Lead Innovative Thinking and Practice

LEAD INNOVATIVE
THINKING AND
PRACTICE

Table of Contents
TASK 1............................................................................................................................................3
TASK 2............................................................................................................................................7
TASK 4..........................................................................................................................................12
REFERENCES..............................................................................................................................18

TASK 1
1. What are the different strategies that are needed to generate new ideas and thinking?
Leadership-
The leaders of the company needs to motivate their employees if they expect an
innovative and new ideas from them. They need to reward them for their ideas but avoid it if it
involves high level of risk so that it does not affect their culture. Leaders of the company must
work on changing the routines of the employees so that they can remove those factor which are
holding them back for new and innovative ideas. (Secundo and et.al., 2017.)
Practices-
Continuous effort and learning is needed in order to gain the expertise so that the
employees can complete their training and produce innovative ideas for the company. If they are
properly encouraged by the leaders of the company then they will surely be able to find new
ways and methods of completing the work. Some companies measures their performance by the
ideas they have generated and innovated with the help of their team of employees. It does not
matter that company is operating on a large scale or small scale.
2. What do you understand by creative thinking? Do you think it is always necessary to
have a technique of creative thinking to invent something new? Explain with example?
Creative thinking is the ability to create and come up with the ideas which are new and
don't exist into the market. It can be in any form such as concept, method, solution work related
to art or an skill, or coming up with an actual real device. It is based on the things which are not
currently present in the market. It is necessary to have a art or skill in order to come up with an
idea which is creative in nature. If the person does not have a creative mind set or thought
process then there are less chances for inventing a new product. Take Elon Musk for an example
that guy had nothing except potential, education and a mind full of creative ideas. He thought
what is needed in the market and came up with the idea of electric cars. His company was the
first one to manufacture it with the highest range in the market and the cars his company
manufactures comes under luxury segment which also offers the feature of autonomous driving.
3. How do you spot opportunities for innovation? Explain with an example?

Opportunities are spotted with the help of proper research and survey methods into the
market so that they can come up with the ideas which are needed at the utmost level and when
that idea comes it has the potential to reach the success in a very less amount of time as it can
fulfil the needs and wants of people in order to satisfy them. Market research tells an innovator
that what is needed in the market or he or she can invent a thing that can make the work of them
easier and saves time. They can do it by upgrading a product that is already existing in the
market. For instance Elon Musk find the need in the market and that was to upgrade the
technology and make things which runs on sustainable resources so that it does not affect the
environment. The need which was taken out with the help of research or survey method is the
opportunity for an innovator to create new ideas or an actual product that simplifies the work of
the people. (Rong and et.al., 2019,)
4. Is innovative thinking a strategic priority for every profit making organizations? Why
do you think Charles Goodyear could stand despite being on the verge of bankruptcy?
Company who are dealing in the process of manufacturing has to form up with new ideas
on a continuous basis as it is necessary for companies to cope up with the needs of the market
and the environment is rapidly changing. For the companies who are dealing in the industry of
technology it is a must for them to set this as their priority because if they don't think and bring
innovation into the market then they won't be able to survive into the market because customer
want change with every product they purchase. They feel that the money they are spending on
any category of product must be worth their money. Despite being on the edge of the line to fall
off the wagon and get declared as bankrupt Charles Goodyear still made it big in the market
because of his innovation of vulcanized rubber and his will to compete with others.
5. Why is it important for organizations to innovate? How can similar ideas lead to new
innovations?
It is important for the companies to come up with creative and innovative ideas as it
allows them to operate on a larger scale and obtain more share in the market by influencing more
and more customers. Even if the company is operating on a small scale company who is bringing
continuous innovation into the market will eventually gain the goodwill and reputation in the
market also the size and scale of the business will also increase. For instance One Plus came up
with continuous innovation at affordable prices in the beginning and now it is the market leader