bus

BUS
ATTACHED FILE(S)
Application Papers:
An application paper requires you to identify one relevant article from a respectable news source (i.e., WSJ, Forbes, Fortune) and critically review through the perspective of the material and work assigned for the week. Each paper should be 2-double spaced pages long (750 words minimum,
Times New Roman, 12-point font). Please, don’t use other font sizes or formatting to make up for the length requirement.Please, make sure to include the printout of the article in the paper’s Appendix.
Each application paper should have the following four sections:
1. Brief summary of the article.
2. The most important thing that you learned from the article.
3. How the article relates to the material discussed in the module.
4. How the article helps you become a better manager/future CEO.
Reflection Journals:
In each Module you will be assigned to watch an interview with a current or former famous CEO and reflect on what you learned from the interview. Your reflection can be about anything related to the interview (e.g., what you learned, what ideas you got, did it motivate you, etc.). The writing can be informal. This is an opportunity for you to share your thoughts and reaction directly with me.The submission should be one page, single-spaced, 12-point font, Times New Roman (600 words minimum).
Link: https://www.youtube.com/watch?v=i5f8bqYYwps
Week 7:
Innovation and Entrepreneurship in Competitive Dynamic Environments
Learning Objectives
By the end of today’s session, you should be able to:
Discuss what innovation is.
Discuss the steps in the innovation process.
Define the first mover advantage.
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Competition Requires
Creative destruction/continuous innovation (Schumpeter, 1942).
Constant development, maintenance and improvement of dynamic capabilities.
Ingrained awareness of product/service, market and consumer shifts/dynamism.
Understanding of the fact that the best way to lose competitiveness is to continue doing the “same thing.”
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Innovation
Is the process of introducing something new (e.g., idea, service, product).
It can be incremental or radical.
It typically adds value.
It is relatively rare.
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Business Innovation Start with an Idea
Rothaermel (2021)
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Innovation Requires
An entrepreneurial mindset.
Willingness to take/tolerance of risk.
Understanding of and ability to incorporate extant knowledge.
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Innovation Can Lead to Creation of Entire New Industries
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Business Innovation Start with an Idea
Rothaermel (2021)
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Innovative Firms May Benefit from a First Mover Advantage
First mover advantage refers to the potential competitive advantage received by the firm if it is the first one to introduce a strategy, product or service and to capitalize on this introduction (Liberman et al., 1988).
In the short run first movers (assuming that it is high profit potential move) typically benefit.
The long run effects of first movers are mixed.
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Potential Benefits of First Mover
Setting the terms of the competition and “defining” the industry.
Higher supplier options.
Higher brand recognition.
Establishing economies of scale.
Potentially enjoying barriers to entry (e.g., patents).
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Potential Disadvantages of First Mover
Imitation (without expenses).
Rushed service/product (image/reputation damage).
“Wrong move.”
Failure to protect “learned knowledge” and “learned experience.”
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