Programme Name: BCS

Course Code: MGMT 1501

Course Name: Innovation Management
Internal Examination
Date of Submission: 31/08/2021

Submitted By: Submitted To:

Student Name: Manjil Karmacharya Faculty Name: Khusal Regmi
IUKL ID: 041901900018 Department: PO
Semester: 5th
Intake: March
1. Answer:
The main Factors of General Entrepreneurship are:
 Creativity: It is the ability to extract information from a wide range of sources
and apply that information in new and innovative ways to create value or solve
problems. Creative Entrepreneur can effectively manage in times of change
because they are open to input from internal and external sources, and can use
these inputs to help develop new routes for themselves, their employees, and their
organizations.
 Self-Discipline: Entrepreneurs must have a high degree of self-discipline. Unlike
a typical work environment, no boss is leaning on your shoulders, and no one
forces you to get up in the morning and go to work. As an entrepreneur, even if
the weather is sunny or there is a ball game on TV, you need to observe discipline
to work. The average entrepreneur must have self-discipline.
 Ability to Take Risk and Decision: Risk is an inherent factor in starting a
business. Entrepreneurs must be able to "operate effectively in a risky
environment." This requires sound decision-making capabilities, even in the face
of failure, and sufficient flexibility to change methods when things are not going
as planned. Therefore, the general entrepreneur of must be able to manage risks
and must be able to make decisions at any time.
 Innovative: A general entrepreneurs must be more innovative and must be able
to come up with various ideas necessary for the operation of the company. You
should be able to find different ways to improve various things in the
organization. Can not only generate new ideas, but also develop and improve
them with the development of the business, this is the basic characteristic of a
good entrepreneur. These people are constantly reviewing their products, services,
and business models to find ways to improve
 Motivational and Leadership skill quality: An entrepreneur must possess
motivation and leadership skill in order to run company in an effective way. All
companies experience ups and downs, and an entrepreneur must have the ability
to motivate his employees to work together toward their goals, which requires
earning their trust and respect. Entrepreneurs must also have excellent
communication skills as they will work with a variety of types of personalities in
dealing with employees, clients and investors.

2. Answer:
The Five Adopter categories or Segments are as follows:
  Innovators (2.5%) – Innovators are the first individuals to adopt an innovation.
Innovators are willing to take risks, youngest in age, have the highest social class,
have great financial lucidity, very social and have closest contact to scientific
sources and interaction with other innovators. Risk tolerance has them adopting
technologies which may ultimately fail. Financial resources help absorb these
failures.
 Early Adopters (13.5%) – This is the second fastest category of individuals who
adopt an innovation. These individuals have the highest degree of opinion
leadership among the other adopter categories. Early adopters are typically
younger in age, have a higher social status, have more financial lucidity,
advanced education, and are more socially forward than late adopters. More
discrete in adoption choices than innovators. Realize judicious choice of adoption
will help them maintain central communication position
 Early Majority (34%) – Individuals in this category adopt an innovation after a
varying degree of time. This time of adoption is significantly longer than the
innovators and early adopters. Early Majority tend to be slower in the adoption
process, have above average social status, contact with early adopters, and seldom
hold positions of opinion leadership in a system
 Late Majority (34%) – Individuals in this category will adopt an innovation after
the average member of the society. These individuals approach an innovation with
a high degree of skepticism and after the majority of society has adopted the
innovation. Late Majority are typically skeptical about an innovation, have below
average social status, very little financial lucidity, in contact with others in late
majority and early majority, very little opinion leadership.
 Laggards (16%) – Individuals in this category are the last to adopt an innovation.
Unlike some of the previous categories, individuals in this category show little to
no opinion leadership. These individuals typically have an aversion to change-
agents and tend to be advanced in age. Laggards typically tend to be focused on
“traditions”, likely to have lowest social status, lowest financial fluidity, be oldest
of all other adopters, in contact with only family and close friends, very little to
no opinion leadership.

