MGT 3659 Chapter Notes - Chapter 7: Social Entrepreneurship, Strategic Management, Big Data
Document Summary
This chapter discussed various aspects of innovation and entrepreneurship as a business-level strategy, as summarized by the following learning objectives and related take-away concepts. 7-1 / outline the four-step innovation process from idea to imitation. Innovation describes the discovery and development of new knowledge in a four-step process captured in the four i"s: idea, invention, innovation, and imitation. The innovation process begins with an idea. An invention describes the transformation of an idea into a new product or process, or the modification and recombination of existing ones. Innovation concerns the commercialization of an invention by entrepreneurs (within existing companies or new ventures). If an innovation is successful in the marketplace, competitors will attempt to imitate it. 7-2 / apply strategic management concepts to entrepreneurship and innovation. Entrepreneurship describes the process by which change agents undertake economic risk to innovate create new products, processes, and sometimes new organizations.
