As an innovation academy student, I was naturally drawn to the title "Innovation and Entrepreneurship". This novel by Peter Drucker outlines some interesting ideas that we've explored in class and almost gives a textbook-esque explanation on the big ideas of ENT3003
1) The main argument of this book is essentially that though small and large businesses have certain things in common, a business is not entrepreneurial without innovation. An enterprise must either: bring something new to the table that consumers need, or change perception as to what it is a consumer needs to draw in customers.
2) I believe this book certainly connected and enhanced my understanding of this class. At the first lecture I went to for this class I had tried to find the relationship between entrepreneurship and innovation, as I knew they were somehow related. This book helped solidify my understanding that the two are concurrent with each other, one rarely comes without the other.
3) As an exercise I would use some of the ones we've tried in my innovation academy classes, such as picking a topic of something you want to innovate for, then conducting at least 5 interviews of seasoned people in that field to find what they least like about their line of work, or what is least efficient and then building a business or concept around the information you gathered.
4) My "aha" moment with this book was its discussion of entrepreneurship strategies for once the business is already up and running. It explained how enterprises must remain relevant by paying attention to societal trends, which makes a lot of sense. For example as a kid i vividly remember going to blockbuster almost weekly before they went out of business. The streaming and online rental industries were taking over, however this business did not keep up with societal trends and was thus driven out of business. Entrepreneurs must adapt to stay afloat, it is not simply having a good idea and running with it indefinitely.
Hi Brandon, you did a great job reflecting on the reading you chose. I agree that it is true that both small and large businesses is that they both need innovation. It is important that you understand how the two are concurrent with each other and that you do understand it for your business idea and starting your own company. Overall you did a great job!
ReplyDeleteHello Brandon, great post. After reading your responses, I can honestly say that this book would definitely be a great read for people who are interested in entrepreneurship or for students in the innovation academy. I really liked your Blockbuster example. Blockbuster is a prime example of a company that wasn’t able to keep up with changing trends. Great work!
ReplyDeleteHey Brandon! Great job with this post. You gave a lot of great information about this book which was very helpful! This book sounds like it would be very helpful to anyone pursuing entrepreneurship, as well as anyone in this class. I especially liked the exercise for the class that you came up with. I believe that would be very helpful in the class.
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ReplyDeleteI really enjoyed reading your blog post about the reading reflection number 2. I think that you did a great job providing a lot of details and information about the book. After reading this blog post I think that this book can be helpful to anyone who is interested in entrepreneurship . Overall, you did an awesome job on this blog post.
Hi Brandon, I think that this post captures your thoughts in reflection very nicely. You explained yourself very well and I could easily read this post. I specifically like your "aha" Moment, and really think that if someone was to open up their own business or start running a company, one of the most important things is making sure that they stay 'relevant'. Overall, great job capturing the main ideas of the book.
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