Introduction Innovation In the past years of knowledge on innovation and its effect on entrepreneurship, a massive variety of literature has been presented and researched on this specific topic innovation. Innovation as the name suggests refers to thinking out of the box in other words being creative or innovative. Innovation in terms of business refers to creation of products, services and processes in a more effective and efficient way and at the same time establishing a culture or environment capable to absorb the creativity (Crumpton, 2012). In Kotler(1997) words it is a method/process/system/product/service which is either significantly new or totally improved and also has been a complete success in the market. Entrepreneurship The word
Creativity and innovation increase the performance and productivity of business as well as help business leaders to managers and drive their business towards success (Adams, 2001, p. 1).Creativity and innovation comes in the form of technological advancement or a change in business process which can bring advantages to the firm and help them in managing risk through effective systems. Myths of Creativity Businesses grow by implementing creative ideas; the central role is played by business creativity which serves for business survival and growth (Bennis, 1997, p. 1). The main role played by creativity in IBM survey evaluate that more than 1500 chief executive officer from almost 60 above countries reported that the complexity increasing in today’s world requires creativity. Different myths about creativity are defined as below: • Money Works As Creativity Motivator An experimental research done on creativity suggested
In this competitive economy, firms nowadays are concern with ways to achieve not just competitive advantage, but sustainable competitive advantage. Firms use some version of strategy and approach in achieving the desired competitive advantage. This strategy inevitably requires incorporating ‘innovation’ into their strategies as well as into their business models, and nonetheless, into the corporation itself. Firms face difficulties in sustaining competitive advantage due to the rapid globalisation and commercialisation in goods and services. Therefore, firms see the need to innovate constantly, which in the process uses innovation to justify their strategies as innovation provides the primary means of differentiating a product from its competitors.
RECENT TRENDS IN RETAIL BANKING Due to the emergence of customer centric growth trend, today retail banks have understood the importance of meeting customer needs by which earning customer loyalty for long term growth. Due to the dynamic nature of evolving technology and competition within the sector, today we can see all the banks are coming up with new and innovative ideas to keep the customer happy. When banks try to create and manage customer relationship, several emerging trends affect the growth of bank. Due to these merging trends one can observe fundamental change by which bank communicate and retain their customer base. Targeting Organic Growth In recent past banks have grown mainly by way of acquiring weaker banks, taking over direct competitors and their
Innovation is accomplished when an original idea is provided and is effective, and that it is beneficial to society. Innovation is necessary for the workplace as it keeps the company relevant and always a step ahead of their competitors. Innovation should always be a part of the problem-solving process in any company. With creative thinking, problems can be solved strategically, as it can save time and
It also considered as a vehicle to incorporate human capital, enhancing research and development and bring along innovation in an economy (Glaser, 2006). As per Schumpeter’s concept of entrepreneurship, the advancement of the entrepreneurship industry is a valid indicator of innovation. Therefore, improving the entrepreneurship policies and promoting innovation programs would lead to sustainable and economic development. Lindstrand (2003) earmarked that in the actual competitive and challenging business environment, the success of any firm is not solely the performance of the firm itself. In fact, it largely depends on how the firm is creating its own network for repeated buying and long term survival.
Without a doubt, these days the world is turning out to be progressively competitive and it is increasingly challenging to stand out from the crowd. Innovation does make an extraordinary difference to all kind of companies – from small family businesses to highly competitive international companies. By not changing our products and services and the way we create and deliver them, we are subjecting ourselves to the risk of being overtaken by others who do. At the present time, in order to thrive in the competitive business environment, one must tirelessly innovate to achieve success, and companies that do not innovate eventually die ( Kodak, Polaroid, Nokia, etc.). In today’s world, where the only constant is change, the task of managing innovation is vital for companies of every size in every
Adequate financial resources and related support are also needed. • Change agents: Persuasive and effective change agents are required in implementing innovation and they must be able to assist the initiation and implementation of innovation in the company. 2. External Factors: These are those factors which occur outside the company’s boundaries: • Customers: Customers are key industry participants in driving innovations. In many developed countries, well-educated real estate customers encourage innovation.
Many innovators responsibilities also need to have the right amount of time therefore they will be able to finish the product before a specific due date, the money needed for a particular project is crucial when designing or innovating a product because you need enough money for everything including the materials. Innovators must have enough materials so they don’t run out of time looking for the same material and most importantly to make sure the materials are available if anything happens. Another responsibility a designer has to look out for are copyright laws so you don’t have the same design or logo as someone