Innovation Product: Mobile Smart Kitchen Workstation - Essay Example

?The product: My product is the mobile smart kitchen workstation. This product is innovative within its industry because kitchen furniture has traditionally come in totally separate units. In a conventional kitchen, there is a fridge, an oven, a sink, and a refrigerator etc, and all of these things are totally distinct. In a mobile smart kitchen workstation, these and several more kitchen gadgets are united in a well developed workstation. Such a model facilitates the users because it provides them with ease of shifting, use, and maintenance of all of the components of the kitchen furniture. In addition to that, the model looks very stylish and conforms to the modernistic standards and trends of furniture. This product was introduced to the market through an entrepreneurship approach, though the product itself was intrapreneurial. The workstation was developed by a student in his research that made part of his Masters program. When he developed the model in the research, it was introduced to the market through his university because the research had become the property of his university when his degree was conferred. This approach had many advantages for both the intrapreneur and the entrepreneur. The approach saved intrapreneur all the cost of launch and advertisement. On the other hand, the gained credit for the model developed by the intrapreneur. However, such organizations as universities do not as such launch a product. Instead, the research makes part of their library and is only consulted when required by the future researchers. When entrepreneurship is used to launch an intrapreneurial product: Launching an intrapreneurial product using an entrepreneurship approach is quite advantageous for both the intrapreneur and the entrepreneur in many ways. The product consumes lesser time in getting launched than it does through intrapreneurial approach because the entrepreneur does not have to seek approval from anyone prior to introducing the product in the market. What makes this approach more advantageous is that the product attracts least criticism because of the provision of stamped certificate of a government recognized organization like a university. The following text discusses some of the risks, skill sets, organizational assets, funding, and keys to success that are required to make the approach most useful and beneficial for the business. Poor planning becomes the root cause of most product launches that fail to bring the desired results to the entrepreneurs. In order to make a launch successful, the business entrepreneurs need to have certain skills. They have to gain education on methods that have historically proven to be successful. The best source of knowledge is people with past experience. Entrepreneurs need to consult them for launching strategies. Experienced entrepreneurs can offer good advice to reduce the cost of launching. In order to make the launch effective, it is imperative that it is given sufficient time. Rushing the process can make it meaningless. Since the product is intrapreneurial, the intrapreneurs must have conducted sufficient research to develop innovative product because they have to secure their job. If they develop faulty product, their own career is endangered. Therefore, in this approach, there is little to no risk of faulty design, though entrepreneurs are themselves responsible for the marketing and advertisement of the product which is just as critical and important as the product’s design. The entrepreneurs assume risk of marketing, and also have to invest in it, thus assuming financial risk as well. Organizational assets like logistics are involved and the payment is made by the entrepreneur. When intrapreneurship is used to launch an entrepreneurial product: In many ways, it goes in the favor of entrepreneurs to adopt an intrapreneurial approach to launch their products. Company’s staff is the most concerned about the successful launch of the product because it is not only the matter of the company’s success, but it also plays a decisive role in making their job secure and their promotions. In this approach also, the launching is funded by entrepreneurs, yet the process becomes more efficient and reliable with the team work of the staff. In this approach, entrepreneurs assume financial risk. They have to bear all the expenses of the process, though the results drawn are reliable. Entrepreneurial products are developed with the help of the personnel, yet the idea fundamentally comes from the entrepreneurs. Thus, they assume the risk of usability of the design. Before launching the product, the entrepreneurs should study the prevalent trends in the market. Needs of the target market must be assessed in order to develop the product as per the requirements of the consumers. Entrepreneurs should try to judge and incorporate the features demanded by the consumers. Understanding consumers’ needs can be one of the biggest challenges for the entrepreneurs because they invest their own time and money developing the product. If the product does not meet the consumers’ needs at the end of the day, nobody’s but the entrepreneurs’ own money and time gets wasted. Therefore, entrepreneurs need to be very cautious about learning consumers’ needs, because they assume the whole risk of the business. The most fundamental means of learning about the needs of the consumers is by conducting practical research on the subject. Entrepreneurs need to involve the company’s research and development (R & D) department into the work, whose representative should personally reach the consumers and ask them the characteristics they look in their dream model. The researcher needs to be facilitated with the organizational assets like funding, transport, and travel guide etc. Business entrepreneurs can not manage to conduct the research personally because they have to take charge of the whole business that requires consideration on several aspects simultaneously. Therefore, reliability of the results drawn fundamentally depends upon the skills of the researcher employed. Entrepreneurs assume risk of faulty discoveries which can totally ruin their efforts. Also, since the research is funded by the personal account of the entrepreneur, they assume all of the risk. Thus, this approach increases the risk of design and finance, though the risk of launching, marketing and advertising is significantly reduced because work is conducted in an organized manner. Read More