Session 23 Innovation, and E Innovation, and Innovation and Entrepreneurship Innovation, and Entrepreneurship p trepreeurship.

Slides:



Advertisements
Similar presentations
> > > > Starting Your Own Business: The Entrepreneurship Alternative Chapter 6.
Advertisements

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 6 SLIDE Becoming an Entrepreneur Small Business.
CHAPTER 13 ENTREPRENEURIAL IMPLICATIONS FOR STRATEGY
Innovation and Entrepreneurship
1 Chapter 12 Strategic Entrepreneurship PART IV MONITORING AND CREATING ENTREPRENEURIAL OPPORTUNITIES.
Managing Innovation and Fostering Corporate Entrepreneurship Chapter Twelve McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights.
13-1 Chapter 13 – Strategic Entrepreneurship Agenda 1.Introduction to Corporate Entrepreneurship 2.Innovation 3.Organizing for Corporate Entrepreneurship.
Chapter 13 – Strategic Entrepreneurship
Understanding Entrepreneurship
The Strategic Management Process
©2004 by South-Western/Thomson Learning 1 Strategic Entrepreneurship Robert E. Hoskisson Michael A. Hitt R. Duane Ireland Chapter 12.
Warm-up: Record the definition in your notes for the following vocabulary words: B2B (business to business) ventures that sell product and services to.
Competing For Advantage Part IV – Monitoring and Creating Entrepreneurial Opportunities Chapter 12 – Strategic Entrepreneurship.
Appendix A Managing Small Business Start Ups. Entrepreneurship u Process of initiating a business venture –organizing necessary resources –assuming risks.
Starting Your Own Business: The Entrepreneurship Alternative Chapter 6.
©2003 Southwestern Publishing Company 1 Strategic Entrepreneurship Michael A. Hitt R. Duane Ireland Robert E. Hoskisson Chapter 13.
Chapter 1 What is an Entrepreneur. Objectives Understand what differentiates an entrepreneur Classify different types of entrepreneurs Understand your.
Strategic Entrepreneurship
PowerPoint Presentation  Section 2.1  Pages
Strategic Entrepreneurship
13-1 Pearce & Robinson, 10 th ed. McGraw-Hill/Irwin Strategic Management, 10/e Copyright © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Control,
Chapter 14 McGraw-Hill/Irwin Copyright © 2011 by the McGraw-Hill Companies, Inc. All rights reserved.
Venture Capital. Venture capital refers to organized private or institutional financing that can provide substantial amounts of capital mostly through.
McGraw-Hill/Irwin Strategic Management, 10/e Copyright © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Innovation and Entrepreneurship Chapter.
Starting Your Own Business: The Entrepreneurship Alternative
McGraw-Hill/Irwin Strategic Management, 10/e Copyright © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Control, Innovation, and Entrepreneurship.
Steps in Developing a Business Basic Business Concepts.
©2004 by South-Western/Thomson Learning 1 Strategic Entrepreneurship Robert E. Hoskisson Michael A. Hitt R. Duane Ireland Chapter 12.
© 2015 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license.
©2004 by South-Western/Thomson Learning 1 Strategic Entrepreneurship Robert E. Hoskisson Michael A. Hitt R. Duane Ireland Chapter 12.
Businesses and the People that Start Them What It Takes to Start A Business.
Starting Your Own Business: The Entrepreneurship Alternative Chapter 6.
Becoming an Entrepreneur O An entrepreneur is someone who takes a risk in starting a business to earn a profit O Can you think of a current or historical.
Starting Your Own Business Chapter 6 Sections 6.6 & 6.7.
Entrepreneurship Management Creativity & Innovation.
Introduction to Entrepreneurship: It’s All About The Money, Right? By: Venture Highway.
Recognizing Opportunity 1 Examine current entrepreneurial trends Identify ways to recognize opportunity Discuss how to think creatively about opportunity.
3.02 Entrepreneurship and the Entrepreneurial Process
The Entrepreneurial Life
Prof. dr Svetislav Paunović BBA
ENTREPRENEURSHIP Unit 1.3
Part I – Entrepreneurship in the Twenty-First Century
Strategy Formulation: Functional Strategy and Strategic Choice
ENTREPRENEURSHIP Unit 1.3
Starting a Business Understand the procedures and requirements for starting a business.
Overview of the U.S. Economy
Becoming an Entrepreneur
Entrepreneurship and Innovation
Steps in the Entrepreneurial Process
Entrepreneurship and Innovation
Global Entrepreneurship and Small Business Management
Part I – Entrepreneurship in the Twenty-First Century
Starting Your Own Business: The Entrepreneurship Alternative
ENTREPRENEURSHIP Unit 1.3
Entrepreneurship.
Entrepreneurship and starting a small Business
Starting Your Own Business: The Entrepreneurship Alternative
CHAPTER 13 Strategic Entrepreneurship
Session 22 Innovation and Entrepreneurship
> > > > Starting Your Own Business: The Entrepreneurship Alternative Chapter 6.
3.02 Entrepreneurship and the Entrepreneurial Process
Principles of Management Learning Session # 28 Dr. A. Rashid Kausar.
Global Entrepreneurship and Small Business Management
Management and Entrepreneurship
Corporate Entrepreneurship
Entrepreneurship and the Entrepreneurial Process
ENTREPRENEURSHIP Unit 1.3
Recognizing Opportunity
Understanding Entrepreneurial Trends
© 2011 South-Western | Cengage Learning Global Entrepreneurship and Small Business Management Entrepreneurial Enterprises The Business Plan.
Presentation transcript:

