Modern Management Concepts

Innovation – Definition and Types

Innovation is an important concept to understand as a manager and for an organisation as a whole. Used in the correct manner, innovation can give an organisation the competitive advantage they need to be a success in their market. Firstly, it is useful to look at innovation in general. Innovations are ideas that are developed into new products or processes. They result in changes that customers recognize as new. Put in even simpler terms, innovation is the process of making improvements by introducing something new. Therefore, the two words that sum innovation up are ‘process’ and ‘new’.

Defining Innovation

Innovation is doing things in new ways in order to achieve significant results and make a huge difference in performance compared to others.… Read the rest

Abey Francis

Differences Between Emotional Quotient (EQ) and Intelligence Quotient (IQ)

Intelligence Quotient (IQ)

Intelligence Quotient is a number or a count of the intelligence of a person. In a standard IQ test, a person’s quotient of intelligence is compared and determined on the basis of the scores of other on the same test. These days more and more people are relying on IQ tests for a lot of reasons. IQ tests have become a parameter for educational institutes and corporate offices in conjunction with personality tests. Intelligence Quotients are used by people to find out a person’s mental age, which is the persons understanding levels and performance capabilities at a particular age.… Read the rest

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Sustaining and Disruptive Technologies

In 1997, the best-selling book, “The Innovator’s Dilemma” Harvard Business School professor Clayton M. Christensen came up with two basic categories of technologies: sustaining and disruptive. Christensen in his sequel, “The Innovators Solution” has changed the term disruptive technology to “disruptive innovation” to accentuate that it is not exactly the technology that is disruptive but the strategy of the innovation that leads to disruption.

Read More:  The Innovator’s Dilemma

Sustaining Technologies

Sustaining Technologies is an incremental increase in the features or performance for an established product. Some sustaining technologies can be discontinuous or radical in nature, while others are of incremental nature.… Read the rest

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Entrepreneurial Motivation Factors

Entrepreneurship is the process of adding something new [creativity] and something different [innovation] for the purpose of creating wealth for the individual and adding value to society. An entrepreneur has to be creative and innovative in order to have a sustainable growing business. In fact, entrepreneurs are considered as one of the main contributors to country economy growth. Entrepreneurial activity benefit community and society as it creates job opportunity, income, products and services with his creativity and innovation to us.

Important Factors of Entrepreneurial Motivation

Motivation is one of the elements in influencing the process of entrepreneurship. The general entrepreneurial motivation factors, including need for achievement, locus of control, vision, desire for independence, passion, and drive.… Read the rest

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The Concept of Entrepreneurial Opportunities

Most entrepreneurial firms are started with finding the opportunities. The opportunity is very importance. It is a favorable set of circumstances that creates the need for a new product, service, or business idea. An opportunity has four essential qualities: it is attractive, durable, timely and anchored in a product, service or business that creates or adds value for its buyer or end user. The entrepreneurs usually use three ways to identify an opportunity. There are observing trends, solving a problem and finding gaps in the marketplace.

Entrepreneurial opportunities as situations in which new goods, services, raw materials, markets and organizing methods can be introduced through the formation of new means, ends, or means-ends relationships.… Read the rest

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Organizational Success through Creativity and Innovation

Creativity and innovation are generally understood as routine drivers of successful organizational growth. Organizations are facing enormous pressure to innovate in order to attain competitive advantage from the global environment that is increasingly becoming intricate and competitive. Due to this, organizational management has to inculcate or reinforce culture of creativity and innovation within organization; however, much of the focus in this endeavor is on the individual level but team work is also essentially encouraged. Individuals are of vital importance in creativity and the innovation process requires a supportive well-managed atmosphere that can translate novel ideas into innovative product effectively.

Generally the two concepts are diverse as creativity can be production of new ideas and concepts, which are applied through a process, which then becomes innovation.… Read the rest

Abey Francis