Today’s economy is experiencing its ups and downs very quickly: rising competitiveness and fast changing technologies create pressure to the companies that want to stay at the top of their markets. This is not going to slow down, so the need for tools of success is arising. At the same time we are moving away from the belief that “entrepreneurs are born, not made”. That is why the wanting, believing, hoping, planning must be followed by doing. As already Confucius said: “When it is obvious that the goals cannot be reached, don’t adjust the goals, adjust the action steps”. It is time for action and one form of it that suits different businesses nowadays is — Corporate Entrepreneurship (CE). Corporate entrepreneurship is the process whereby an individual or group of individuals, in association with an existing organization, create a new organization or instigate renewal or innovation within that organization. There Continue reading
Modern Management Practices
What is Innovative Leadership?
Just as the Apple CEO Steve Jobs said, ‘innovation is about the people…and how you’re led…”. People are the key assets to an innovative organization. No matter the size of a company, leadership is vital. Without a good leadership, an organisation will fall into chaos. Poor leaderships will have adverse effects on an organisation. Talent is scarce and creative people are highly in demand. Innovative leadership integrates innovation processes with talented people, in another word, to change organisation climate and deploy people to facilitate innovation in organisations through behaviors of leadership, by various leadership styles, or leadership priorities. Being visionary is a typical behavior of an innovative leader. Innovation leader always has some visions of lifting up prospects of an organisation. In this sense, innovative leaders are necessarily innovators, who facilitate inventions to materialize their visions of better prospect of an organisation. Creating visionary strategy is the fundamental task for Continue reading
Creative and Innovative Culture in Modern Organizations
Organizational Culture is an outcome of cultural processes at work in a particular setting and focuses on people and the shared meaning within them. An organization with a strong culture may find it difficult to adapt with changes. If they want to bring a culture of creativity then the organization may find it hard to cope with it. A strong culture will have people with commonalities and may lack diversity which is essential in generating new and different ideas. However, subcultures can exist in such organization with strong culture which may bring creativity as a result of diversity. Such divisions are responsible for giving a different option or a direction to the organization which can result to new frontiers. Diversity is an integral element of an organization’s culture. A manager has to be aware of the differences that exist among various employees working in the organization. People in an organization Continue reading
Managing the Innovation Process
Innovation in nowadays is the most important competitive advantage for a company. The future of many businesses depends on their ability to innovate, to be ahead of their competitors. Organisations have to go through a process of practice, mistakes and to bring together different knowledge, skills and ideas to manage innovation process to success. The word innovation comes from the Latin word “innovare”, which means “to make something new”. Innovation is a deceptive thing. People usually relate it to a development of a new or better product or process, but it is only one part of process called innovation. Innovation is a process, which has to be established in the company for continued enhancement. In reality, a view of innovation as a single action can never make the company to succeed in the long run. There are two different types of innovation; radical and incremental. Incremental innovation consists of small Continue reading
Four Important Types of Innovation
Innovation is defined as new ideas that work and a successful innovation can be achieved through the creation and implementation of new processes, products, services and methods of delivery which will result in significant improvements in the profitability and enhance the growth of an enterprise. An organization is considered innovative if it stirs up the marketplace, by creating competitive pressures and new opportunities. It has been recognized that innovation success in an established organization requires balancing the stabilized efficiency of the current market offerings and building new capabilities to create and develop offerings for unknown markets. There exist four types of changes to achieve strategic edge within an organization. Managers can use these four types of changes to achieve competitive advantage in the international environment. Each company can have maximum impact upon the chosen market through its own unique configuration of technology, product and services, strategy and structure, and culture Continue reading
Barriers to Innovation and How to Overcome Them
Innovation is doing things in new ways in order to achieve significant results and make a huge difference in performance compared to others. Innovation’s goal is to have a positive change, to make someone or something better. Innovation is also defined as new ideas that work and a successful innovation can be achieved through the creation and implementation of new processes, products, services and methods of delivery which will result in significant improvements in the profitability and enhance the growth of an enterprise. Innovation is a special case of planned change and learning that either transforms current products, services, and markets, or creates an entirely new market by introducing a radically new product or service. An organization is considered innovative if it stirs up the marketplace, by creating competitive pressures and new opportunities. It has been recognized that innovation success in an established organization requires balancing the stabilized efficiency of Continue reading