Innovation Management

This article discusses the importance of innovation management and how to become a successful entrepreneur. It covers topics such as innovation capabilities, risk-taking mentality, and the discovery-driven approach. The article also provides a planning section with specific objectives and actions to achieve them.

Running head: INNOVATION MANAGEMENT
INNOVATION MANAGEMENT
Name of the student:
Name of the University:
Author's Note:

1INNOVATION MANAGEMENT
Section A:
Answer to question 1.
I agree with the fact that an entrepreneur should never afraid of taking risk. The
successful entrepreneurs are the most innovative one and they do not care about the failure or
success but always strive to achieve their destinations.
Answer to question 2.
I did not start my career as an entrepreneur but had a working experience in the world’s
business companies like Apple Inc, IBM Ansett and KPMG in corporate marketing departments.
In 2011, I started my own business with only 46 workers.
Answer to question 3.
My study with marketing management helped me immensely to build this company. In
addition to this my vision and thinking out of the box process had supported me to leave the
global companies and risk my saving to start a new business.
Answer to question 4
I am motivated with the word success but this does not only mean how profitable the
business is growing. To me the journey to success and pursuing what one wants is the thought
that motivated me. No business is set or ever forget but what the entrepreneurs learn from the
failure is their road to success.
Answer to question 5.

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To state the naturel strength the entrepreneur, I will refer to my willingness to bring
changes in the thought process regarding gift retailing. I wanted to do something that nobody
ever thought of or tried to start. I had been very inquisitive about everything from my very
childhood which had helped me to innovate this business and give this business a shape of global
face. My simplicity of thought and ability to align things so that the vision remains clear to both
myself as well as my followers. It is my characteristics to retain people into my plan and serve
them honestly. To refer to my strengths, the risk-taking mentality is always present in me as an
entrepreneur which guided me to listen to all and respect all the new ideas. I then analyse those
as if they are my north stars and steer my business to the new ways. The entrepreneurs who do
not have the risk-taking mentality, can never excel in life as half of the business remain unknown
to them.
Answer to question 6.
I have learnt a lot of qualities of leadership from different leaders. First of all, I shall refer
to my introvert nature of the childhood. I had gradually learnt to open up as well as express my
thought before others. Now I am a blogger and my thoughts are followed by huge number of
people around the world. To be a good entrepreneur, I built a network of such relationship that
can support me. I started to hire the most fitted and ambitious people in my organization so that I
can utilize their zeal to improve the business. I believe in teamwork hence my organization
provides all types of facilities to entertain the diversity in the teams so that the current of positive
ideas can flow always in the organization.
Answer to question 7.

3INNOVATION MANAGEMENT
In spite of being interested in art, she had taken commerce according to the suggestion of
my mother. It was my mother whom I see my role model as she had a great influence on me. In
my childhood I used to see my mother working with computers and realized her hard works both
in her workplace as well as in household. My mother taught me the importance of working and
often kept me busy with casual works for this I used to get extra pocket money as reward. This is
how I started to consider work to be my motto of life based on which I will be developing
myself. Beside my mother I follow many global leaders who have shared their knowledge in the
business world and solved issues of human kind through their innovative ideas.
I am aware of the popularity of the programs like Shark tank and supports the idea of
investing in the businesses of the moist innovative entrepreneurs around the world. I take this
program as both information and inspiration.
Answer to question 8.
I advise the innovators to have faith on them and grab all the chances that life gives so
that they do not repent for a good chance to miss.
Answer to question 9.
I follow the incremental model for supporting innovation or new ideas.
Answer to question 10.
Yes I have network to consider critical to my entrepreneur success.
Answer to question 11.

4INNOVATION MANAGEMENT
In case any business is not working according to the plan I immediately stop investing on
it and understand this in a very limited span of time. I allow ideas and suggestion from the
departments before making any decisions.
Answer to question 12.
Being a woman I myself faced many issues but finally able to change the perspectives of
the world that women can be successful entrepreneurs too.
Answer to question 13.
The world needs more ideas and innovation instead of focusing on the business
profitability only.
Section B
Reflection:
From the data from the external sources and assessments, the importance of innovation
capabilities has been clearly understood to me. The innovation process to me is the combination
of individuals, their insights, ideas and their ability to act. Innovation capabilities to me is the
ability to approach new challenges to face in working out any job with an open mind and with
positive and creative attitude (Galor and Michalopoulos 2012). I see innovation capabilities in
me to seek new and unconventional solution to my problems. In such case I think no one can
learn new things and new ways to face the problems. In doing a task I always seek to find the
most appropriate way to complete it efficiently and with reduced time as well as efforts. it is the
process of using my own strength to figuring out that in which aspect I can do better in a less
time. In the context of business also, the customers expect their brands to work faster with less

