Innovation and Change

The achievement and effective use of knowledge is widely accepted by contemporary managements, theoInnovation, as a concept, has been examined and developed over time, which, in turn, has resulted in the creation of several definitions. Innovation entails the conversion of an idea into a solution that results in addition to value from the perspectives of customers. Customers are unlikely to change their buying behaviour if an innovative product does not result in value addition for them. Innovation involves the application of useful and novel ideas; creativity comprises the seed of innovation but is likely to remain in the realm of idea generation until and unless it is applied and scaled suitably).

Organisational change constitutes the process of alteration of organisational strategies, processes, procedures, technologies, and culture.rists and researchers to be the chief source of competitive advantage of modern day business organisations.

The study of entrepreneurship isn’t just about admiring successful entrepreneurs from afar. It’s about digging deep into why they do what they do, when they do it, and how it all plays out in the end. It’s like peeling back the layers of an onion to uncover the juicy bits inside.

And to tackle these burning questions, we’ve got two heavyweights in the ring: the Discovery Theory and the Creation Theory. These bad boys are all about figuring out why humans do what they do and how it helps them achieve their goals.

Management and behavioural experts have delved into entrepreneurship extensively, and there’s a whole body of work on the topic. Lazear paints a broad picture, defining an entrepreneur as someone who starts a new venture. But that definition lumps together someone opening a small local business with giants like Jeff Bezos or Steve Jobs. Sure, there’s some truth there, but it’s tricky to draw general conclusions about entrepreneurship because it comes in so many shapes and sizes. Entrepreneurship research tackles big questions like why some people dive into entrepreneurial ventures while others with similar talents and energy don’t, and why some spot entrepreneurial opportunities while others miss them.

Established in 2003, Tesla Motors, the US-headquartered manufacturer of electric vehicles, solar panels and solar roof tiles, has become globally famous for its pioneering, innovative and entrepreneurial efforts in the development of electric vehicles and renewable energy. The firm has grown phenomenally in the last two decades and is now one of the most valuable corporations in the world. Its CEO Elon Musk is currently one of the the wealthiest persons in the world

The achievement and effective use of knowledge is widely accepted by contemporary managements, theorists and researchers to be the chief source of competitive advantage of modern day business organisations.

The achievement and effective use of knowledge is widely accepted by contemporary managements, theorists and researchers to be the chief source of competitive advantage of modern day business organisations.