If you want to be successful, double the rate of failure. That was said by Thomas Watson IBM CEO. You do not fail; you just learn a new method that cannot work that was said by Thomas Watson. Success can only be gauged by the ability to recover from one failure with no loss of enthusiasm that was said by Sir Winston Churchill.

A project is an activity that has been started to create a unique product, service or result (Cooper et.al 2001, 56). A project can follow the following process- continuous, repeating, modified, ground breaking in that order. As it moves from continuous to ground breaking, it increases in risk, complexity and uncertainty.

There are two approaches to corporate strategy that were developed by different people. The first strategy is the rationalist strategy that was developed by Igor Ansoff and Incrementalist strategy that was developed by Henry Mintzberg (Goffin 2010, 67). The rationalist strategy involves analyzing the environment, determining what the best thing to do and then taking the preferred action. It emphasizes on efficiency and is a long term process, this is limited because experts may have difficulties in evaluating their position due to the ever changing external environment and an imperfect knowledge in case it is a big organization. On the other hand, incrementalist strategy involves taking the step themselves, evaluating them and then making necessary adjustments to fit the desired change.

These methods are used to evaluate different projects at different levels. They also express the values of a probable loss in figures in case a started project is left in the middle before completion.

A portfolio approach to resource allocation is one of the best models since it will outline the process step by step criteria and the objectives are modified step by step, before the actual plans begin (Tidd and Bessant 2013, 56) so as to reduce the uncertainties that revolve around the project.

Reflective Data

From the introduction, the topic captured me when it is said that I should not be afraid to fail. The interesting thing is that these words are coming from remarkable people in the society. People who helped shape America in different fields. They excelled in the fields which they were.

The different methods of evaluating a project are helpful since they are applicable in all aspects both in life and business. The fact that they have been in existence for a long period, it means they can be used and appliedto different subjects.

Decisional Data

I will not be afraid to try. The main reason I’m always afraid of trying new things is because of fear of failure. Failure has always come to me as a disappointment taking it as a discouragement to do new things. From what I read, I will not be afraid to fail as failure is the perfect path to success.

I will be evaluating my decisions before settling on any decision using the method that was learnt. It is better to first evaluate my options before making any decisions by considering possible results. Evaluate my possible outcomes by factoring in all possible consequences

Developing innovation strategy 2: Corporate Venturing

Company venture involves involvement of the company in acquiring of other smaller and more innovative company (Chesbrough 2013, 31-49), it may also involve sponsoring the idea research internally.

Why CV has lacked strong evidence for its support; it is a strong variation in the methods that have been used to conduct the research (Dushnitsky 2006,753–772). No single methodology and individual researchers focus on different parts of the CV this makes the research incomparable with other researches that have been conducted all over the world.

Rushing to test the hypothesis is the other limitation towards establishing a positive impact (Miles 2002, 21–40). Many people have rushed to do the hypothesis testing without enough background information about the CV; this has led to variation between the theoretical and the practical results rendering the study too weak.

There is also a lack of uniformity of the preceding data collected and hence the researchers have to start afresh when doing their research, this becomes cumbersome having to do various tests that are inconsistent with previous studies (Narayanan 2009 58–76). Corporate venture in terms of product helps increase flexibility. A company might be fully established and hence rigid in making its decisions. This said the company might need to venture into a lucrative industry, but it cannot do this with its traditional system and hence the company will adopt new place where it can carry on its activities.

The CV will help the company remain relevant to the competition (Chesbrough 2002, 803–837). Since the market is characterized by instability and change, firms will gain an added advantage by remaining relevant to the market and destroying their own competitors.

There are also several challenges that will inhibit corporate venture (Chakravorti 2010, 145). Lack of a definite scale is one of the major challenges. There is no scale that measures the extent of success of the corporate venture in all organizations.

Corporate venture reflective data

From the analysis given above, diversification is the most important tool for development. One should make sure that he or she diversifies in the activities carried out so that to ensure there are no disappointments in case one of the plans fail. It is interesting to note how the company will magnify its chances of continued existence by having sources of ideas.

Diversification on what to venture is important so as to ensure the relevance in the market is maintained. This topic is applicable to day to day activities of the firm as companies struggle to be and stay on top.

Decisive data

This topic was –an eye opener on the project undertaking. It is clear that I should take up various projects rather than focusing on one project. Undertaking various projects can help me diversify and minimize the risk of disappointments.

