Companies and Society Need Innovation (Essay Sample)

Companies and Society need Innovation
What did you learn about innovation that you did not know? (Cite references that provoked your learning)
Something important to understand that it is hard to know is that companies can have a significant investment of money and time management. However, innovation is still a devastating pursuit for many organizations. Innovation initiatives, in most cases, fail, and prosperous innovators have a challenging time maintaining their performance (Pisano, 2015). The primary reason it is difficult to sustain the capacity for innovation is “a failure to execute.” You Need an Innovation Strategy by Gary Pisano is something that has provoked my learning. According to Pisano, the hardship with innovation advancement efforts is caused by a lack of innovation strategy.
How is innovation different from invention?
There is a big difference between invention and innovation. Many individuals use these two terms interchangeably, which is incorrect, and one can misunderstand information during a conversation. The invention is concerned with building something original and new. Conversely, innovation involves changing the novelty into a commercial product. All social and economic development rely on new ideologies which contest the inertia and introspection of the current conditions with an opportunity for development and change (Schumpeter, n.d). Innovation understanding what will happen suppose the company introduces new thinking successfully and values. Innovation requires deliberate preparations, goals, and planned advantages to realize and implement new ideas effectively.
How does creativity connect to entrepreneurship and innovation? (Cite references that provoked your learning)
According to Drucker, an innovative business will arise from strategically analyzing the seven significant areas of opportunity. Some lie within the company, while others are in broader and social demographic trends. Astute leaders willing to venture into entrepreneurship retain a clear focus on the seven opportunities. After identification of an opportunity, there is a need to have an excellent imagination to make an affirmed decision. Peter Drucker, who wrote the discipline of innovation, has massively provoked my learning and understanding. Managers must have a systematic practice regarding innovation (Drucker, 2002). Innovation is a unique function of entrepreneurship, whether one is venturing into a business or the business existing. Creativity, therefore, connects to entrepreneurship and innovation in that it is a way that an entrepreneur builds new resources for wealth production or endows the current resources with advanced potential for developing wealth.