Essays on Business Exam Assignment

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The paper "Business Exam" is an impressive example of a Business assignment. It is often said that luck is for the ill-prepared; if this were true, it would be right to say that an entrepreneur that is well prepared in terms of having good and well-thought-out ideas, and great technology would not need the luck to succeed; rather, his success would come naturally based on the combination of the ideas and the technology.   Good ideas are the result of entrepreneurs “ doing things that are novel, unique or different” (Morris & Kuratko, 2000, p.

39). For the ideas to translate into innovations, however, entrepreneurs must be committed to investing in their research and development as well as trials. In other words, luck usually does not count when it comes to innovations. As indicated by Michalko (2006), some innovations just occurred by chance; but this does not necessarily mean that the innovator was lucky. For example, the hot dog (i. e. the Frankfurter sausage sandwiched in long bread) was developed by chance when in 1904, an entrepreneur by the name of Antoine Feutchwanger found selling sausages on individual plates too expensive and offering his customers cotton gloves to prevent them from burning equally expensive.

The ingenuity of baking the long bun and slitting it to hold the frankfurter was conceptualized by Antoine’ s brother-in-law as he tried to help Antoine Out in finding a cheap solution to selling the frankfurters without burning customers’ hands (Michalko, 2006, p. 78). From this example, it is evident that the hot-dog innovation occurred because Antoine and his brother-in-law had the idea that there was a cheaper way of selling their products than what they were using at the time.

The innovation was hence generated from the need to find out what the cheaper alternative was. In the end, their idea to use long buns to hold the frankfurters was complimented by their possession of the right tools (or technology) to bake the same buns.

References

Baron & Shane 2005, Entrepreneurship: a process perspective. Pp. 239-266.

Ceccagnoli, M. & Rothaermel, F. T 2008, ‘Appropriating the returns from innovation’, Technological Innovation, vol. 18, pp. 11-34.

Dearlove, D. & Crainer, S 2003, ‘Flouting conventional wisdom’, Chief Executive, vol. 188, May, pp. 1-3.

Hargadon, A 2003, How breakthroughs happen: the surprising truth about how companies innovate, Harvard Business School Press, Boston, MA.

Kim, C. & Mauborgne, R 1997, Value innovation: the strategic logic of high growth. Harvard Business Review, January-February, pp. 103-112

Kim, C. & Mauborgne, R 2005, ‘Value innovation: a leap into the blue ocean’, Journal of Business Strategy, vol. 26, no. 4, pp. 22-28.

Kim, S., in, H.P., Baik, J., Kazman, R. & Han, K 2008, ‘VIRE: sailing a blue ocean with value-innovative requirements’, IEEE Computer Society, pp. 80-87.

Llyod, S 2005, ‘Branded a winner’, Aim agenda _BRW, p. 45.

Michalko, M 2006, Thinkertoys: a handbook of creative-thinking techniques, (2nd Ed.), Ten Speed Press, Berkley, CA.

Tidd, J., Bessant, J. R., & Pavitt, K 2005 Managing innovation: integrating technological, market and organisational change, (3rd Ed.), Wiley & Sons, Hoboken, NJ.

Hills, S.B. & Sarin, S 2003, ‘From Market driven to market driving: an alternative paradigm for marketing in high technology industries’, Journal of Marketing Theory & practice, vol. 11, no. 3, pp. 13-24.

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