From this topic, I also learnt that I should add more people in my circle of friends who will add value to my life. For one’s life to be worthwhile, he or she should choose friends to associate with. I should have relevant friends who bring in new ideas to me for the betterment. If I have value adding friends, it will go a long way to ensuring that I do not get discouraged by problems. If faced with challenges, I should have people to consult. The people I consult should be expertise in their fields so as to ensure I have greater and wider knowledge of my own self. If I create links, and have important people in my life, then it translates that I will have a smoother life as I will have people to consult in times of need.

 

 

Blue Ocean Strategy

The Blue ocean strategy is a practice that is widely used by different companies which state that companies should not try to compete (Klepper 2002, 645). It equates the competition as the red ocean and states that the company should move away from the competition to the blue oceans. This is to mean that companies should take up new unexplored opportunities rather than joining the already competitive market. It equates the red ocean with an ocean full of sharks that are all competing for some little food while the blue ocean is a cool place where there are no disturbances (Allen

2003, 65). This theory was different from the previous five finger theory which was based on the idea of competition and encouraged different companies to join the market. The five fingers theory suggested that the company should develop a better way to outshine its competitors to ensure its survival amidst the strong competition.

The blue ocean strategy states that a company should not aim at beating competition, but rather it should term the competition as irrelevant by creating and capturing new markets where there is no competition. The blue ocean theory also suggests that one should align company activities in order to pursue differentiation and low cost.

For this process to be successful the company should identify various factors that will include; elimination of factors that a company takes for granting, reduce irrelevant activities, upgrade some of the activities and finally and most importantly determine the factors that the industry should create as they have not been offered (Hofstede 1997, 58). However, the theory also has some weaknesses; first it just explains what is happening rather than give a remedy. The theory would have been more important if it explained the steps to take beyond creating a blue ocean to ensure that the competition does not follow you there. Also, it fails to recognize that the non-competitive market will not remain forever and hence the Blue Ocean cannot remain forever. The theory is also considered weak since it is just a differentiation strategy, but it does not offer any new services or opportunities for the company.

 

Reflective

The topic seemed interesting; this is because it explained a new phenomenon to me. It explained something I have never thought; that I should not compete with people, but rather I should learn to set my own standards. I always thought of being better by outshining the people who have already made it and those who are ahead of me. Instead of following the norm, one should think of new ways of making it. If one sees him or herself as a special person who is not bound to a single way of success, it becomes easier to live this life happily. This topic also helps one understand that, in life, there will always be competitors who will be struggling to compete with someone. Instead of trying to outshine them, one should ignore them and do something that is different from what they are doing. By doing this, it will help one stay focused on his or her goals without disappointments in case of failures.

Decision data

Since from the article, I have learnt that to be successful I must set my own standard, which is what I aim at doing. I will redefine the standards of what a successful person, instead of going through the normal system, it is good to set the standards myself. This will be a great step because it will provide me with a better way to be gauged as the existing ranks do not give the best models. By gauging myself with others, I might end up making the wrong conclusion that I am a failure of which is not true.

I should move away from those who are trying to outshine me. I should believe in myself by believing that I was the best. If I’m surrounded by people who are always in competition with me, I should move away from them to a position where I feel comfortable without trying to outshine them or anybody else.

Patents

After a company has invented a new product, it will most probably hit the market (Coles 2003, 55). To prevent other users from copying the product, firms always apply for a patent so as to prevent other users from making the same product which will be copied.

An individual can benefit from a patent in various ways, either by producing a product, selling the patent or licensing another company for a percentage of sales (Brouwer 1999, 615). Patents promote innovation of new products with the innovators, not having necessarily to worry about being copied. The potential in financial returns add incentive to the traditional rewards which were mostly limited to recognized by the research institutions. The patents are enforceable by law so as to encourage the private sector to be more innovative on how they carry out their activities (Holgersson 2013, 56). Money will stimulate economic growth as companies that hold patents will attract overseas companies into investing in their companies. This will act to increase foreign exchange to the country. Patents will be important in the biotechnology industry as some secrets will be the stronghold of the industry and the fact that delays between discovery and execution are sometimes long and hence another company might come in between and execute the discovery before the innovating company does it.

In the textile industry, the company will aim at patenting its design, since it is expensive to register a design, companies always apply for a patent although that defines copying will always differ in different countries.

Patenting in digital technology is tricky because of the dynamic and ever changing market (Keeble 1997, 281). Most of the companies will use marketing niche, pricing and users trust to make sure they benefit from the innovation, but some companies also tend to apply for legal protection. For the legal protection to be effective, it must be backed up by a marketing strategy.

