Innovation And Entrepreneurship 3rd Edition John R. Bessant, Joe Tidd - Solutions

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=+4 What are the critical factors in assessing a new venture?
=+3 How do you recognise a highly profitable and viable opportunity when you see one?
=+2 What are the factors that may vary to influence an individual’s decision on whether an idea is an opportunity?
=+and an opportunity and how to improve your chance of spotting an idea that could be an opportunity.
=+1 Why are ideas not necessarily opportunities? Explain the difference between an idea
=+v9 To be alert to how an entrepreneurial ecosystem contributes to the opportunity landscape
=+8 To compare opportunity profile analysis methods
=+7 To examine Porter’s five forces model of competitive market analysis
=+6 To assess industry value chains and ecosystems from an opportunity perspective
=+5 To examine the opportunity landscape and the factors that underlie and promote entrepreneurial opportunities
=+4 To identify critical factors involved in new venture development
=+3 To recognise common pitfalls in taking new venture ideas to the marketplace
=+2 To distinguish Internet opportunities from other opportunities
=+1 To understand that assessing an opportunity requires various techniques including both analysis and active learning
where innovations come from – the wide range of different sources which offer opportunities to entrepreneurs
the idea of ‘push’ and ‘pull’ forces and their interaction
innovation as a pattern of occasional breakthrough and long periods of incremental improvement
the importance of different sources over time
where and when you could search for opportunities to innovate.
1. Where do innovations come from? Generate a list of as many categories of trigger as you can think of, with examples for each one.
2. Push and pull – which is more important? This question has worried managers and policy -makers for decades, and having an idea of the answer would help focus support for the innovation process more effectively. Using examples try to show how each is important under certain conditions but that
3. Taking each of the ‘4Ps’ of innovation which we introduced in Chapter 1, try to identify examples of ‘product’, ‘process’, ‘position’ and ‘paradigm’ innovation – and in each case list the sources which gave rise to those innovations.
4. Julia Wilson is keen to use her skills in creating social enterprises. Where could she look for sources of inspiration on which to focus her entrepreneurial enthusiasm?
the need for a strategy to guide search for opportunities
dimensions of search space – incremental/radical and old/new frame
strategies for covering the space – exploit and explore
tools and structures to support these strategies
opening up and amplifying search capabilities through networks
the role of entrepreneurship as a mindset underpinning search, whether in start-ups or established organizations
the concept of absorptive capacity and building search capability
1. Where and how would you organize search for innovation opportunities for the following businesses:a. A fast food restaurant chain?b. An electronic test equipment maker?c. A hospital?d. An insurance company?e. A new-entrant biotechnology fi rm?
2. Using the list of innovation sources in Chapter 6, how would you organize search to pick up trigger signals from these?
3. If innovation is increasingly a matter of knowledge management, what sorts of challenges does this approach pose for managing the process?
4. How would you search for innovation opportunities in the public sector? Using examples, indicate how and where it can be an important strategic issue.
5. You are a newly appointed director for a small charity which supports homeless people.How could innovation improve the ways in which your charity operates in terms of fi nding new opportunities for raising support?
6. What are the challenges which managers face in trying to organize to fi nd a long-term steady stream of incremental innovation ideas?
developing and using a business plan to attract resources
choosing and applying the most appropriate forecasting methods
identifying and managing risk and uncertainty.
1. What will the Internet be like in 2025?
2. How much bigger will the Internet have grown from today’s two billion users and $3 trillion market?
3. Will the Internet have achieved its full potential to connect the world’s entire population in ways that advance global prosperity, business productivity, education and social interaction?
1. Which components of a business plan are most important to attract resources?
2. How can forecasting be used to identify and reduce risk and uncertainty?
3. What is meant by the ‘fuzzy front end’ and how can it be better managed?
4. What is the difference between risk and uncertainty?
5. What are the relative advantages and disadvantages of using quantitative and qualitative methods for assessing projects?
how the leadership and organization of innovation is much more than a set of processes, tools and techniques and that the successful practice of innovation and entrepreneurship demands the interaction and integration of three different levels of management: individual, collective and climate
at the personal or individual level, how different leadership and entrepreneurial styles infl uence the ability to identify, assess and develop new ideas and concepts
at the collective or social level, how teams, groups and processes each contribute to successful innovation behaviours and outcomes
at the context or climate level, how different factors can support or hinder innovation and entrepreneurship.
