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. They basically rely on improvements along with the dimensions of performance in an already established technology. We can see some significant percentages of the innovations we come across are sustaining innovations. We can consider an example of desktop computers. The significant natures of computers have not changed since Continue reading
Modern Management Concepts
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. Need for Achievement: Individuals who have higher level in need for achievement are will have higher desire to involve in activities or tasks that have a high degree of individual responsibility for outcomes. Entrepreneurial Continue reading
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. These situations do not need to change the terms of economic exchange to be entrepreneurial opportunities, but only need to have the potential to alter the terms of economic exchange. In addition, unlike optimizing or satisfying Continue reading
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. This states that any innovation is a process that is based on the creativity of mind(s) and creativity is reliant on innovation to become tangible. Continue reading
How Creativity Helps in Problem Solving Process?
The first step of problem solving is to define the problem. Although this may sound trivial, in many cases it is not. Many people and organisations rush in to tackle a problem by finding a solution, without previously knowing that the problem really is. So, to achieve a solution, one first has to fully understand the problem. Once the problems have been clearly defined, the most important factor in solving it is creativity. Creativity is required in order to create a ask the right questions about the problem and find the correct and appropriate answers to them, creativity is necessary in order to provide “out of the box” ideas and suggestions and creativity is what defines the process of finding a new way in doing things. Brainstorming is a very popular way to solve a problem and it is a characteristically creative method. It involves the rapid exchange of ideas, Continue reading
Types of Innovation and Mapping the Innovation Space
There are different types of innovation. There are four broad categories of innovation. Following these categories are referred as the 4Ps of innovation: ‘product innovation’ — changes in the things (products/services) which an organization offers. ‘process innovation’ — changes in the ways in which they are created and delivered. ‘position innovation’ — changes in the context in which the products/services are introduced. ‘paradigm innovation’ — changes in the underlying mental models which frame what the organization does. For example, the new version of a car, a new bank account offer and a new home personnel computer are all examples of a product innovation. In comparison to a product innovation a change in the production process and machines used to manufacture the car or the home computer these examples are process innovations. Similar the example of the new bank account offer if this came up by changing procedures and sequencing in Continue reading