The module strategy for innovation and entrepreneurship from Concordia University of Chicago has totally changed my view towards entrepreneurship. In spite of me coming from a business background my view toward entrepreneurship was similar to whatever I have learnt in this course. The module strategy for innovation and entrepreneurship was taught to us by Mr. Jason ho.
In my opinion entrepreneur is a person who takes high risk and invest his own money in the business to make huge profits. The main aim of entrepreneur is to create something new and creative which helps to solve complex problem. Innovation is something which creates something new or helps to solve complex problems. But my views were totally changed by learning outcomes of this module.
As we learn in this module that entrepreneurship is a dynamic process that involves tradition, risk and resources. Moreover, innovation means not creating something new or doing something in creative way, even opposing point of view into a unified, coherent understanding. Entrepreneurial intensity is one of the most important characteristic of entrepreneurial and innovative activity. The level of intensity in the way entrepreneurialism and innovation is valued in organizations is different for every other organization.
Business model innovation is one of the main concepts that play an important role in every organizations or startups because it is the development of new, unique concepts supporting an organizations financial viability, including its mission and the process for bringing those concepts to fruition. The primary goal of business model innovation is to realize new revenue source by improving products are delivered to customers. A business model is nothing more than a model, holistic description of the logical contexts how a company generates value for its customer and itself. New business model can deliberately generate. There are visualization tools such as the 4-dimentional concept; business model canvas supports this process. In the business model canvas it is mainly based in the 9 basic building blocks that covers the four most important area of the business i.e.(customer,offer,infrastructure,finance). This is how business model canvas look like
As an entrepreneur we should we should give preference to our customer because they are the one going to buy the product or enjoy the service. We should always step into the customer’s shoes think. It is always good to collect feedback from the customer. When there is a tough business in the market and it has become Red Ocean then it would be better for a company to use blue ocean technique as it helps us to survive the business and give the best service to the customer and earn good profit.
Design thinking and problem finding is also one of the important aspect because design thinking utilizes element like empathy and experimentation to arrive innovative solutions. All design challenges starts with one question HOW MIGHT WE? When asking this question it broaden up out thinking.so before trying to solve a problem we need to ask ourselves these questions
1) How might we?
3) What is stopping us?
So after getting the answer to these questions then we need to use brainstorm techniques. So this helps us to solve complex problems within short period of time. This method has help lot of corporates companies to solve problems very easily.
The companies fail to analyses that how the customer is thinking about their business. It’s really important that what customers think, feel, see, say and do. So for this they had created an empathy map from the customer’s perspective.
Opportunity recognition are ways in which entrepreneur identify potential ways towards identification new business based on the opportunity that they identify. Through entrepreneur should be able to identify new and better ways of providing products and services that meet customer expectations and also identify new business opportunity. Window of opportunity is a metaphor describing the time period in which a firm can realistically enter a new market. Once the market for a new product is established, its window of opportunity opens, and new entrants flow in. there are three ways to identify opportunity is to observe trend, solving problem, finding gap in market place. Observing trend is to identify opportunity and observe trend and study them, well there are two way to identify the trend first is to carefully identify and study them and second one is to buy data from independent research firms. Sometimes identifying problem can be pinpointed through observing trends and through simple means such as intuition, serendipity. The another approach to identify opportunity is finding gap in the market, however a gap in the market is created when a product or service is needed by a specific group of people but do not represent a large enough market to be interest to mainstream retailers or manufacture. So by this process it easy for an entrepreneur to find opportunity and create a new business for a product or service.
Profits are not only the main motive of the business or startups ethical consideration is one of the important in business. Organization ethical are the policy and procedures and culture of doing the right thing in the face of doing right thing in the face of difficulties and often controversial issues. Ethical issues challenge organization include but aren’t limited to discrimination. Social responsibility and fiduciary issue Ethics issues and how any organization practices ethics are more important than ever because social media readily exposes issues that might have been swept aside in previous generations. Corporates main motive should not earn profits but it must also give back something to the society because it helps them to maintain good reputation about their brand among customers. When we do business we should always give back to the society by doing CSR activities or doing some charity which help society so that it makes sense of doing business. We should always obey economic responsibility, legal responsibility which means obeying the law and able to identify what is good or wrong, ethical responsibility it’s one of the important because it’s means to do what is right and fair and lastly philanthropic responsibility it say we need to be good citizen and give back something to society. So for a business it always needs to be genuine and be ethical.
The whole idea of learning this course is to develop and understand and picture the knowledge and skills to innovate for becoming an entrepreneur and startup your own business in future. As coming from business background this module had really broaden up my thinking towards business and gave me a clear idea how business is to do and how to tackle the problem. The best thing in this module was the Blue ocean strategy it has really helped me to and made me to think how can I cut the competition and earn good profits, however there were many techniques which i came to know and how to value the customer and how to create an image of our business in the head of customer.
In short, this module had gave a real time experience of business and how business runs, how they manage day – day activities, tackle the problems and mainly how we should do business in an ethical way. So this module made me ready for stating up a new business and I will be definitely opening new business in future.