...DEVELOPING INDIVIDUAL INNOVATION Entrepreneurship Imagination & Creativity: Imagination and Creativity goes hand by hand i.e. with out imagination you cannot be creativity. This combination is the key to success for entrepreneurs. Potential entrepreneurs always analyze from every possible angle. What is the problem? Whom does it affect? How does it affect them? What costs are involved? This is the type of analysis that blends creative thinking with systematic analysis. The Role of Creativity: Creativity is generation of idea that results in improved efficiency or effectiveness of a system. Two important aspects of creativity exist: process and people. Process: it is goal oriented and designs to attain a solution of a problem. People: they are resource who determines the solution. Table 5.1 shows two approaches for distinguishing innovative entrepreneur from adaptive entrepreneurs and found their application very effective. The Nature Of the creative process: Creativity is the process that can be developed and improved. Many people incorrectly believe that only a genius can be creative, but it is not like that. It’s the negative phrases prohibit people from thinking further. Negative phrases are shown in table 5.2. There are four steps in creativity process Step 1: Background and knowledge accumulation: Successful creations are generally preceded by investigation and information gathering. This people investigate in both related...
Words: 1563 - Pages: 7
...A primer in Entrepreneurship Prof. Dr. Ulrich Kaiser Institute for Strategy and Business Economics University of Zurich Spring semester 2008 Chapter 1: Introduction to Entrepreneurship Table of Contents I. II. Introduction to Entrepreneurship p p Changing Demographics of Entrepreneurs III. Entrepreneurship’s Importance IV. The Entrepreneurial Process University of Zurich ISU – Institute for Strategy and Business Economics Ulrich Kaiser A primer in Entrepreneurship Spring semester 2008 2 1 I. A. 1. 2. 3. Introduction to Entrepreneurship What is Entrepreneurship? “Entrepreneur” derives from the French words entre, meaning “between,” and p prendre, meaning “to take” , g Originally used to describe people who “take on the risk” between buyers and sellers or who “undertake” a task such as starting a new venture Inventors and entrepreneurs differ from one another: 1. 2. 4. Inventor creates something new Entrepreneur assembles and then integrates all resources needed to transform the invention into a viable business. needed to transform the invention into a viable business Entrepreneurship: process by which individuals pursue opportunities without regard to resources they currently control University of Zurich ISU – Institute for Strategy and Business Economics Ulrich Kaiser A primer in Entrepreneurship Spring semester 2008 3 I. A. 4. Introduction to Entrepreneurship What is Entrepreneurship? Established firms with an orientation to behave entrepreneurially practice ...
Words: 2392 - Pages: 10
...responsibilities to comply with regulations. The money spent going above the required amount is considered to be spending someone else’s money. “Insofar as his actions in accord with his "social responsibility" reduce returns to stockholders, he is spending their money. Insofar as his actions raise the price to customers, he is spending the customers' money” (Friedman, 1970). They feel that employees can individually donate their time or money to contribute to society. CSR is Overrated Ultimately, trade-offs must be made between the financial health of the company and ethical outcomes (Doane, 2005). Companies must make profits the priority if forced to decide between the two. Deborah Doane talks about four myths of CSR in her periodical review for Stanford Social Innovation. The first myth is that “The market can deliver both short-term financial returns and long-term social...
Words: 1675 - Pages: 7
...[pic] RESEARCH PAPER INNOVATION IS THE PATH OF SUCCESS SUBMITTED TO: Prof. Ramasastry SUBMITTED BY: AMRITPAL SINGH ROLL NO: 01 SECTION: 1 - D BATCH: 2009-11 |“INNOVATION IS THE PATH OF | |SUCCESS” | | | |[pic] | To understand innovation, you first have to see the differences between an invention and an innovation. An invention is a new idea that is often turned into a tangible outcome, such as a product or a system. An innovation is the conversion of a new idea into revenues and profits. An idea that looks great in the lab and fails in the market is not an innovation; it is, at best, a curiosity. As Jeff Immelt once put it, “Innovation without a customer is nonsense; it’s not even innovation.” Invention is needed for innovation to take place. But invention is not innovation. In many companies, inventions that result in patents are considered innovations. These companies are often touted as “innovative.” In fact there...
