Reference no: EM132307916

Do not neglect the old for the new. The existing business must not lose priority simply because an innovative idea has been suggested. Successful innovation requires support from the existing business in terms of finance and other resources. However, when assessing risk, you must take into consideration the impact the new activities are likely to have on the existing activities. One aspect of risk assessment should involve determining whether the new ideas/ improvements or innovations will prevent the already successful operations from continuing to operate at the currently accepted level.

Choose an organisation you are familiar with. This might be an organisation you work for or you might need to conduct research into another organisation. Answer the following questions in relation to your chosen organisation, explaining and giving verifiable reasons for your answers:

1. Do you consider that the organisation is prepared to take risks in order to succeed?

2. Why is the concept of risk essential to change, innovation and the marketplace success of organisations?

3. What is the organisation’s attitude toward failure, mistakes and/or lack of success at the organisational level and the personal or individual level?

4. How does this make employees feel with regard to making suggestions, proposing new ideas or attempting to develop new products, services or markets?

5. How do you think mistakes should be viewed, if the organisation is to proactively support innovation and change?

6. How can frontline managers encourage and support employees so that they contribute new and innovative ideas?

7. What kinds of work conditions and procedures are in place or should be in place to support innovation?

8. What barriers to innovation exist within the organisation?

9. How can managers lead by example when it comes to innovation?

10. What training or learning opportunities might be provided so that employees can develop appropriate innovation skills?

11. Why do you think managers should regularly evaluate their own approaches for consistency with the wider organisational or project context?

12. How does the organisation’s physical environment support innovation? How might it need to be changed?

13. Outline any legislative framework that impacts on operations in the relevant workplace context.

2,500–3,000 words

Carry out your own research as needed. Cite any sources used.

[*you answer this questions for me before but You have missed this question and this is incomplete.

You need to provide a lot more detail to make up your word count.*]

Let us choose the organisation for reference as Uber. When I am looking at new innovations , I am looking at a firm which is into diversification.

The organisation is prepared to risk as market development is a risk . The company may also be forced to take risks in the face of intense competition or to enter new markets where it has to contend with entrenched local competitors.

Uber basically works in the following markets, the appcab market, the food delivery market and the ride- sharing market. Let us say When Uber moves into a food delivery market , it is unrelated diversification. This is because in unrelated diversification risks are higher because you would be squaring off against entrenched players who already have an existing client base. So this results in higher entry and exit barriers.

Honest mistakes are accommodated when the idea is to grow business.This is true at both the organisational as well as at the employee level.

The employees are welcome to give suggestions and employee opinions are actively sought ,reviewed and implemented.

Mistakes costs something to the company. However on the other side if the company is very intolerant towards mistakes it will not spawn new ideas not will it bring creativity. Managers at Uber from the top encourage employees to think and contribute and go ahead even at cost of making mistakes.

Innovation from the ground level should be encouraged because people at the ground level are at closest contact with the customers and are biggest source of primary data.

Uber follows a policy of continuous innovation based on market knowledge starting right from the extended employees who is the cab driver .

Barriers to communication is when employees are reluctant to offer ideas because they may feel as it is a waste of time as top level managers are unlikely to consider them.

Managers should have brainstorming sessions with their employees to invite new ideas . This is done regularly in Uber.

Training helps to develop the mind of an employee and helps him to think and analyse.

Physical environment is pretty much decent at Uber in consistency with other companies of similar stature . However physical environment does not play a big part in encouraging innovation . It is more the internal culture of the company which is important .

The culture needs to be collective responsibility in case of failure. Ideas may be suggested by a particular employee but if it is implemented it is the collective decision.