Innovation and Global Entrepreneurship - Assignment Example

? Final Exam Global Entrepreneurship Question Innovation Analysis Question a) and (b) The different innovation projects proposed by my mates include Google glasses, hybrid cars and Google maps. Google Maps is an internet mapping technology and service that is provided by Google and offers its customers with rout planners, locations to important cities in the world and street maps. It was launched in 2005 and has been one of the most resounding innovations in the world of technology (Tom). Lars Rasmussen a software developer from the University of Aarthus proposed the idea. It became a popular App in the market place and changed the lives of people world over. The second innovation is Google Glasses that is creative as it performs many functions that are similar to the iPhone and Android but the method of use is better and more effective. They were created by Google’s X Lab owing to the numerous complaints about Smart Phones. The major investors behind the innovation are John Doerr of Kleiner Perkins Caufield & Byers, John Doerr of Kleiner Perkins Caufield and Bill Maris of Google Ventures (Loth).This new innovation can transform the world by increasing the speed of transactions. The third innovation is the hybrid car technology that was invented in the 19th century. The innovation was introduced by Jacob Lohner whose main aim was to minimize the unpleasant smells and noises produced by regular automobiles. This idea faded away but Toyota brought it back in 1997 with the introduction of their Prius model in 1997 (Berman, 2007). This model is aimed at address important issues such as global warming and pollution. Question 1(c) Innovation has been in existence for the longest time in history. It takes place when people come up with better ad innovative ways of doing things thereby coming up with solutions to existing problems. Innovation can be in different forms from product to service development. It should be taught and practiced in classes and firms that promote entrepreneurship. Question 2: Unmet Need Analysis Question 2 (a) One of my classmates came up with an innovation that is based on innovation of a hybrid car system. The major issues facing implantation of the innovation is that fuel is readily available in Saudi Arabia and hybrid cars are more expensive. On the other hand, my project is aimed at improving the livelihood of poor anglers by providing an efficient and affordable way of fishing and is already being used in various parts of the world. Question 2 (b) Implementation of this innovation in Saudi Arabia would be difficult as the country is a crude oil supplier, therefore, fuel is always available. Secondly, convincing the audience to purchase a relatively expensive car will be hard. Question 3: Entrepreneurial Role Models Question 3 (a) I learnt about different entrepreneurs last semester however, two of the most influential entrepreneurs are Richard Branson and Donald Trump. Richard Branson is one of the most influential entrepreneurs in the modern times and has led Virgin Group to be one of the most competitive companies in the airline sector (Dearlove 69). Branson is not only the CEO of the Virgin Group but also acts the company’s brand as he features in advertising and television shows. Donald Trump is evidently the most successful entrepreneur in the US and world over (Dearlove 69). He is a business genius who succeeds in everything he does. His name also has a positive impact on the company’s brand. Question 3 (b) These entrepreneurs show Bower’s entrepreneurial patterns of behavior including creativity, the ability to think come up with solutions that are outside the box, the ability to take strategic risks and the ability to bounce back from failure (Bowers 45). Branson is a risk taker whose risks have paid off through the successful business ventures. Branson shows the delusion of grandeur pattern that is stated in Bower’s pattern. He always aims to reach the sky even when the targets appear to be too much. He challenges himself and those who work for him to be innovative and take risks. Donald Trump is also a risk taker who tenacious and expects the best performance from his employees. Tenacity is an important characteristic for an entrepreneur that helps them make difficult decisions and maintain flexibility in decision-making. Question 4: Entrepreneurship and Global News Development Question 4(a) The three most interesting stories that I found most interesting last semester include news from the Far East including: the two children policy in China, news from the Middle East concerning the launch of the San Francisco based smart phone app in Dubai and the closure of remaining Blockbuster stores. News on the two children policy was interesting, as it has not been practiced elsewhere in the world. New on the launch of the app was interesting as it was the first innovation of its kind to be launched in Dubai, country characterized by poor development in the information technology sector. Finally, closure of the remaining Blockbuster stores was intriguing as the company was a key player in the video industry and no one had anticipated its untimely closure (Bachaman). Question 4(b) I found news on the Blockbuster store closure to be the most interesting. This is owing to the fact that the company operated in one of the most lucrative industries in the modern times. Additionally, the company was a key player in the industry and its unexpected closure came as a surprise to individuals world over (Bachman). Question 4 (c) The requirement to write tweets on a weekly basis is worthwhile as part of the class. This is owing to the fact that it gives students a practical application of what they have learnt in class and helps them to keep in touch with the current affairs in the global scene. Question 5: Personal Adjustments for Cultural Accommodation This semester I developed a close friendship with Patrick, a student from Indonesia. I learnt that we share a number of areas of mutual interest in spite of the differences in our cultures. I am well aware of the fact that globalization poses numerous challenges including increasing cultural diversity in the workplace and I have learnt that I need to be more culturally sensitive. This project has taught me a lot and expanded my worldview on global issues. I learnt that I should make some changes to adjust myself to work more efficiently overseas. I need to learn more about different cultures and languages. This will give me a better understanding of people from different cultures (Parvis 39). Behavioral adjustments are important in determining how I relate with people from various cultural backgrounds. I need to do away with biases and stereotypes in the way I view people from different cultures. I should work at improving my cultural competence, accommodating individual whose culture may seem bizarre and being friendlier towards strangers. Question 6: Personal Interests I am not sure whether I am an entrepreneur or not. I have not yet completed my studies and have not had experience in the real world. Therefore, I have not had a chance to innovate my own business ideas. However, I am attracted to the idea and intend to pursue it after I am done with my studies. This is owing to the fact that I come from a family of a long line of entrepreneurs. In fact, my father owns a well-established textile business in Saudi Arabia. I have watched him conduct his business since I was a young boy and have learnt important entrepreneurial lessons from him. I consider myself to be an entrepreneur since I am innovative, focused and I am pursuing a course that will enable me develop my entrepreneurial skills. I am interested in the online marketing field. This is because this area has not been fully exploited in Saudi Arabia. I feel that this field is relatively new in the entire Middle East region and holds numerous opportunities and potential. I plan to pursue this idea after I complete my Masters degree. Works Cited Bachman, Justin. Blockbuster's Death Scene Won't End the Video Rental Store. Web. November 6, 2013. Berman, Bradley. When Old Things Turn Into New Again. New York Times. Web. Oct 24, 2007. Bowers, Brent. 8 Patterns of Highly Effective Entrepreneurs. Crown Publishing Group, 2008. Print. Dearlove, Des. Business the Richard Branson Way: 10 Secrets of the World's Greatest Brand Builder. John Wiley & Sons. Loth, R.  Put That Phone Down And Just Walk. Boston Globe.  Web. 2 Oct. 2013. Parvis, Leo. F. Understanding Cultural Diversity in Today's Complex World. Lulu.com, 2005. Print. Tom Chivers. The Daily telegraph.  Google Maps Has Forever Changed the Way We Travel, But Has It Ruined it? Web. June 5 2013. Read More