Mpm712: Managing Innovation - Free Assessment Answer

Answer:

Introduction:

Entrepreneurship can be considered as the way of setting own business ventures by taking own liabilities and opportunities. This is the way, strong business opportunities can be explored. An entrepreneur can be considered as an individual, who is responsibility of creating and organizing the ownership and risk of business. According to Scarborough (2015) this is the mode of running own business ventures independently. Innovation is one of the most significant aspects of entrepreneurship, which supports in strengthening the value of business. The notion of entrepreneurship is playing a significant role in improving both the national and international economy. Dees (2017) showed that the entrepreneurs are acting as an innovators in the economy. With the assistance of innovation, new ways can be explored for producing new solution to any impending problem. Present paper puts forth the discussion of entrepreneurship. The first portion deals with the assessment of an interview, which has been carried out with a successful entrepreneur. A personal capability audit will also be carried out. Theoretical framework of innovation will also be carried out.       

Section A:

  • Significance of choosing the entrepreneur for interview:

Entrepreneurship is gaining immense admiration in recent times. In order to carry out this interview, Adam Garone has been chosen. He is one of the famous Australian entrepreneurs and the co-founder of Movember Foundation. Due to his strong leadership skill and honesty, he has been chosen as the interviewee. At the same time, he also holds a much broader perspective of which is also a major reason for choosing him in terms of carrying out the interview session. As knowledge is one of the most significant aspects of entrepreneurs, Adam Garone has been chosen in order to explore his core objectives towards attaining innovation. As per the discussion of Kirzner (2015) it can be said that such knowledge is very much needed in order to promote growth in the career of the interviewers.  Having a strong vision is the vital characteristics, which majority of the entrepreneur lacks. Adam Garone has a strong vision towards his life and career. Therefore, he has been chosen for having a core objective towards life. In addition, he is the most successful entrepreneur in contemporary times (Movember Australia. 2018). This is also a major reason for carrying out the interview session with him.   

  • The insight gained from the interview:

Experience and extensive knowledge among the entrepreneurs are critical factors towards amplifying the value of business. The interview with Adam Garone has supported in understanding how his experience has helped him to run the business venture with utmost success. The way, through which his leadership skill has helped him to lead Movember Foundation and thereby strengthen the position of the organization in the health and social care sector of Australia. I have also learned, how Adam Garone has used his leadership skill for making Movember Foundation one of the most successful and innovative enterprises, responsible for promoting the health and well-being of the society (linkedin.com. 2018).

I have also learned about his passion of inspiring the others to think in an innovative way. This is the mode of modifying the condition of society in an innovative manner. Drucker (2014) highlighted by saying that building an extra ordinary organization was his long term vision. With the assistance of interview with him, I have also gained insight regarding his consultancy skill, which has supported the organization in improving the statistics of profit and thereby cope up with the rapidly changing business environment. He is extremely intended to face challenges which has helped him to be a great leader across the country.     

  • Different discussion:

After the interview session with him, I will design my skill in a completely different manner. I will work on my leadership strategy and undertake necessary steps in order to modify them. I will apply my real life experiences in the professional area in order to get desired result. I will also work on my consultancy skill and design the business plan in such a manner which can help in increasing rate of profitability.

  • Advise for the entrepreneur:

It is true that Adam Garone is a successful leader, however, it is advised for him to keep himself in the challenging situation, which can support in strengthening the challenging situation. This can also act as one of the biggest motivation which is the key of becoming successful entrepreneur. By taking the perception of Piperopoulos (2016) it can be said that taking risk is also a critical factor in building challenging attitude. In addition, it is imperative for Adam Garone to be engaged with good people, who can help in changing the entire motto of life.   

  • In-depth summary of the interview:

A constructive interview has been carried out with Adam Garone in terms of understanding his leadership skill as well as vision towards life. The interview has been carried out on 10th September at 12:30 PM. He has given the interview for almost 45 years. He was quite friendly and jovial person, who has answered all the question, without any anger or agitation. I have conducted face-to-face interview with him.

Section B: 

Personality innovation capability audit:

Kuratko (2016) observed the fact that personal capability audit plays a critical role in exploring the personal strengths and competencies that are extremely significant in the way of satisfying the goals and objectives of the career. Subsequent discussion will help in exploring my own skills and plan for the development of career.

