...Sciences | January 13, 2014 4.1 Innovative Business Skills Essay on innovation 4.1 Innovative Business Skills Essay on innovation Table of Content Introduction 2 Backgrounds for the topic of Innovation 2 Definition of Innovation 3 Creation and implementation of Innovation 3 Creativity inspires. Creativity empowers. 4 Studytrip London 5 Conclusion 6 Bibliography 7 Introduction The focus of this essay is on the subject of “Innovation” due to the course of Innovative Business Skills in Block 4.1. Of course I was familiar with the meaning of Innovation but dealing with a subject like this in a deeper way can still change the way of how you define something for what it is and get aware of what other facts play an important role behind it. With the information and new knowledge gained as a result of the (guest)-lectures, the reading material and the business trip, I have gained an insight in to the topic of innovation and a better understanding of the innovation management. In this essay I will firstly give an short introduction to the background of Innovation (why it does exist) and provide a common definition linked to what innovation meant to me before the course of ‘Innovation Business Skills’. Afterwards the creation and implementation of innovation will be investigated as I have understood and experienced it in the previous block (4.1). At the end I will round of this essay with a conclusion also describing what Innovation means for me now after I have received all...
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...AC 1.1 Explain the importance of innovation for own organisation. I have been successfully running my own business as a self-employed trainer for health and social care for the past 3 years. All of this was made possible by using all the experience gained in this field for the past 15 years and applying all the skills and certification outcomes to find out what my client’s needs are and what it’s expected by my learners. Also complying with regulations, keep updated with resources and new guidelines. Innovation within my organisation is about creating and successfully applying new ideas in this particular field. This could be in the form of such as creating and bringing a new product or service to market, or a series of smaller innovations such as finding better or more efficient ways of working and becoming more profitable. Innovation is a creative process and some business ideas need an investment of time, energy and money in order to develop and deliver results. Developing a culture of innovation can be vital to my organisation’s long-term success and profitability. There have been several reasons why I had to generate some new ideas which so far have been critical to my business’s success. Although every organisation will have its own priorities and sector-specific issues to balance, I believe business that fail to innovate run the risk of losing ground to competitors, losing key staff, or simply operating inefficiently. Innovation can be a key differentiator between market...
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... Title of Work: Discuss the relationship between entrepreneurship, innovation and economic development. What role if any do creativity and problem solving play in this relationship? Refer to both theory and examples from the business world to support your discussion COPY 1 TITLE OF MODULE: Entrepreneurship and Business (N11440 MY) Title of Work: Discuss the relationship between entrepreneurship, innovation and economic development. What role if any do creativity and problem solving play in this relationship? Refer to both theory and examples from the business world to support your discussion COPY 2 Austrian writer, professor, management consultant and self-described “social ecologist,” Peter F. Drucker once said “Innovation is the specific instrument of entrepreneurship. The act that endows resources with a new capacity to create wealth.” (BrainyQuote, 2014) This essay aims to show how innovation, entrepreneurship and economic development are all linked together as shown in the statement above. Even though many a time the spotlight has been shined on entrepreneurship as the propellant towards success, there are still many factors that have to be taken into account such as creativity and problem solving skills. These all shall be the foundation of this particular essay. Entrepreneurs were first introduced by Richard Cantillon (1697-1734)...
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...way leads to profit for the individual and growth for the company. In this essay I will be describing the relationship between Innovation, Entrepreneurship and Economical development. Well, in my view the relationship between these terms can only be explained thru a virtue circle. All of these 3 terms rely on each other if for example you reduce tax rate the government will get more tax going in because more companies would want to move to that country with a low tax rate => increase in infrastructure which will stimulate even more companies to move over, which will stimulate the economical development to increase this all was proven by Ronald Reagan. How do you stimulate innovation? Well, there are many ways to stimulate innovation: 1. Education: thru education you can stimulate young minds to innovate create new creative ideas. 2. Subsidies/funds: For example Israel grants a huge sum of money to whoever wants to start their own business, when the company is doing well the Israeli government sells their shares with profit. 3. Infrastructure: This is probably one of the most important factors, these are for example railways, airports, ports,... All these are required for innovation and entrepreneurship. For example, China has been investing allot into...
