Understanding Innovation Process in Small and Medium-Sized Enterprises - Assignment Example

Reflection template No: Can do, want to do, am going to do The experience has been mind boggling. Am thinking, I have been sitting all along on my abilities. There is a lot that I would have done by now. The ideas have been numerous, the time has been plenty, the qualities have not been lost, and hence, I have learnt that it is no use regretting. There is never a better time to be a good, better or best entrepreneur. With my qualities like confidence, determination, listening ability, communication skills, independence and lack of fear in taking risks, then entrepreneurship is a whole lot easier. It is all about economising and taking chances. I can be and am going to be an entrepreneur. Examination This was useful in opening up my imagination on the role I can play in the business world. It made me realise that it is all in me. The ability, the innovativeness and the entrepreneurial skills are all in me. All I have to do is take up the initiative, take the risk and start. I played the role of listening. I was attentive and keen. Articulate Learning As a result, I learnt that I am capable of undertaking and managing any business. I have the strengths to push through any business idea as an entrepreneur. In terms of development needs, all I need is mentoring to lead me on as I develop as an entrepreneur. Action Planning As a result of this, I will take some time off and meditate on what I actually want. As I meditate, I will write down all the ideas that come up in mind. Then evaluate which one of these ideas is executable. The idea I choose, I will seek advice on its strengths and weakness, after which I will take advantage of these strengths and begin executing the idea. Reflection template Student Name: Student No: Date: Innovation – theory and practice Description I have learnt that entrepreneurship and innovation go hand in hand. I understood that the various theories that were described are a description of the entrepreneurial road, the theory of creative destruction/ disruption, theory of long waves. Invention and innovation are two different terms. I see innovation as a more advanced form of invention. The concepts taught helped describe the theories. The models of dramatic change are numerous and each has its own results. I see that all of them have resulted to the advances in the modern world. The phases described are a description of how man has developed over centuries. I realise that innovation is the reason why there are life changing products in this world. Examination This was vital in making me think critically and creatively. It made me re - evaluate the business idea that I had thought of pursuing. I felt that this was an important session as without it critical and creative thinking would not have been instilled in my mind. The role I played was that of contributing in ways which we can be innovative. Articulate Learning As a result, I leant that innovativeness is not for the select few. It is for each one of us. Being innovative can be full of benefits. It tells me that I have so many strengths that need to be nurtured and developed. I have to be smart when it comes to innovativeness. Action Planning On the basis of the concepts that make up innovativeness. I plan to build on them. Building on them using my strengths. But before I build on them, I shall enlist the help of a local innovator so as to develop the strengths needed in innovation. I shall also seek to read books that touch on innovativeness. Study them and use the knowledge gained to innovate a viable idea. Reflection template Student Name: Student No: Date: How to Prepare and Present your Ignite Talk Description I have learnt on how to communicate effectively when giving a talk. Time management is of essence while presenting the talk. The most important issue is about preparation. Just as it has been said, if am given a task to cut down a tree in four hours, I will take three hours to sharpen my axe and use one hour to cut down the tree. Hence, preparing my talk is vital. When it comes to the actual talk, I realise that I am the one in control, the audience is my robot. The body language, humour, stories, my natural style, my pitch, all these are drivers of the audience. Examination On evaluation, I find this to be useful in giving me vital tips to make use of when presenting the ignite talk. I felt that is was a huge motivation, a driver, something that drove away all the fear that I had concerning the talk. The role I played was contributing to the ways one can make the talk lively, how one can make fun on stage to liven the talk up. Articulate Learning As a result, I learnt that being on stage to deliver a talk is simple as delivering a talk to your friend. All that is needed is taking control of the stage and the audience. Making them a part of you and been innovative to ensure you lose none of them. I have all strengths needed to deliver a talk and all I can do is deliver the talk so as to develop myself if need be. Action Planning I plan to take around three intensive hours of researching on the materials required to give the talk. Then, take about six hours of deep evaluation of this material as I take summary notes of the main points. It is from this summary that I will prepare my presentation. Reflection template Student Name: Student No: Date: NDI Report Description The experience on small and medium enterprises has been exhilarating. The reason why is because SMEs are normally looked down upon by the common man. But taking a national and global outlook as the NDI report clearly illustrates, it is realised that they are huge drivers of the economy if not the only drivers. I have learnt that SMEs are normally affected by economic crisis easily and hugely. Recession does not favour SMEs. The biggest drivers of SMEs are the initiatives of the countries that SMEs are set up in. The institutions and frameworks set up by these countries are the vital points. SMEs are a big opportunity for youths and young persons who aspire to make it in the business world. Examination This