Running Head: EVOLUTION OF BUSINESS
Evolution of Business
Institution of Affiliation
EVOLUTION OF BUSINESS
Evolution of business entities is an inevitable form of business change that every
organization ought to embrace. The dynamic in technology, innovation, workforce and
development of product has made it obligatory for business entities keep pace with the changes
so as to remain competitive in the market. Failure to embrace evolution and change in the
business environment may lead to either closure of business, downsizing, slimming down or
even mergers and acquisition of once very stable firms. Numerous changes take place in the
business environment making it a little bit challenging to expand a business entity. Taking an
example of the business that plans to open a new office in Miami, Florida, it is clear that the
business environment the organization will encounter will differ from that which exists in
Topeka, Kansas. The company will have find a way of coping with the diverse culture,
population and business dynamics in Florida to remain competitive.
Role of Innovation
Innovation plays a critical role in the process and sustainability of a business entity that
plans to expand its business activities, market segment or even change its business model. It is
through innovation that organizations can come up with new ideas on how to manage and
operates their activities in the adverse environment. Innovation enables an organization to turn
blueprints and ambitious ideas into radical realities that are finally sold to the customers for
profit (Brooks, 2013). However, the ease and process of innovations as well as the duration it
would take for an organization to fully implement an idea depends on the nature of the industry
and the objectives of the organization.
Innovation is the components that drive change strategies in business entities by aligning
the goals of an organization to the changes that are yet to be implemented. Innovation will bring
EVOLUTION OF BUSINESS
together all the change elements such as customers, employees and shareholders and other
stakeholders into a common understanding to focus on one goal (Lauri, (n.d.). It is through
innovation that organization make these elements to work together as a single unit to achieve the
change process. The diversity at the Miami offices will require that new innovations be
implemented to enable the organization to recruit staffs with skills and experience from diverse
academic, social, religious and cultural backgrounds.
When executing change strategies, innovation plays the role of selection of staff,
conducting the interview, hiring the best candidates and training so as to tap into talents and
expertise from diverse backgrounds. Innovation also plays the role of product design and
development when implementing a change strategy (Brooks, 2013). It enables an organization to
implement a change strategy that is multidimensional in talent, behavior, and process so as to
achieve the highest level of success.
Innovation lead to either improvement of business processes. Goods and services or
introducing a new product that ends up taking over the market. Alternatively, an organization can
use innovation to change the business model or design of its products and service...
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