How an Entrepreneur Can Uild an Adaptive Firm

‘Herewith appear to be the most pressing matters; one, infective and inexperienced entrepreneurial leadership. Two, the dialectic nature between front of house and back of house, and three, a lack of general training motivation and direction in original concept.’

Understand how to plan, monitor and review the implementation and communication of innovation and change in an organisation – pg

For any business to grow and prosper, managers of the business must be able to anticipate, recognize and deal with change in the internal and

The environment of an individual including culture of the company, management style, level of stress at work, etc…are also very important factors.

This century has been full of innovation. New technologies, new products, new services, whole new industries have emerged. Yet the call for innovation in business has never been more intense. Why? Here is my list of the top ten reasons for why we need innovation. 10. For economic growth This is the most often cited reason for needing innovation. Innovation is the route to economic growth. Industries are maturing. Products are maturing. Innovation is the creation and transformation of new knowledge into new products, processes, or services that meet market needs. As such, innovation creates new businesses and is the fundamental source of growth in business and industry. 9. For

Innovation is not a single activity; it is a process. For businesses, innovation means fresh ideas, developing new products or services and its effective processes. Innovation can be key to any business or company in the future. Bringing innovation into your business can help you save time and money and gives you the competitive advantage needed to grow your business.

Innovation and change that is brought about by it can completely redefine the playing field, new products and services can be created/built/designed. It can add efficiency to current work processes and services and also has the potential to build a whole new market place. All of this should increase a company’s earnings, profitability and competitive advantages over others

Managing change and innovation are interconnected and in that in order to be innovative, a fundamental change in thinking and the way business is conducted is necessary. Innovation requires a break from the way things were done and requires a new way of thinking that will require new skills and organizational alignment. This new way of doing business is often met with resistance and this is where a transformational leader who can manage his employees through change and explain the vision is most successful.

Based on Knight’s economics view (1921), risk-taking is crucial to entrepreneurism. This view is supported by many classical theorists like Cantillon and Richard (1755) who explore that entrepreneurs bear risks or uncertainty to keep supply-demand balance. Phan (2008) also support this positive relationship and assert that entrepreneurs are risk-takers, not gamblers. However, Bula (2012) argues that

In order for a new venture to be successful, the management plays a vital role. When a business grows, it can never be a one-man show, but it needs the management as a whole to take responsibility. An entrepreneur can have a business model that has the

Repeat entrepreneurs know they have the ability to identify an opportunity and turn that opportunity into a business. In most cases, they have already done it at least once. Unfortunately, this does not mean that the first business was a success or that they will be able to repeat the success the first business may have had. In fact, if the first business was a failure, there are indications that the second business may fail as well. Recent research “shows that instead of learning from mistakes, entrepreneurs are just as apt to be overoptimistic after failure as before. Their overoptimism remains undimmed by failure” (Ucbasaran, Westhead & Wright, 2011). This overoptimism can cause an entrepreneur to take on risky opportunities, fail to properly plan for the unforeseen or waste financial resources instead of looking for and finding the right opportunity.

Goggin and Mitchell (2010) states that “Comparing the various definitions of innovation, it can be seen that there are several common elements what is changed (such as product or process changes); how much is changed (whether it is completely new or only perceived as such); the source of the change (sometimes technology); the influence of the change (for example, its social or commercial value)”

Innovation refers to finding new ways to improve the existing products, services, processes, technologies, and employee performance in an organizational setup. In today's competitive business environment, organizations have to focus on bringing innovation in each and every aspect of their business operations; like products or service offerings, enterprise resource planning systems, marketing and promotional efforts, and organizational structure. The market challenges and competitive pressures also force organizations to use a blend of all these innovation processes in their business activities. Therefore, it is vital to give an equal focus on product innovation, process innovation, marketing innovation, and organizational innovation within the limited organizational resources and capabilities.

There exist four main approaches about what entrepreneurs distinguishes from managers: (1) creation of new organizations, (2) high-growth, high-wealth-creating businesses, (3) innovations and creation of new products and markets, and (4) recognition and pursuit of profitable opportunities. The underlying assumption is that wealth creation is a

Innovation offers the companies a competitive advantage. Presently and within the future, more than any time in history, the key to competitive advantage is innovation. However innovation will facilitate businesses meet all of their strategic challenges, not simply competition; to illustrate, in confronting accelerating rates of change, globalization, apace advancing technology, a additional numerous workforce, associated a modification from an industrial to a knowledge-based economy. Meeting all of those challenges helps the firm attain competitiveness, and meeting these challenges suitably depends on innovation. Innovation allows a firm to workout its challenges in distinctive ways in which build competitive advantage either through relative differentiation, a relative low-priced position, or few acceptable level of each. Innovation cannot assure success, however success cannot be achieved within the end of the day without it.