5INNOVATION MANAGEMENT
motions and offer them the best product or service. In this way the firms achieve customer
satisfactions and add value to their external as well as internal customers.
From my own point of view, instead of approaching one single task with the attitude of
satisfaction and confidence does not give the scope to innovate as these are under our comfort
zone but the true innovator approaches every single task with this similar attitude as they have
the confidence that they will apply their creativity and innovation to think out of the box and
achieve the desired result effectively (Kirzner 2015). From the past experience I have realized
that innovation is the method of thinking differently to an ordinary job then taking actions to
accomplish them better than others. As the studies of innovation have pointed out that there are
three capabilities of innovation which are dependent upon one another. These three capabilities
of innovation are creative abrasion, creative agility and creative resolutions. Creative abrasion
refers to the ability to generate different ideas and thoughts through debate and discourse (Bridge
and O'Neill 2012). Creative agility is the ability to experiment and tests through quicker
reflection, pursuit and adjustment. Finally, the creative resolution is the ability to make the
integrative decides which combine the opposing ideas. In such case I think no one can learn new
things and new ways to face the problems. In doing a task I always seek to find the most
appropriate way to complete it efficiently and with reduced time as well as efforts. it is the
process of using my own strength to figuring out that in which aspect I can do better in a less
time.
My innovation capabilities are purely based on the cognitive skills which helps me to
think creatively and critically and the behavioral skills helps me to solve problems and to
manage risks. Innovation capabilities in me mainly focuses on the changing the way of doing a
critical task in as easy and acceptable manner so that the task is completed more efficiently than

6INNOVATION MANAGEMENT
it can be done in a conventional way (Espíritu-Olmos and Sastre-Castillo 2015). This is the
reason why there must be a willingness to change. In the learning curve, intention to bring
changes makes me the more competent. Despite the fact that these new tools often take more
time and question the relevancy initially but gradually I have felt the value of change. This
willingness for bringing changes in the routine tasks comes from intention to do a right thing for
the upliftment of the organization. This adds to a clear sense of purpose as well as meaning to the
work.
Innovation capabilities to me, has another facet that is related to the dissatisfaction to
settle for good enough. Innovation capabilities increase when the innovative person outperform
his or her own previous performance and relentlessly look for raising bar (Altinay et al. 2012).
The innovative people like risks and challenges which allow them to find out the better methods
and options. To me, setting stretch goals makes me to go far beyond working hard by employing
smarter ways to achieve their desired positions. Thus, challenge of meeting one goal needs to
mean to reach the next level for achieving another goal. In this regard the contingency theory of
organization management is appropriate when the management makes decisions depending upon
the internal and external situation of the company (Baum, Frese and Baron 2014). Innovation
capabilities thus help the people to make decisions based on the situation. more practice to think
in a different way and more innovatively make people ready to face any type of challenges.
Innovation capabilities also helps to make the internal culture of the organization such wonderful
and attractive that it results in building an independent as well as powerful force which propels
the organizations forward.
Planning:
Objective Resources Actions to be Desired output Time frame

7INNOVATION MANAGEMENT
needed taken
Taking up
challenges
Tough
challenges in the
workplace
Keep on
upgrading the
risk bearing
factor but taking
up tough
challenges.
Entering into
works and
projects that
needs out of
domain
knowledge.
This will help in
increasing the
strength of risk
bearing.
This will be very
helpful in future
for taking up the
tough
challenges.
This in turn will
also increase the
chances of
promotion and
appraisals on the
professional
career.
2months
Improving the
discovery driven
or the innovative
approach
Building up a
deep insight by
undertaking
research into
books, journal
and many other
Facing and
meeting with all
the challenges
coming in the
way and be
updated in
This will help in
developing the
discovery
approach and
will help in
instilling a good
2month

8INNOVATION MANAGEMENT
such important
search engines.
taking up all the
challenges.
Always having a
very exploratory
and innovative
approach.
Inculcate the
feeling of
eagerness to
know each and
everything that
comes in our
way.
exploratory
approach and
learn about
many important
things. This will
help in
developing a
good knowledge
base
decision making
approach
Books and
journals on
working over the
decision making
qualities. Tying
to work over and
limit the number
of options
available
Try to limit the
number of
options available
so that the
decision making
process becomes
much easier.
This will help in
the work much
more smooth
and organized.
This will also
help in the
betterment of the
future career
planning.
1 months

