Firm’s Success as an Innovator

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Firm’s Success as an Innovator

Slide 1:

The innovativeness of the firm is often interpreted to be an aspect driven towards scaling up business growth. Growth in this context translates into the performance of the firms based on profit realization, resource usage and ability to respond to the competitive environment in the free market (Heunks, 1998). Accordingly, innovative firms, in the long run, are able to establish a wider market which is portrayed as the growth of the firm.

Slide 2:

The success of the business is based on its ability to perform positively in response to the resources used and the goals of the firm. For businesses to be successful, it is crucial to exploit new ideas into the firm which can change the operations, structure or market share of the firm (Infoentrepreneurs, 2009). New ideas in this context are perceived to produce new products and services and seeking to increase business efficiency.

Slide 3:

A firm as an innovator is bound to seek ways to survive in the market where stiff competition in the free market exists. Innovativeness or exploitation of new ideas in the firm allows the firm to strategically position itself in the market while effectively responding to the competitive pressure from the market (Distanont, 2018). In the long run, firms competitive advantage is established, which has myriad implication to success and resilience to the pressure from the market.

Slide 4:

Innovation, at its core, is applied by firms to not only boost the growth of the business but also as a tool to foster resilience from the competitive pressures of the market. Many firms operate in a free market where forces of demand and supply are based on influence by aspects such as competition. A firm as an innovator is expected to use new ideas that can allow them to be competitive enough to survive and thrive in the free competitive market.

Slide 5:

Firm physical characteristics are those features of the firm that are closely related to resources and organizational objectives. Ideally, they are the features describing the firm from a generalized point of view. These physical characteristics include size, age, sales, and asset growth and turnover, location and ownership CITATION Inf09 l 1033 (Infoentrepreneurs, 2009). These features interact to influence the firm’s ability to integrate innovation as a way to boost the growth of the firm.

Slide 6:

The size of the firm often has no apparent connection to the firm’s ability to be a successful innovator. However, the correlation between firm size and innovations based on the need of the firm to adopt innovation as a strategy to boost the growth of the firm in terms of its size (Mazzarol, 2010). Innovation on the broader context allows the firm to expand its operations which translates to growth. Firms ability to use innovation is profoundly defined by its future goals which must be achieved by strategically planning for a way forward.

Slide 7:

Age of the firm is deemed as the growth period of the firm. Age of the firm does not influence how successful the firm will be as an innovator instead defines what should be done by the manager to boost the growth of the firm at that specific period (Mazzarol, 2010). Firms goals, on the other hand, ultimately determine whether the firm needs to integrate innovation at any period of growth of the firm.

Slide 8:

Innovation in the firms translates to the adoption of new ideas to introduce new business models, products and services and organization objectives. Project managers must use innovation management techniques to help consolidate all resources within the firm to enhance innovation CITATION Inf09 l 1033 (Infoentrepreneurs, 2009). Innovation management allows managers to pull cooperation from the firm while jointly making all understand the goals and the processes of the firm.

Slide 9:

Innovation is conceptualized as an aspect composed of creative ideas which are bound to be executed by the firm. Creativity is synonymously used with change but on a closer look, these two terms have variation based on execution (Heunks, 1998).

Slide 10:

For a firm to be a successful innovator, certain aspects must be in play. The interplay between these factors allows firms to be distinguished from being creative to being innovative. These aspects include optimism, proactivity, persistence, consistency, risk-taker and cautiousness to the prevailing threats in the economy (Chamorro-Premuzic, 2013).

References

BIBLIOGRAPHY l 1033 Chamorro-Premuzic, T. (2013). The Five Characteristics of Successful Innovators. Harvard Business Review.

Distanont, A. &. (2018). The role of innovation in creating a competitive advantage. Kasetsart Journal of Social Sciences.

Heunks, F. J. (1998). Innovation, creativity and success. Small Business Economics, 10(3). 263-272.

Infoentrepreneurs. (2009). Use innovation to grow your business. Retrieved from infoentrepreneurs.org: https://www.infoentrepreneurs.org/en/guides/use-innovation-to-grow-your-business/

Mazzarol, T. R. (2010). The influence of size, age and growth on innovation management in small firms. . International Journal of Technology Management (IJTM), 52(1/2), 98-117.