MGT607 Innovation, Creativity and Enterpreneurship

Module 1 – Learning Activity 1.1

• Yes, I believe that the senior Management In a Large Organization should have an entrepreneurial mindset. It will not only help them to survive in the present economy but also support them in leading the team which is working under them. Thinking like an entrepreneur can help to operate in the right direction from the beginning. The entrepreneur mindset also help in developing creativity and innovative skill which is the basic requirement for the people in a management position (Engel et al., 2017). It is also necessary to establish a sense of trust and faith with the employees, and make new contact easily, which is a necessary criterion for business development.  
• It is believed that every employee is an expert in their field and possesses their unique skill, they've been recruited by the HR team. The quality of innovation and creativity lies with every individual and the responsibility of the team manager to motivate listen please rather than only focusing on “experts” (Yoon et al., 2018). For this purpose, all the employees should be provided with adequate training help to improve their skill and make them creative. Moreover, the provision of occasional acknowledgment and rewards can also push employees to showcase their innovative skills (Bäcklander, 2019).

Module 1 – Learning Activity 1.2

• Steve Jobs Stanford's commencement speech which was held in 2005 has proved to be an inspirational speech for the youth adults, especially for those who do not have sufficient money to pursue their college education. The main objective of the speech was to illustrate to the new graduate students on how an individual with very little money can successfully pursue his dream of becoming the richest person in the world (JoshuaG, 2006). He highlighted all the hurdles which he has experienced throughout his life course and the challenges faced to reach the current position. He explained the reason behind his college dropout, which was particularly the financial issue. However, he attended those classes in which he had interest, and these classes have helped him to gain a profound impact on his life. He was also fired from Apple in 1985 of the board of number considered him as detrimental for the company. Even in 2004, he was diagnosed with a rare form of pancreas cancer (JoshuaG, 2006). Despite all these hurdles, he stuck to his initial goal of the wealthiest person in the world and for this, he developed 2 multi-million dollar businesses, and took back Apple Company.   

Module 2 – Learning Activity 2.1

• Customers’ pains are usually linked with the negative experience, the risk associated with buying and emotional experience in the process of getting the job done. In detail, customers experience pain when the buying decision is proved to be wrong, especially when the product or service does not fulfill the requirement (Stanford eCorner, 2012). Moreover, customers also have to always bear risk while purchasing a new product and this buying decision is usually based on others’ recommendations.
• The value proposition canvas is defined as a tool to ensure that a product or service is established according to the customers’ needs and values. The value proposition is designed considering two different building blocks: the company’s value proposition and customers profile. The value proposition against the above-mentioned customer pain includes any relievers and gain creator. A pain reliever is a description of how the specific products and services can help in alleviating a specific customer’s pain. Similarly, gain creators describe how the product or service can build gain and value for the customers.  

Module 2 – Learning Activity 2.3

• The 9 steps for creating a successful business model which is also known as the business model canvas are described below:

1. Step 1: key activities – It is important to identify the major activities required for executing the value proposition of the company
2. Step 2: key resources - Further the resources which are required for creating value for the customers are also identified.
3. Step 3: partner network – To optimise the business operations and minimize business model risks, it is necessary to cultivate a buyer-supplier relationship which can further help in concentrating on the core activity.
4. Step 4: value proposition - The business should develop a value proposition that can distinguish or make it exceptional from the other players in the market. the value proposition can be in quantitative or qualitative form. The quantitative value proposition focuses on price and efficacy while the qualitative value proposition concentrates on customer experience and final result (The Business Channel, 2016).
5. Step 5: Customer segments - For establishing an effective business model, it is highly necessary to identify the key target customer group and these customers can be segmented based on their needs.
6. Step 6: Channels - The company can select its channel (brick and mortar store), or a partner channel.
7. Step 7: Customers Relationships -  The type of relationship with different customer segments is necessary for the survival of the business.
8. Step 8: Cost structure – It includes checking different monetary consequences associated with the various business model.
9. Step 9:revenue Streams – It is the approach of making money from each customer segment.

References

Bäcklander, G. (2019). Doing complexity leadership theory: How agile coaches at Spotify practise enabling leadership. Creativity and Innovation Management, 28(1), 42–60. https://doi.org/10.1111/caim.12303

Engel, Y., Kaandorp, M., & Elfring, T. (2017). Toward a dynamic process model of entrepreneurial networking under uncertainty. Journal of Business Venturing, 32(1), 35–51. https://doi.org/10.1016/j.jbusvent.2016.10.001

JoshuaG, (2006). Steve Jobs Stanford Commencement Speech 2005. YouTube. Retrieved from https://www.youtube.com/watch?v=D1R-jKKp3NA

Stanford eCorner, (2012). Alexander Osterwalder: Mapping Customer Pains to Value Proposition. YouTube. Retrieved from https://www.youtube.com/watch?v=xTtvwAmjais

The Business Channel. (2016). The Business Model Canvas - 9 Steps to Creating a Successful Business Model - Startup Tips. YouTube. Retrieved from https://www.youtube.com/watch?v=IP0cUBWTgpY

Yoon, J., Kim, K. K., & Dedahanov, A. T. (2018). The role of international entrepreneurial orientation in successful internationalization from the network capability perspective. Sustainability (Switzerland), 10(6). https://doi.org/10.3390/su10061709

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