1) Reflection:

During my semester in the college, I have learned a lot, which has helped me to amplify my skill. Regular feedback from the teachers has enabled me to figure out my drawbacks that are needed to be improved. I have some of the significant innovative skills, which I can satisfy my career objectives. I likely to take risk and thereby experiment with challenging task. According to the view of Parker (2018) it is worth to mention that this acts as a motivation for me, which is the key of building commitment. I have the potential to undertake strong action in order to respond to any kind of negative consequences. This is the way, through comprehensive plan can be developed for the sake of minimizing the risk by identifying the factors that are required most. I can identify and develop comprehensive plan for mitigating risk which is very much needed to acquire any strategic solution. Kazanjian et al. (2017) put stress on the ground that over thinking is one of the greatest barriers for attaining any kind of solution to any impending problem. Therefore, I usually set a certain time limit for the sake of assessing a certain situation and thus get desired result.

Storey (2018) highlighted on the ground that demonstration of curiosity is the great skill, hold by the innovative leader. At the same time, I have strong desire to expand my learning. I am always seek new information and take action in order to learn new things. This is the way, through which, I have strengthened my loyalty towards satisfying the goals and objectives of the organization. With the assistance of this consistent up gradation of skill and knowledge, I have acquired competitive advantage, which is the key of leading a team with utmost proficiency. Huggins and Thompson (2015) observed the fact that updated knowledge also plays a significant role in enabling the team members to think in new and innovative way. Evaluating existing knowledge and skill is my greatest skill. Such evaluation is the critical factor in assessing the degrees to which the existing knowledge and skill can support in the accomplishment of predetermined goals and objectives. As a team leader, I am highly intended towards creating a strong learning environment in organization. Such learning environment is a major factor in ensuring smooth flow of knowledge across the organization. Burns (2016) stated the fact that perceiving the opportunities is the greatest factor in learning new and innovative things. Mistake support me in looking my inner imitations and thus strong action in order to overcome those limitations. Through this way, I can also explore the correct behavior that is critical to lead a team effectively.

According to the discussion of Taušl Prochazkova (2015) it is worth to mention that willingness to promote developmental activities is also a great skill of innovative leaders. Executing strategic business perspective business perspective is the greatest strength of mine. I am highly inclined towards assessing the ongoing trend in the industry. In-depth analysis of the industry supports in making effective business plan and thereby cope up with the volatile business environment. I can also identify the strategic opportunities and threat of business. Barringer (2015) stressed on the ground that in-depth SWOT analysis in accordance with the skill and competency also plays a major role in comparing the competencies of an organization, with that of the competitors. Based on this analysis, I implement effective organizational strategy in order to get success from business.   

Personal strength and areas of improvement:

I have extreme creative, which I usually, apply to my workplace for the sake of promoting sustainable growth of business. In addition, I hold a charismatic personality, which acts as an influence force in terms of building commitment among the subordinates. With the assistance of strong communication skill, I can maintain a cordial connection with my subordinates and thereby place my expectation among them. This is way, I can relate with my clients in a very well-organized manner thereby explore solution to any critical issue in a collaborative manner (Burns and Dewhurst 2016). Complying with diverse team is another significant strength of mine, through which, I can easily make a healthy relationship with the people from different cultural and linguistic background. As per the view of Meyer et al. (2017) it has been observed that this is the mode of exploring new ideas, which is the key of integrating creativity in business. In addition, I have a strong network of connection, which supports me in getting a strong base of employees, who can help in accelerating organizational productivity.

However, I have certain drawbacks, which restrict me in attaining desired result. In-spite of having strong communication skill, I lacks speaking power, which restricts me in express my belief and perception effectively. Restlessness is also a major drawback of mine. Sometimes, I tend to complete any impending task in a hurry, lowers the quality of work. At the same time, I often feel extremely stressed while dealing with multiple responsibilities. I also lacks planning skill, which needs to be improved for the sake of completing any task in well-organized manner. I have poor IT. In the view of Eckhardt et al. (2018) this must be improved for sustaining in the era of rapid development of technology. I cannot manage any kind of complicated project, which hampers its quality. At the same time, this inability also restricts me to deliver a project in a timely and cost effective manner (Baum et al. 2014).


