Business, Innovation, and Management

Business, Innovation, and Management

I learned several lessons from this class; the most important was the start and growth of businesses. Starting and growing a business are two different things, as illustrated in the case study of Burt’s Bees Company. The business idea was attained by accident, an aspect that makes me wonder how all other companies began and grew to the advanced states they are now such as Coca-Cola, Apple, Microsoft, and Walmart, among others. The success of most of the renowned innovators and entrepreneurs, such as Steve Jobs, has a story behind their success. Numerous entrepreneurs and their capabilities greatly inspired me. The essence of growing a business begins with realizations of an idea following by the implementation of the idea.

A significant aspect I understood from this course is the implications of strategy in the maintenance of businesses.  Examples of case studies provided in the lesson, such as the Burts bees, were rather inspirational; his ideas were derived from an event in his daily routine that turned his life around. I learned that the basis of innovations in both observations and analysis of the preferences of the consumers. I also learned that management and leadership are the basis of any organizational growth and development. This, therefore, means that if I chose to establish a business, I would have to considerer several elements to increase the chances of success.

How can you use what you have learned? 

I can apply what I have learned to begin my own business and grow it over time. The elements I need to take into consideration, in this case, are the in-depth understanding of the market, the competitions, and the entrepreneur. There are thousands of companies in different stages of development across the globe; I believe I also have an opportunity to apply what I have learned in this course to grow a business and turn it into a substantial company. Trade fairs and expos can be a significant way for me to understand the types of products in the market, the interactions with other entrepreneurs, consumers as well as innovators will give me a better insight into the aspects of the business I need to consider.

Starting a business requires experience in leadership, management as well as coordination of efforts to meet the objectives. In this respect, I believe I can use what I have learned to get experience from an established organization. This experience will then be used as a basis for the establishment and growth of my own business.  The diverse perspective in both entrepreneurship and innovations, in general, can be very instrumental in the management of my businesses.

Several questions came up during this class. One of which is the reason that makes some businesses stand out among others. Apple, for instance, managed to beat its competitors through innovation and reliable business strategies. The other questions the implications of innovations to business strategies. The question that was left unanswered, however, is the strategies that enable a growing business to retain the rate of growth. This is based on the intense competitions in numerous industries and the rates of companies that collapse mostly due to either competition or management issues.

There are several tools that I have gained from this course, these are;

• Research: Research is significant in determining all the aspects of a business ranging from consumer preferences to competition and diversifications of products.
• Focus is yet another tool as it determines the success of the business. The running of a business requires vigilance as threats may arise from within and without the organization. This entails internal conflicts, the underperformance of employees, competitions as well as government policies.
• Communication is an essential tool in the management and coordination of all the departments in an organization.
• Innovation is essential in maintaining a competitive advantaged against the competition. Businesses need to come up with diverse products every once in a while to keep the consumers fixed at their brands.
• Managerial skills were exhibited by leaders such as Steve jobs; this makes it a significant skill.
• The organization and coordination concept is necessary for the coordination of all efforts and resources in a business.
• Creative and leadership concepts are also the basis for innovation and organizational expansion. The primary goals of most businesses are an expansion to newer markets to increase their market shares, which will subsequently increase their sales and revenue.
• Risk-taking is also the basis of business, particularly in light of the stiff competition.
• Brainstorming helps shift ideas around that may be adopted after further analysis. Some of these ideas may, at times, become the basis of innovation.
• Project management entails the implementation of a project idea into actionable business. The management process focuses on the coordination of resources, such as human resource, funds as well as basic ideas.

The professor was instrumental in the understanding of business, innovation, management, and motivation. He also played a significant role in imparting knowledge and skills related to organizational development, entrepreneurship as well as leadership and management.  His lessons were designed to impart practical knowledge and skills that were relevant in starting and running a business. His input was also significant in providing insight into several successful businesses across the globe, an aspect that was both inspiring and educative. Several meaningful lessons also had a direct impact on my dreams as an entrepreneur, such as managerial skills, risk-taking as well as innovation, and competition. The professor was also meticulous in the presentation of his ideas to the learners. He was motivational and inspiring, especially his use of examples and illustrations that related to the course material. The professor also played a significant mentoring role as he offered diverse perspectives into businesses, organization leadership, strategies, and competencies.

This course has been very instrumental in shaping the learner’s skills towards business innovations. In this case, several strategies can be included to improve the lesson effectiveness to the learners. The inclusion of guest speakers from different successful organizations can also be incorporated into the course material. The learners need to relate their teaching to the relevant real-life figures who will offer them both the perspective and inspiration they require. It is also a significant strategy to diversify the teachings and improve the capabilities of the leaner’s understanding.  The lecturer could incorporate visits to different organizations to further the learning experience of the learners.  This will offer the learners an opportunity to fully understand the operations of the business as well as the departments involved and the collaborative efforts that take to run businesses.