Words: 3238 - Pages: 13
...INNOVATION MANAGEMENT WBB 10202 Perspective of Innovation NURULIZA RASLAN UniKL - RCMP University Kuala Lumpur –RCMP Innovation Management WBB 10202 CONTENTS • The Factors that affect innovation • • • • Creativity versus Innovation The innovation continuum Sources of Innovation Innovation Culture and Myths University Kuala Lumpur –RCMP Innovation Management WBB 10202 INNOVATION & SOCIETY Innovation have changed our lifestyle. Beneficial to society or not? University Kuala Lumpur –RCMP Innovation Management WBB 10202 INNOVATION FACTORS CULTURE PROCESS INNOVATION RESOURCES INFRASTRUCTURE All elements/factors are equally important. No innovation if one of these 4 elements missing. Each element requires/supports each others expanding innovation Innovation by Design – defines innovation as invention plus implementation / commercialization. Invention involves the process of taking an idea and developing it into a concept. University Kuala Lumpur –RCMP Innovation Management WBB 10202 Culture CULTURE University Kuala Lumpur –RCMP Innovation Management WBB 10202 Trend Lifestyle Market PROCESS University Kuala Lumpur –RCMP Innovation Management WBB 10202 RESOURCES University Kuala Lumpur –RCMP Innovation Management WBB 10202 People Material Technology INFRASTRUCTURE University Kuala Lumpur –RCMP Innovation Management WBB 10202 Organization/ Company Vision Mission Objective University...
Words: 967 - Pages: 4
...Company”, Library of Congress, William Pollock McHugh, S. og J., Nickels W.G., 2010, Understanding Business, 9th edition, McGraw-Hill Mintzberg, H. og Waters, J.A., 1985, “Of Strategies, Deliberate and Emergent”, Vol. 6, Nr. 3, Strategic Management Journal NansenNeuroScience, 2010: ”Social interactions in open innovation”, lokaliseret den 10/05 2012 på http://www.nansenneuro.net/about/open-innovation.html Ritzau, F., 2011: ”Apple kortvarigt verdens mest værdifulde selskab”, lokaliseret den 27/04 2012 på http://borsen.dk/nyheder/investor/artikel/212458/apple_kortvarigt_verdens_mest_vaerdifulde_selskab.html Smith D., 2010, “Exploring Innovation”, 2. udgave, Forlag Mcgraw-Hill Higher Education Vangkilde M., 2006, ”First-mover Advantage – Fordele og ulemper ved at være først”, Ledelse og erhvervsøkonomi With, L., 2012: ”Apple overrasker med kæmpesalg til kineserne”, Børsen, udgivet 26/04 2012, sektion Udland, s. 26-27 * Lenzi, R., Schmucker, M. og Spadoni, F., 2003, ”Technical Report: Apple iTunes Music Store”, lokaliseret den 23/05 2012 på http://publica.fraunhofer.de/eprints/urn:nbn:de:0011-n-175220.pdf * Adner, R., 2006, “Match Your Innovation...
Words: 809 - Pages: 4
...Evergreening: Where is the problem here? According to many critics, the practice of evergreening enables protection of a drugs patent beyond its initial term despite only small, trivial changes to the invention itself. However, what these critics fail to recognize are the benefits of incremental innovations within the pharmaceutical industry. These incremental innovations can produce a reformulated medicine to encourage children’s compliance (more tolerable drug forms), increase a drugs heat-stability so it can be effective in many environments across the globe or even increase the number of dosing options for a particular drug. Critics believe that this use of incremental innovation is purely a strategy for delaying the entry of generics into the marketplace. It must be understood that once the patent’s exclusivity period of the existing medicine is over, any company may produce that particular chemical entity as long as regulatory requirements are met2. Generic drug companies in India have argued that evergreening has directly threatened their ability to produce drugs at a cost that is accessible to poor people. However, as we now know, the generic drug company can produce the original version of the compound (which most likely worked quite well) and poor patients can still have access to first generation drugs. Evergreening can also serve many public health benefits. Earlier in 2013, the FDA announced that they would not allow generic versions of OxyContin to be produced...
Words: 884 - Pages: 4
...Innovation Strategy & Growth by Firdaus Khan Assoc. Prof & Trainer at ICBM-SBE 20 December 2012 firdaus@icbm.ac.in 1 “It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, … we had everything before us, we had nothing before us” 20 December 2012 firdaus@icbm.ac.in 2 SURPRISE!!! Q: Which is the number one mobile payment country on earth? A: It’s Kenya! 20% of its entire GDP passes through its service mPesa. 20 December 2012 firdaus@icbm.ac.in 3 GUESS WHAT !!! Q: Per capita, which country has the largest audience/users of youtube? A: Saudi Arabia The largest category of videos watched is educational. The largest demographic is middle aged women 20 December 2012 firdaus@icbm.ac.in 4 GOTCHA !!! Q: Where is the world's largest collection of fresh water? A: Egypt-Libyan desert. Remarkable solar technology is being invented to more reliably pump it and affordably extend food and fertility of land 20 December 2012 firdaus@icbm.ac.in 5 Today’s Race for Profitability is.. • not a 100m dash, • its rather a decathlon – where success comes from all round excellence in multiple sports - sitting out is not an option & - competing effectively entails mastering a number of competencies in a balanced way. 20 December 2012 firdaus@icbm.ac.in 6 Clued In ...