Reflective Data

Many people are afraid to bring out their ideas since they think that the ideas are too young and that they might be taken by those already established. Patenting can be useful in making sure that each person is remunerated fairly for the invention that he or she does. This motivated me to be more creative by establishing that I would gain a lot if I came up with an invention. If the idea becomes viable, I will only apply for a patent and then start enjoying the benefits of my creativity.

Decision data

This idea of patents encouraged me to be more innovative by assuring me that any business ideas that I come up with will be protected, and I will not risk losing it to copy cats that might be there to haunt the new ideas.

If I get a viable idea, I will use it to venture into new markets and make sure that I gain benefits from my creativity by applying for a patent. A patent can be used in various ways to ensure that I will gain some monetary value for my innovation.

Innovation in Services

The service industry is a bit distinct from the manufacturing industry in that it offers intangible products and hence innovation in this sector cannot be the same as the innovation in the manufacturing sector (Tether 2005 153). Production and consumption take place at the same time and hence it becomes harder users to evaluate the level of innovation. Qualities customers look for, first is the search qualities which include all attributes that the user can tell before the purchase (Zeithaml 1990). The second is experience qualities that a consumer will establish only after purchase. The last quality is credence quality which is the qualities that will be hard to evaluate even after consumption.

There are several dimensions that will define the level of quality of service (Moore 236). The first dimension is the ability to perform a given task accurately and exactly as promised. This will increase the customer confidence in the product. The service provider should also be willing to provide services as demand comes in. The employee should be flexible to factor in the fluctuations in demand of the product and hence be ready to adjust according to the demands.

The service provider should create confidence between him or herself with the customer (Robinson 2002, 120). The service provider is like an employee on the one receiving the service and hence he, or she should assure the customers that they are getting a service that is worth paying for. If they lack this confidence, they might not come back again. This assurance of high quality is created with time as the customers become more regular.

If the attention given to the customers is specific, the service will be termed to be of high quality (Hofstede 1997, 65). This is because different conditions will call for different actions and hence if attention is focused on individual cases, there will be a higher level of satisfaction.

Since the services are hard to evaluate, customers will be reluctant to try and evaluate it for fear of sub-standard quality services and hence they will focus more on trying tangible items and later try the intangible goods.

The intangible products are often easy to develop and modify, they are also flexible according to a particular case and hence they can be personalized. There is, however, a problem in patenting the services since the mode of delivery can be adjusted to look like it is a new project all the same but will use the same idea.

There are steps that should be taken to ensure there is greater involvement of customers in order to help in innovation, first the employee have to be close with the client that is essential to the relationship so as to ensure the information is timely and there is a connection to ensure only relevant information is exchanged (Axelrod 1984, 150). The new services innovated cannot be tested anywhere else but they will only be tested using the customers themselves and they will gage the level of satisfaction.

Reflectivity data

This helps understand the existing difference in both the manufacturing and service provision industry. It has established a service industry as a tricky industry to gauge on the level of innovation applicable. The main challenge for determining the level of innovation is the fact that there are no tangible commodities that exist in the market.

Decision data

This topic helped me grasp an idea about service department. It sometimes becomes hard to appreciate the level of innovation in this industry as the innovations cannot be quantified. I also learnt that one should think of other means of protecting his or her idea in the service industry since it is hard to protect one’s idea with a patent. This is mainly because services can be altered on the mode they are offered.

Location and innovation

A research conducted to establish a relationship between different firms in their location an innovation showed that manufacturing firms in all locations topped the list (Jankowski 2001, 323). It topped on the level of innovation that the industry has. Eastern, South West and East Midlands had the highest level of innovations in this category of manufacturing firms. Scotland, North East and wales were found to have the lowest level of innovations in the manufacturing sector (Nijssen 2006, 241). It was noted that firms with greater diversity of international partners are more innovative and will introduce more innovations into the market.

Reflectivity data

While location may have a slight influence on the level of innovation, it is evident that it is not the sole reason for determining the level of innovation. Some sectors of the economy will be more innovative than others while others will not, but still at the same location, it is all about creativity and not concentrating on particular locations.

Decision data

This helped me figure out that innovations are not limited to certain people of a certain geographical people but rather, one should aim at being creative no matter where I stand. If I come up with an idea, a credit will get to me regardless of where I will be.

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