9INNOVATION MANAGEMENT
Positive and
creative attitude
This will require
resources like
taking
meditation
classes and
concentration
classes.
These resources
will help me to
develop a
creative and a
positive attitude
towards each
and every work
that I am
undertaking.
This will help
me in increasing
the c relative
quality that is
present within
me. I will be
able to develop a
very positive
approach and it
will help me
facing any kind
of tough
situation in a
positive manner.
1month
The goal of becoming a risk taker is a specific objective and this will help in making the
future much more secure and organized. The methods that will be used for working over his goal
are specific in nature (Carmeli, Dutton and Hardin 2015). I will be taking a deep interest into the
tough tasks that will come in my way and will also help in developing my courage. This will
help me in developing a strong risk bearing ability. This is also a measurable goal because I will
be taking about 2 months in achieving this particular objective. This goal is also aligned or
achievable because if I work effectively then I will be able to develop the risk bearing factor

10INNOVATION MANAGEMENT
within me. This is also a very realistic goal as it is one of the valuable qualities that are needed
for my future career.
The methods that I will be using for developing the discovery approach or the innovative
approach is also one of the SMART objectives. I will be using the methods of in creating my
knowledge by developing a deep study in all the fields. This will help me to develop a strong and
innovative approach. I will try to develop this skill within the span of another 2 months. So, this
is surely a measurable approach as well. I will measurable this skill within me by making sure
that my innovative approach is increasing day by day (Kirzner 2015). I will get to know this by
taking day to day feedback from all my coworkers. I will also keep a record of my performance
in the day to day affairs. I will also keep a thorough record of the way in which I am exploring
each problem taking place in the organization and the outcomes of the approaches that I will be
suggesting. This goal is also achievable or aligned because I can work effectively and can
achieve it within the specified period of time. So, this goal is also time bound in nature as I will
be able to achieve it within a period of 2 months (Bjerke and Renger 2017). The other kind of
goal that I want to work upon for my future is developing a good decision-making process. I will
make sure that this goal and the methods used or achieving the same is SMART in nature. I find
this to be a specific goal as I will work on developing my decision-making skill by working over
the options that are available to me for any particular problem. I This is also measurable as I will
be able to measure the effectiveness within the outcomes of the decisions that I am taking. I feel
that this goal is also aligned or achievable because I can achieve it if I follow the methods
properly. This is also realistic as developing on the decision making power will help me in
securing my position as a manager in future. I hope to work on this goal and achieve it within a
span of 1month so it is also time bound in nature.

11INNOVATION MANAGEMENT
Section C
Overview of the models of innovation
Name of
model
Description Result
Blue
Ocean
strategy
 In recent competitive, high tempo business market, the
shorter product Lifecyle and hyper competition has
mandated the abilities of the companies to develop
quickly to remain competitive in the market.
 Blue ocean theory is the constant pursuit of the
differentiation process and low cost so that the company
can open up a completely new market space as well as
create new demands.
 This is the process of creating and capturing the
uncontested market space where the question of
competition becomes irrelevant.
 Blue ocean strategy is based on the idea that the market
boundaries as well as industry structure are not present
hence can be reconstructed by the beliefs and actions of
the industry players.
 This strategy is applicable in the value innovation which
is the process of creating value for the buyers as well as
This model
measure and
develop the
innovation
capabilities
and combine
blue ocean
strategy to gain
an
unmatchable
speed.

12INNOVATION MANAGEMENT
the companies.
 Through this particular process, the value innovation is
achieved only when the system of utility, cost and price
are aligned.
Pentathlo
n Model
 This model accommodates variety range of soft
organizational issues and help the entrepreneurs to
organize the innovation and other processes to overcome
deficiencies.
 This particular model is dictated by the innovation
process which decides the goals and objectives of the
companies, required technologies and communication in
the workplace.
 This structured process is captured in the model and
guides the company with five key elements for optimum
performance.
 This particular model details the method of idea
generation to understand different aspects of the problems
and respond them.
 The process of selection and prioritization of ideas with
the incomplete information.
 The middle of the model captures the flow or movement
of the ideas through prioritizing process and
This model
effectively
recognizes
how the people
and
organization
climates can
paly role and
value the
conductive
couture. These
motivate the
people
associated to
take active part
in the
innovation
process.

13INNOVATION MANAGEMENT
implementing important changes to develop new products
as well as interactions in the market places.
 The innovation strategy according to this model, needs to
identify the parts where the innovation is mostly needed.
This will guide as well as influence the idea selection
process and their proper implementation.
 Underneath the middle section, this model depicts
formalization of human element in the innovation process.
 Thus, it helps the companies to recognize the importance
of culture to play role in the innovation process.
Porter’s
five forces
model
 This model encompasses around five factors namely,
threat of the new entrants, threat of substitutes, bargaining
power of customers, bargaining power of suppliers and
industry rivalry.
 This helps the companies to operate according to the
situation of the market and use innovation according to
need of the organizations.
 As this model purely deals with the operation of the
organizations, the companies can identify the places of
improvemnst through innovation.
 Despite the fact that most of the business operations are
dependent upon the market competitions, strength of the
suppliers and demand of the customers hence this model
Through this
model, the
companies
understand
when to
increase the
quality of
products and
process to
attract
customers in
one hand and
give the firm a