Session 23 Innovation, and E Innovation, and Innovation and Entrepreneurship Innovation, and Entrepreneurship p trepreeurship

Incremental Innovation Toyota’s CCC21: construction of cost competitiveness for the 21st century Six Sigma is a rigorous and analytical approach to quality and continuous improvement with an objective to improve profits through defect reduction, yield improvement, improved consumer satisfaction, and best-in-class performance

10 Essential Elements that Lead to Incremental Innovation Define quality and customer value Develop a customer orientation Focus on the company’s business processes Develop customer and supplier partnerships Take a preventive approach Adopt an error-free attitude Get the facts first Encourage every manager and employee to participate Create an atmosphere of total involvement Strive for continuous improvement

Breakthrough Innovation A breakthrough innovation is an innovation in a product, process, technology, or the cost associated with it that represents a quantum leap forward in one or more of those ways Breakthrough approaches to innovation are inherently more risky than incremental innovation approaches

Risks Associated with Innovation Innovation involves creating something that doesn’t now exist Long odds for success Market risk Technology risk

Idea Factors Need spotting Solution spotting Mental inventions Random events Market research Trend following

Treacy’s Useful Points about Managing Risks The point of innovation is growth Get the most from the minimum innovation Incremental product innovations can lock in existing customers Incremental business process innovations can generate more revenue gain or cost savings with less risk than radical ones Radical innovations are often too radical The time to launch breakthrough innovations is when they are essential to the marketplace

Ways to Lower Risk Product teams Cross-functional groups Joint ventures Cooperation with lead users “Do it yourself” innovation Acquiring innovation Outsourcing innovation

Entrepreneurship Entrepreneurship is the process of bringing together creative and innovative ideas and actions with the management and organizational skills necessary to mobilize the appropriate people, money, and operating resources to meet an identifiable need and create wealth in the process Inventors Promoters Administrators Entrepreneurs

Who Is the Entrepreneur?

Three Elements Central to Entrepreneurial Process Opportunity Entrepreneurial Teams Resources

Resources Debt financing is generally obtained from a commercial bank to pay for property, equipment, and maybe provide working capital Equity financing is usually obtained from one or more of three sources: friendly sources, informal venture investors, or professional venture capitalists

Intrapreneurship Intrapreneurship, or entrepreneurship in large companies, is the process of attempting to identify, encourage, enable, and assist entrepreneurship within a large, established company so as to create new products, processes, or services that become major new revenue streams and sources of cost savings for the company

Pinchot’s 10 Freedom Factors Self-selection No hand-offs The doer decides Corporate “slack” End the “home run” philosophy Tolerance of risk, failure, and mistakes Patient money Freedom from turfness Cross-functional teams Multiple options