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As the founder and owner of an upstart electronics firm, you see the need to develop a framework for managing innovation and entrepreneurship. Address any three of the following bullet points:
How you will encourage your employees to think like entrepreneurs.
How you will identify, select, and evaluate potential breakthrough ideas.
Your system for ongoing monitoring and assessment of the external environment.
How you will determine if an idea represents a breakthrough or incremental innovation.
Your checklist of criteria for rating innovative idea. Include references, citation format is MLA, 800-1000 words
1. Encouraging Employees to Think Like Entrepreneurs
Encouraging employees to think like entrepreneurs is key in order to foster innovative ideas, products, and services. It is important for employers to create an environment which encourages creativity and out of the box thinking. This can be done by providing resources such as books on entrepreneurship, conferences or courses related to innovation and start-up businesses (“How To Encourage Employees To Think Like Entrepreneurs”). Additionally, it is also beneficial for employers to provide rewards or incentives when employees generate creative ideas that benefit the business. These rewards can come in various forms such as monetary bonuses, gift cards, vacation time off or additional privileges at work (Walker; “7 Creative Ways To Reward Your Employees When They Come Up With Innovative Ideas”). Employers should also make sure that their team members have a good understanding of the company’s goals and objectives so they can focus their efforts on initiatives that will further these aims. Finally, it is essential for employers to create a culture where everyone has the opportunity and freedom to share ideas without any fear of criticism or judgement from others within the organization (Dominguez et al; “Cultivating Creativity: A Guide For Leaders Of Innovation Teams”).
2. Identifying & Evaluating Potential Breakthrough Ideas
In order identify potential breakthrough ideas one must first analyze both internal and external trends affecting their industry. By doing this they can begin to identify problems or needs within the market which could potentially lead them towards new opportunities and innovations (Mulcahy et al; “The Role Of Trends In Idea Generation And New Product Development”). Once potential breakthrough ideas are identified it is important for owners of upstart electronics firms assess if these concepts fit with both short-term growth goals as well as strategic long-term objectives before investing time and resources into developing them further (Rosemann; “Developing An Effective Innovation Management Process: A Case Study Approach.).
Owners should look at how feasible each potential idea would be in terms of cost effectiveness but also profitability over time taking into account variables such as market size, customer demand etc.. Additionally owners should consider whether any competitive advantages may arise from pursuing a particular idea versus other alternatives available on the market today by evaluating unique features associated with each concept (Wang et al.; “Evaluation Of Business Model Innovation In The Online Retail Industry—A System Dynamics Simulation Approach”).
3. Ongoing Monitoring & Assessment Of External Environment
It is essential that businesses regularly monitor shifting trends in their external environment since customers tastes are constantly changing along with technology advancements which often drives innovation within industries. Therefore upstart electronic firms need devise ways track these changes accurately so they can respond quickly if necessary through product modifications or even whole new product lines based on current customer demands (Gibson; “Monitoring Changes In The External Environment”.) Companies must therefore continuously scan its surroundings looking at factors such as demographics attributes related but not limited too age group income levels gender race etc., economic conditions political stability legislative changes technological advances etc.. All this information should then be evaluated against overall company goals and objectives so appropriate measures can taken if required(Saunders ;”Strategic Planning: Monitor And Respond To Changes In The Internal And External Environment”). Doing all this will help ensure companies stay ahead of competitors who might take advantage shifts occurring outside traditional boundaries thus avoiding disruption down line because having no plan place when sudden external change occurs .