3. Answer:
Some points why company should be innovative are as follows:
 Creative Development – Qualities of innovative nature are essential for new
businesses today. You can achieve growth by learning how to be creative. You
need to learn this business skill to help make things of value from your
creativeness. When you have this business skill you will find that it opens up all
kinds of opportunities and gives you the potential for a new market and helps
you to keep up with the current trends.
  Continuous Improvement – Innovation gives organizational sustainability when
you are making continual improvements and repackaging and re-branding. Any
good manager will recognize the need to innovate and grows the business skills to
increase their creativity.

 Reinforce Your Brand – Development branding is popular in organizational

leadership. This process reveals information to help leaders to learn other ways to
be more innovative. It is important because it is recognized as one of the main
drivers for success. It gives organizational sustainability such as brand
maintenance.

 Making the Most of What You Have Already – It is not all about creating a
new product or service which you can sell, but you also need to focus on your
existing business procedures to improve your efficiency, find some new
customers, increase your profits and cut down on the amount of your waste.
When you are continually innovating and improving on the practices of your
business you will likely also attract better staff and keep more of your existing
staff. This is detrimental to the health and performance of your business in the
long-term.

 Responding to Competition and Trends – Innovation can help you to see what
exists now in opportunities or which ones will likely pop up in the near future.
Businesses which are successful don’t only respond to the current needs of their
customers, but usually predict the future trends and come up with an idea,
service or product that can meet the future demand quickly and effectively. In
this way you can stay ahead of your competition as trends, technology or markets
shift.

 Having a Unique Selling Point – Generally, consumers will see innovation as

something which adds value to products or a company. When this is used the
right way, it can give you an advantage commercially, especially in a market that
is saturated or shifting rapidly. It can get your more positive exposure in the
media and your customers will be more willing to pay the extra money for
something that is well-designed and new, rather than picking the less exciting and
cheaper rival.

Some points why company should not be innovative are as follows:

 Lack of a unique, valuable customer insight -Brainstorming doesn’t

drive innovation. Ideas don’t lead to innovation success. Innovation success
is
determined by customers voting with their feet and their wallets, and the only way
 that you get them to move either is by developing a new solution to a problem that
delivers more value than every existing alternative. Innovation comes from
connecting with customers in meaningful ways, and this requires that you develop
a unique, valuable customer insight before you even begin generating ideas
(possibly even co-creating with customers). Opening up and providing access to
ethnographic research, behavioral data, and other sources of inspiration is a good
place to start.

 Lack of commitment to innovation - If your organization isn’t committed to

innovation for the long-term, don’t bother. Innovation isn’t free, it doesn’t
happen overnight, and many ideas may become interesting inventions, but don’t
end up being valuable innovations in the marketplace. Plus, employees can see
right through executive teams that aren’t truly committed to innovation.

 No common language of innovation -The term “innovation” means different

things to different people. Ask 100 people, you’ll get 100 different definitions. So,
after getting commitment to innovation, define what innovation means for the
organization, and as I speak about in my five-star book Stoking Your Innovation
Bonfire, you must also create an innovation vision, strategy, and goals that ideally
are formed with the organization’s vision, strategy, and goals in mind.

 Lack of trust in the organization - Trust is fundamental to the success of any

formal approach to innovation. If trust is currently broken in your organization,
you must begin repairing that first. Then, and only then, can you start soliciting
innovation ideas from your employees. In order to maintain trust (which is very
fragile), you must also have all of the pieces in place to show people that ideas
are being seriously considered and that that there is a process for choosing,
funding, and developing them.

 Don’t know how to innovate (or don’t know where to start) - Stoking Your
Innovation Bonfire was designed to help organizations identify and remove
barriers to innovation, but it also serves as a great innovation primer. Download it
onto your Kindle, get it at your library, or get a hardcover from your favorite
book seller. In addition, there are over 7,000 articles here on Innovation
Excellence from over 400 contributing authors that can help you understand
where to begin, and our directory of consultants provides some individuals and
companies that can help. Finally, if you are a new innovation leader you should
join our Linkedin group and reach out to some of your innovation management
peers and ask them how they got started.