Innovation, Creativity and Entrepreneurship | My Assignment Tutor

MGT607 Innovation, Creativity and Entrepreneurship Assessment 4: Reflective Journal 1000 words Context: Self-awareness creates an opportunity for further development and personal success. This reflective analysis is designed for you toexplore the subject’s content and importantly, identify how it relates to your own experiences and how you may use it in the future. Instructions: At the end of the each Module,you will be asked to completea learning activity where you will write up to 200 words on your learnings and reflections about the key topics discussed and materials reviewed. This will help you to build your analysis throughout the subject and will form the basis of your fourth and final assessment-a reflective journal covering all of the content in the subject. In writing your reflective journal, you should consider the learning resources provided in the respective modules as well as reading more broadly on the relevant topics. Reflective analysis: Is an academic analysis using your own opinions as well as those of others. You need to critically reflect on your own thoughts and rationale, then integrate these reflections with appropriate theoretical concepts .Should be written in both the first and third person. May consider actions, reflections, evaluations. Think carefully about what you are reading and what has been discussed in class or in online discussions. Identify the key principles and concepts and be sure you know what they mean, why they are important and how they can be applied. In reflecting upon the module topics, you should explore questions such as: 1.What is in the content and why is this topic important? 2.How is the topic relevant to you? 3.What has been your past experience in this topical area? 4.What have you learnt from the content so far and how will you use it in the remainder of the subject or in your workplace? ( I am currently working in AGED Care as Cook.) Your reflective journal may take a variety of forms but must be within the word limit and include: Introduction Reflections on Modules1 through to Modules 6 References 10 Reflections on Modules1 through to Modules 6 (enumerated below the topic on each module) Module 1 This module will start with a definition of entrepreneurship including the entrepreneurial process and entrepreneurship in a corporate, government and social environment. We then look at innovation, the key principles and sources of innovation and finish off with a focus on the customer being everything! The second part of the module considers the definition and process of creativity and how it supports and relates to innovation and entrepreneurship. We spend some time exploring the characteristics of innovation and idea generation. We finish the module with the new idea that emerging industries provide significantly more opportunity for entrepreneurs as opposed to existing industries. Topic 1 – What is Entrepreneurship and Innovation? Definition of EntrepreneurshipEntrepreneurial ProcessPractice of InnovationKey Principles of Innovation Topic 2 – Creativity, Innovation and Opportunity Identification CreativityCreativity and Innovation in EntrepreneurshipCharacteristics of InnovationIdea GenerationEmerging Industries Module 2 This module will commence with value proposition design, which takes us to the heart of the customer and understanding how they can benefit from an innovation. Following this, we will explore the benefit of adopting lean methodology as a way to quickly test your innovation in the market and reiterate accordingly. Then we end the module by looking at two types of research and their benefits in the early stages of innovation – secondary research and competitive research. The second part of the module explores some of the key models relevant to Innovation, Creativity and Entrepreneurship – namely the Business Model Canvas, Customer Development Model, Ansoff’s Product-Market Matrix and a new business model that is having a significant impact on society today –the Sharing Economy Business Model Topic 1 – Tools and Frameworks to Support Innovation Value Proposition DesignLean MethodologySecondary ResearchCompetitive Research Topic 2 – Business Models and Disruption Business Model CanvasCustomer Development ModelProduct-Market FitDisruptive Business Models Module 3 Ensuring the customer is top of mind and understanding their needs helps us to better shape the product as we work through the product development process. When designing a new product, service or process innovation, there are a number of engagement points which you will need to make on your journey with potential customers / users and stakeholders. The second part of the module will look at some design considerations, primary research methods, user testing and techniques for giving great presentations. Topic 1 – User Centred Design and the Product Development Process User Centred DesignBenefits of User Centred Design and Customer ExperienceCustomer Journey MapsProduct Development Process Topic 2 – Engagement Techniques Behaviour DesignPrimary ResearchUser TestingPresentation Techniques Module 4 This module will commence with an introduction to the key components of a business plan as well as the detail, which should be included in a marketing plan. A successful entrepreneur will ensure that they are familiar with these details of the new venture so that they are ready to “sell” their new innovation to prospective investors and stakeholders and be responsible for any decisions which need to be made. In topic 2, we work through the financial plan and the organisation plan. These plans all relate to each other and often the financial plan component of the business plan is what investors in a new venture are most interested in, whilst management and employees are interested in the organisational plan, which outlines the structure in which operations will occur. Topic 1 – The Business Plan and the Marketing Plan Benefits of a Business PlanElements of a Business PlanRequirements of an effective Marketing PlanElements of a Marketing PlanForecasting Sales Topic 2 – The Financial Plan and the Organisational Plan Preparing an Income StatementPreparing a Balance SheetPreparing a Cash Flow StatementResource Planning Module 5 This module will commence with an introduction to the various sources of financing which would be available to an entrepreneur. An entrepreneur can obtain one of more of these sources of finance and will often seek these resources at different stages in the venture. Topic 2 brings us to the most critical point; launching the venture! No matter how much effort has gone into the venture up until now, the launch strategy will affect whether the market will accept the product/service and ultimately if they will decide to purchase it. We will consider some components, which should form part of or support the launch strategy. Topic 1 – Obtaining Capital and Other Resources Sources of FundingObtaining Other ResourcesDistribution Channels Topic 2 – Launching the Venture Situation AnalysisAdoption ProcessMarket PositioningFirst Mover AdvantageContingency Planning Module 6 The first topic discusses what happens once the organisation has launched their product or service. Good entrepreneurs will spend time ensuring their business venture is set up for long term success. This includes being clear on their core capabilities, using benchmarking as a means to measure where they are compared to other factors such as competition and identifying growth strategies. In the second topic, we will consider a number of items when thinking about what it is that is needed to build a lasting venture, how to value an organisation, and in the event where the venture is going to end, ways in which this may happen such as a merger. Topic 1 – Growing the Venture Identifying Core CapabilitiesBenchmarkingGrowth Cycle of the VentureGrowth StrategiesMethods for Growing a Venture Topic 2 – Building a Lasting Company and Ending the Venture Building a Lasting CompanyValuing the VentureMergersBankruptcy References (10) APA 7th referencing style

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