Wesfarmers Innovation and Entrepreneurship- MyAssignmenthelp.com

Question: Discuss about theWesfarmers Innovation and Entrepreneurship. Answer: Introduction Wesfarmers was founded in 1914 as a cooperative society to provide services and agricultural products to the rural community in Western Australia (Biddle, 2016). Wesfarmers endeavored to diversify its activities in 1950 by distributing liquefied petroleum gas. Later Wesfarmers ventured into the production and distribution of fertilizer in 1984. Wesfarmers ventured into coal mining, insurance business, building, products for industrial safety, and forest and hardware products. It is imperative that Wesfarmers was able to achieve these business ventures because of innovation and entrepreneurship (Akbar, Ahsan, 2014). The ability to penetrate into diversified areas marked the era of transformation of the company. Wesfarmers has grown regarding shape and size. This growth has been realized because of strategic diversified investments and acquisitions. Wesfarmers has an estimated thirty brands recognized in both Australia and New Zealand. Critical Theories McClelland developed the theory of achievement motivation to explain entrepreneurship. In his theory, he postulated that individuals are driven by three motives to accomplish their tasks. These three things include the need for affiliation, need for achievement, and the need for power. According to the theory of achievement motivation, entrepreneurs do things in a better way. He further posited that traditional beliefs have no effect on an entrepreneur (Pitt, Berthon, Robson, Prendegast, 2015). Another perspective on entrepreneurship is the explanation offered by Peter Drucker. He developed the theory of entrepreneurship which posts that innovation, entrepreneurial behavior, and resources are essential in entrepreneurship (Yan Yan, 2016). As such, Entrepreneurship entails creating new values, increasing customer satisfaction, and use of the available resources to enhance new productive combinations. Definition of Relevant Terms Entrepreneurship is a unique way reasoning, and action highly influenced by leadership and opportunities (Wu, 2016; Yan Yan, 2016). It is seen as a human act that leads to enhancement, renewal, creation, and the realization of values. It is imperative to point out that the business environment today has gone beyond the traditional notion. Entrepreneurship is vital for businesses that are looking to grow and develop faster. Additionally, entrepreneurship requires proper planning and creativity. Innovation, on the other hand, is defined as the successful implementation of new knowledge, ideas, and technology to enhance the productivity of a business entity (Yan Yan, 2016). Innovation requires proper management of employees with the ability to churn new ideas, technology, and knowledge in strategies that will improve the economic status of the company. Application of Innovation and Entrepreneurship There have been several global issues that touch on the environment. These issues include greenhouse emissions that have become bigger and needed strategic responses. Wesfarmers has developed strategic mechanisms for addressing these global concerns (Biddle, 2016; Yan Yan, 2016). Wesfarmers has implemented a raft of measures to enhance sustainability. These efforts have focused on five key areas such as efficient energy management, community investment, carbon reduction, environmental footprint reduction, and emphasis on the importance of people. Wesfarmers has developed policies to prove ethical, safe, and stimulating working conditions. The policies further stress on the improvement of talent management (Yan Yan, 2016; Mok, 2015). Additionally, Wesfarmers has employed human as an important competitive factor in its growth and development. Further, the company has heavily invested in innovation and arts, education and medicine, and indigenous communities (Biddle, 2016). It suffices to mention that the company has created sustainable cohesion in its projects including conservation. There is high competition in the global market, and therefore there is the need for companies to develop sustainable mechanisms (Yan Yan, 2016; Mok, 2015) Wesfarmers has been keen on the reduction of carbon emission, and water wastage among others. In reducing carbon emissions, the company has developed new sources of energy such as the wind and solar technologies. The company commenced wind solar energy micro-generation trials. These trials are found in three Australian stores. It is imperative to note that the solar energy generation is estimated at five percent of the total amount of electricity produced by the store (Biddle, 2016). Coles which is a subsidiary of the company has installed night blinds technology on open upright refrigerators. This technology is employed one hundred and sixty-two supermarkets so as to reduce the utilization of electricity (Biddle, 2016). Wesfarmers is currently constructing new distribution centers. These distributions are being equipped with numerous energy saving mechanisms such as maximizing the use of natural light. There is also the initiative to use lighting