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...Maris Farquharson Essay title: Discuss the relationship between entrepreneurship, innovation and economic development. What role do creativity and problem solving play in this relationship? Refer to both theory and examples from the business world to support your discussion. Word Count: 1959 Submitted: 27/11/2012 Student: Pan Yanhao Student ID: 6508745 Recent years the popularity of entrepreneurship education is growing worldwide (Gormon & Hanlon & King, 1997). In the United Kingdom more students are being taught in classes to accumulate entrepreneurial skills in their own field to make considerable achievement (Department for Culture, Media and Sport (DCMS), 2006). In addition, the government in some countries also give emphasises on the entrepreneurship and build specific plans about the improvement of entrepreneurial skills (Lumsdaine and Binks, 2007). The reason why entrepreneurship becomes more prevalent is that entrepreneurship and its vital part which is innovation are regarded as crucial components in the process of economic development (Baumol, 1968). This essay will demonstrate the relationship between entrepreneurship, innovation and economic development and illustrate the role of creativity and problem solving in this complex relationship. Section one will describe that innovation is the core of entrepreneurship and entrepreneurship will also enhance the development of innovation. Section two of this essay will illustrate innovation makes huge influences...
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...easy to understand although this subject seems similar to the term of entrepreneur. Based on this background, this essay will first fully analyze the principal subject of entrepreneurship reflecting various economists’ perspectives, and secondly illustrate the relationship between entrepreneurship and innovation, before suggesting that in general, entrepreneurship is closely linked with innovation and they are both significant elements in the development of economy. Furthermore, this essay will also illustrate that creativity and problem solving are effective capabilities in entrepreneurial processes of business planning and decision making in the realization of innovation. To understand the relationship between entrepreneurship, innovation and economic development, it is crucial and necessary to analyze the keywords in this statement. First of all, what is entrepreneurship? In fact, despite the potential that every individual may take a mutual view directly on the term of entrepreneurship, there is no fixed definition of this term. As is noted by Baumol (1968: 64), the concept of entrepreneurship is in fact obscure and it is not often the case that, this term can be defined explicitly in the theoretical scope. Traced back to the early history in economic context, the subject of entrepreneurship was first put forward by the economist, Richard Cantillon, in his essay named Essai Sur La Nature de Commerce en General which was first published in 1755( Lumsdaine and Binks, 2007, 12)...
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...Innovation- L’Oreal. INTRODUCTION In this essay I will propose an innovation audit for the cosmetic company L’Oreal. I will be acting as an innovation consultant and develop a proposal for conducting an innovation audit for the company. I will focus on the SWOT analysis of the company and analyse L’Oreal’s strengths, weaknesses, opportunities and threats. Then I will design a framework for conducting the innovation audit. My framework will relate to the company’s business activities and vision. The framework will also address the SWOT analysis that I have presented. I will then provide a description of my proposed research strategy , such as what type of data I will collect and how I will go about doing so. Then I will provide an outline of the key outputs that would arise from the innovation audit in the context of the proposed framework that I have provided. DESCRIPTION OF THE COMPANY For more than a century, L’Oreal has devoted itself solely to one business: beauty. L’Oreal(2012) The L’Oreal Group is the world's largest cosmetics and beauty company.(Jones, David 2010) L’Oreal has developed activities in the field of cosmetics. Concentrating on hair colour, skin care, sun protection, make-up, perfumes and hair care, the company is active in the dermatological, tissue engineering and pharmaceutical fields.L’Oreal has set itself the mission of offering all women and men worldwide the best of cosmetics innovation in terms of quality, efficacy and safety. It pursues this...
