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How Companies And Firms Strive Today In Matters Of Innovation (Essay Sample)


This paper entails the detailed information on how the companies and firms strive today in matters of innovation and risk management to survive the stiff competitions.


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Table of Contents TOC \o "1-3" \h \z \u I.Introduction PAGEREF _Toc455518569 \h 3II.Benefits of the Module PAGEREF _Toc455518570 \h 3III.Challenges of the Module PAGEREF _Toc455518571 \h 4References PAGEREF _Toc455518572 \h 5
Innovation and risk management are essential skills that every entrepreneur must have. An entrepreneur without the ability and skills for generating new ideas cannot prosper. Besides, a successful business person must be able to assess and prioritize the risks in the firm and to come up with the means and the resources that can be used to minimize the risks. Therefore, the innovation and risk management module is designed to equip students with the knowledge and skills for managing the risks.
Benefits of the Module
Personally, I have gained a lot from the module report. I have since equipped myself with the knowledge on persuasive issues which forms the basis for any business opportunity. At the moment, other students and I have gained the knowledge of globalization and identity that will enable us to have a broader outlook of business. Creativity and innovation play a significant role in any competitive market; however, the module has equipped me with the best knowledge on creativity and innovation. Going by the assertion by Katz and Green (2007), Innovation is the best approach that ensures a continuous growth and development of systematic enterprises.
Another benefit of the module is that it has equipped me with risk management and intellectual skills. To me, identifying assumptions and proving logics has become a manageable task. Identifying, measuring, and managing of business risks such as financial risks has become an easy-to-do task for me too.
Furthermore, through the professional practical that we carried out in and outside the classroom, I have gained expertise in the related fields. More so, the teamwork that we were having as students added value to my communication skills and contribution capability. Therefore, just like many other students who have ever done this module, I have also developed a very high level of personal effectiveness.
Challenges of the Module
Even though the module is beneficial to the learners based on the knowledge that the learners get, it also has challenges that the learners have to face. From my point of view, the module is too broad. It involves many crucial and extensive concept such as globalization, enterprise development, sustainability, risk management, business policy among others. Typically, these concepts are broad and require a lot of commitment and soberness from the students. Personally, I had to sacrifice much time, including personal time and dedicate much of it to my studies. The impact of knowledge overload is a reality in this module as evident by many students shifting from this course to another...
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