The paper "Managing Innovation and Entrepreneurship" is a perfect example of a management assignment. The term innovation means to renew or to change, this term is broadly applied as it generally refers to the making of products, services, and technologies, processes ideas that are more efficient and are at the same time accepted in the markets. Innovation is therefore the specific tool of entrepreneurs. Radical innovation Radical innovation entails the commercialization of products, services and technologies that have the impacts on the following scopes. First, the market, in aspects of offering completely new customer benefits that are relative to the previous product production, and second, the company, in terms of its capability to generate new businesses.
Examples of organizations that have applied radical innovation include the AOL’ s instant messenger (AIM) service, Amazon. com and Transistor technology. The success of radical innovation is basically due to the following main factors. Main factors for the success of radical innovation An organization can’ t change in a proper manner unless some aspects are looked at, these aspects include such as 1. A convincing case for innovation Entrepreneurs need to understand the importance of innovation; this is the first step of successful change in a firm.
Successful concepts need to be designed in order to commercialize products and technologies. This is done with the aim of offering the customer a better product and the company a better and outstanding financial result. Therefore, the case for innovation has to be made and has to be persuasive if the entrepreneur expects good results 2. An inspired, common dream of the future This factor is vital in innovation as most of the organizations anticipate the future of their firm on the basis of past performance.
Nonetheless, if history is balanced and a holistic viewpoint of the potential is visualized, then it's easier to identify the aspects of change surprisingly, the business may not look so relevant in that prospect. Therefore, for the designed case to be of success, the business needs to develop a hypothesis about its future.
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