1. What are the key similarities, differences and relationships between entrepreneurship and innovation?
2. Why is the creative style of an individual more important than any assessment of absolute creativity?
3. What are the relevant infl uences of an individual’s characteristics and their environment on entrepreneurship?
4. What is the difference between culture and climate, and why is this distinction critical for innovation and entrepreneurship?
5. What factors contribute to the development of a creative climate – and what factors could block it?
how networking helps the process of innovation through improving the range and scale of knowledge interaction
how different types of network can contribute to the process
how effective networks can be designed and operated
how drivers such as globalization and the emergence of Internet infrastructures are shaping an increasingly networked model of innovation.
how to build trust and shared risk taking without tying the process up in contractual red tape
how to avoid ‘free riders’ and information ‘spillovers’
how radical the innovation target is with respect to current innovative activity
the similarity of the participating companies.
1. Michael Dell didn’t invent the computer, but he built one of the most successful businesses selling them. Discuss how he makes use of a networking approach to build and sustain a competitive edge in his business.
2. Why would Joe Bloggs, famous inventor, need help in getting his great idea into widespread use? And how could a networking approach help him?
3. Is innovation a solo act – the product of the lone genius? Show how successful entrepreneurs make use of networks to help take their ideas forward.
4. List three advantages of cooperating across networks in innovation as opposed to a ‘go it alone’ approach.
5. Jane Wilson has come up with a great new idea for a medical sensor to help in monitoring babies while they sleep. How could she improve her chances of success with her new product idea by using a networking approach to taking it forward?
a formal process to support new product development, such as stage-gate and the development funnel
product and organizational factors which infl uence success and failure
choosing and applying relevant tools to support each stage of product development
the differences between products and services and how these infl uence development
applying the lessons of diffusion research to promote the adoption of innovations.
1. What are the key differences between managing operations in services and manufacturing? Think of a business, and identify the relative contributions to value-added of the service and physical product components.
2. To what extent do you think manufacturing and services are converging? Try to think of an example of a manufacturing operation that increasingly features a service. Conversely, identify a service operation that is becoming more product-based.
3. In what ways do you think the development of new products differs from the development of new services?
4. Identify the relative importance of product/service attributes and organizational factors in successful development.
5. What effect does the novelty of the new product or service have on the development process?
6. What factors influence the adoption of innovations, and which of these can be managed?
the contextual factors which infl uence the creation of new ventures
the process of creating an innovative new venture
distinguishing the challenges of each of the stages of new venture development.
How much capital is needed to start the business?
How much control and ownership do I want?
How much risk am I willing to take on, in the case of failure?
How large could the business become, and how fast?
What are the registration, reporting and tax implications of different structures?
What are the proposed harvest strategies or exit routes?
Who could become the benefi ciary of the business?
1. In what ways do social entrepreneurs and technology entrepreneurs differ from other types of entrepreneur?
2. What are the main funding options for a new venture, and what are the advantages and disadvantages of each?
3. What should be included in a business plan, and what do venture capitalists look for?
4. In each of the different stages in the development of a new venture, what are the different management requirements?
5. What factors affect the decision of what type of company to form?
6. What are the relative advantages and drawbacks of different sources of fi nance?
In this chapter we have explored the rationale, characteristics and management of innovative new ventures.
Typically, an innovative entrepreneur will establish a venture primarily to create something new or to change something, rather than as a means to achieve independence or wealth, although both of these may follow as a consequence.
A range of factors infl uences the creation of innovative new ventures, some contextual, such as institutional support and availability of capital and culture, others more personal, such as personality, background and relevant skills and experience.
Entrepreneurship is not just simply an individual act, driven by psychology, but also a profoundly social process. Therefore innovative entrepreneurs need to be able to identify and exploit a broader range of external resources and sources of knowledge than their more conventional counterparts,

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Innovation And Entrepreneurship 3rd Edition John R. Bessant, Joe Tidd - Solutions

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