MGT3960 Entrepreneurship Management Fall 2015

"There's a way to do it better—find it."— Thomas Edison

THE ART OF INNOVATION

What is innovation? We use that word a lot, but does people know what it really means? According to the textbook, innovation is the use of new technological knowledge and or new market knowledge, employed within a business model that can deliver a new product and/or service to customer willing to buy. To innovate something new for people is difficult. Innovation within a company is so important, that it can make or break a company.  Within recent years, we have advanced in technology tremendously. These technological advancements has made running a company more simpler.  if a company cannot keep up with these advancements, it is not a good direction to go towards. What is the point if we do not put it into use to make a company succeed. Companies such as Google, Yahoo and the internet itself has brought majority of companies to a whole new level. This level I speak of is be able to promote, communicate and sell. From promoting, communicating and selling locally(Face to Face), innovation has made us be able to do this world wide. As innovations continue to evolve, it is how we apply it to the company which makes the difference.

Dell was just another computer brand that people bought to have a computer. What changed that made them successful and left the competition behind? Dell created a direct-to-customer business model. This model targeted 2nd or 3rd time computer buyers. Why this business model  took off for Dell was because it allowed the consumer to buy online, customize the computer to their needs and have it shipped to them within days. This model at the time created many problems for their competitions that could not keep up.  Besides this business model, Dell now sells printers that connect to the internet. These printer have a built in software which monitors the ink level and when almost depleted, it will automatically order a new set for you. This allowed Dell to save a huge amount, due to the fact that they did not need a retail store front to sell this merchandise. The order automatically goes into the warehouse. As I said before, innovations like I just mentioned, can make of break a computer, in this case Dell took and seized the opportunity and his company took off.

Author: dl106040

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