Innovation is about finding new or better method of making something, a product or a service. Innovations are born due to several reasons .Peter Drucker has outlined seven sources of innovative chances or opportunities .I am going to identify them below.
Unexpected happenings, as a sudden event that can be a indication of a distinctive chance for innovating or entrepreneurship. 2.
Incongruity, as the divergence between what everyone think of a thing and the reality of it , this difference can create an innovation. 3.
Innovation born when a new process is needed is a chance to fill the gap and create something new. 4.
Changes happened to the industry structure can be a possibility for an innovative product to pop out 5.
Demographics change such as population size, employment level and income ranges. 6.
Perception variation along with mood and meaning of general assumptions can form an innovation. 7.
New knowledge acquired based on fresh advances in scientific and technological fields can produce new goods to the market. [Tetteh,2008]
Gary was a risk taker, his innovations were the result of unexpected happenings that combined with his great mind generated new and interesting products. It is said that his first step of being innovative and risky was an end result after reading a newspaper ad about the availability of large quantities of powder soap. He evaluate the news as a great one since the countries was just getting out of a war state and people will find this product pretty attiring. This unexpected happening has made Gary a deal that created a tiny wealth of a 30,000$ at that time when he contacted the right people and informed them about his product and made the sale from scratch. Word count: 288
According to Schumpeter, innovation is the process of introducing new products in addition to techniques to the market. These products need to be new or radically improved. Schumpeter identified five types of possible innovation:
Producing new kinds of goods or modifying the of attributes of the existing ones. 2.
Introducing new way of production which might be based on innovative technical and scientific findings. 3.
opening new market
Using new resources and raw materials in the inputs.
new organization of production and industry .
What Gary has done is finding products and making them more attractive by adding some options or features to them, what he said about his products is that there are normal products with a twist. This twist can be new look or design or new attributes added to them. We can see that Gary’s type of innovation is product innovation, which consists of changing a feature or a look of an available product. Furthermore, Gary as an adventurer has introduced new products from toys and other amusing stuff to the market. For example: the plastic farm of ants , the spud gun and the fly cake which have made great successes and rewards. For instance, he released balloons that were designed as giant animals , this change in the look of the balloons attracted people and made them buy them in huge quantities .Mixing his original ideas with the product that is presented have resulted in new product that is a real money maker. Word count: 251
Gary as shown in the case is a very successful entrepreneur. He combined great traits of successful and honored men in the business world. Gary was a normal person who hasn’t a degree in business but what he has is the idea and the initiative to take this idea to the last level and making it worthwhile. He has marketing skills, he knew what attract customers and also he knew how to convince people to buy his products that were not ordinary products, but with his skills and creativity he changed the actual product and made it more appealing in the addition of the fun part for ex: animal look balloons and plastic ant farm. Gary forever looked for high accomplishments and wanted to...
Please join StudyMode to read the full document