Glossary
E: Investigate the role and contribution of innovation and enterprise to business success
Unit 1: Exploring Business
Benefits of innovation and enterprise - Improvements to products, processes, services and customer experience, business growth, development of new and niche markets, offering unique selling points, improved recognition and reputation, smarter working
Blue Sky Thinking - Brainstorming ideas and solutions without any limits. A strategy for discussion where any idea can be explored.
Chance and serendipity - A strategy to exploit opportunities created by unplanned or unexpected events.
Creative lateral - Exploring solutions by thinking creatively and exploring options that may not be immediately obvious.
Efficiency - The ability to meet objectives with minimal waste generated.
Enterprise - identifying opportunities to develop business activities
Innovation - creative process, product or service development, new ways of increasing business efficiency or improving profitability, successfully exploiting a new idea, adding value to products, services or markets to differentiate the business from the competitors
Intuition - A natural, immediate, and automatic feeling or thought towards a product, process or solution to a problem.
Risks of innovation and enterprise - Failing to meet operational and commercial requirements, failing to achieve a return on investment, cultural problems