Words: 1409 - Pages: 6
...What accounts for the emergence of external economies of scale? Discuss with reference to two relevant empirical cases Upon speaking about trade and development, it is reasonable to implement economies of scale into their agenda. Economies of scale theories suggest that “production is more efficient the larger the scale at which it takes place. Where there are economies of scale, doubling the inputs to an industry will more than double the industry’s production.” Furthermore, two types of economies of scale exist as theories- internal and external. However, this paper will examine external economies principles strictly and provide supported by evidence explanation as to why they emerge in the first place. What the basis of external economies of scale, as suggested by scholars states, is that they persist in the sphere of industries and result in reducing costs by concentrating production in area clusters, as well as “…cause the short-run average cost and long-run average cost curves to shift downward.” The principles of external economies of scale, however, imply not to the individual, but to the level of industry. In order to provide grounds for emergence of external economies, it is relevant to observe their nature at first. When speaking about external economies of scale, the tendency is to think about lowering costs of production, however this mostly implies to already established big markets, because for a small market it would be tough to compete in this sphere of development...
Words: 1224 - Pages: 5
...1.0 Chapter 1 Introduction 1.1 Scope of the Study 1.2 Objectives of the Study 1.3 Organization of the Study 1.4 Limitations 2.0 Chapter 2 Introduction 2.1 Objectives 2.1.1 Understanding the importance of fashion industry 2.1.1.1 Introduction 2.1.2 Examine the innovations of fashion communication 2.1.2.1 Introduction 2.1.3 Evaluate the scope and challenges with fashion ethical issues 2.1.3.1 Introduction 2.1.4 Study the future prospect of fashion marketing 2.1.4.1 Introduction 3.0 Chapter 3 Introduction 3.1 Case study 4.0 Chapter 4 Conclusion 1.0 Chapter 1 Introduction Fashion is a general term for a trendy style, most commonly related to clothing, jewelry, shoes, accessories, make up, or furniture. Fashion is also something we deal with daily and changes constantly as time progresses. New fashion ideas can be influenced by music, movies, videos, books and other related (items and media connected to popular culture. Due to these changes and relationship with popular culture, fashion is a big business. The fashion industry is involved in the purchasing, selling and manufacturing of clothing. It solely focuses on generational fashion trends and to figure out consumer's liking in different segmentations. (pbs.org) The fashion industry is one of the major contributing sectors in the global economy; it had created various job opportunities for the people. Most noticeably, the industry has designed and manufactured clothing...
Words: 3016 - Pages: 13
...The E-Myth Revisited – Michael E. Gerber Book Summary Summary Introduction This document summarizes The E-Myth Revisited by Michael Gerber. The intent is to distill the major concepts from the book in note form for efficient perusal. Because only the main points of the book have been summarized here, reading the book in its entirety is highly recommended to get the full impact of the message Gerber conveys, as well as the dialogue in the book with one of his clients, Sarah, which provides additional insight on the concepts presented in the book. The ideas and text presented here are copyrighted works by Michael E. Gerber. Some of the text has been summarized for clarity and brevity. The E-Myth Revisited People who are exceptionally good in business aren’t so because of what they know but because of their insatiable need to know more. Businesses fail when their owners spend their time and energy defending what they think they know. A business doesn’t miss the mark by failing to achieve greatness in some lofty, principled way, but in the stuff that goes on in the multitude of seemingly insignificant, unimportant, and boring things that make up every business (and life as well). The greatest business people have a genuine fascination for the truly astonishing impact little things done exactly right can have on the world. The book is about four profound ideas that can mean the difference between the success and failure of a small business: 1. There is a myth in...
