Entrepreneurship and Innovation - Essay Example

? BU2005 Entrepreneurship and Innovation CREATIVE JOURNAL By One 2009 First Journal Entry Set Tasks How do you stack up against the five dimensions (e.g. achievement drive, creativity, desire for autonomy and internal locus of control) use your GET 2 survey questionnaire results (Appendix of Text). GET 2 survey personal score: Need for achievement: 8/12 Need for autonomy: 4/6 Creative tendency: 11/12 Calculated risk taking: 7/12 Locus of control: 6/12 My result for this exercise was 36 out of 54 In accordance with my results, I have medium entrepreneurial capabilities. To my mind, I am lacking of professional experience, but with respect to my age I think that this experience is enough. I have a high degree of achievement need and creativity tendency. It means that I know what I want to reach in my business. There is a lacking of appropriate risk taking and I think that it is appropriate to focus more on possible outcomes of my activities. It is evident that personal contribution to my business development is very important, but to pay attention to my personal skills means much too. 2. What do you need to develop or improve? I have analyzed a current situation and I found out that I need to strive for autonomy. On the one hand, I am found of team form. From my school years I liked doing common projects and work in the name of a common goal. I like communicating my ideas to other people and find something interesting in the name of a common goal. Moreover, I put the main emphasis on creative thinking development. Currently a global world is on the way of a high speed development and there is a need to look for innovative and unique decisions in the field of management and leadership. 3. What is the organization you work for (or have worked for) doing to attract and keep entrepreneurial talent? I have worked for 2 years as a manager of a profit Company. I was dealing with employee training and coaching. I was interested in development of communication among employees, building a communication bridge and performing my duties in the Company. I dealt with organization moments and I had to focus on certain dates for special meetings. I had to correct a schedule of my senior manager. Therefore, my punctuality and organization skills have been perfectly developed. Moreover, I dealt with the issues of leadership and the issues of the main activities of my organization. 4. How would you describe and evaluate the influence your working environment has had upon your entrepreneurial orientation? My working environment was rather diverse. Our organization hired representatives from different countries. Both representatives from Eastern and Western countries influenced a development of a diverse background for our work. When I had to communicate with different customers, I had to fulfill their needs with respect to their needs and wants. What is more important is that the customers were offered innovative means of communication. For example, I implemented usage of emails and social networks. Moreover, my customers were also pleased with having an opportunity for communicating online. It is more comfortable than solving the problems by phone and it saves time and money. Second Journal Entry Set Tasks: 1. Describe your approach to creative thinking and problem solving? I think that creative ideas can be produced only when an individual knows exactly what he wants to reach. I have been always looking for numerous opportunities to realize my creative potential. Thus, I decided to facilitate a process of communication among customers and employees. I knew exactly that “electronic bridge” (emails, websites, online updates etc) will be helpful in our daily routine. Another measure taken was my original approach to problem solving. I decided to invent a possible outcome and think about a potential benefits of a decision making process. When I thought what I wanted, my further considerations were related to my creative thinking and a potential creative approach. We had a problem in our company, when our customers were complaining about their potential threats and a low quality of our services and we decided to offer some free of charge solutions for them. Thus, they could easily solve their problems. 2. What factors act as barriers and triggers to your creative thinking process? Currently I develop my creative thinking in my working environment. My colleagues and communication with them determines a potential path for my creative thinking. For example, I motivated them in their common efforts to make a webpage of our team. It would be convenient for interactive solution of our questions and current problems. Moreover, my creative process is triggered by appropriate and in time decisions. I know that in the modern business world it is very important to catch the wave and this wave is electronic and technological nowadays. 3. Select a problem that interests (or bothers) you or the group with which you work: We had a problem of delays with processing of requests of our customers. They were waiting extra time, but we could not effectively help them. With the help of the problem solving matrix, I decided to solve this problem step-by-step. Our creative efforts were united and we developed the following number of steps taken together by our group: 1. The customers were dissatisfied with a speed of processing of their claims. 2. The problems of our staff depended on a lacking of service managers. There were a small number of them and I had to delegate their duties to other managers. Such a large number of obligations were hardly bearable for our employees and managers. So, I decided to introduce an electronic form of requests and claims processing. 3. During our meetings we negotiated different alternatives and perspectives for a potential cooperation. Some of our managers did not know how it is better to use emails or how to swiftly answer to their complaints online. 5. That is why it was important to solve this problem through introduction of important and innovative technological means. 6. Online boxes for complaints and answers for the complaints were located and highlighted on the website of our company. A highly creative boxes and answers for the complaints were developed by our managers and we wanted to introduce these changes immediately. This service was very popular among our customers and we obtained huge benefits in the result of this electronic innovative decision. Third Journal Entry Set Tasks: 1. Describe an innovation that has had a profound influence on your life/ work/ the way you live. What type of innovation was it and how has it changed your life? My life was changed with introduction of electronic means of communication to my life. I started using emails and social networks and it has significantly made my life easier. I can write online message and swiftly connect with another party. It will be very interesting to find out something new and useful. Social networks enable me to be updated concerning different events happening in our lives, my work etc. 2. How did you become aware of the innovation? I started using websites, social networks and email when I was at school. My life has changed, because my friends and I found it easier to be online, to solve current problems instantly etc. When I started to work as a manager, I could find it very easy to get acquainted with responses and claims of my customers online. Moreover, I could read their anonymous reactions towards my proactive actions. I could read real reactions of customers to my services. 