2) Planning: 

Bhachu (2017) shaded light on the ground that based on the strengths and weaknesses, it is imperative to make a comprehensive plan in terms of strengthening the capabilities in a consistent manner. With the assistance of this plan, I can also overcome the drawbacks. An inclusive plan long with time frame of one month is presented below:

Activities

Implication

Benefits

Time

Idetifying the opportunities of innovation

It is imperative to create a learning environment in the organization, in terms of exploring the opportunities to attain innovation (Bruton et al. 2015).

With the assistance learning environment, I can explore new things and apply them in the real context.  

17th to 30th September

Building strong relationship with the team

It is important to make a strong network of communication across the organization, in order to ensure smooth flow of information.

Through this way, continuous flow of information can be initiated for the keeping the organization, updated in accordance with the trend in the market.

1st to 3rd October

Exploring the areas of innovation

 It is important to seek information from the external environment regularly. The conferences must be accessed, which is also a great source of gathering innovative ideas. Industry analysis also play a significant role in assessing the ideas of the crucial competitors.  

Through this way, innovative business strategy can be implemented, which is highly required for gaining competitive advantage by competing with the strong rivals that are existed in the market (Singer et al. 2015).

4th to 6th October

Effective anticipation with obstacles

It is imperative to show positive attitude to any negative consequences. In order to overcome drawbacks among the staffs, it is imperative to provide certain training to them (Cooper 2017).  

Showing positive attitude can help in exploring ways, through which, the solution can be solved. Training can support the staffs to amplify their productivity by considering the areas of improvement.  

7th to 10 October

Taking action for innovation

In this step, it is vital for assessing the existing innovation and need of improving it.

This can support in designing the business plan in such a manner, which can play a critical role in accomplishing the predetermined goals and thus strengthen the innovation performance.  

12th to 14th October

Sharing success

The new innovative plan must be spread across the organization. Open discussion must be made for sharing new and creative ideas.  

Success sharing plan can play a critical role in keeping the staffs informed about the new business process (Bae et al. 2014).

15th to 17th October


Table 1: Action plan for building innovative capabilities

(Source: As created by author)

Strengths of innovative management:

Burrows (2015) stressed on the fact that as uncertainty in the market, it is imperative to initiate innovation in the business process for staying aside from that of the crucial competitors. Being a team leader, I have worked with multiple companies, which has helped me a lot to accelerate my creativity level. While working in a diverse team, I have learned about the how to explore creative skill. Davidsson (2015) observed that creativity is one of the most significant factors in sustaining in the volatile business environment. I am highly willing to maintain a healthy relationship with the stakeholders. Fayolle and Gailly (2015) showed that healthy relationship with the stakeholders can have a firm impact on generating motivation among them and making them more inclined towards the workplace. At the same time, I generally combine my innovative skill with that of the commercial experience in order to deliver desired outcome from business. Creative a strong culture of innovation throughout an organization is a major aspect of attaining desired degree of creativity (Burrows 2015).

I always try to lead the employees through innovative way, which supports in making the staffs much more creative to challenge any kind of professional difficulty. I also hold a firm program management skill. According to Glaeser 2015, it can be said that this skill is highly required for running any organization in a well-organized manner. This is the way, through which, I also manage risk. Acs et al. (2014) put stress on the ground that appropriate collaboration is also a great way to initiate innovation at workplace. I can easily link with my colleagues along with senior management in order to initiate any business strategy in a collective manner. I am a great facilitator and extremely credible among both the internal and external stakeholders. Through this method, I can show my passion towards innovation.

In the entire discussion, I have identified both my skill and weaknesses. Now this weaknesses must be mitigated for the sake of promoting growth in my professional career. Therefore, it is important for me to execute SMART framework for improving my skill in a consistent manner.

In-depth discussion of the SMART objectives is as follows:

Specific

· To hear speech from famous personalities

Measurable

· To strengthen project management skill

Attainable

· To assess the benefit  of improving speaking power

Relevant

· To explore mu greatest weakness

Timely

· To set a time plan for improving speaking power


Table 2: SMART Objectives

(Source: Author)

  • Specific

Schaper (2016) observed that specific goal can be considered as that type of objective which are exact. Setting this goal helps in making more specific description to any drawback and make plan accordingly for the sake of minimizing. As I lacks speaking power, it is important for me to set a specific goal. I must hear the speech of famous personalities and engage in some casual discussion, which can help me in accelerating my speaking capability.    