report was useful in making me realise the importance of SMEs. It was also important in changing my attitude towards SMEs as I realised that as a young person, an SME could be my first step to being a major entrepreneur in this country. I feel that not a lot of attention and seriousness has been given to SMEs. They have been neglected in favour of large, national and multinational companies which have resulted in many economic crises that negatively impacts on SMEs. The role I played was stating the innovative techniques needed to develop a successful SME. Articulate Learning Considering this report, I learn that many countries differ in terms of the roles that SMEs play in their economies. However, SMEs are all major players in these economies even though their roles vary. As a young person, I realise that an SME is a platform which I can use to explore my entrepreneurial strengths. It is through an SME that I can develop entrepreneurial deficiencies that I may be having. Action Planning On reflecting, I would like to set up an SME in the near future. Use it to develop myself as an entrepreneur. I will begin saving for this SME as from next month. Reflection template Student Name: Student No: Date: Some Facts – Es & Cs Description The experience has been an eye opener. It has made me realise the importance of learning and working hard. The facts provided send a signal that I should take my studies seriously. The things that I take for granted such as networking are very important. It is through networking that easier employment opportunities avail themselves. Combining networking and diversity is a very strong and ideal relationship of two vital values that are important in job employment. Networking means provided by advances in technology are vital for me when it comes to diversification. The qualities needed for me to create strong networking ties are dependent on first impressions. Examination This was useful in making me appreciate the benefits of working hard, networking, diversification and taking advantage of technology. These things are important for me as I look for employment. If not looking for employment, then, they are important in setting up my own successful business. I felt that these issues have largely been dismissed and action should be taken to instil them in students. I played the role of contributing on the means through which networking can be enhanced among students. Articulate Learning As a result, I learnt that for me to be successful in any business set up, I have to ensure that I appreciate the people I meet and interact with. This is because these are the people who will be part of the networking map I create. This tells me that I am the one who defines the people around me and I need to develop my strengths in terms of social skills. Action Planning From the learning, I will do thorough research on successful networking. From this research, I will write down my findings on networking. Then, I will look into diversification. What are its strengths and weaknesses? I will plan on the actions to take in regards to developing a networking model which I will implement. Reflection template Student Name: Student No: Date: Research Questions for the Chair Person or the Managing Directors Description The experience has been a learning curve for me in terms of the complexities that are involved in the motorcycle industry. The numbers of individuals who are involved in this industry are many. Hence, the chairperson feels responsible for a huge chunk of the economy. The motorcycle industry is defined by many factors, the main factor been government policies. It is quite a task for the motorcycle industry to expand outside Bangladesh due to differences in the attitudes towards motorcycle use along with differences in the transport industries of these countries. Examination This was useful in giving me a firsthand experience on how large businesses are managed. From their inception as small businesses to their growth as large accomplished businesses. I felt that it takes a lot of factors for a business to be successful in a country. Once the negative factors are surmounted, then the business prospers and grows. I played the role of interviewer, asking questions and creating a rapport with the chairman. Articulate Learning I learnt that it takes charisma and sheer innovation to ensure that a business grows and runs successfully. The Bangladeshi motorcycle industry is an example of a well run business which has grown through innovation. Action Planning From my learning, if and when I start my business, I will ensure that I have set guidelines on innovative practices in the business. I will set up aims which the business will have to meet. This way, I will be assured of business growth. Summary of NDI Report According to statistical data, SMEs in the national context in regard to UK and France indicate that each country has a big bearing on the role SMEs play in the economy. They are huge drivers of economic growth. Small businesses experience innovation so as to help them fit and compete in the market. Innovation in terms of SMEs is defined an interactive process of learning and exchange. This exchange creates business networks. Innovation in SMEs need collaboration, this gives them a stronger voice and advantage as small businesses. SMEs require policies and strictures which avail means to ensure their growth and contribution to the economy is positive. The government is a major determinant of the shape SMEs take in a country. There are various support tools that can be provided for SMEs to have a through way in the market. Support tools as stated are practices which can be applied by SMEs to help in innovation. These support tools target innovation in small businesses. The tools require measures to ensure that they are effective. Organisations have to be in place to ensure efficacy of innovation tools. These organisations ensure that the smooth implementation of support tools (Piterou, 19 – 84). Work Cited Piterou, Athena. Understanding Innovation Process in SMEs. New Deal for Innovation. University of Greenwich, n.d. Print. Read More