Question 3

Canada experiences declining rate of entrepreneurship and this have been a hard issue that

has not attracted better solutions. The recommendations from BDC to develop soft skills such

as grit, marketing and interpersonal communications are crucial factors but it presents

incomplete picture. There is need to develop diverse approach to address the matter and

provide lasting solutions.

Soft skills are important aspects that should be considered in this matter. For

instance, there is need to consider building resilience and adaptability. According to Pisano

(2019), innovative cultures work well in experimentation and calculated risk taking. In this

regards, soft skills such as grit and perseverance assist the entrepreneurs to navigate

inevitable setbacks and adapt key changes in the market. The strategy is crucial for current

changing landscape where resilience is important for the success of business. Communication

and collaboration are also important soft skills that should be looked into. According to Kim

and Mauborgne (2023), collaborations in non-disprupotive innovation are crucial in ensuring

creation of new markets without displacing the existing one. In this regards, soft skills such

as communication and building team work assist the entrepreneurs to develop strong

relationships with many stakeholders who enhance sharing of ideas and also efficient

resource allocation.

There is need to look that matter in a broad approach; for instance, it is important to

consider systemic barriers which have been found to exist (Pisano 2019). These barriers

hinder innovation involving access to capital, regulatory issues and risk cultural attitudes. By

concentrating only on soft skills could result to failure to address that key causes of

innovation deficit. Furthermore, it is important to enhance the culture of innovation.

According to Pisano (2019), candid innovation come from culture that inspire
experimentation and the one that tolerates future. As a result, it needs more than one skill,

hence it needs a systemic approach in mindset and values in all organizations and government

policies. By embracing disruptive and nondestructive innovation is a so crucial aspect for

sustainable growth (Kim and Mauborgne, 2023). Canada should consider a balance between

nurturing non-disruptive market creation and ensuing disruptive breakthroughs in sectors

such as clean technology, artificial intelligence and healthcare.

Even though innovative cultures embrace experimentation and tolerate calculated

risks, this could result to failure. They also hold high performances and do not tolerate

incompetence. Companies such as apple Fire Phone have been successful in their journeys

but they have also encountered issues but they learn to adapt from their mistakes (Pisano

2019). It is important to set high standards because only soft skills without demanding

excellence will not lead to breakthrough in innovations.

In conclusion, focusing on soft skills is a crucial step in addressing the current

Canada’s innovation crisis. However, the move is not a lone solution to address the matter.

There is need for comprehensive approach to address systemic barriers and develop a culture

of innovation. Canada can develop more improved knowledge of knowing their key

challenges and opportunities faced by innovators. The move will also ensure effective

solutions that strengthen people with adequate skills and address broader system.
 References

Kim, W. C., & Mauborgne, R. (2023). innovation Create new markets for growth

without. HARVARD BUSINESS REVIEW, 101(5-6), 72-81.

Pisano, G. P. (2019). The hard truth about innovative. Harvard Business Review, 97(1), 62-

71.