Inventions and strategic entrepreneurship
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1.When it comes to inventions and strategic entrepreneurship we know that it’s a large part of the job. The Mo is to always seek new opportunities right, but when it comes to innovation itself, it doesn’t necessary mean that we have to go in actually develop something new. What we can also do is develop through collaboration. So, what are some ways we can actually, especially when it comes to inventions are some ways we can actually increase our companies core capability through the marriage of strategic entrepreneurship and inventions and innovations and implementations, internal and external?
Analyze the different approaches to innovation discussed in this chapter to determine which approach you think would be the greatest value to the greatest number of organizations. Explain your rationale.
Internal Innovation, Innovation through Cooperative Strategies, and Innovation through Acquisition can bring greater value to many organization. Businesses can use the internal innovation to obtain an advantages within the competitive market by uses their Research & Development. Research & Development is another way for businesses to use to create more products, services or make improvements within the company. According to Hitt, Ireland & Hoskisson (2013), “Thus, the ability to have a competitive advantage based on innovation is more likely to accrue to firms capable of integrating the talent of human capital from countries around the world” (pg. 397). Companies will use the internal innovation to create value to produce more opportunities for their business. Innovation through Cooperative Strategies is the concept on how a business will use their business opportunities to compete successfully in the competitive market. Businesses can also gain capabilities to meet the demands of their customers. Finally, Innovation through aacquisition is how a company can obtain growth when creating and adding new products to their department. The innovation through acquisitions is intending for businesses to use their technological knowledge to gain a core value for their company.
Create one innovative approach that is not discussed in the textbook for increasing the amount of innovation within a large company. Describe this approach in detail and explain how companies could benefit from it.
An innovative approach that a large company can use to bring value to the business is developing a productive leadership program. The leadership program would be another way for companies to meet daily to increase their knowledge, skills, and communication. Majority of large companies have difficult time communicating with each employees, customers, suppliers and so forth due to the use of technology. The leadership program would also be a great benefit to maintain success for all large companies during the competitive market, economic, global impact, and issues within the internal environment. The companies can also use the leadership program long-term to improve on any area of the business to maintain a successful strategic plan.
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