WorksheetsInnovation
Total questions: 7
Worksheet time: 7mins
What is Innovation?
Short term goals in the business
How many times a business has changed their product.
A "new idea, creative thoughts, new imaginations in form of device or method".
the exclusive and assignable legal right, given to the originator for a fixed number of years, to print, publish, perform, film, or record literary, artistic, or musical material.
What is the importance of Innovation?
Management research confirms that organisations that
meet the innovation challenge out perform their
competitors in terms of market share, profitability, growth
and market capitalisation (Tidd, Bessant, & Pavitt, 2005).
innovative organisations are better able to mobilize the knowledge, skills and experiences of people and successfully create new products, services and ways of getting things done faster, better and cheaper.
Although creativity is innovations's precursor, both are key issues for organisational survival growth.
All of the Above
What are examples of strategies for sustained innovation?
Reduce Bureaucracy
Closed Communcation
Instill a Sense of Ownership
People Processes
What Companies are known to have workplaces which encourage innovation?
McDonalds
Farmers
Innovative companies require their employees to:
Be selfish
Seek new opportunities
Reluctant to take risks
Isolated work environment
Why do you need to instill a sense of ownership?
It sets the stage for an atmosphere of trust. But if managers want to establish a more trusting culture, they can't expect employees to take the first step.
It creates a powerful incentive for inventive thinking. When people are clearly aware of how their interests are aligned with those of the company, they have a strong reason to "go the extra mile" to further your mission.
Demonstrate understanding of how internal factors interact within a business that operates in a global context
How does establishing a clear sense of direction encourage innovation?
A clear sense of direction helps to organise and direct people's creativity.
A well-defined mission encourages everyone to focus on innovations that deliver the greatest value.
As ideas surface, employees can immediately act on the ones that further a business's objectives.
All of the above
