Explain why innovation is important for business. Using examples from a company that you are
familiar with (or an example on your university campus), outline an example of a technology
cycle that follows an “S curve” pattern.
Innovation is defined as the new ideas or new thought which is acceptable by the market for the success. It is a new method of invention of generating the valuable thoughts for a particular business to be in a successful mode. In order to achieve the success each and every person should use the technique in their daily life. It acts as the fuel for human being to travel along distance if the fuel is not flowing in the correct method then it’s very difficult to travel the distance. Innovation is most important for a business to be in stable conditions. It is the catalyst growth for the business and economics. Innovation helps to analyse the structure of the organisation as well as the economical aspects. And it serves as the effective way to develop the products and the process. This will helps to transform from one small shop in to a big factory in the short duration. This should be used in business for attaining the goals in respective way. In all the business the entrepreneurs want to satisfy the customer by providing the quality, price, durability which all comes from the fruit of innovation with strategies and technologies. Innovation a gives a life for a business in market strategy. Making money in a short term is remarkable and it can be done only with the new ideas and it is directly proportional to the innovations. Creativity always boosts to take up the challenges in the business as well as in the personal life. It plays major role in the development of the business.
Innovation supports in business:
As per heyne in the modern world innovation is the main tool for sustaining a long growth in the business. So many companies realised the importance of innovation to face their competition in the market. Innovation is not only generating the new ideas but also understands the requirement of the customer in effective manner. It should be obtained at every stage of the development and the product. The greatest example in which the legends produced in the world by using their effective innovations are mukesh ambani for reliance ,Steve jobs for apple, bill gates for Microsoft, and mark zuckerberg for the famous face book.
The founder and chairman of apple Mr Steve job rocks the world with his powerful tool apple. As per Linzmayer apple is famous company in the world which is mainly into electronic computer products, software’s and I phones. It was founded by Mr. Steve Jobs in the year 1976 and since its inception; it has become a world famous compute conglomerate. The innovation plays in each and every stage of success. The innovation helped Steve to produce glorious product and the current situation is a totally different scenario from the one with which they started. Now they are doing very well as it is the era of computers and it is because of them that this era has come into power. The company is enjoying supremacy in the field of computers and other electronic gadgets. It has introduced a lot of equipment’s which includes iPod, iPod phone computer software etc. now the result apple is on high drive and more demand for the apple product in the worldwide.
Values of innovations:
As per Janet Innovation pays more values for the human being. Another example for the innovation is bill gates the founder and chairman of Microsoft. Though he started his career as a normal person but today he is mixed with the clouds to the desired height. And he is only person for holding a record of being the consistently world richest person ranked among the wealthy people. The whole credit goes to him for his innovative thinking at regular interval stages for the development of his program. Though he is not well versed person he began his career with his friends with his hard work and sincerity towards his work made him to shine as star in the dark sky.
Powerful face book:
As per kroll now the face book is the great slogan for all the people in the world especially for the youth. It is one of the greatest application for the people to stay connected each other across the globe. Mark Elliot zuckerberg is the founder of face book and he also holds the position of chairman. He is marked as the richest person on the earth. He started his life as middle class family but with his great potential power and creative thinking’s made him as popular star in the world. In every stage he applies his ideas and creation for the development of the face book. If he remains in the idle position the world will not knows him. And he will be normal person like others. But he wants to prove him that he also can make the attraction of the people towards him for the effort he made to create the face book. In very short span of life he became popular only with his effort and sincerity towards his work also accompanied with the good creative thinking’s.
Importance and advantages of innovations:
The main advantages of innovation is helps the every individual to step forward in their life. Which also helps in to survive and tend to grow in a greater extent. As per thome there are huge successful person are in the world like managers, team leader and entrepreneurs they are also not focussing on their own creative thinking’s but they also wants to assists others to be very innovative in all the aspects of life. Innovation helps in shaping the corporate life and also helps the organisation to adopt various strategic conditions. It will produce the increase of income and reduce the cost cutting of the total productions. It also accelerated the revenues growth and the capabilities. It supports research and development and expands to larger level of the nation and brings with the latest technology. To continue a good growth and attain a height innovation should be applied in the every aspects of the business. These will make the business in healthy stage among the competitors and attain stable growth in the business.
Creative ideas are more important for human beings. In order to move further in life innovation is medicine that should be taken to reveal our strategy. This is the shortest way to reach your destination in the road map of innovations. It also supports in the design technology, engineering etc. it also most covers all the sectors. Everyone wants to have a successful life. But in order to get the fruit all are crossing the several obstacles in their life. Some of the taking abnormal decision and some of them will fight until last for the goal to be success. Only few of the taste the fruit of success that they have applied an innovation in the crucial part of their life. Innovation moulds your life by tracking the drawback of the person. Innovation produced so many scientists for the research and the development. If innovation is not used people can’t find fan table car plane. All these have been created with the sources of innovations. Today people enjoying the luxury life only with the outcome of creative ideas of person. It is like heart beat it should beat every seconds to live a life, if it is stopped its utter waste and no use of living in the earth. Life is bicycle and innovation are like pedals it is need to be pushed often to travel from one location to the other locations without any disturbance. This will helps to bring the hidden potential of a person.
Heyne, P., Boettke, P. J., and Prychitko, D. L. (2010). The Economic Way of Thinking. Prentice Hall, 12th ed. Pp. 163, 317–318.
Janet Lowe (January 5, 2001). Bill Gates Speaks: Insight from the World’s Greatest Entrepreneur. Wiley. ISBN 978-0-471-40169-8. Retrieved March 10, 2011.
Thomke, S. H. (2003). “Experimentation Matters: Unlocking the Potential of New Technologies for Innovation”. Harvard Business School Press
Apple co-founder tells his side of the story”. Sydney Morning Herald. September 28, 2006. Retrieved October 7, 2011.
Linzmayer, Ronald W. (1999). Apple Confidential: The Real Story of Apple Computer, Inc
Kroll, Luisa, ed. (March 5, 2008). In Pictures: Youngest Billionaires: Mark Zuckerberg, U.S.: Age 23: $1.5 billion, self-made. Forbes.
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