Enterprise and Innovation Free Essay Example, 3000 words

In other words, they are concerned with economic development of the country. Thus, in order to improve business practices, entrepreneurs can be exploited to bring in new and innovative ideas to increase profitability margins for the company (Kuratko 2013). A company can increase its share value by either focusing on profitability by monetary gain and also by focusing on non-monetary worth i. e. building and sustaining Goodwill to enhance its business activities (Trehan and Treha 2009 p. 196). Focus on building and sustaining Goodwill In order to increase market share, entrepreneurs shall be encouraged to focus on building the Goodwill for the company. This can be carried out by focusing on training entrepreneurs in customer service and sales department. In this regard, it is vital to state the goodwill can only be established if the company provides excellent goods and services to its customers, where the staff is polite and courteous, and there is quick, convenient delivery of their products. These traits shall help the organization become a recognized brand name, and its goodwill shall increase (Tremblay and Tremblay 2012, p. 394). Entrepreneurs need to be devoted to the company, to stay active, polite in order to build goodwill. We will write a custom essay sample on Enterprise and Innovation or any topic specifically for you Only $17.96 $11.86/pageorder now Focus on sales and profitability In order to gain sales and increase profitability, the company needs to focus on developing a productive workforce that works with innovation in marketing and sales department to promote the products of the company. In this regard, the entrepreneurs need to be encouraged by the management to work with devotion (Birn, 2004 p. 185). The following steps can be taken by the management to encourage entrepreneurship to enhance profitability, increase sales and gain market share. Ways to encourage Entrepreneurship Focusing on Organizational culture Entrepreneurship can be encouraged if they are given an effective working environment where they are inspired to work with devotion and commitment. A good corporate culture would not just make the environment relaxing but encourage creativity, and cultivate the mind towards developmental opportunities which are very essential for personal and professional growth (Davila et al. 2007). Employee Engagement In order to encourage entrepreneurs, the company shall install effective engagement processes where key employees would be required to communicate and give their opinions about various decisions taking place in the organization. This engagement process shall help young entrepreneurs explore themselves and communicate ideas for learning opportunities.