MANAGING INNOVATION & ENTREPRENEURSHIP Take Home Examination Answer 1: 807 words Answer 2: 909 words Answer 4: 834 words Total wordcount: 2,550 words Table of Contents 2 Question 1 2 Question 2 5 Question 4 9 Question 1 “Innovation is the same as technological advances.” Do you agree or disagree with this statement?…
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Even when the innovation is principally a product or service that has its beginnings principally as a technological breakthrough, its eventual usefulness will depend greatly on whether the new discovery or invention could be rendered in a form usable according to how the discoverer or inventor intended it to be used. In Tidd, Bessant and Pavitt (2005) the invention of Thomas Edison’s incandescent light bulb was discussed, but was not put immediately to commercial use. The light bulb needed electricity to work, which was not difficult for Edison to generate (as direct current) for a single or even a set of light bulbs for his own lab or residence. But if every house and street was to be lighted up by his invention, a way must be discovered for electricity to be generated at a single station, then transmitted and supplied to a whole geographical area. Edison’s direct current, however, could not travel long distances, and was very inefficient. It took the discovery and development of Nikolai Tesla’s alternating current – something Edison resented and even campaigned against – to perform this task, because AC transmission was very efficient, and it travels extremely long distances compared to DC’s few kilometres (McNichol, 2006).. In retrospect, Edison’s light bulb was a technological invention, but one that could not be put to practical commercial use until AC supply was invented. The above case shows how technology cannot stand alone to sustain an innovation, because the innovation has to do with more than just the technology, but the way people’s lives are changed. The innovation must be linked to the market in all its aspects – its technical design, manufacturing, management and commercial activities (Tidd, et al., 2005). Furthermore, a successful innovation is not just filling the consumer’s need, but fulfilling it in a new and differentiated way. A new product or service is not an innovation, unless it offers the customers “something of value that competitors don’t have (MacMillan & McGrath, 1997, p. 133). This does not necessarily rest on the technological merits of the innovation; sometimes, it may be something as simple as the relocation of handles, and lids, or the design of packaging that offers the customer utility; all of these are innovations, though not necessarily advanced technologically. Among our readings is a case study on CEMEX, or Cementos Mexicanos, a Mexican cement giant. Although it is a century old and comes from a developing country, the company has become the third-largest selling cement company in the world by volume, exporting to more than sixty companies, and garnering sales of more than US$ 6 billion (Sull, Ruelas-Gossi, & Escobari, 2004). The company’s secret is that it tries to understand the needs of its market very well, sending employees out to the communities to learn where their product can be improved to meed the customers’ needs, and develop ways their customers can better afford their product. The article goes on to describe how companies in developing economies are able to innovate despite: (1) lack of a solid technology base; (2) serving a country with low disposable income; and (3) operating on a shoestring budget (Sull, Ruelas-Gos
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In addition, entrepreneurial ventures were responsible for majority of jobs created from 1993 to 2008. In terms of standards of living, entrepreneurs were responsible for a 700% average increase in 16 countries in a span of a century – from 1870 to 1979.
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By including a semi structured interview of the entrepreneur the paper discusses the various aspects of the business, and of 'entrepreneurship' in detail. Further the paper will substantiate key issues associated with the enterprise like Finance, management, customer service, technology, marketing and operations to explain the business process and identify key issues faced by the entrepreneur in any of the above areas.
Kwiatkowski (2000) defines enterprise or entrepreneurship as an attitude towards management that leads to the best use of opportunities. “Irrespective of the type of organization, [when] intellectuals undertake entrepreneurial efforts,
Innovation is an entrepreneur’s darling that he pursues and perfects fondly. As Druckerg states, ‘Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or service. It is capable of being presented as a discipline, capable of being learned, capable of being practiced’
The author states that small and medium sized enterprises (SMEs) constitute the vast majority of all businesses in almost all the countries and they play a very central role in the economy. SMEs are the major sources of entrepreneurial skills, innovation and employment that in turn help the economy grow further.
This program will enable the public to save their money by being able to compare prices from different retailers, of the goods that they intend to buy within the system and choosing the best price that suits them. The customers will also be
Most of the financial institutions rate a business based their previous credit rating history. This essay will analyze some key concepts regarding the importance of maintaining a decent credit rate with relevant
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