As a key driver of economic development, innovation plays a pivotal role in competition at both firm and the national levels (Tellis, Prabhu, & Chandy, 2009); and considering the organizations’ dynamic and complex conditions in the face of global competition, organizations’ need to innovate becomes continually stronger (Tellis et al., 2009). According to previous literature, there is a positive link between innovation and a range of desired performance outcomes (Garcia-Morales, Matías-Reche, & Verdu-Jover, 2011). Therefore, empirical studies have thrown new light on innovation. The major part of this study focuses on manufacturing firms and literature seems to reveal lack of empirical studies with reference to supporting innovation in service firms that deliver high “value added” services. One proposition is that organizational culture is a key player that encourage processes supporting innovation (Tellis et al., 2009); and this view is more relevant in the context of professional service firms.
Personality traits are associated with the intention of starting a venture (Gupta & Muita, 2012; Leutner et al., 2014). In addition, the personality traits of an entrepreneur influence the strategic decisions and actions of a firm which eventually have implications on the firm’s performance (Nadkarni & Herrmann, 2010). It was found that the there is indeed a relationship between the entrepreneur’s personality traits and the business success (Gupta & Muita, 2012). From the Five-Factor Model that was reviewed, the personality traits that have shown correlation with business success are: Openness to experience, Conscientiousness, Extroversion and Low Neuroticism (Baer, 2014; Bergner, Neubauer & Kreuzthaler, 2010; Gupta & Muita, 2012; Leutner et al., 2014). Those traits were recognised influencing the entrepreneurial success, the financial performance, the development performance of the enterprise and managerial success (Baer, 2014; Bergner, Neubauer & Kreuzthaler, 2010; Gupta & Muita, 2012; Leutner et al.,
The plan intends to help the company introduce their brands to the people that it is not only a brand which aims profit but also a brand that seeks to help. Somehow application of plan also involves changing the face of the product and making it more marketable within the market where it operates. Another vital reason why a company is more enthusiastic to adopt a plan it can that it can improve its financial performance and may create a profitable outcome from this venture. However, the marketing plan can also be because of applying a new technology that would make the operations of the business more effective and efficient. The said plan includes the following
(Oke, Burke and Myers, 2007) suggests that one of the major reason for SMEs to come into existence is the development of radical innovation. Though research suggest that entrepreneur’s ability to act as an innovator and analyse the external environment for decision making plays a major role in the innovation process of such SMEs. Research conducted by (printed article) on the question of a link between the growing sales turnover of the SMEs and the innovation, clearly establishes the relation between the two by endorsing the importance of innovation and providing further backing for encouraging the innovation in the upcoming SMEs. It has also been mentioned that the regular governmental initiatives and policy alterations to promote radical innovation in SMEs inclines these SMEs towards further development by encouraging them. Such support promotes the SMEs to enter global markets and cross the geographical boundaries
Globalization is a small term after all, but has a broader definition acting as a catalyst to progress and growth transforming the world in general. The concept of globalization is not something new for most of the people as this is gaining momentum in today’s era. Globalization has resulted in interrelation and assimilation between world economies and business. Globalization in general has a significant role in advancements of a country and improving the lifestyle of people. In the business world, the benefits of globalization are not just limited to profit maximization, but also provide other advantages equipping business to carve a niche for itself in today’s highly competitive market.
The principal purpose of BPM is to increase the efficiency and effectiveness of organizational processes through improvement and innovation (Schmiedel et al., 2014). The implementation of BPM requires the commitment of all the organization because induces new roles, responsibilities, and tasks derived from the shift from a vertical or functional focus to a horizontal or process focus (Schmiedel et al., 2014). As the business processes move through an iterative and phased activities, defined as BPM lifecycle, they are affected and controlled by their main pillars - values, beliefs, leadership and culture (ABPMP, 2009). During the past century, business models became the main strategy to reduce costs, improve quality, and customer satisfaction, however implementing them is hard and entails significant risks but, even though, helps the organization to respond to changes (Euchner & Ganguly, 2014; Lindsay, Downs, & Lunn,
Value-Based Management is the organization management approach to value creation, particularly by increasing the shareholder value. In the context of competitiveness and the pressure of increasing demands on performance of the corporate, value creation should be reflecting the sustainable development as a road map to the community, customers and employees. Value-Based Management is consisting of Creating Value (ways to maximize growth and future value). This includes defining strategies for companies on both prospective near and far future. Measuring value valuation using leadership, corporate governance, communication), all these elements are very well stated changes in the company’s objectives and especially in the management of the company.
Being fearless doesn't mean being reckless; you simply take calculated risks backed up by research and an understanding of business timing. Collaborative When you hone your collaboration skills, you open yourself up to increased business opportunities. Other companies are more willing to work with you on mutually beneficial projects and your employees tend to work better as a team. Become known as a collaborative individual and you'll be amazed at how your opportunities increase. Ethical Like collaborative individuals, those known as ethical tend to go far in business.
innovation strategy should align to its organizational strategy in order to propel sustained company growth. Rapid innovation occurs within firms with firmly established innovation strategy which is well understood by management and is aligned to other business areas. Management innovation starts with some form of dissatisfaction with the present situation (internal aspect) and continues due to the inspiration from others (external aspect). These indicators generally reflect the organizational processes, management systems and design of the firm’s innovation system (Howells, 1995). According to Daft (1978) and Damanpour (1991), organizational innovation is characterized by the existence of new organizational capabilities which, in turn, produce
Communication pattern changes add to the stress problems. Preparations for future: managerial positions require awareness of ever changing professional scenario by means of learning new things, participating in training and development programs. 16.9 Summary • Broad perspective of entrepreneurs and entrepreneurship beginning with the concept, advantages, disadvantages and characteristics. Women are the fastest growing group of entrepreneurs. • Whereas family business dominates in US, new ventures are growing faster adding to economy.