Deakin University MPM712: Managing Innovation Assessment 3 Report

This report, prepared for the Managing Innovation assessment (MPM712) at Deakin University, presents a comprehensive analysis of entrepreneurship and innovation. The report begins with an introduction highlighting the importance of entrepreneurship and innovation in business growth. Section A details an interview with Jake Willis, an entrepreneur running a grocery chain, exploring his business practices and insights. Section B provides a self-reflection, analyzing the author's entrepreneurial skills, identifying strengths (self-discipline, integrity, persistence, clear direction, and decisiveness) and weaknesses (time management, hyper attitude, extra excitement, and overconfidence), and outlining a SMART framework for improvement. Section C examines different innovation models, including first, second, third, and fourth-generation models, along with a six-component innovation model, providing definitions, advantages, and disadvantages for each. The report concludes with a summary of the key findings and reflections on the author's learning journey and future development as an entrepreneur.

Managing Innovation
Assessment 3 – Individual
Reflection/Toolkit

Contents
Introduction......................................................................................................................................2
Section A.........................................................................................................................................2
Section B..........................................................................................................................................3
Section C..........................................................................................................................................5
Conclusion.......................................................................................................................................8
References......................................................................................................................................10

Introduction
Entrepreneurship is the key to a growing business sector and without it there cannot be
expansion of the business sector. Through entrepreneurship, innovation happens. It is with the
increased impetus provided to business owners that innovation has become an important
phenomenon. Here, in this research study there shall be a close understanding of the
entrepreneurs through interviews and employing innovation model. Learning must be followed
by reflection. Hence, reflection of the researcher on own entrepreneurship skill is also included
in the report. With the help of relevant literatures, different concepts of entrepreneurship and
innovation are explored in the subsequent research study.
Section A
The interview was taken on 23rd September 2019. After requesting the entrepreneur in a week
prior to 23rdSeptember, he was kind enough to let us have an hour chat with us. Jake Willis was
running a grocery chain in the country side of Port Fairy. He started off a store in the year 2012
and from then he has started to grow and the numbers of stores increased to 5. The main reason
the stores started to grow is that it does timely delivery and has home made products that are
grown and made by the local residents of Port Fairy.
This has made the people of Port Fairy have a little income of their own. There are so many
people in country side who are not willing to leave the place yet are forced to because there is
not much source of income and lack opportunities.
This did not solve the problem completely but it did help a lot in cutting the unemployment by
generating small scale home made products. The philanthropic approach to the grocery shop is
worth the credibility and interviewing a visionary entrepreneur was good choice for the research
study.
Why did you select this individual to interview?
As mentioned above, the entrepreneur Jake Willis is a philanthropic who did not only bring a
chain of grocery store in Port Fairy but also helped in generating employment in that region.

Today, he is employing 30 employees and all are adequately paid. Ethically, the company is also
abiding by all the standards of law and also having sustainable means of
So, these can be cited as the main reason behind selecting Jake Willis. Beside the grocery store
has also shown growth in number and this was only possible after the entrepreneur was able to
take the risk (Prabhu and Jain, 2015).
Risk is the most important factor that makes or breaks the business. This, combined with
decision making skill was what prompted me to have an interview with Mr Willis.
What insights did you gain from talking to them?
After a really long and thorough interview session, with a particular successful entrepreneur a
good set of knowledge can be gained. Successful entrepreneurship entails a lot of experience, a
particular set of studies need to be completed. Along with this also trainings to gain experience is
also important. An entrepreneur should make up his mind, to face challenges and not be
disheartened, even if there is no profit in the first few years of business.
The positive and competitive mind-set of the younger generation is what drives the upcoming
population to invite the courage to take really a number of risks, to set up their business. Through
formal studies about entrepreneurship, one finds it much easier to decide maybe, because they
are formally trained and are well equipped with the latest knowledge that is required to sustain in
the industry. Nowadays plenty of television shows do help to spread and upgrade the knowledge,
regarding new areas of business and also entrepreneurship.
In order to be in business, one must thoroughly know the ways and procedure to carry out
business. Prudent decision making ability, and also a good convincing strength is equally
important to nurture. Nowadays, the gender construct is an issue of not much hassle.
Also a fact that role models hardly work, when it comes to business entrepreneurship has also
been noted. Everything depends on the amount of hard work that is put in everyday to establish a
particular business. Networking is an important factor to run a business.