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...In this essay, it would be found out that the relationship between entrepreneurship, innovation and economic development is a multidirectional cycle, which means that they affect each other in two directions. From one direction, when there is a problem entrepreneurs would use innovation which comes from creativity to solve it by entrepreneurship. Innovation deliveries new industries or get exist industries developed and both of those actions will lead economic to develop. The births of new industries encourage people with entrepreneurship to organize new economics. From the other direction, the development of economic absorbs new investments. Those investments include not only labour, land and capital, but also innovation which can improve the new good or service. The development in new industry can also offer money or other capital to encourage people with creativity to innovate. Innovation can be protected by entrepreneurship because it relies on innovation. As Thomson Edison* said, his inventions were from seeing a worthwhile need to be met and trailed after it until it came. So it can be seen as innovations are from solving problem and creativity. As an entrepreneur, spotting a problem and turn it into opportunity by creativity is called entrepreneurship. Entrepreneurship sets innovation to processing first and then gets profits from economic development. As Bolton and Thompson (2000) has recognized, entrepreneurship is about change and innovation. So every entrepreneurs...
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...Innovation Essay An innovation is a product or concept that is brand new or something that is revived with improved features or alterations. People who are innovators are people who are the trendsetters and introduce new products to the community or world. These people are usually celebrities or people who we look up too. Innovations are sometimes accepted and become huge successes and live on or fall down and become a fad. Every now and then we get a hot new brand with a concept and it comes through and usually fades out unless you stay innovated and up to date with the demand of what people want. I will be discussing about the TOMS brand. TOMS is a shoe brand that offers to donate a pair of shoes to someone in need if you purchase a pair of their shoes, “one for one.” TOMS shoes became extremely popular when celebrities started wearing these simple shoes with the big logo on the back. The shoe company became popular with young teens and adults. The “one for one” concept made the company their big selling point. When someone purchased a pair of their shoes they felt good about themselves because they were helping out someone in need. The brand comes out with new designs to stay innovated like: limited edition colors, high tops, and even wedges for woman. But you can only do so much with shoes. For a brand like TOMS they needed something new and innovated for their brand to still be in the spotlight. They introduced a new line of eyewear with the same “one for one” concept...
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...to absorb and implement new ideas, but also some emerging developing countries, are taking measures to inspire entrepreneurship and innovation with purposes of benefiting economic development from these competitive advantages (Stoneman, 1995; Zhao, 2001). It is universally held that entrepreneurship and innovation are complementary and their combination can efficiently contribute to economy performance (Grupp, 2001; Stoneman, 1995). During the transfer from idea creation to eventually economy development, innovation is supposed to be a necessary condition, but it also demonstrates great insufficiency which can be completed by entrepreneurship’s mediating effects (Audretsch, 1995; Camp, 2005). This essay will primarily conduct a brief definition of entrepreneurship and innovation while introduce the role of problem solving and creativity, and thereby observe the synergy between entrepreneurship and innovation. Then theoretical and practical analysis will be made in their repective relationship with economy development. Ultimately, the holistic realtionship between entrepreneurship, in conjunction with innovation, and economy development will be discussed. Entrepreneurship and innovation are inclined to be misinterpreted identical since they both indicate creation and new development, but meanings they rootly represent are distinctive. Innovation is an instrument that intergrates, disperses and upgrades extant...
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...precise illustration, explain how BMW has planned innovation and new product development to manage its technology life cycle, i.e., product life cycle The ways in which BMW has planned innovation, and new product development, to manage their technology life cycle and product life cycle, has been accomplished through consistent innovation. In consideration of the life cycle of BMW, there are many factors taken into account when developing a marketing strategy. Life Cycle Value Assessment (LCVA), or life cycle analysis, is a tool used to determine environmental, economic, and other various determining factors which can influence the entire life cycle of a given product. It also serves to influence important business decisions. The continued growth and success of BMW can be defined by the way in which they focus on culture as a company. According to the article, Innovation: A Strategic HR Imperative, “For example, BMW’s continued success is its strategic focus on developing customer-friendly innovations, coupled with an approach to innovation management that is unique within the automotive industry” (Stanleigh, 2012). BMW sets themselves apart because they prescribe to the philosophy of a company knowing what it stands for, and capitalizing on its strengths; by doing so it can more easily develop and implement a clear strategy. While some companies put their primary focus on manufacturing, BMW also incorporates innovation throughout every department within the organization...
