The below process of solving problems has greatly built up my mind with ideas with few or no limits on breadth during “brainstorming”.
It has been a couple of weeks since I launched into “BLOGGING” as a Masters student of Innovation Management and Entrepreneurship at Kingston University. At one time, I didn’t know much about Design thinking and Innovation but understanding Design thinking as a process, coupled with several group exercises and assignments, have tuned me to the right Channel, setting me as not only a blogger but also as an Innovator and a great design thinker.
Some of the prototypes and sketches that we (as a team) have managed to come up with.
Today, in my numerous individual group discussions, I often bring the design thinking concept to the forefront aiming at the quality of results it can bring about, an aspect that has made me stand out.
With this design thinking framework as shown, lots of different ideas have always come up inform of prototypes, in which our group project emerged.
I have realized that today, I have so many ideas that I think I would have never discovered if it wasn’t for this course. For example, I learned how to “make it rain” and perhaps by the end of my course, I will have learned how to “make it snow”.
I must appreciate that working in groups is the masterpiece of well thought off unique ideas that can cause totally/ a new look/idea of any business or in any venture…………….what’s your assessment!??
2. Market penetration and prompt decision making for New International Ventures.
As far as international entrepreneurship is concerned, consideration of interdisciplinary areas based on international business and new venture start-ups is highly a key note. International road map of entrepreneual businesses attracts attention to any company’s decision to penetrate any international platforms, and majorly it considers small firms that are involved in cross-border business practices.
Cross-border business engagements in international start-up business is mainly concerned with the flow of goods and services and both macro and micro capital levels.
With International new ventures start-up/entrepreneurship, decision making is highly influenced by a number of key factors;
- Price- How much will your intended product cost on a given market. Will it be affordable? Is it appealing in front of the customers, Will it solve a given problem that perhaps, your intended customers have suffered for some time?
- Place or Location. It is always ideal to bling your services/product closer to the intended clients or in a relative reachable area of operation.
- Promotion; It’s a good practice for any business to throw promotions, incentives and after sale services to the clients as a way of attracting them to your product.
- Marketing program. Always have an appropriate marketing strategy for your service or product. Know the type of clients your targeting depending on the product or service offered.
- Product type. Different products attract different customers. Therefore, for any start-up venture business to realise good results, the entrepreneur should be in position to produce a certain product that will properly fit perhaps the standards, of good quality, acceptable in a given society, etc.
However, the above number of factors are predominantly determined by some environmental forces.
- Technological forces- basically concerned with the levels of technology involved. The better the technology the better the product.
- Regulatory forces. This is majorly concerned with the government policies. It should be noted that there are business ventures that entrepreneurs are allowed to engage themselves in. For example manufacturing and supply of fire arms. Therefore, whatever business entrepreneurs seek to venture into, should be compliant with the government rules and regulations.
- Social forces. Products should be socially acceptable in a given environment. For example, it is a bad ideas to set up a sausage packaging plant in an Islamic community.
- Competitive forces. Any entrepreneur should have a unique technique of how they intend to penetrate and out compete the existing firms that may be dealing in the same product.
- Economic forces. The current economic trends of in a given state where an entrepreneur intends to venture.
- It should be noted that it is very key to notably be aware of the economic situation of a particular state of interest.
- Therefore, we ascertain that decision making to venture into internationalization of businesses by firms needs a strategic approach as these businesses go beyond their domestic markets.
3. Innovation lessons focus.
With great concern, I have learnt that there is an urgent need for both individuals and public institutions to be ahead of the game in championing innovation and its processes and be fully aware of innovation technology and its potential towards economic development of any state.
Institutions must focus more on vocational training rather than simply preparing students for office jobs.
Over the last few years, it has become evident that without innovation/innovative entrepreneurs, states would be economically crippling and perhaps at the verge of being called “failed states”.
Otherwise in the next decade, understanding what innovation technology does, how to use it and where its limitations lie will prove critical for those running businesses, working in firms and providing public services.
As a result, government policy-makers at all levels would do well to appreciate its implications.
As one way of catching up with technological trends as well as globalization, the East African countries held a summit held in Kampala-Uganda http://www.asenti.org
The Summit aimed goals were to create a platform which enhances idea sharing and interaction amongst sectors in order for entrepreneurs to be a catalyst for innovation and economic growth in Africa and the world at large.
In conclusion, a point was reached that the future of any economy especially in Africa setting, lies on greatly on entrepreneurial and innovation mind-set.
It is therefore a great idea that Entrepreneurs or producers, of course empowered by their respective Governments, should spare some ample time with the potential clients and gain an understanding of what they exactly desire and their actual expectations to give a clear direction on perhaps motivation for new inventions and innovation that would probably be relevant in a particular Economy though some businesses often don’t see a clear link between innovation management and profitable growth.
Probably in such cases, it is often worth using appropriate case studies of similar companies or industrial sectors to help put ‘innovation’ into context.
We therefore ought to know that;
- Innovation drives the productivity and performance of business, and can help you grow and improve your business.
- Normally, Innovation calls for a flesh design thinking (re-design), improving or replacing business processes to increase efficiency and productivity which creates avenues for production of unique products.
- Consumers or Customers are so significant in determining levels of innovation in a particular Economy and therefore consulting and engaging them for great ideas especially on their testes and preferences is very fundamental especially an infant stage.
1. (https://www.youtube.com/watch?v=DN-hso_voeI, n.d.) 2.<http://www.docshare.com/doc/103365/Exploring-Corporate-Strategy-in-Marks-and-Spe> (n.d) [16 June 2011]
3. (http://www.asenti.org/, 2017)
4. Chetty, S., & Campbell, H.C. (2003). Paths to Internationalization among Small and Medium-sized Firms – A Global versus Regional Approach. European Journal of Marketing, 37, 796-820.