Strategic Management
3rd Edition
ISBN: 9781259420474
Author: Frank T. Rothaermel The Nancy and Russell McDonough Chair; Professor of Strategy and Sloan Industry Studies Fellow
Publisher: McGraw-Hill Education
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Chapter 10, Problem 1MS
Summary Introduction
To explain: The strength and weakness of each component of Person X.
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Entrepreneurial creativity and Innovation. The creative pursuit of ideas. Sources of innovation ideas. Ways of developing personal creativity. Recognise relationship: seeing connections between unrelated things. Develop a functional perspective: Viewing problems from different angles. Use your "Brains": Leveraging both analytical and creative thinking. Eliminate muddling mindsets: Overcoming fixed mindsets and embracing open-mindedness.
Entrepreneurial creativity and Innovation. The creative pursuit of ideas. Sources of innovation ideas. Knowledge Accumulation: Gathering information and learning about the problem or opportunity. Incubation process: Allowing the subconscious mind to work on the idea. Idea experience: Having the "Eureka" moment where the idea becomes clear. Evalution: Assessing the feasibility and potential of the idea. Implementation: Turing the ideas into a creativity through action.
business value reinforces the need for constant alignment with strategic objectives and adapting to market changes, while accountability ensures that stakeholders are responsible for the deliverables.
How have you observed these functions influencing budgeting practices in real projects, and what challenges have you encountered in upholding them throughout the project lifecycle?
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