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Essay On Business Innovation

1565 words - 7 pages

Atina Rabou -1042483| Zuyd University of Applied Sciences | January 13, 2014
Atina Rabou -1042483| Zuyd University of Applied Sciences | January 13, 2014
4.1 Innovative Business Skills
Essay on innovation
4.1 Innovative Business Skills
Essay on innovation

Table of Content
Introduction 2
Backgrounds for the topic of Innovation 2
Definition of Innovation 3
Creation and implementation of Innovation 3
Creativity inspires. Creativity empowers. 4
Studytrip London 5
Conclusion 6
Bibliography 7

The focus of this essay is on the subject of “Innovation” due to the course of Innovative Business Skills in Block 4.1. Of course I was familiar with the meaning of ...view middle of the document...

No company can afford, even for a short time, to neglect the demands and needs of the market. Keeping the position as a market leader in these ever-changing market conditions is became more difficult. The era of mass markets has been replaced by a market, where now the individual desire of the customers are in the focus of entrepreneurial efforts. The focus of the company's goals, next to efficiency and profit maximization, is the product, the service and especially the solution. The competition of today and tomorrow will not be decided by the lowest cost or most quality certificates, it is the innovative solution which will lead the company to a success story. Regarding this development, the issue of innovation has gained great importance for companies in the recent years.
Definition of Innovation
The concept of innovation has its origin from the Latin word "innovatio" which stands for renewal, innovation by applying new methods and techniques and refers to a realized amount of ideas. The term innovating, however, describes the process of developing the Innovation. Since an innovation-related process is as much a part of the Innovation and inseparably connected to it, I would like to point out that when considering the issue of "innovation", the process is always associated with it.
Schumpeter defines innovation as "new combinations" with which companies for profit leave the "extended tracks of the static economy." (Pol, 2006)
For me personally Innovation always referred to exclusively ideas or inventions that are economically successful in the market and the creation of better or more effective products, processes, services, technologies, or ideas that are accepted by markets, governments, and society.
This graph shows (in short) my understanding of innovation which I already had before the course of ‘Innovative Business Skills’. The 3 circles stand each for an important factor which all need to be considered and stay in focus to have an innovative outcome. Of course there are many little things behind that influence each of the circles but as soon as all 3 things are accomplished we can say that it is an Innovation.
Creation and implementation of Innovation
Innovation is the implementation of an idea in a new product, a new service, a new process or in a new Business Modell through which results in a significant increase in value for the company and their customers.
In many organizations innovation is a key mechanism to develop new capabilities for competing in the market place. To truly foster innovation in an organization, companies must create an atmosphere that is conducive to the creation of new ideas. Hiring creative employees and confining them into a rigid, policy driven system will lower their ability to be creative. However, it should be noted that changing an established organizational culture is not easy and presents challenges of its own.
Having ideas implement sell succeed! As the practice proves that is not so...

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