question archive Business innovation is a different way of approaching a new idea or direction that leads to change
Business innovation is a different way of approaching a new idea or direction that leads to change
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Business innovation is a different way of approaching a new idea or direction that leads to change. Business model innovation creates a new market or disrupts the competitive advantage of key competitors (Euchner & Ganguly, 2013). One reason companies resist change is because of the unknown. Those factors weigh heavily on decisions being made that can effect the organization's potential for growth. The five step approach in the article clearly states that your main focus should be on what you can offer the customer that they are not getting from competitors. In order to achieve this, the company must have a strong business model. A strong business model will capture a significant portion of that value and do so in a way that is difficult for others to replicate (Euchner & Ganguly, 2013). After the business model has been started, there need to to be meeting to discuss the risks that can possibly occur. According to (Daft, 2013), the company needs to have the major elements of strategic planning to offer the least amount of resistance to the change. The major elements are the development of the plan, the translation of the plan, the operations of the plan, the execution of the plan, and the monitoring of the plan (Daft, 2013).
The four functions of planning, organizing, leading, and controlling are critical to the success of the organization, therefore your leader must be clear and precise on the mission and be specific when it comes to how things will proceed from the onset. The leader must have excellent communication skills and be a good listener. They need to be able to inspire and motivate their employees by being an example that one can emulate. Any leader must inspect what they expect, controlling the company's overall growth is a necessity to make adjustments if needed or to continue with the plan as expected. There are many ways that leaders can incorporate change and resist the fear of the unknown. By continuing to express the company's values and goals as it relates to the employees they feel as if they will still be able to identify with the company that they have grown to love and care for. In overcoming resistance to change and building support for change, leaders need to communicate an appealing vision of continuity (Venus, M. et al. 2018). If we can follow these guidelines any business model can be successful.