Section B- Reflection and Planning
Reflection is very important and by going through the success stories of different entrepreneurs
we get to know the things that come in our way if we are becoming an entrepreneur. It is
definitely a difficult road and we all must be ready to take the risks as it comes. After reflection
comes planning and without planning reflection will not have a full outcome.
Reflection
Based on articles, success stories, and innovation models as well drawing on the entrepreneurial
success of Jake Willis here are certain qualities and traits that I believe is required to be
successful and I want to grow these in me.
In order to be a successful entrepreneur, one must inculcate certain qualities. Every quality can
be learned and perfected, if one has a deep interest towards entrepreneurship. Constant learning
and oiling of skills does help in perfecting the skill of entrepreneurship.
So, do I know, what are the certain qualities required to be a successful entrepreneur?
I researched and found out the following:
Here, I shall discuss some of the qualities that I have and it can help me become a successful
entrepreneur.
Self-Discipline
Self-Discipline is one of the foremost and the most important criterion in the matter of
entrepreneurship. Any kind of business requires self-discipline, so that decisions can be taken.
Self-Discipline eventually leads to success in the area of entrepreneurship. Winners are often
required to go an extra mile and put in a little more effort to succeed as an entrepreneur.
Hardships are the same for everybody, only successful people take a step to work out the plan.
Integrity
The next quality that every entrepreneur should possess is integrity and I have it, thankfully. This
is perhaps the best quality you can develop with time and experience. Honesty is required all the
time. One must always keep in mind the power of word. A lot depends on the integrity of the

entrepreneur to taste success. A person’s achievement does depend on the number of people who
want to reach out to you seeking your entrepreneurship. If an entrepreneur maintain his integrity
then chances are that the clients reaching out to you are also there to help you during your tough
times, support you, and also sometimes if need be then lend you money. Your character is
understood from the kind of integrity you show to the public (Nambisan, Wright and Feldman,
2019).
Persistence
Persistence is yet another quality that is highly required to become an entrepreneur.
This is how persistence and success work: preparing myself for persistence before setting out to
work. I try not to get disheartened by the setback and the mishaps on the road. I face the
maximum number of challenges; the courage needed to take failure with a smiling yet
challenging mentality feeds the lamp of success.
I make it a point to remind myself not to give up and quitting while on the road of hurdles.
Surely I will learn and be successful.
A Clear Sense of Direction
A fourth trait that can be spoken about being a successful entrepreneur is having a clear sense of
direction. I am determined to becoming an entrepreneur. Due to an expansion in the market the
entrepreneurs are held up with meeting their daily goals, so focus on long term goals is often not
taken into account. A substantial amount of time is spent in the planning of the schedule but it
becomes very difficult to meet the ends.
In order to be a successful entrepreneur, one must plan in a very prudent manner.
Decisive and Action Oriented
The final quality that can be cited and spoken about is the Decisive and Action Oriented. Prudent
decisions results in the implantation of the correct action at the correct time. Such entrepreneurs
take less time to decide and look forward to feedbacks.
There are areas where I am really weak and I must highlight that also:

