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This study guide provides a concise overview of key concepts related to innovation, including beans (behavior enablers, artifacts, and nudges), innovation behaviors, and strategies for overcoming organizational inertia. It covers topics such as building successful beans, understanding the founder's dilemma, navigating bankruptcy, and ensuring legitimacy in entrepreneurial endeavors. Additionally, it explores the importance of customer loyalty, dissent in innovation, and ethical considerations in emerging technologies. Useful for students and professionals seeking to understand and implement innovative practices in business.
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BEAN - Answers :behavior enablers, artifacts, and nudges Behavior enablers are - Answers :tools or processes that make it easier for people to do something different. Artifacts - Answers :things you can see and touch—support the new behavior. nudges - Answers :A tactic drawn from behavioral science promotes change through indirect suggestion and reinforcement. innovation - Answers :Something different that creates value Most innovative organizations exhibit five key behaviors: - Answers :They always assume there's a better way to do things. They focus on deeply understanding customers' stated and unstated needs and desires. They collaborate across and beyond the organization, actively cross-pollinating. They recognize that success requires experimentation, rapid iteration, and frequent failure. Last, they empower people to take considered risks, voice dissenting opinions, and seek needed resources. what stands in the way of innovation - Answers :organizational inertia. MOJO - Answers :MO is the meeting owner, who is responsible for ensuring that the meeting has a clear agenda, that it starts and ends on time, and that all attendees are given an equal say. The JO—or joyful observer—is assigned to help the meeting run crisply and to encourage broad participation. successful BEANs typically are: - Answers :simple, fun, trackable, practical, reinforced, organizationally consistent How to build a BEAN - Answers :Step 1: Specify the desired characteristics Step 2: Identify blockers Step 3: Come up with interventions one of the powerful things about BEANs is - Answers :that they can be effective at the level of a team, a department, or a business unit, or company wide innoganda - Answers :innovation propaganda hackathon - Answers :An event, typically lasting several days, in which a large number of people meet to engage in collaborative computer programming. a bias action and the celebration of rule breakers creates several possible categories - Answers :ownership and partnership, founders' dilemma, accountability and
stakeholders, bankruptcy, legitimacy, innovation and disruption, and some protection guidance ownership and partners - Answers :power and authority struggles with partners/boards, mixed identity-"I am the business" early stage investment risks - Answers :balancing the high-risk, high-reward nature of early stage investments with the ethical obligations to provide accurate and transperant information to investors exit strategy and investor returns - Answers :determining exit strategies that maximize returns for investors while minimizing negative impacts on employees, customers, and the community the hype cycle and overpromising - Answers :resisting the temptation to overhype the potential of the venture to attract investment, while maintaining realistic expectations Founder's Dilemma - Answers :"How do I grow my business if I want to be in charge and make money?" Need cash to grow your business before you have it so it is hard to be your own boss. "You can either be rich or the kind of your company." Prioritizing Vision vs. Profit - Answers :Balancing the long-term vision of the company with the immediate need for profitability, which can sometimes lead to ethical compromises Maintaining Control vs. Delegating Authority - Answers :As the company grows, deciding when and how to relinquish control while maintaining the company's core values and ethical standards. Balancing Personal Ambition with Team Success - Answers :Ensuring that personal ambitions and rewards are aligned with the overall success and well-being of the team and the company. Accountability and Stakeholders - Answers :As entrepreneurs often have little accountability, the temptation is present to cut corners with customers, employees, and vendors Legitimacy - Answers :obtain the propeties of legitmate ventures- proper, convey that you follow "best practices"- appropriate, demonstrate the value of the product/company- desirable impression management - Answers :the attempt by people to get others to see them as they want to be seen
It's worth noting that the size of companies ______ relationship to their net-promoter status - Answers :no Tracking net promoters - Answers :The percentage of customers who are promoters of a brand or company minus the percentage who are detractors The path to sustainable, profitable growth begins with - Answers :Creating more promoters and fewer detractors and making your net promoter number transparent throughout your organization Promoters - Answers :Enthusiastic customers who drive growth through repeat purchases and referrals. passives - Answers :Satisfied but unenthusiastic customers who are vulnerable to competitive offerings Detractors - Answers :Unhappy customers are likely to damage the brand through negative word-of-mouth True innovation requires a culture that tolerates - Answers :dissent and differing viewpoints power of dissent - Answers :Minority viewpoints, even if incorrect, stimulate more complex thinking, better problem-solving, and originality. Exposure to dissent reduces complacency, encourages reappraisal of ideas, and promotes innovation. Groups that tolerate dissent make better decisions than those that suppress it Uniformity, loyalty, and cohesion can enhance productivity but - Answers :hinder innovation manufacturing the offering - Answers :in house: higher upfront costs, less costly per product produced overtime, break even point is informative outsourcing: lower upfront costs, more costly per product produced overtime, once established in market consider in house porters value chain model - Answers :inbound logistics, operations, outbound logistics, marketing and sales, service what is the primary diver for make or outsource - Answers :transformation cost contract manufacturing - Answers :builds your fully designed product, you retain creative control over design, design specifications need to be fully complete
original equipment manufacturers (OEMs) - Answers :help design and build your product, you retain creatve control over design, offer more flexibility to product manufacturing, design specifications can be fully complete or roughed out Original Design Manufacturer (ODM) aka "Private Labeling" or "White Labeling" - Answers :ODM builds an existing product and you can make slight changes to sell it under your brand name (i.e., Branding, colors, packaging look)• Cheaper compared to OEM, Easy to Scale, You do not have control over product design specifications, Less flexibility in product manufacturing, Hard to stand out in the market unless strong following fulfillment centers - Answers :Contracted service for the handling, packaging, and shipping of your goods to customers Jacob Hooter - Answers :italian ice business, real estate story, and pallot business Andrew Holmes - Answers :dominon networks Alan Scott - Answers :Waco art gallery common barriers of innovation - Answers :structural, behavioral, political To avoid costly product failures - Answers :companies can integrate customers into the innovation process and ask for their commitment to purchase early on collective customer commitment - Answers :asking for commitments from customers to purchase a product before commencing any final development and manufacturing collective customer commitment enables firms to - Answers :serve a market segment very effectively without first having to identify that segment Focus Group Limitations - Answers :only based on a few people doesn't indicate broader population, lack realism, do not measure people's real purchasing behavior test markets - Answers :Can provide a more realizable and accurate measure but the process is expensive, time consuming, and subject to a high level of nose from competitors activities postponement - Answers :the strategy of delaying final activities in the provision of a product until the orders are received Postponement Strategy - Answers :phase 1: generic components are built to stock phase 2: when companies have more information about the market demand those parts are assembled into the final product