  • Measurable

Read (2016) observed the fact that this can be referred as that type of goal, which supports in perceiving the result after a certain period of time. I do not have the ability handle complicated project and thereby deliver it within the dead line. In order to overcome this issue, it is important for me to make a strong action plan for improving the project management skill. According to plan, the skill must be assessed after a certain period of time for exploring the degree of improvement.

  • Attainable

This can considered as making the goal, accountable to the concerned people. It is imperative to assess the benefits of satisfying the goal. It is my prime responsibility to assess the benefits, which I likely to attain after amplifying my speaking power.

  • Relevant

As per the perception of Naudé (2014) it has been observed that it is imperative to set relevant to set relevant goal as per the situation. This can support in becoming much more accountable in the contemporary business context. As stress is the greatest drawback of mine, it is vital for me to be well-organized and make plan by which all the tasks can be completed in a timely manner. This is the key factor of lowering the stress level (Acs et al. 2014).

  • Timely

It is imperative to set short term goal by setting a certain time limit. This can have a firm impact on getting desired result in a timely manner. In order to improve the speaking pier, it is important for me to set a certain time plan (Singer 2015).  

Section C: 

Innovation management:

Innovation management can be consider as the way of combining all the processes of innovation in order to get desired result. Biemans (2018) showed that this is referred as the mode of organizing product, business process along with innovation, which is highly required to ensure creativity, throughout an organization.

Models of innovation management:

There are multiple models of innovation, which has been presented in the following section.

Name of the models

Definition

Benefits of applying this model

Blue ocean strategic model

Blue Ocean strategy can be considered as the significant business strategy, undertaken by wide range of organizations in terms of running business in comparatively non-profit market and thereby increasing statistics of profit.

The greatest benefit of blue ocean strategy is that it serves the corporate entities with the ability to explore new market and thus attain new base of customer. Successful application of this model can help the organizations to generate new demand in the market, which is very much needed to stay aside from the competitors.

Incremental innovation model

Incremental innovation can be considered as the process of initiating small modifications in the existing process, products or services. This is the key of improving the productivity of an organization of an organization.

Incremental innovation comprises of making small changes in the internal functionality of a company. In the volatile business  environment, incremental innovation is very much needed for improving the productivity and thereby strengthen the position in the market.   

Radical innovation model

Radical innovations is the mode of changing the existing business process completely and replace it with completely new system.

Successful execution of this model helps the organizations to promote sustainable growth in business which is very much needed to acquire competitive advantage. Integrating new and innovative business idea supports the companies to produce a completely new brand in tge market.  

Curve Innovation model

Invented by Rogers, Curve Innovation Model shows that there are certain individuals in an organization, who hold the responsibility of adopting innovation. Such people are more likely to initiate innovation at workplace.  

Implementation of this framework enables the companies to explore the people, who have the potential to initiate innovation. Such person can also perceive the benefits, which a company might get after executing the innovation.  

Pentathlon Innovation model

The pentathlon framework deals with moderate organizational issues such as creativity, HRM and lead the companies to take action accordingly in order to mitigate those issues. This is the fundamental factor of implementing creative approach.  

One of the most significant advantage  of this framework is that, it helps the companies to explore new and innovative ideas to solve internal issues and thereby run the business process in a consistent manner. Comprehensive structured process of business can be initiated with the assistance of this framework.

4-p model

 This can be regarded as the mode of identifying the factors which can support in running the internal functionality of a company in an innovative manner. Paradigm, product, position and process are the vital factor of this model.   

 This model leads the firms to perceive the categories and how they can influence innovation. This is the easiest tool, through which business plan can be designed in such a manner that can support in acquiring innovation.

Porters five force model

This is one of the most significant frameworks of strategic management, which helps in perceiving the factors that can have a firm impact on shaping the internal competency of an industry.

Porters five force model allows the companies to determine the efficiency of an industry, which pave the way of accelerating rate of profit margin.  

Table 3: Models of Innovation Management

(Source: Dees 2017)

Implication:

Acs et al. (2014) showed commented that as the competition in the market is rapidly increasing, it has become the matter of utmost importance for the companies to initiate innovation, in order to get success from business. There lies the significance of open innovation. Being the charitable organization, it is imperative for Movember Foundation to explore the factors as the intensity of competition in Australian Market is extremely high. Thus, November Foundation must execute the 4P model of innovation, which can serve them with the capability to perceive the factors, which can help in attaining innovation (Hatten 2015). Paradigm is the initial factor of this model. It is the prime responsibility of the higher authority of Movember Foundation to initiate innovation in such a manner, which can help in amplifying the way of conducting the business (Glaeser et al. 2015).

