Technologies, innovations and risk

Technology advancements have allowed companies to expand and adapt to the competition in order to sustain their competitive advantage. In this context, a corporation refers to a company that manufactures and sells products and services for a profit. Entrepreneurs must be creative in order to accomplish this aim by integrating new technologies in the production and sale of goods and services (Leek, Turnbull, & Naude, 2003). A corporation, however, can face certain dangers and threats as a result of change and the use of technology. In this regard, the following paper aims to address different facets of market innovation, technology, and risk. The Interrelationship between Innovation and Entrepreneurship as well as a Comparison between the Social Entrepreneur and Traditional Entrepreneur

Innovation is one of the most important aspects of business. In particular, it acts is a vital tool for entrepreneurship. By employing innovations, 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 the competitors. Therefore, it is essential for the business executives to evaluate the market to identify various sources of innovation (Leek, Turnbull, & Naude, 2003). In addition, innovative changes help an entrepreneur to conduct existing business activities in a different and better way to either increase sales or enhance competition in the market. Thus, it has become mandatory for the business people to stay innovative to boost the survivor of the businesses due to the prevailing competition in the market.

A social entrepreneur creates a drive for social innovation and transformation in various fields of a business. On the other, traditional entrepreneur undertakes the control, and coordination of business operations to generate a competitive edge. It is vital to indicate that the operations of both social and traditional entrepreneurs are aimed at achieving the ultimate goal of any business, which is to make profit.

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 improvement in production capacity or business flexibility to ensure it exploits the economies of scale. However, through transformation, an organization may be faced with the risk of unclear commercial returns. There is no guarantee that the change undertaken will result in profit because the research is based on speculation (Autio, Kenney, Mustar, Siegel, & Wright, 2014). Moreover, change and innovation can bring about the production of quality products that may lead to satisfaction of customers’ needs assuming that there will be increased sales due to innovative implementations. Nevertheless, this may lead to unhealthy competition between businesses since some of the organizations can employ unethical means in relation to the use of technology (Autio et al., 2014).

How Artificial Intelligence Will Influence Organization in the Next Ten Years and How It Has Encouraged Business Creation and Growth

The use of artificial intelligence and robotics will have a direct impact on the organization in the next ten years. In particular, organizations will be forced to do away with human employment. However, the initial cost of purchasing or installing artificial intelligence devices will be expensive. For instance, in Washington, California, and Texas there has been a rise in the use of automated cars (Yonck, 2017). Therefore, the organization might be able to utilize this technology in sales and distribution of goods and services in future instead of employing drivers. Further, organization may be forced to invest heavily in purchasing and installation of artificial intelligence. As time goes by, these machines will continue to be expensive and thus organizations will incur a lot of costs. For instance, organization is using quantum computers whose prices are rapidly increasing and are predicted to continue to rise.

Risks That Technology Poses To Existing Industry Model and Economic Systems

New technology has threatened human efforts in the industries, thus making a lot of people stay out of jobs in various professions which seemed promising such as accounting and drivers. Due to the invention of new software that can perform accounting work and the automated car that is being used in California, human labor will be rendered useless. In addition, the application of information technologies in industries and the economics unit are risky. This mainly relates to the cases of computer or machinery failure which may cease production process until they are repaired.

Conclusion

In conclusion, it is clear that technology drives innovation, which is a path to business success. In fact, entrepreneurs who incorporate innovation into their operations are able to come up with products that suit their customers. Consequently, there is the creation of consumer satisfaction. Thus, it is imperative to note that a business, which engages in the practice of innovation, is able to compete effectively in the market. It is also vital to indicate that innovation is associated with various risks. For instance, it can lead to uncertainty in commercial returns.

References

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. New York, NY: Skyhorse Publishing.