Time Management
Time is never enough for me and I have to face severe time shortage which a I need to work on.
Hyper Attitude
I become too tensed if things go wrong, partially, because I put in a lot of hard-work.
Extra Excitement
Whenever I am under-taking a project, I am extra excited about and when it fails, I am quite
disheartened.
Over-Confident
Since, I work on a project with all my endeavours, I become quite sure that it is going to work
out well. Sometimes, the result is opposite and I get low on energy for a long time after that.
Planning
SMART Framework
As it is mentioned above, planning is the step that follows after reflection. Just reflecting upon
the strength and weakness is not going to help. It is important that proper planning is there to
achieve the goals and to work in the definite direction so that the weakness that is there in one’s
personality can be reduced.
In order to this, there is a model required so that the planning process can be done in the best
way possible.
I sought to employ SMART framework.
S (Specific) - It is quite important that there the direction of improvement is specific and one
point is picked up at a time. This is going to help in part by part improvement. If we are not
specific then the direction may become haywire resulting in reduced outcome and effect.
M (Measurable) – Here measurable means that the goals are broken down in smaller measurable
parts so that one is aware of what is going to happen when the goal is achieved.

A (Attainable) – If the goal is not feasible and logical then we may have a hard time trying for it
and in the end it is just going to let us down. The goal must be realistic and a proper road map to
it must be outlined.
R (Relevant) – The goal and the planning that is there in our minds must have relevance. Without
relevance, it may be difficult to achieve because it will be without cause and may be out of
expertise.
T (Timely) – The time is the most important factors and I have mentioned in my list of weakness
that time management is my problem. The goals that I am planning to achieve must be time
bound so that the efforts are aligned well in that direction.
Entrepreneurship is the key to a growing business sector and without it there cannot be
expansion of the business sector. Through entrepreneurship, innovation happens. It is with the
increased impetus provided to business owners that innovation has become an important
phenomenon. Hence all these are important steps to becoming one.
Section C- Innovation Models
Table
Model Definition Advantage Disadvantage
First generation model
– technology push
In this model, the start
of the second stage
relies completely on
the completion of first
stage
Defined deadlines and
divided stages that
helps in part by part
concentration the
project
It does not take
marketing into
consideration.
Second generation
model – market pull
It is same as First
generation model –
technology push but it
takes market into
consideration and not
just technology
Has the market
analysis
Does not have a lot
improvement than the
preceding model.

Third generation
model – coupling
method
It encompasses
customer satisfaction,
market trends and
technology
Has the standard way
of achieving
innovation
The model does not
explain what happens
after the launch of the
product
Fourth generation –
interactive model
It does not have the
linear approach, rather
it is interactive and
coordinates with the
different aspects of
An all-inclusive
model
Product development
is not specified
Six Innovation Model This has six
components that
enable innovation.
It has proper
components
interacting efficiently
Too complicated
(Prabhu and Jain,
2015).
Disruptive Model This has the high from
of innovation (Prabhu
and Jain, 2015).
Enables new ideas to
take a full swing over
market
High risk
CEOs are stressing and showing an inclination towards innovation: a part of the population of
the CEO group places this as a major concern. Out of the 70% who mention the criterion of
innovation, in reality only 16% have stated that their innovation process is far better than their
fellow competitors (Edwards-Schachter et al 2015).
What does not work with innovation? According to research there are two reasons. One reason is
the implementation of the incorrect innovation model regarding their work, or else they fall short
of well-designed models, with the power it needs.
BCG examined above 100 companies of the world which function on high innovative ways. The
aim was to understand the various kinds of innovation regarding prototype , the kinds of models
that work with different firms , and the kind of abilities that essential to provide to every model
(Yu and Hang 2010).

