29th March 2023 Role of innovation and enterprise 1, the action or process of innovating. make changes in something established, especially by introducing new methods, ideas, or products. "the company's failure to diversify and innovate competitively" 2, 1, preparation such as research or reviewing current processes 2, incubation a period of reflection and working through ideas both consciously and subconsciously 3, illumination the light bulb moment when ideas become crystallised 4, implementation when the ideas or process are put into action Adding cameras to mobiles phones makes it more valuable to the customer and makes it get a USP (unique selling point) because it has cameras and its multi functions and can take photos and this can spread awareness Stand out from competitors Role of enterprise It must be creative Lateral thinking 2, by solving a problem using logic reasoning which is not immediately obvious "You're motivated by alternative methods of operation, and care less about 'doing things the right way' or having to follow certain procedures to get by. You're focused on adapting to changing circumstances, and having a multitude of options available to take you where you want to go." Pros Helps fill a gap in the market create a unique solution Cons Time consuming Can overcopcate solution/problem solving
1, Blue-sky thinking is the activity of trying to find completely new ideas. Some consultants are good at blue-sky thinking but cannot translate that into practical change. 2, Serendipity or the discovery of unexpected relevant value is a state of possible outcome when you have different view points of view looking at some information.