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...PESREL analysis of entertainment and media industry http://www.studymode.com/essays/Pesrel-Analysis-Of-Entertainment-And-Media-44826994.html What is the political situation of the country and how can it affect the industry? Tax and tariff: Market entry barriers: EU market entry policy: What are the prevalent economic factors? Inflation: a rise in the inflation rate of any economy would affect the way companies’ price their products and services. Adding to that, it would affect the purchasing power of a consumer and change demand/supply models for that economy. Impact of development of Internet: Impact of develop of computer games: Impact of declining power of TV programme: Impact of diverse distribution: Impact of decline of CD industry: Impact of increasingly competitive environment of family entertainment industry: Foreign exchange rates: between Belgium, US and Germany FDI policy: How much importance does culture has in the market and what are its determinants? Ethic issue related to TV programme: Changes in lifestyle of people: Acceptance for culture from other country: What technological innovations are likely to pop up and affect the market structure? Refers to automation, research and development and the amount of technological awareness that a market possesses. Are there any current legislations that regulate the industry or can there be any change in the legislations for the industry? These factors have both external and internal...
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...Success and Failure of Technological Process BMAN61001 Innovation and the Knowledge Economy ID: 9523474 1 Introduction Garud and Karnøe (2003) stated that agency in technology entrepreneurship is distributed and embedded across different kinds of actors in the networks. The aggregation of inputs from various actors (both human and nonhuman) through multiple technological paths creates a momentum that result in technological change. The study compared wind turbine industry in Denmark and U.S. with the notion of “Bricolage” versus “Breakthrough”. The aim of this essay is to examine ways in which actors engage in different levels in shaping technological path. The Social Construction of Technology (SCOT) offers a deeper understanding on a relationship among technology and society and how social factors can influence technological development, whereas the Actor Network Theory (ANT) can help to identify problems and errors in the mechanism that result in a failure of innovation. The paper falls into three main sections. First it describes SCOT and its limitation, using the historical development of bicycle to illustrate. Then, ANT is discussed together with its failure. Thereafter, the SCOT and ANT theories can help to analyze the errors in U.S wind turbine case study and limitation of the paper in Hendry and Harborne’s view. Finally, this essay concludes the main findings and future research suggestions. 10 Reference: AWEA (2014). New analysis: U.S. is world’s number...
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...the usefulness of innovation management and new product development in an essay format. The topic of the essay is “what skills should a business graduate acquire about innovation management in order to advance their career development and employability”. "We live in a society where technology is a very important force in business, in our daily lives. And all technology starts as a spark in someone's brain. An idea of something that didn't exist before, that once they have invented it —brought it into existence — could change everything. And that activity is generally one that's not very well supported." - Nathan Myhrvold, CEO, Intellectual Ventures From a 2010 interview with Harvard Business Review Introduction In the development of new businesses today, initiatives that spur knowledge-based competitions amplify the importance of boundary spanning activities and tactical coalitions, which cause organizations to focus more on institutional knowledge, system improvement and knowledge management (Quah, 2001). This essay will help the level 3 business school students to understand the required skills about innovation management to to advance their career development and employability. An innovation is something that is new. You are required to write a piece of advice to a group of Level Three business students on the usefulness of innovation management and new product development in an essay format. The topic of the essay is “what skills...
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...Introduction In each industry, the emergence of new company would create both compete and opportunities. As the market changes, forming responses or strategies would be taken into account to maintain market positions. The case that has been provided mainly described the situation with three incumbents and a new entrant. This essay will summarize the case, diverse three criteria that are relevant with BUSS5000 materials, evaluate responses of each CEO with these three criteria respectively, and finally present recommendations for Acme. Summary of case study The case demonstrates three main companies in Australian building products market, which refer to Acme Corporation, Shesright Pty Ltd, and Hammer & Tong. These firms concentrate on different segments and own different positions in this industry. As an Australian B2B company, Acme has been focusing on supplying materials to other companies. Moreover, another Australian firm Shesright plays an important role in its niche market by paying attention to trade sales. Furthermore, H&T, which is a Sydney-based French company, has been primarily focus on DIY segment with sourcing from France, and own stores and online services. Additionally, it has been indicated that a new company, Arrow, will be engaged into the Australian building products market. By providing lower price, Arrow may produce competition with those companies and other retailers. Under this circumstance, each CEO demonstrates various responses. Chris Maxim...
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