Words: 9031 - Pages: 37
...Philippines. Introduction ! Just recently, a college freshman who interviewed me for his research paper on mother-tongue based multilingual education (MTBMLE) asked why I supported its promotion even it meant possibly losing my job as an English teacher. The question did not surprise me as it was something that I often encountered whenever teachers, especially English teachers in Metro Manila, are confronted with this unfamiliar creature that is MTBMLE. ! To many stakeholders of the English language--lawmakers, school administrators, teachers, and parents--MTBMLE is perceived as a threat. It is specifically perceived to be anti-English. These perceptions may be traced to beliefs about English that may largely be considered as myths. Facts about the English language ! What do we know about the English language? Let’s consider some facts. Paper presented at the Panel Presentation on ENGAGING ELT IN THE MTBMLE DISCOURSE 2nd Philippine Conference - Workshop on MTBMLE, 16 February 2012, Iloilo City (page 1) • There are approximately 375 million English L1 speakers, 375 million L2 speakers, and 750...
Words: 2996 - Pages: 12
...A Research paper On Rural marketing: A New Way to Tap The Rural Consumers In Present Scenario Name of Authors:- *Mr. Rajesh Rathore Research Scholar , Maharaja College of Management, Udaipur, Rajasthan Corresponding Address:- Maharaja College of Management Maharaja Educational Campus, N.H.76, Airport Road, Debari, Udaipur (Rajasthan) – 313024 E-mail:- rajesh_rathore@rediffmail.com Mobile No:- 07597868902 Rural marketing: A New Way to Tap The Rural Consumers In Present Scenario Abstract *Mr. Rajesh Rathore Indian rural market consists of more than 740 million consumers and has wide potential for expansion. According to Census 2001, 73% of Indian population is living in rural areas. Though over the last three decades there has been a marginal reduction in the rural population expressed as a percentage of total population, there has been a steady growth in rural population in terms of absolute numbers and it has reached 74 crores. After the 1991 economic reforms there have been many changes in the socio, economic, political and cultural outlook of India. The rural India is providing a large consumer base to the marketers to market their products. This paper highlights the challenges of marketing communication for rural Indian consumers. Over the past few years rural India has witnessed an increase in the...
Words: 4107 - Pages: 17
...From Technology and Social Change, 1987, edited by H. Russell Bernard and Pertti J. Pelto. 2nd ed.Prospect Heights, Illinois: Waveland Press. Pp. 359–368. TECHNOLOGY AND ANTHROPOLOGICAL THEORY Conclusion H. Russell Bernard and Pertti J. Pelto In putting together this collection of papers we have become aware of two things. First, each of the cases is historically unique and interesting – they can all stand on their own without need for further interpretation. Second, these cases contain important clues and guidelines which point to a more general theory of technology and sociocultural change. They do not go far enough to allow us to frame up such a theory, but they provide the inductive impetus for relating these examples to the wider system of theory building in anthropology. In the first edition of this book we were not yet ready to elaborate even the outlines of such a theory, but the ensuing 15 years have given us plenty of new materials, as well as general growth in various aspects of theoretical social science. We can now offer a theoretical synthesis, and show how this synthesis can lead directly to the testing of specific hypotheses. That technology is a key element in all human affairs, and especially in sociocultural change, has long been central to anthropological thinking (Barnett, 1953; Foster, 1973; Steward, 1956; White, 1959). Yet, after several collections of case materials on social change (Spicer, 1952; Paul, 1955; Niehoff, 1966; and the...
Words: 4155 - Pages: 17
...The Nature and Importance of Branding Busting a Myth • Strong brands are just as relevant in B2B and hi-tech markets as they are in B2C markets Logos taken from respective corporate websites 1 What is a Brand? • A brand is a strategic asset of a company, recognized by a unique name and/or symbol (logo, trademark, etc.), which identifies it’s source, and differentiates it from competition, and whose role is jointly determined – or co-created – by the actions of both the company and the customer What is a Brand? • A brand is a strategic asset of a company, recognized by a unique name and/or symbol (logo, trademark, etc.), which identifies it’s source, and differentiates it from competition, and whose role is jointly determined – or co-created – by the actions of both the company and the customer 2 Products are not Brands • A product is something a company makes in a factory… • A brand is something a customer buys… • A product can be copied…a brand is unique • A product can become obsolete…successful brands continuously reinvent themselves and have long lives… – Stephen King, WPP Group, London Why Brand? (Benefits of Branding) • Help condense, synthesize, and communicate value • To get noticed, to be remembered • To achieve resonance with customers’ needs, and create preference over competitive offerings • To build loyalty and lasting customer relationships • To serve as a platform for future growth 3 Immutable Laws...
Words: 493 - Pages: 2
