ECM56EKM ENTREPRENEURSHIP AND INNOVATION

Introduction 

In the global competition the entrepreneurship and innovation aspects are increasing in every business and governmental sectors. Garud et al. (2017) stated that entrepreneurship start emerging the economy of a country by identifying suitable opportunities and directing the business with proper utilisation of resources without facing any shortfall. This gives chances to small and medium scale firm to innovate in order to respond to their market competitors. The present assignment will undertake Oman Oil Company in order to discuss its characteristics, nature of decision-making and degree of innovativeness. Moreover, the factors that are essential for leading to a successful innovation will also be analysed. In addition, the assignment will analyse the strategic management process that are used for determining the success of innovation will also be discussed.  

Part 1: Discussing the characteristics of the chosen organisation

1. Describe its background

Oman Oil Company is a commercial company that is owned by the Government of the Sultanate of Oman. The company came into incorporation in the year 1996 for gaining investment opportunities in the energy sector. The company plays a vital role by participating in energy and energy related projects in order to diversify the economic condition of Oman and at the same time remote Omani and foreign private sector investment (Oman-oil.com. 2018). 

2. Describe its nature of decision-making

The planning and management sector of Oman Oil Company takes the initiative in making decisions regarding the investment and approach to innovation. The decision making mainly focuses on the objectives that are set by the company. This reflects on the development and investment in the profitable businesses within Oman and in international level. Besides, the company is also focused on meaningful employment within the Oman and grow talents. Apart from business related aspects the decision making approach are taken in difficult and conflict situations which enables the company in resolving issues. Besides, the decision making approach are also necessary in making alternative decisions that are required in uncertain condition. Coviello and Tanev (2017) stated that making effective decision is a recognition of good decision which mitigate the bad decision and enables in quickly responding to mistakes. Herein, the Oman Oil Company the decisions are taken by hierarchal staffs however, they make sure in discussing with the subordinates so that they can give their feedback on the decision made for the organisation. In Oman Oil Company there is equal involvement of superior and subordinates which ensures the organisation in making logical decision that are effective both for making profit and retaining employees for long period.  

3. Describe its degree of innovativeness

The report of the company states that it focuses on the development of oil and gas based industries and other energy related projects. They are also in partnership with international industry which has also captured the value chain in the oil and gas sector. The innovativeness show by the company is in the development and participation in several projects where the company continues to focus on future where they will be creating more jobs and investment opportunities. Kraus et al. (2018) stated that the experience in projects development as well as shareholding strategies being a government owned company enabled in making partners according to their choice in the energy sector. The recent structure of the company builds the pillars that operates OOC’s projects. Thus, the innovative strategies of the company make effective contribution to the Sultanate which enables them in diversifying the national economy where the company made investment in several industrial and commercial activities. 

Part 2: Analyse the factors that are needed for success of innovative initiatives

1. Assess the factors that are required for success of innovation initiatives

In a slow or medium growth economy the necessity of successful innovation is essential or the companies in terms of maintaining competitive advantages. In survey research it is found that the government of Oman is taking the initiative in increasing the funding for innovation which is essential for making a successful economical upgrading. In the completion world every company is introducing innovative management to sustain in the market place for long period. Innovation strategy is not only effective for the organisation but also for the country in term of increasing the economic value and compete with the international market. Therefore, the factors that are required for making a successful innovation are:

Management Commitment to Innovation: The commitment made by the management is the utmost requirement towards innovation. The support of corporate management is essential in setting goal and responsibility which will be followed by the organisation and the associate staffs. Herein, the manager is committed towards basic innovation process in order to stay updated with the current trend. 

Initiating the collaboration: Link (2017) mentioned that initiating collaboration is a crucial part to make successful innovation which starts from existing and emerging partnership and its network. Building up strong connection among the team members initiates in defining suitable approach and build trust among the parties. For example, employees supporting each other with their roles and responsibilities leads to open innovation which in turn enables in mitigating the problems. 

Setting clear responsibilities: It is an interdisciplinary process which requires the involvement of several functional areas. Herein the employees are also involved which allows them in getting clear idea regarding the new product and services. In addition, the higher level need to set the goal in a well defied manner which will initiate in working in collaborate way. 

Upgrading the culture: When an organisation tends to focus on innovative approach they require different structures and cultures that is related with the work. Initiating innovation within the organisation requires different values and attitudes that will also influence the role of employees in focusing towards innovation. Mrożewski and Kratzer (2017) commented that a company may build up innovative culture where the managers need to take the initiatives for encouraging innovation. Eventually, the employees also requires to build up their own interest towards acquiring innovation in their responsibilities. Therefore, in order to promote culture of innovation the manager need to raise awareness for the employees by upgrading their communication level. Empowering the employees for innovation is another effective strategy to involve the employees towards innovation. Zobel et al. (2017) added that employee empowerment can be given through suitable training courses and involving the employees through innovation competition. 

Integration of employees: Besides, innovation need to be initiated and supported by the employees who are associated with the respective organisation. Herein, awareness need to be raised and at the same time the employees need to be motivated so that they can show their active involvement in the innovative approach. Besides, employee training is also an effective approach in integrating the employees because it will build up interest among them towards innovation. 

Transparency: The requirement of transparency is vital in an organisation which are trending in innovative approaches. However, it might be difficult for the organisation to be open towards challenges and problems but at the same time they can be informative regarding the innovation and promote productive results. 

Change management: There is a necessity of change when there is an introduction of innovation management. The changes involve in policies and procedures that are presently worked in the organisation. The changes are effective as it supports the employees and the organisation to work according to the changing trend. Herein, they can build up their workforce according to the changes by making sure that they follow the new market trend. Hence, change management is an effective tool and tends to be a vital section for the innovation manager. Therefore, with the approach of innovation it enables in putting the company in several changes.

Strategic orientation: When an organisation finds that the strategic orientation of innovation is lacking behind then there might be lack of goal and path. Thus, it might be difficult or those who are in charge of taking up innovative approaches. Szczepańska-Woszczyna (2018) stated that innovation initiatives can be successful when the management will be successful in making strategic decision which is goal oriented. Thus, it will enable the people to prioritise the innovation projects and making decisions that are suitable or the projects. 

Part 3: Analyse the strategic management process that are required by the company to drive innovation

1. Describe the strategic forces which initiate the innovation activities

Ferrando and Lekpek (2018) stated that global competition and weak economic condition has become more challenging nowadays due to which several organisations are using strategic forces in terms of building innovative activities. In context to Oman Oil Company, the strategic forces adopted is related with the development of new product where the company can gain opportunity for providing effective services to the customers. Besides, the opportunity the company gains is regarding the development and investment that the business makes within Oman and international sector. Apart from that, the company makes strategies in terms of creating employment opportunities within Oman. They believe that giving employment opportunity to new candidates will initiate in forming innovative strategies. For example, innovation is related with oil and gas related projects which they can supply all over the UAE as well as at international level. 

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