ENBUS203 Lecture Notes - Lecture 2: Frappuccino, Intrapreneurship, Joseph Schumpeter

• School: University of Waterloo
• Department: Environment and Business
• Course: ENBUS203
• Professor: Geoff Malleck

Document Summary

Schumpeter: an innovator that implements entrepreneurial change within markets that has 5 manistations: intro to new/improved product, tweaks of products which is more common nowadays. Smaller changes that could potentially reduce costs: new/ improve method of production, opening of a new market, new source of supply, re-engineering of business management process. Radical new product innovation: something totally new (such as goods or services) to the world (cars, Radical process/ method of production: assembly lines. Incremental product innovation: tweaks to something already existing, adding new design features, improving the product etc, electric car, starbucks frappuccino drinks, ipad. Incremental process innovation: machines taking human function away, leading to more efficiencies and costs to the company. See gaps/needs/ opportunity within the market to make profit for themselves/ shareholders etc. An entrepreneur within a business/ university / government. Innovators with a social mission, tackling problems rather than treating symptoms. Eek to (cid:272)reate (cid:862)sto(cid:373)a(cid:272)h(cid:863) (cid:272)ha(cid:374)ges, reall(cid:455) (cid:272)ha(cid:374)gi(cid:374)g (cid:449)h(cid:455) that pro(cid:271)le(cid:373) e(cid:454)ists.