Being the charitable organization, Movember Foundation must integrate creativity in their treatment plan. Allowing the patients and the family members within decision making process is the most innovative factor in health and social care context (Burns 2016). Product or services is another factor of 4p model of innovation. Movember Foundation must take strong action in order to improve their services. They can hire highly skilled healthcare professionals in order to provide the patients with high quality of services and thereby promote their health and well-being (Barringer 2015). Processa is also a major factor, which with accelerating the internal system of an organization, which is the key of amplifying productivity. Position is the last and most important factor of 4P model of innovation, which can help them to explore the way, through which they can strengthen their public image (Meyer et al. 2017).

Conclusion: 

Based on the discussion, it can be concluded by saying that innovation is highly significant factor in running any kind of entrepreneurial venture with utmost success. In the contemporary business context, entrepreneurship plays a critical role in strengthening both the national and international economy. Strong vision towards life and effective leadership skill are some of the major skills of successful entrepreneurship. At the same time, they also have appropriate innovative skill, with the assistance of which, they can be able to integrate creativity which is the key of sustaining growth of entrepreneurial venture.

Taking challenges is also a great strength of successful entrepreneurs, through which they explore possible solution to any impending problem. As the competition in the market is rapidly increasing, strong framework of innovation is needed to be implemented. A strong network of communication must be implemented in order to keep the organization informed. Through robust network, a learning environment can also be created for improving skill among the human resources and thereby enable them to perform their tasks with utmost proficiency.

Reference List:

Acs, Z.J., Autio, E. and Szerb, L., 2014. National systems of entrepreneurship: Measurement issues and policy implications. Research Policy, 43(3), pp.476-494.

Bae, T.J., Qian, S., Miao, C. and Fiet, J.O., 2014. The Relationship between Entrepreneurship Education and Entrepreneurial Intentions: A Meta–Analytic Review. Entrepreneurship theory and practice, 38(2), pp.217-254.

Barringer, B.R., 2015. Entrepreneurship: Successfully launching new ventures. Pearson Education.

Baum, J.R., Frese, M. and Baron, R.A. eds., 2014. The psychology of entrepreneurship. Psychology Press.

Bhachu, P., 2017. Immigration and entrepreneurship: culture, capital, and ethnic networks. Routledge.

Biemans, W., 2018. Managing innovation within networks. Routledge.

Bruton, G., Khavul, S., Siegel, D. and Wright, M., 2015. New financial alternatives in seeding entrepreneurship: Microfinance, crowdfunding, and peer?to?peer innovations. Entrepreneurship Theory and Practice, 39(1), pp.9-26.

Burns, P. and Dewhurst, J. eds., 2016. Small business and entrepreneurship. Macmillan International Higher Education.

Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.

Burrows, R. ed., 2015. Deciphering the Enterprise Culture (Routledge Revivals): Entrepreneurship, Petty Capitalism and the Restructuring of Britain. Routledge.

Cooper, A.C., 2017. Networks, alliances, and entrepreneurship. Strategic Entrepreneurship: creating a new mindset, pp.201-222.

Davidsson, P., 2015. Entrepreneurial opportunities and the entrepreneurship nexus: A re-conceptualization. Journal of Business Venturing, 30(5), pp.674-695.

Dees, J.G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social Entrepreneurship and Sustainability, pp. 34-42.

Drucker, P., 2014. Innovation and entrepreneurship. Routledge.

Eckhardt, J.T., Ciuchta, M.P. and Carpenter, M., 2018. Open innovation, information, and entrepreneurship within platform ecosystems. Strategic Entrepreneurship Journal, 12(3), pp.369-391.

Fayolle, A. and Gailly, B., 2015. The impact of entrepreneurship education on entrepreneurial attitudes and intention: Hysteresis and persistence. Journal of Small Business Management, 53(1), pp.75-93.

Glaeser, E.L., Kerr, S.P. and Kerr, W.R., 2015. Entrepreneurship and urban growth: An empirical assessment with historical mines. Review of Economics and Statistics, 97(2), pp.498-520.

Hatten, T.S., 2015. Small business management: Entrepreneurship and beyond. Nelson Education.

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