Tma B322
Question 1
A)
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.
1. 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
B)
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
A)
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.
1. 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
B)
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
References: Davison, ED 2008, 'Social Entrepreneurship ', Social Entrepreneurship -- Research Starters Business, p. 1, Research Starters - Business, EBSCOhost, viewed 7 May 2012. Mankin, E 2007, 'Measuring Innovation Performance ', Research Technology Management, 50, 6, pp. 5-7, Research Starters - Business, EBSCOhost, viewed 7 May 2012. Tetteh, VA 2008, 'Entrepreneurship & Business Planning ', Entrepreneurship & Business Planning -- Research Starters Business, p. 1, Research Starters - Business, EBSCOhost, viewed 7 May 2012.