Enterprise and Innovation and Business Model

Questions: 1. There are different perspectives of sustainable competitive advantage of an enterprise, can you explain what are they key elements towards such advantages? 2. To understand the entrepreneurial challenge in established companies, we must understand how companies evolve. Identify and explain the natural patterns of organizational life cycle? 3. Leaders are a key influence on the context of work. Identify what leaders need to possess in the enterprise. Also use any 2 contemporary leadership approaches to explain how leadership is conducive to change, creativity and innovation? 4. Change is a complex process that always involves critical issues facing economies, organizations and stakeholders. Examine in what ways the organizational change is triggered and explain what questions we need to address for managing change? 5. What are the significant ways to protect innovations against imitators? How do firms building capabilities and creating value through Innovation? 6. A new technology business considers itself hi-growth. What factors would you advise the founder to watch out for over the short and long-term? Answers: 1.These are the key elements towards sustainable competitive advantage of an organization - Adaptability: It is the skill to get habituated to new technologies, regulatory rules, customer needs and other changes in conditions holding the concentration on basic operations (Lessem 2016). Flexibility: It is the skill to make companys strategies, operational approaches and processes which can fulfill the wide and emerging needs of customers, suppliers, distributers, regulators, financiers and stakeholders. Speed: skill to act speedily on emerging opportunities Aggressiveness: a concentrated approach to lessen competitors, growing employees and fulfilling demands of customers (Schieffer 2016) Innovativeness: unceasing priority on expansion and launching of new products, processes, services, markets and technologies at dominant marketplace 2.The natural pattern of organizational life cycle: Initial venture conceptualization: Venture is started on the basis of new innovative products or services, imaginative approaches, creative methods and alternative methods to interact with customers and provide contemporary services to them (Schieffer 2016). Start up activities: It includes creation of ventures, exciting work environment and informally running of the organization at initial phase Venture growth: It indulges the growth of organizations venture Stabilization: it deals with making things under control, regulating, systemization and management. Diversification: it includes distribution of different branches Strategic renewal: Organizations go through renewals in their management structure. Decline: this stage starts the death of the organization. 3. Transactional leadership- Here, the leaders use rewards to motivate the employees and corrective action is taken when the follower fails to finish the task and is unable to perform to a certain level only. Transformational leadership: Here, the leaders pay attention to the tasks and development needs of the employees. The leaders are seen as heroes in and out of their organization (Drucker 2014). 4.Questions to address change are- what are the Step by step instructions to convey and lead change forward? What is the most effective method to maintain a strategic distance from resistance and spur individuals? What is the most effective method to control and limit the troublesome parts of progress amid execution? Step by step instructions to shape the political progression of progress with the goal that power focuses build up that bolster the change rather piece it? Step by step instructions to achieve craved state after some time ? 5. significant ways to protect innovation against imitators are- Secrecy- it is an efficient tier of industrial managers, exclusively for process innovations. Product complexity- managers take it as an effective barrier to imitation Standards- standard should be maintained by the company in order to reduce competition and widen its market. Strength of intellectual property- a strong motivation of the relative financial benefits to imitators and innovators Process upgrading-incrementing process improvements in order to adapt to local inputs, improve quality and reduce costs Product upgrading- by the means of adaptation, design, differentiation, design and product development. Inter sectoral upgrading- moving to various sectors. The advantage of a firm depends on its core competencies. The real gateway of advantage is found in managements ability to centralize corporate-wide technologies and production skills into competitions that empowers a business to adapt quickly to changing opportunities. 6. Short-term strategies consists of the present characteristics of the company and development of strategies to improve them For long term strategies, organizations focus should be on permanent solution of the problems as till that time company has a reputation to maintain and to reach overall targets for the betterment of organization (Lessem and Schieffer 2016. Long term planning includes of major capital expenditure involving purchase of equipment and facilities plus implementing of procedures and policies which help to shape the companys profile to match top management ideas. For long term, company should also focus on the way that the society perceives it and personal wealth management to be ready for any circumstances. References Drucker, P., 2014.Innovation and entrepreneurship. Routledge. Lambert, S.C. and Davidson, R.A., 2013. Applications of the business model in studies of enterprise success, innovation and classification: An analysis of empirical research from 1996 to 2010.European Management Journal,31(6), pp.668-681. Lessem, R. and Schieffer, A., 2016.Integral research and innovation: Transforming enterprise and society. CRC Press. Murray, J., 2014. Social Enterprise Innovation: Delaware's Public Benefit Corporation Law.