technologies (Mok, 2015) efficiently. Also, the Kleenheat is currently implementing an outstanding energy efficiency review focused at its liquefied petroleum gas plant (Biddle, 2016). Wesfarmers has been conducting extensive research in reducing greenhouse emissions which are deemed as one of the principal causes of climate change. It suffices to point out that the Premier coal has already implemented an initiative that is aimed at improving the productivity of the haul truck. This technology is meant to create and compliment the on-going energy savings. The energy savings will thus be achieved through the minimal use of diesel fuel (Biddle, 2016). Energy sources such as diesel are heavily linked to carbon emissions that have contributed to climate change since its advent and use (Nambisan Baron, 2013). Several studies have revealed that most companies and other business ventures are working towards attaining the optimal use of clean energy (Yan Yan, 2016; Carayannis, Samara, Bakouros, 2015; Mro?ewski Kratzer, 2016) Initially, the company based its greenhouse gas emissions on AGO measurement methodology. Currently, the company is registered with National Greenhouse and Energy Reporting Act (NGR) as a controlling corporation (Biddle, 2016). Through innovation, Wesfarmers has been able to scale down the annual carbon emission to just over five thousand tons. The company has worked to improve the efficiency of the refrigerant system for the Coles giant supermarket. This technology is meant to minimize the loss of energy and gas. Successful companies in the global market today can invest in clean and efficient energy (Mok, 2015). Wesfarmers has immensely invested in talented employees. This cadre of employees is innovative and supplies new ideas for the company to implement (Biddle, 2016; Carayannis, Samara, Bakouros, 2015). The fact the company has diversified its operations has improved sustainability mechanisms. Wesfarmers has strong environmental, economic, and social performance grounded on sound governance framework (Pitt, Berthon, Robson, Prendegast, 2015). The company has the objective of providing value to its customers, employees, shareholders, suppliers, employees, and community partners (Biddle, 2016). In entrepreneurship, the value of maintaining a good relationship between the entrepreneur and the external environment is critical (Mro?ewski Kratzer, 2016). Further, the company continues to invest is recognize areas within the community which it believes are important in contributing to building to long-term community stability, leadership, cohesion, and innovation. Several studies have shown that effective management and leadership is instrumental in promoting innovation and entrepreneurship (Carayannis, Samara, Bakouros, 2015). Wesfarmers water consumption estimates for groundwater, recycled, scheme, and reused for the last year is approximately twelve mega-litres v. It is worth noting that the company is implementing a raft of measures that are aimed at reducing water consumption. The company is striving to enhance sustainable development in its operations (Carayannis, Samara, Bakouros, 2015). The company has invested in a robust supply chain. The robust supply has significantly improved the manner in which finished products reach the final customers. In every business endeavor, the supply and chain management is critical (Pauka, 2016). Wesfarmers is engaged in the reduction of packaging. In this Endeavour, the company has signed an agreement with the National Packaging Covenant (NPC) in Australia. The company has signed an agreement with the Australian Packaging Covenant (APC). These agreements are used as the basis for packaging so as to reduce the environmental effect of packaging. Wesfarmers is targeting to remove single-use bags (Carayannis, Samara, Bakouros, 2015). In this regard, all retailers affiliated with the company have offered alternative bags for packaging (Mok, 2015). Further, the company has recycled many tons of utilized packaging. Coles which is a subsidiary of the company has fully implemented a program aimed at recycling all packaging its liquor stores (Biddle, 2016). Conclusion Wesfarmers is one of the most successful companies in Australia. The company has expanded into New Zealand with the enhanced reputation. Wesfarmers is keen in implementing innovative and entrepreneurial ideas for its growth and development. The company has implemented technologies in various spheres of human life including environmental, social, economic, and ethical considerations. From the report, Wesfarmers has achieved reduced carbon emission and efficient energy use in its operations. Wesfarmers has been implementing a business strategy that is aimed at benefitting every stakeholder involved in its business process. In a nutshell, the company is on the right path towards the realization of business sustainability. References Akbar, S., Ahsan, K. (2014). Analysis of corporate social disclosure practices of Australian retail firms. International Journal of Managerial and Financial Accounting, 6(4), 375-396. Biddle, I. (2016). 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