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Assessment 3
Project
Part 1 – Develop own capacity to lead innovative thinking and practice in an
organizational context
Part 1
Due to the need for innovation, there is now a demand for leaders who can inspire and influence
creative endeavors.
Modern businesses find it challenging to thrive in the competitive economy without innovative
leadership. The following traits should be shown by everyone in a company to promote creative
thinking.
1. Openness
Innovation leaders are open to investigating new ideas that team members have and are
responsive to them. This willingness to consider unconventional or even extreme ideas
makes a substantial contribution to the organization's highly inventive environment.
2. Emotional stability
An innovative leader is composed and in control of their emotions. Extreme mood swings from
euphoria to melancholy and back again are not conducive to an innovative workplace. An
innovative leader will take the necessary steps to keep the working climate steady since they are
ideally wired to be cheerful and upbeat.
3. Risk tolerance
Innovation and creativity go hand in hand. Additionally, creative freedom comes with a lot
of danger. A high level of risk tolerance and the remarkable ability to think through every
scenario allow an innovation leader to make calculated bets that frequently pay off.
4. Confidence
It is part of the work to continually explore the uncharted in industries that change quickly. It is
only normal to be afraid while entering uncharted territory. But in order to find fresh prospects,
it is required to investigate the uncharted. An innovative leader believes that even in the face of
unknown risks, the results are likely to be favorable and is confident in their capacity to succeed.

Part 2
As my score according to quiz is 26
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You lean toward a democratic or participative style of leadership. You tend to set the
parameters for the work and have the final say on decisions, but you actively involve
your team members in the process.

This style can build trust between me and my people, as they'll likely feel engaged and valued.
But it's not great in a high-pressure situation that requires a fast turnaround, as it will slow you
down. And, if I dislike disagreement or conflict, I might struggle with how people respond to
consultation. With this approach, I set goals, guide team discussions, and make the final
decision. But I also acknowledge that my people can have valuable insight into a problem or
process, so I actively consult them. As a result, you'll likely gain creative input and fresh ideas
that I wouldn't have come up with if I was working alone.
I might wonder how to manage differing opinions in the team, once I’ve invited participation in
this way. My goal is to build a culture in which people can have healthy debates with one
another. So:

• Set an example by being open and flexible yourself.

• Make mutual respect a priority, to ensure everyone's participation.

• Learn some Conflict Resolution skills.

Part 3

Because they enable you to design strategic and tactical strategies for professional and
personal advancement toward your goals, personal development skills are crucial. It might be
beneficial to build personal development skills so that you can use them and effortlessly
incorporate them into your regular activities.
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I would work on following areas to develop make improvements in order to lead my team
effectively:
• Better yourself
• Find fulfillment and satisfaction
Following activities will be carried out in order practice improvement:
• Achieve personal and career goals
• Advance in career
• Improve strengths and talents
Part 4
In the workplace and in other community groups, leadership is crucial. Business advantages from
leadership activities include improved performance and productivity.

Activity:
I invited each of my staff members into my office and gave them a challenging scenario to
consider. I tasked them with coming up with a fix for the issue.
I posed the following scenario to them: "What if you neglected to follow process and the firm
suffered a significant financial loss as a result? How would you rationalise your behaviour and
address the issue?
This leadership exercise exhibits logical reasoning, critical analysis, responsibility, and problem
resolution. I had assumed that everyone on my team would be adept at problem-solving, but
many of them weren't. As a result, I discovered that, while as a leader, I lack this skill, as an
individual, I do, I can't teach this to my team/employee.
Lesson Learned:
I had assumed that every member of my team would be adept at problem-solving, but many of
them weren't. As a result, I discovered that, while as an individual, I have this skill, as a leader, I
lack it since I couldn’t impart it to my team or employees.

Part 5
In order to review challenge and refine my own style and practice in relation to modelling
and supporting innovation we should adopted following way:

Establish A clear sense of direction:

It takes time to change minds in order to change civilizations. But like with any effort, having a
clear understanding of the destination speeds up the process.
The purpose of your company plays a role in organizing and guiding the creative energy of its
employees. What does your company's ongoing innovation strategy aim to accomplish? Is it
to boost on-time arrivals, speed up delivery, or add value to already existing goods and
services for the customer?
Everyone is able to focus on innovation where it can provide the most value when the
message is properly communicated. According to Peter Drucker, innovation entails
developing a new idea.an aspect of performance. A sense of mission simplifies performance
direction and aids in choosing which new ideas to prioritize.

We should use this activity for this:

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Open communication:
An environment of trust is created by management and employees having open lines of
communication. However, you can't rely on workers to initiate change if you want to create a
new, more trustworthy culture.
By regularly informing staff members, company leadership starts the process of open
communication. This covers both positive and terrible news.

Part 2 – Prepare to promote sustainable innovative activity in the organization

Part a
Given that sustainability has elevated businesses to a prominent position in the eyes
of stakeholders, sustainable innovation may help firms gain a competitive edge:
Following are five requirements to promote sustainable innovative activity:
1. Common Vision:
The foundation for the orientation towards innovation is a workable vision and a strategy that is
formed from it and established based on a shared understanding of the notion of innovation. To
connect with employees emotionally, the vision needs to be demanding and visually appealing.
The main emphasis should be on "why," not "what" or "how," as a compelling reason is the
most crucial evidence of a long-lasting innovation culture.
2. Risk appetite
Innovation and the so-called mistake culture go hand in hand. Taking calculated risks is
acceptable in organizations with a positive error culture. However, individuals in these cultures
also acknowledge that mistakes are inevitable when workers are expected to have the bravery
to pursue novel avenues. Managers should be careful to have a solution-oriented approach
toward themselves in this situation rather than penalizing errors.
3. Autonomy
To be able to create inventions, people must have freedom in their thoughts and behaviours.
Despite this, the human being as an individual aspires to "psychological security," thus it's
important to establish the boundaries of acceptable behaviour. Employees are typically
reluctant to act outside of their regular activities if these margins do not exist. Therefore, in
order to encourage independent and goal-oriented work, managers should include their staff
early in the goal-setting process. Regular feedback is crucial because only when employees are
aware of their progress can they take corrective action and learn from past mistakes..
4. Intrinsic motivation
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Employee intrinsic motivation, in particular when it comes to creative performance, is critical.