3. What type of adopter were/are you (innovator, lead user, early adopter, etc.)? In the situation of electronic means introduction to my company, I think that I was an early adopter. I needed a certain experience of leadership and strategic management. I referred to the following statement: “Organizations can use electronic mail for product development, training, giving, and receiving work assignments, testing, personnel administration, problem solving, posting notices, marketing, and sending personal communication. Many organizations believe e-mail gives them a competitive advantage, because it is fast, inexpensive, readily available, and not dependent on receiver availability” (Nantz & Drexel 1995). This innovation played a crucial role in performance of our company and proper relations: A company can do something wrong with our customers Be considerate of controllable issues Take control over customer expectations satisfaction guarantees ensuring for the customers facilitate a process of customers’ complaints processing establish relationship programs to measure customers’ satisfaction (Chapter 1). 4. Describe the innovation decision process that you went through up until the innovation became a ‘routine’ part of your life? First of all, I shared my email address with other employees and we trained to send messages from one person to another. Secondly, we decided to create a common domain name for our emails to differentiate our company. Thirdly, we provided our customers with email address of our department in work with clients. When we started receiving emails from our customers, it was easy and interesting for us to analyze their complaints and find a perfect solution to their problems. I chose systematic approach in implementation of my ideas: planned and predictable innovation a profound and sound technological process involvement of a creative potential the main emphasis is made on technology implementation Technology is the main driving force for innovation and success (Chapter 6) 5. Identify key actors within your innovation decision network and how their influence affected your behavior. My creative development was influenced by two main actors: these are my parents and my teachers. I thought that it was easy for me to live my life without digging in my creative potential. When I suddenly revealed it to myself, I found out that it is much more interesting to live my life with a nourished creative potential. I realized that it is interesting to find new friends via social networks, communicate my goals to them by means of electronic communication etc. Therefore, I set my goals looking in the future and trying to find optimistic decisions for the customers and employees of the company. My creativity turned into a “technological burst” I think. Fourth Journal Entry Set Tasks: 1. Have you tried to get a venture (of any sort) funded or backed? If you have not, would you now? I would like to get a funded venture, which will serve the needs of the society in general and my community in particular. I would like to have my own business and bear something useful and positive to my friends. I have worked for my company for some years and I saw how difficult to work with foreign partners is. I know exactly that it is not an easy task to find a common language with the customers, business partners etc. There are many pitfalls in business communication and every person should find the best way to locate his own niche in the world of business. I think that I am a potential leader and if some money is invested in me, I think that my business will be fruitful and tolerant. 2. Describe and explain the venture and related funding you chose or would choose to pursue. I am focused on expansion of online business. To my mind online activity saves money and efforts both of employees and customers. That is why my potential business will be connected with online trade or services. I know exactly how to deal with online community, their complaints and offers. Consequently, it is very important to find a perfect solution and to know exactly what kind of business to establish. I clearly realize that funding is a kind of obligation. Nevertheless, for me as for a young entrepreneur it is very difficult to find a monetary support for my potential business. 3. What kinds of issues might you encounter in an entrepreneurial fund-raising process? To get credit from bank is very difficult. Another challenge is to find tolerant and considerate investors. To start up business is very difficult, but the most difficult task is to satisfy expectations of investors. I will have no proofs that my business will be successful, but at the same time it is very important to assure investors in positive outcomes and results of business. I will make an emphasis on a perspective development of Internet and computer technologies. Currently the development of computer technologies and internet goes at a full pace. That is why I can support my potentially profitable ideas by the following expression: “‘process of innovation and new venture creation along four dimensions: individual; organisational; environmental; and process; supported by collaborative networks across government, education and institutions. Capturing opportunities and converting them into marketable propositions” (Chapter 5). 4. How important is implementation versus planning? Planning requires strategic decision making and implementation is a realization of these strategic decisions. First of all, it is very important to develop step by step all actions. That is why I clearly realize that I need some money to invent email addresses, conduct some training etc. Planning plays a key decisive role in business activities. Nevertheless, planning mainly depends on leaders and implementation is more on behalf of managers. Thus, to communicate my technological goals to managers is of high importance. 5. Are there any specific issues – benefits or problems – that may arise from your location? To my mind location of the company is not a serious challenge, because we will conduct online business. Nowadays telework is really important and it is an open prospect for further development in the market of job. Customers have free access to the Internet and our services will be available for customers internationally. Of course, customers from developing countries may suffer from a lacking of an efficient number of computers and our services will not be reached by them. Sixth Journal Entry Set Tasks: 1. What have you learnt during the reading of the text and delivery of the subject, both about yourself and the nature of entrepreneurship and innovation? To my mind, innovation and entrepreneurship go hand in hand. There is an open road for development of these two fields. Technology in organizations is an open road for realization of our goals. Innovative and creative potential are strong wheels for carrying a huge machine of the modern entrepreneurship. I have learnt different strategies and tactics of leadership and management practices. References Mazzarol Tim. (2007) Entrepreneurship & Innovation: A Managers Perspective. Tilde University: Praharan Vic. Nantz, K. S., & Drexel, C. L. (1995). Incorporating electronic mail into the business communication course. Business Communication Quarterly, 58(3), 45+. Read More