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Managing innovation is key driver of growth in the new economy - Essay Example
It is easy to move with a crowd than carve your own path. Some adventurous guys have passion to break new ways. This is considered as a big risk area. But in Business not many take such big risks. Most of the entrepreneurs are happy to be in a crowd. They want to do things that are established as a triumph…
If you want to sustain in this big ocean with lot of large creatures, you have to find out your own hideouts. Niche areas always help you to survive. But niche and exclusive areas will not continue to be as it is. One day some one will find this hide outs to trespass. Then there will be large number of players in the same field, which will in turn increase competition. In a highly competitive business scenario small units will find it difficult to survive with their limited resource. Without innovation, an enterprise could not strive for a long time.
Entrepreneurship is considered as a key element in the new economy, and new enterprises are contributing to create a dynamic business environment through economic growth, opening of new job opportunities and innovation of production processes and products. (Enterprise DG Working Paper on Business-related services: a key driver of European competitiveness. An enhanced economic analysis, December 2004, European Commission Enterprise Directorate-General, December 2004). For guiding an enterprise into a long term success path managers need to concentrate more on innovative practices and products. Managers have a major role in starting the process of innovation in an industry. ...