This is based on the idea that long-term, intrinsically driven workers devote more time and
cognitive resources to exploring novel concepts in innovation initiatives.
5. Communicative collaboration
It can be difficult to assemble innovation teams that are sufficiently different to employ
contrasts in a useful way, depending on the situation. An transdisciplinary exchange of
knowledge is also involved in this. Structures for communication can encourage innovation and
exchange in this situation. An environment that encourages networking and interaction can
already be created through workplace design or the communication methods employed.

Part b

This is the first phase of the process, and arguably the most important. Here, you’ll need to
determine from whom you’re collecting knowledge and what information you need to capture.
Start by asking yourself a few questions:
• Who are the “go-to” people in the organization?
• What do only they know how to do?
• If they left today, would anyone know how to do what they do?
• When they’re away, what tasks pile up because only they know how to do it?
• What does the team rely on them for?
Following your completion of these questions, you need to have generated a list of individuals
as well as the duties and activities you need to learn more about. It's time to effectively gather,
communicate, and store this knowledge.

2. Obtain the necessary knowledge:

Just remember to refuse the lengthy information dump. We're going to think outside the box
here rather than just doing a single interview to gather knowledge. Instead, you should
develop a system that will last over time for mapping out the information within your business
and then accurately filling in the knowledge that has been gathered.
For instance, you might begin to gather knowledge and arrange it by creating a matrix or
spreadsheet that deconstructs the information below:
The person from whom you are gathering information
The important jobs that this person handles and their priority level
The accessibility of this information (i.e., is it known by or accessible to anybody else inside the
organization?)
The degree of harm that others experience because they lack this knowledge
the tools required to spread the information to others
If using spreadsheets isn't your thing, there is already a wide range of technology available to
help gathering and sharing massive volumes of data. Once you've acquired and saved all the
data, it's important to select the distribution strategy that will best serve your company and your
objectives.
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3. Execute and share the knowledge transfer plan:

It's true that saying than doing. Yes, but this aspect will be easier than you think if you take a
step-by-step approach. This stage is all about communicating the proper information to the
proper audience in the proper manner. Several information transfer techniques are widely
acknowledged as excellent practices and are frequently used in conjunction with one another.

Encourage coworkers to create peer learning groups where they may exchange talents and
abilities
You must establish a transparent, trustworthy workplace culture that encourages group
learning if you want to foster knowledge sharing at work. Be patient; it will take some time
to do this.
Encourage your peers to create study groups so they may share and learn from one
another. You might, for instance, give rewards to those who teach their peers. This kind of
appreciation will highlight how crucial it is to share information.

4. Create wikis for knowledge sharing so that secret information may be recorded
If staff members can quickly access tacit knowledge, productivity may increase.
Although communicated among staff, this important information is not regarded as official
policies or procedures. If you provide a location or wiki where tacit information may be shared,
many teams will function more effectively.
By preserving this important knowledge, it will also be available for future workers to build upon.

Part c
Financial risk:
Market Risk
Market risk refers to the danger of shifting circumstances in the particular market where a
company competes for customers. One illustration of a market risk is customers' rising
propensity to purchase online. Traditional retail enterprises have faced substantial difficulties
because of this market risk factor. Companies who were able to make the required
adjustments to cater to an online purchasing public flourished and experienced significant
revenue growth, while those that were either sluggish to adapt or chose poorly in response
to the shifting market went out of business.
The risk of being outwitted by rivals is another aspect of market risk that is related to this
illustration. The most financially successful businesses are best at standing out from the
competition and developing a strong brand identity in a global market that is becoming more
competitive and frequently has shrinking profit margins.

Legal Risk:

• Regulatory risks
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Regulatory risks are those that result from the dynamic behavior of laws and
regulations and have a substantial impact on a firm or market. For instance, the
income-tax authorities or other relevant authorities may levy fines for any adjustments
made to the company's tax compliance.

Operational/WHS Risk:

Risk management is a key element of WHS. It involves a simple iterative process of consulting
relevant stakeholders to:

• Recognize dangers and hazards (sources of possible damage) (and compliance

obligations)
• Assess risk
• Understand risks (i.e. what harm could occur, how, why, where, when and who
may be impacted)
• Identify and understand the effectiveness of existing controls (measures to
manage the risk)
• Rate risk Priorities based on the combination of potential consequence and the
likelihood of the event and related consequence occurring.
• Minimize risk utilizing the hierarchy of controls, identify and choose further steps to
reduce residual risks to a level as low as is practically possible.
• Monitor and review the effectiveness of controls.

Each region should interact with additional pertinent stakeholders and business divisions
where there are overlapping duties to make sure there are no gaps.

• References:
https://yscouts.com/10-innovation-leadership-characteristics/
https://www.mindtools.com/pages/article/leadership-style-quiz.htm#:~:text .
https://innovationmanagement.se/2005/06/09/7-strategies-for-sustained-
innovation/