Firm Performance in the South Florida Region - Case Study Example

The world is globalizing and barriers between the organizations are also reducing. Businesses need to equip themselves so that the challenges of immense competition can be managed. In the business world, innovation is the most widely used tool for differentiating products and services (Donate, & Guadamillas, 2011). Besides this, a significant cost advantage can be acquired through innovation.

Innovation is integral for organizations in the modern-day business environment. Innovations allow businesses to manage operations successfully and allow them to come up with new ideas which support the business. The change in the locality is one of the biggest factors which impacts innovation. The culture of the economies assists in the way organizations operate and propose methods through which the competitive advantage can be acquired.

The culture of the society, success factors in the past, productivity in the area, efforts applied, and management practices are dominant factors that aid the process of innovation.

In the entrepreneurial setup, the factors such as knowledge sharing, development of competencies, quality control, the culture of the organization, research & development, and availability of funds can be considered as major contributors to the process. All these factors which prevail in the culture determine the study and performance of the firms.

Allocation of funds and planning appropriate methods for utilizing the funds are extremely important for the business. During the planning and implementation phase, the entrepreneurs need to adapt appropriately to the process (Zayas, & García, 2008).

Small business entrepreneurs need to focus on business operations. This is another important factor apart from innovation and breakthrough ideas. Strong management skills and catering to exactly what the customers need are important for managing the business (Fenwick, 2003). From the research, it can be concluded that local network alliances and innovations in the internal management culture are some of the most important aspects of the business. This demonstrates the hindrance which arises for the entrepreneurs due to the geographical environment and the culture which prevails. The factorial analysis proposes the problems which arise due to the diverse cultures and implications of developing an innovation-based society (Fenwick, 2003).

A successful business must rely heavily on developing a learning attitude within the organization. Through this, the workforce can be aligned and a correlation between innovation and entrepreneurship can be developed. Through this success can be seen in the entrepreneurship functions. In the business setting, organizations need to focus on creativity and developing a culture that aims at acquiring innovative ideas and products. This requires strong management of the internal culture so that the entire thought process of the workforce can be reformed. In this case study, the synergy between innovation and entrepreneurship has been discussed. This shows the significance of culture in establishing innovative business processes.