14INNOVATION MANAGEMENT
can effectivity be used to realize where the change is
needed.
 This model judges the buying capacity of the customers
and the switching costs which mandate the companies to
produce high quality products in lesser price. This is
completely based on the innovation capabilities of the
firms.
 The competition rivalry is also associated with the quality
of products and services which vary from firms to firms.
The brand reputation increases with the customer
satisfaction which is completely dependent upon the
innovation of the products.
competitive
edge.
Radical
innovatio
n
 This particular model is based on the view to destroy or
supplant an existing business model.
 The radical innovation replaces the existing system with a
completely new system for implement the complete effect
of innovation.
 This innovation model has a clear and delineated
parameter as well as points to show the effect of headshop
skills in the innovation process.
 This model produces a completely new set of
performance features.
 It is an innovation which has significant impact on the
Radical
innovation
model carets a
dramatic
change in the
products,
processes and
services that
they transform
the existing
market and

15INNOVATION MANAGEMENT
market and the economic activity of firms in that market.
 This helps the companies to produce a significant
reduction of their costs.
 This model focuses on the impact of innovations as
opposed to the novelty.
 Though this process the companies can change the
structure of their market, create new markets and render
existing products obsolete.
 This helps the companies to stand out in the competition
and enable a rapid growth to create higher return on the
investments.
 According to many critics, this model seems to be
disruptive as the companies fail to collect data as the
structure is completely changed (Pellicer et al. 2017).
 Therefore, the companies with a long past experience in
operating in the market cannot implement this particular
model and cannot advance the process of change.
industries and
create new
one.
Stage
Gate
Model
 The stage gate model is a value creating business process
which when applied efficiently, drives development and
launch a stream of success of new products.
 This model considers the industry standard for which this
model is widely referenced, bench marked and
implemented innovation management model (Van, Steinz
The model
helps the
companies to
nurture a high
impact and
balanced

16INNOVATION MANAGEMENT
and Van 2014).
 This model guarantees better in-market success regarding
new product sales as well as profits, in-company project
success associated with project speed, scoping and
budget.
 This model also helps the companies to enable better
governance agility through better portfolio visibility.
 Stage Gate Model creates scope for an improved in
company, ross functional team collaboration and
collaboration with the external development partners.
innovation
culture that
create real
value.
4Ps model
of
innovatio
n
 This model helps the companies to identify what the
innovation method can improve and implement in the
business (Laukkanen and Patala 2014).
 The innovation mix of this model mainly relates to the
paradigm, product, position and process.
 In the paradigm section, the model refers to bring the
radical change in the organization by maintaining the
positivity.
 Under this process, the essence of imagination is
amalgamated with the changed business model.
 In the product segment, the innovation process is applied
in the product development as well as service offerings.
 In the process section, the innovation is applied in the
This model
effectively
helps the
companies to
understand the
weakness and
direct to
improve
product,
process,
paradigm and
position.

17INNOVATION MANAGEMENT
supply process, workflow, hiring and training of the
workforce in order to increase the profit (Santos 2012).
 The position segment deals with the brand image as
perceived by the customers, employees and other
stakeholders.
Selection of one model for a particular industry sector:
In the gift retail market of Australia where RedBalloon is currently operating, does not
have a highly competitive external situation (Redballoon.com.au 2017). in addition to this, the
company is completely innovation dependent. This is the reason why the pentathlon model of
innovation will be the best fitted model to progress the business gradually by following the
creative approach. This model as mentioned before gives full support to the innovators of the
firms and encourage them to explore new ideas. As the cost and business implication have
become progressively greater, this model employs a structured process for reducing the risk of
failure. The strong project management skills will help RedBalloon to move an idea by
implementing to market in a high uncertainty market. This model clearly states the innovation
strategy to that have three most important process. Firstly., Naomi Simson, the founder of the
company needs to generate ideas which will give the company a greater customer base (Van,
Steinz and Van 2014). These ideas will be associated to go out of the territory of domestic
market of Australia and capture the foreign market. These ideas will be prioritized according to
the achievability and relevancy. The company as the interview denotes, is more democratic
where the employees take part in the decision-making process. Therefore, the senior
management need to arrange or organize the new skills or new supply chain. The enterprise

18INNOVATION MANAGEMENT
culture builds the organization string to endure the problems. The people of the organization will
be able to manage the tension between the business imperative and taking risks to minimize
failure as products and services near the market.

19INNOVATION MANAGEMENT
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