BIZ301 Organisational Creativity and Innovation

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Introduction to Innovative Toolsand
howthemindoftheinnovatorworks

Criticalthinking–howdopeoplethinkcreatively?

Decision-making–howdoinnovatorsmakedecisions toprofittheorganisation

Problem-solving-Howdoinnovativeorganisationssolvecomplexproblems

Communication–whatandwhentocommunicateinnovativeideas

Businessplanningtool kit–howdoyousucceed?
Readhttps://www.commbank.com.au/business/pds/Business-plan-toolkit.pdf
InnovativeThinking-Toolkit
Themindof the innovators?
Common traits

Originalthinkers

Risktakers

Takeresponsibilityfor ownactions

Feelcompetentand capable

Sethighgoalsandenjoy
workingtowardthem
Commontraits

Selfemployedparents

Firstborns

Between30-50years old

Welleducated–80% havecollegedegree and1/3havea graduatelevel degree
BUT–any onecanbea successfulentrepreneuranddon’tneeda collegedegreesuch as Steve Jobs andBillGates Seearticle:https://www.entrepreneur.com/article/249683
SuccessfulandUnsuccessfulInnovators
Successful

CreativeandInnovative

Positionthemselves in
shiftingornewmarkets

Createnewproducts

Createnewprocesses

Createnewdelivery
Unsuccessful

PoorManagers

Lowworkethic

Inefficient

Failuretoplanand prepare

Poor moneymanagers
What commoncharacteristicsdothey have?
Companieswhoaregoodinnovators
Ref:logok.com
Ref:blog.toyota.co.uk
Ref:. Ja.facebookbrand.com
Discussion
Whyare these companiesinnovative and creative ?
Are they market leaders?
Whendidthey becomemarket leaders? Whatproducts made them market leaders?
Are thereany othercompaniesin the same industrythatarenot market leadersbutprovidethesametype ofproducts ?
Arethese companiesinnovative?
Notsoinnovativecompanies
Whatisthedifferencebetweenthepreviouscompaniesandthese?
Ref:Infront.communication.com
Ref:J obs.siemens-info.com
Ref:Au.gradconnecton.com
Arethese innovationsnewto marketproducts?
Innovativeproducts
Ref:Theverge.com
Ifso whatare not innovative products ?
Ref:kogan.com
Discussion
Let’sdiscuss

What isainnovativecompany?

Howdoyouidentifythem?

What isnota innovativecompany?

What characteristicsdoinnovativecompaniesshareanddonotshare?

Identifyothercompaniesthatfit theinnovativecharacteristicsandones that do not?
Whatis aCreativityExercise?

For our purposes,anythingthatchanges yourwayofthinking abouta problem(oropportunity)

Especiallytechniquestocultivatenewideas
Applicableat anystageof theprocess.
Whatis That Good For?

Analysisisnot averygoodmeansof generatingideas

Intuitionis,by definition, not responsivetosystemization

What cannotbe commanded mightstillbecoaxed
ThingsYou MayAlreadyDo

Manyactivitieschangewhatpartsof yourbrain areworking, andencourageotherpartstorelax

Identifyingthesetriggersandexploitingthemonpurposecan be powerful

Notusually a greatthingfor groups, though
Your private island
An entrepreneur is a real individual with passions, experiences and knowledge living in a particular culture and time period.
‘Entrepreneurs live in a sea of dreams. Their destinations are private islands–places to build, create and transform their particular dreams into reality.
Being an entrepreneur entails envisioning your island and even more important, it means getting in the boat and rowing to your island.’
Shefsky, L. E. (1994). Entrepreneurs Are Made Not Born. New York: McGraw-Hill
THE entrepreneurial MIND
Opportunity
Necessity
Self-efficacy
What drives entrepreneurs to success or failure?
What were your best failures?
Can you tell us one failure that you learned from?
Accept your failures; do not be devastated by them.
VCs in Silicon Valley ask: ‘Have you failed yet?’ (You have to answer yes to get funding.)
What did you learn from your failures?
PLANNED BEHAVIOUR
ENTREPRENEURIAL MOTIVATION
Actions tied to foreseeing potential gains
Ignoring traditional weakness
Exploiting new alliances
Persistance
The willingness of an entrepreneur to sustain entrepreneurial behaviour:
A choice to continue with a venture, based on entrepreneurial intuition, regardless of counter-constructive, or other enticing alternatives.
CAPACITY BUILDING
ENTREPRENEURIAL COGNITION
Commitment, determination and perseverance
To achieve, excel and obtain results
Opportunity driven, and a belief in self-control
Calculated risk-taking, with a tolerance for failure
The mental processes, including attention, memory, language skills, problem solving, and considered decision making.
An ability to seek structure in the fomentation of creative knowledge structures –mental models, subsequently ordered in a fashion that seeks to optimise personal effectiveness within given situations; the basis of entrepreneurship.
An ability to marshal required resources
A tolerance for ambiguous situations
Maintain high energy and workloads
Maintain a passionate vision and develop teams
The Dark Side of Entrepreneurship
Financial risk: In most new ventures the individual puts a significant portion of their savings or other resources at stake
Career risk: Whether would-be entrepreneurs will be able to find a job or go back to their old jobs if their venture should fail
Family and social risk: Families exposed to the risk of an incomplete family experience and the possibility of permanent emotional scars
Psychic risk: The well-being of the entrepreneur is perhaps the greatest risk
Stress & the entrepreneur
Loneliness
Immersion
People
Achievement
THE ENTREPRENEURIAL EGO
•Entrepreneurs are driven by a strong need to control both their venture and their destiny. Preoccupation with controlling everything.
Overbearing need for control
•To remain alert to competition, entrepreneurs are continually distrustfully scanning the environment.
Sense of distrust
•Entrepreneurs believe they are living on the edge of existence, with a strong desire to succeed in spite of the odds.
Overriding desire for success
•This is the ceaseless optimism that emanates from entrepreneurs (even through the bleak times).
Unrealistic optimism
Alternate Pathways to an entrepreneurial career
Modern approaches
Intraprising
Intracapitalalisation
Entrepreneurial families
Innovatorsleverageresourcesto grow
Innovationis aboutopencollaboration
i.e.Leveragedtalent
Reading:Prahalad,C.K., & Ramaswamy,V. (2003),‘Thenewfrontier ofexperienceinnovation’,SloanManagement
Review,Summer,12-18
This readingexploreshowcompaniesarenowcollaboratingtodevelopinnovativeideas–howaretheydoingit?
References
Kim W.Chan.,& Mauborgne,R.(2004).BlueOceanStrategy.HarvardBusinessReview,October,76-84
Prahalad,C.K., &Ramaswamy,V.(2003),The newfrontierof experienceinnovation. SloanManagementReview,Summer,12-18
Wilson, N. C., & Stokes,D.(2005).Managingcreativityandinnovation:thechallengeforculturalentrepreneurs.Journalof
SmallBusinessandEnterpriseDevelopment,12,3,366-378

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