SOLVED MGT602 GDB 1 Solution and Discussion
Total Marks 5
Starting Date Wednesday, June 03, 2020
Closing Date Monday, June 08, 2020
Question Title Entrepreneurial Innovation
SEMESTER SPRING 2020
Graded Discussion Board
Due Date: June 08, 2020
Topic: Reluctance in entrepreneurial innovation
To explain the critical role of innovation in the context of international entrepreneurship. To explain the reluctance factors in entrepreneurial innovation.
Students will learn the reasons for entrepreneurs for being hesitant towards innovation. The students will be able to enlist and critically analyze the role of internal and external factors to stop innovation.
By going global, an entrepreneur generates greater opportunities of wealth making and employment generation to benefit individuals across the borders. In the meanwhile, international entrepreneurship demands innovative business solutions to face hyper competition. This notion confirms the buzz “Innovate or Die” for the entire entrepreneur community across the globe. International entrepreneurs must list down the sources of change and innovation and then purposefully apply the principles of successful innovation to avoid starvation on the canvas of disruption and innovation. Entrepreneurs attached to manufacturing SMEs in Pakistan struggle to take innovation based initiatives. During manufacturing of goods for international brands these SMEs can be observed obeying multiple quality standards to comply multinationals’ requirements only, but with no real innovation. The reluctance towards innovation is either caused by internal (Organization and personal) or external (Environmental) factors.
Point of discussion:
Provide argument to clarify either the reluctance towards innovation is stressed by internal or external factors. (5 Marks)
(Write at least four points to support your argument)
Keep your discussion with the mentioned scenario and irrelevant answers and material will not be graded. Be careful from those blogs who are promoting cheating culture among our students and killing their creativity and critical thinking. Answers copied from such blogs will be straightaway marked as zero. Similarly any relevant or irrelevant material copied from internet sources will get the same treatment. It can seriously damage your grades.
For acquiring the relevant knowledge, do not rely only on handouts but also watch the course video lectures and read additional material available online or in any other mode.
Your discussion must be based on logical facts. The GDB will open and close on above specified date and time. Please note that no grace day or extra time will be given for posting comments on GDB. Use the font style “Times New Roman” and font size “12”. Your answer should be relevant to the topic i.e. clear and concise. Do not copy or exchange your answer with other students. Two identical / copied comments will be marked Zero (0) and may damage your grade in the course. Books, websites and other reading material may be consulted before posting your comments; but copying or reproducing the text from books, websites and other reading materials is strictly prohibited. Such comments will be marked as Zero (0) even if you provide references. You should post your answer on the Graded Discussion Board (GDB), not on the Moderated Discussion Board (MDB). Both will run parallel to each other during the time specified above. Therefore, due care will be needed. Obnoxious or ignoble answer should be strictly avoided. You cannot participate in the discussion after the due date via email. Questions / queries related to the content of the GDB, which may be posted by the students on MDB or via e-mail, will not be replied till the due date of GDB is over. For planning your semester activities in an organized manner, you are advised to view schedule of upcoming Assignments, Quizzes and GDBs in the overview tab of the course website on VU-LMS.
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Both internal and external factors affect the performance of any business but I think innovation is more stressed by external factors as they influence the perfomssmce and behavior of manufacturing SMEs whereas internal factors are more controllable by entrepreneurs.
• Doe to technological advancement, SMEs tend to utilise technologies which are not advanced and this puts a strain on the production process and ultimately results in SMEs being uncompetitive in relation to larger firms. This is relatively due to many factors such as financial resources, technical skins, capacity, age, training etc.
• Social factors play a significant importance towards effective innovation, and entrepreneurs need to pay more emphasis on social factors in order to gain competitive advantage over their competitors The social factors allows entrepreneurs to be innovative which leads to economic growth and development which is imperative to sustaining competitive advantage,
• Competition is a big source of stress and poses a great threat to the growth and survival of a firm. A firm has a competitive advantage when it implements the strategies or makes a product that has not been introduced by other probable competitors.
• Political factors are related to the actions of government and political conditions in the location where the business has established or trying to start business. The legislation and regulations can force businesses to act in a certain manner or prohibit than from acting in a certain manner i.e., the federal minimum wage law and occupational health and safety laws etc.