The study showed six specific innovation models: creator, solution builder, leverage, expander,
defender, and the final one, fast follower.
Six Innovation Models
A rapid overview of the models, also the kinds of industries that substantiate the same can be
done.
 Designers fix up the idea of the upgraded, creative firms. Mostly supervised by a person,
possessing all the expertise, the companies interrupt their main business , safeguard their
psychic quality , also manufacture huge deals , filling the industry with their produce.
One particular example could be Apple.
 Solution builders approach and follow the sale and seek creativity, based on monitoring
to point out emergencies and difficulty.
 Leveragers provide a far better business model, take advantage of and then keep up the
place in the industry. Zara , a Spanish retailer , one whose designs revolutionized the
fashion industry (Schneider, 2019).
 Expanders look into the various innovative sides and enforce their abilities, to capture the
other markets and increase the produce.
 Defenders try to attain victory in developed or almost static industries. They also try to
innovate in a manner which guards their profit.
 Fast followers strengthen their faculty in all spheres, so that responding becomes easier
and faster. The best known industry is the Reckitt Benckiser Group. To lessen the danger
of risk and expanding the speed, the company pays attention to the technical mastery
(Schmitz et al 2017).
Context is Critical
 Getting hold of the correct innovation model on behalf of the firm is based on
context. Industrial context affects the show, as only a few models can run
successfully in the market. Examples can be cited such as four models drive TSR
premiums in consumer retail.

 Creators do plunge into risks but at the end can taste great success. Lululemon
Athletica ,grew on the growing yoga movement , by giving a clear lifestyle ,which
includes everything.
 Solution builders gain confidence by looking into some particular segments and
fulfilling their demands.
 Leveragers make a decent business model, after that market it to maintain a place
in the industry (Lee, Hallak and Sardeshmukh, 2016).
 Expanders manage to attain quick share by getting hold of adjacent markets.
Companies face a lot of challenges, while working on the innovation model.
What value does an innovation to the company hold? As seen previously, different companies
taste success in different ways (Prabhu and Jain, 2015).
Source: (Clauss, 2017).

Facing different kinds of probable questions can help to reveal the context more clearly. What
position does the brand has in the market? At what speed does the sector you are associated
experience an upgrade?
Switching to new model or updating the existing one are the probable challenges that helps to
transform a company’s innovative methods. Blueprints provide much assistance to the
companies for the idea of the models (Naranjo-Valencia, 2018).
Reckitt Benckiser, adopted for the fast-follower model has enough capacity for succeeding. To
build more solution, other than Under Armor, the company does invest much. Based on the
research done on the six innovation model, these do give a chance to the organizations to
examine and revaluate their models. Glancing through these questions and discussions, the
companies can decide for them and make the right choice (Zhou, 2015).
Disruptive Model
The second model which is selected is disruptive model. This has the high from of innovation
and it also Enables new ideas to take a full swing over market but has high market and success
risk.
The main aim of this model is to enable growth and the sole purpose of innovation in this model
is to see growth through the implementation of the perceived idea.
Disruptive model brings in a revolutionary approach to the market trend and changes the way
that the market was functioning till then. For example Sony was selling Walkman all over the
world until Apple launched iPhone which included the features of iPhone in the phone and also
had a camera. It was a revolutionary product and people quickly shifted their preference to the
iPhone from Walkman (Prabhu and Jain, 2015).
The risk involved in this model is high because the innovation is against the whole market which
has a strong foundation with established firms functioning with a very strong footing. The
chance of failure is higher than the chance of success. It involves capital mobilization, resource
allocation and human resource management.

Innovation is something that brings in a new trend and makes the taste and preferences of
consumers shift in favor of the product. This model is quite effective one.
Conclusion
The number of entrepreneurs is increasing and we see youngsters getting into entrepreneurship.
Consequently, there is an increase in the venture capital firms also. The ideas that have the
potential to get successful will need financial support and this is where the firms like Andreessen
Horowitz are there.
As an entrepreneur, there are certain qualities that need to be there in ones personalities. While
some of them may be in-born qualities, a lot of it is to be developed through hard-work and
endeavors.
In the research study here, the innovation model is successfully used to understand the way
innovation has divided and pursued. Without innovation, a product is going to become a stagnant
in the market and people are not going to invest money in it. This is due to the shifting taste and
preference of the consumers. Innovation is needed to have the product launched in the market

References
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