scale fully. However, through change and 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 better quality products that may result to satisfaction of customer needs assuming that there will be increased sales due to change. Nevertheless, this may lead to unhealthy competition where other businesses may opt to replicate the idea of the original investor.
How artificial intelligence will influence organization in the next ten years and how has encouraged business creation and growth
The use of artificial intelligence and robotics will have direct impact to organization. In particular, organizations in the next ten years will be forced to do away with human employment completely. However, the initial cost of purchasing or installing artificial intelligence device will be expensive. For instance, in Washington, California, and Texas there is automated car (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 on in purchasing and installation of artificial intelligence and robotics. As time goes by, this technology will continue to be expensive and thus cost a lot of finance to the organizations. 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, through the use of computers in industries and the economics unit is 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 to say that innovation and entrepreneurship are inseparable disciplines as they are related. In addition to this innovation, highly reliance on technology such as using artificial intelligence and robotics will have negative impacts. However, technology may have some advantages for an organization as indicated.
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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