Innovation is a very diverse term. In general, innovation means exploiting new ideas or change existing ones for the betterment. Innovation focuses on being creative at work. It can be technological, which includes product innovation or process innovation. Also, it can be related to changing business model, exploiting new markets, and developing new processes. The main aim of innovation it so make the business more successful. This can be done by increasing market share of an existing product or introducing a new product or reducing the cost of production. Innovation is important for both employees and the owner of the business. For the owner of the business, innovation helps to keep up with the competition. With the fast growing pace of competition, the organizations have to be on toes to keep an eye on the work of their competitors. The new processes or technologies developed by the competitors can be Continue reading
Business Innovation
How Creativity Helps in Problem Solving Process?
The first step of problem solving is to define the problem. Although this may sound trivial, in many cases it is not. Many people and organisations rush in to tackle a problem by finding a solution, without previously knowing that the problem really is. So, to achieve a solution, one first has to fully understand the problem. Once the problems have been clearly defined, the most important factor in solving it is creativity. Creativity is required in order to create a ask the right questions about the problem and find the correct and appropriate answers to them, creativity is necessary in order to provide “out of the box” ideas and suggestions and creativity is what defines the process of finding a new way in doing things. Brainstorming is a very popular way to solve a problem and it is a characteristically creative method. It involves the rapid exchange of ideas, Continue reading
Strategic Entrepreneurship
Strategic Entrepreneurship is integration of two disciplines: Entrepreneurship (Identifying opportunities through Innovation) and Strategic Management (Manage the firm’s resources/innovation efforts). So we can define strategic entrepreneurship as a firm’s efforts to exploit its today’s competitive advantages while exploring for the innovations that will be the foundation of tomorrow’s competitive advantages. Identifying opportunities to exploit through innovation is entrepreneurship dimension of strategic entrepreneurship, while determining the best way to manage the firm’s innovation efforts is the strategic dimension. Entrepreneur is a word derived from French language which means: “One who undertakes” and entrepreneurial capabilities are conditions in which new good or services can be launched to satisfy a need in the market. These opportunities exist because of the competitive imperfections in markets and among the factors of production and to produce them and when information about these imperfections is distributed asymmetrically among individuals. As a process, entrepreneurship results in creative destruction Continue reading
Innovation-Triggered Change in Organizations
In the modern world of business, innovation has become the fulcrum point of the business enterprises which not only guides the diverse processes used by them but also the manner in which they manufacture the products or the services offered by them to the customers. Furthermore, within the spectrum of the business world, it is observed that the amount of competition which the diverse organizations had to face has increased in an exponential manner keeping in pace with the emergence as well as the mushroom of the various new enterprises. This trend observed with the business world has made it imperative for the organizations to not only take the help of different kinds of innovations but also integration these innovations within the framework of their organization so as to make the most of the business opportunities presented by these innovations. It is precisely here that the construct of leaders gains Continue reading
Case Study on Apple: Understanding the Real Innovation Behind the iPhone
Innovation is a field of study that is simply just a new method, idea or device. However, it is also often regarded as the application of better answers that are meeting unarticulated needs, new requirements or any already existing market needs. Inside the information and communication technology sector, the mobile phone industry has become a very innovative segment. Technical advancements and new product proliferation have molded this industry into an extremely dynamic one. This has happened even after the market shares are extremely concentrated in the hands of a few giants in the industry. Innovation is the core of every successful product, organization or new venture. Apple Inc. is no exception to that. From their iPod to their Apple Newton to iPhone, Apple, Inc. from the beginning itself have provided the pomp and performance. The iPhone has transformed the mobile phone business completely, along with the internet economy and society Continue reading
Case Study of General Motors (GM): How a Lack of Innovation can Cause Business Failure
Innovation is the process whereby the management team of an organization is charged with the responsibility of introducing something new, which might be a new idea or a methodology or rather, a contrivance to facilitate the operational concerns and production. The Old General Motors failed with innovations in the company. These innovations were needed to ensure that the Old GM able remains competitive, and the company was able to manufacture cars that are in line with the client’s demands. This is related to the Old GM field of business to ensure that the organization do continue to produce the respective consumer centered product. The manufacturing industry such as the General Motors, innovation ensure that the output they deliver to the consumer do meet their needs, and expectations in a way that is realistic and makes their product to have a preference by the consumers against other same need satisfying product. Continue reading